The net asset value (NAV) of Baltic Horizon Fund (the Fund) unit at end of
August 2021 amounted to EUR 1.0466 per unit. Compared to the previous month, NAV
per unit increased by +0.65%. The total net asset value of the Fund rose to EUR
125.2 million over the month. The NAV was affected positively by the operating
performance of properties. EPRA NRV as of 31 August 2021 was EUR 1.1206 per
unit, corresponding to an increase of +0.62% over the last month.
Unaudited consolidated net rental income for August 2021 amounted to EUR 1.5
million, compared to the previous month (EUR 1.6 million in July 2021). The
change in net rental income was mainly impacted by temporary discounts granted
to shopping centre tenants during first half of 2021. The Fund recognized an
unaudited consolidated net profit of EUR 0.8 million in August 2021. The
Portfolio occupancy rate as of 31 August 2021 stood strong at 93.1%. Overall
rent collection remained commendable with 90.6% of invoiced rent collected to
date for the 2021 financial year.
At the end of August 2021, the Fund's consolidated cash and cash equivalents
amounted to EUR 14.6 million (31 December 2020: EUR 13.3 million) which
demonstrates sufficient liquidity and financial flexibility. The Fund is
planning to invest outstanding cash to (re)development projects during the
remaining year. Trade receivables were EUR 2.2 million at the end of August
2021. The Fund continues to generate strong positive cash flow from operations
despite market uncertainty associated with COVID-19.
As of 31 August 2021, the total consolidated assets of the Fund stood at EUR
347.1 million (31 December 2020: EUR 355.6 million). The Fund has invested an
additional EUR 0.4 million into ongoing constructions of Meraki office buildings
during August 2021.
Additional information:
Tarmo Karotam
Baltic Horizon Fund manager
E-mail tarmo.karotam@nh-cap.com
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The Fund is a registered contractual public closed-end real estate fund that is
managed by Alternative Investment Fund Manager license holder Northern Horizon
Capital AS. Both the Fund and the Management Company are supervised by the
Estonian Financial Supervision Authority.
Distribution: GlobeNewswire, Nasdaq Tallinn, Nasdaq Stockholm,
www.baltichorizon.com
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