The net asset value (NAV) of Baltic Horizon Fund (the Fund) unit at end of October 2022 amounted to EUR 1.1384 per unit. Compared to the previous month, NAV per unit increased by +0.34%. The total net asset value of the Fund increased to EUR 136.2 million over the month. Eliminating cash flow hedge reserve balance sheet movement, the NAV increase from operating performance during the month was +0.50% compared to the previous month. The EPRA NRV as of 31 October 2022 was EUR 1.2135 per unit, corresponding to an increase of +0.53% over the last month.
Unaudited consolidated net rental income for October 2022 increased by 10.2% over the month and amounted to EUR 1.6 million (EUR 1.5 million in September 2022). The increase in property performance was impacted by increased occupancy, lower unrecoverable cost due to decrease in electricity prices and increased income across the portfolio in comparison to September. The Fund recognized an unaudited consolidated net profit of EUR 0.7 million in October 2022.
At the end of October 2022, the Fund’s consolidated cash and cash equivalents amounted to EUR 4.5 million (31 December 2021: EUR 16.1 million). The Fund has already completed most of the planned investments into redevelopment projects this year. Operational costs are fully covered by cash flows generated by rental activities.
As of 31 October 2022, the total consolidated assets of the Fund were EUR 348.9 million (31 December 2021: EUR 346.3 million). The Fund has invested an additional EUR 0.1 million into the finalization of the Europa SC reconstruction and EUR 0.3 million to the reconstruction of the food hall in the Galerija Centrs during October 2022.