The net asset value (NAV) of Baltic Horizon Fund (the Fund) unit at end of April 2022 amounted to EUR 1.1086 per unit. Compared to the previous month, NAV per unit decreased by -0.25%. The NAV decrease was mainly affected by declared distribution to unitholders of EUR 1.6 million. The total net asset value of the Fund decreased to EUR 132.6 million over the month. Eliminating declared dividend distribution, the NAV increase from operating performance during the month would have been +0.92% compared to the previous month. The EPRA NRV as of 30 April 2022 was EUR 1.1859 per unit, corresponding to a decrease of -0.36% over the last month.
Unaudited consolidated net rental income for April 2022 increased to EUR 1.5 million compared to last month (EUR 1.4 million in March 2022). Portfolio performance continues to improve on account of the recovery of net rental income from the retail segment. In April 2022, the Fund received a grant of EUR 0.3 million from the Latvian government to partially compensate Galerija Centrs’s losses resulting from the COVID-19 pandemic. The Fund recognized an unaudited consolidated net profit of EUR 0.9 million in April 2022.
At the end of April 2022, the Fund’s consolidated cash and cash equivalents amounted to EUR 11.0 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 30 April 2022, the total consolidated assets of the Fund were EUR 346.8 million (31 December 2021: EUR 346.3 million). The Fund has invested an additional EUR 1.1 million into the ongoing construction of the Meraki office building and Europa SC reconstruction during April 2022.