The net asset value (NAV) of Baltic Horizon Fund (the Fund) unit at end of July
2022 amounted to EUR 1.1130 per unit. Compared to the previous month, NAV per
unit decreased by -0.76%. The total net asset value of the Fund decreased to EUR
133.2 million over the month. The NAV decrease was mainly affected by declared
distribution to unitholders of EUR 1.6 million. Eliminating declared dividend
distribution, the NAV increase from operating performance during the month would
have been +0.40% compared to the previous month. The EPRA NRV as of 31 July
2022 was EUR 1.1955 per unit, corresponding to a decrease of -0.51% over the
last month.
Unaudited consolidated net rental income for July 2022 slightly decreased to EUR
1.4 million compared to last month (EUR 1.5 million in June 2022). In July
2022, the Fund's recognized increase in rental income was offset by higher
uncovered costs from vacancies. The Fund recognized an unaudited consolidated
net profit of EUR 0.7 million in July 2022.
At the end of July 2022, the Fund's consolidated cash and cash equivalents
amounted to EUR 7.5 million (31 December 2021: EUR 16.1 million) which
demonstrates solid liquidity and financial flexibility. The Fund is planning to
invest part of the available cash to (re)development projects during the
remainder of the year.
As of 31 July 2022, the total consolidated assets of the Fund were EUR 348.8
million (31 December 2021: EUR 346.3 million). The Fund has invested an
additional EUR 1.5 million into the ongoing construction of the Meraki office
building and Europa SC reconstruction during July 2022.
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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