The net asset value (NAV) of Baltic Horizon Fund (the Fund) unit at end of April 2021 amounted to EUR 1.1422 per unit. Compared to the previous month, NAV per unit decreased by -0.33%. The NAV decrease was mainly affected by declared distribution to unitholders of EUR 1.3 million. Eliminating declared dividend distribution, the NAV increase from operating performance during the month would have been +0.63% compared to the previous month. EPRA NRV as of 30 April 2021 was EUR 1.2241 per unit, corresponding to a decrease of -0.35% over the last month. The total net asset value of the Fund was EUR 136.7 million at the end of April 2021.
Consolidated net rental income for April 2021 amounted to EUR 1.5 million, corresponding to a net rental income increase of EUR 0.1 million compared to the previous month (EUR 1.4 million in March 2021) due to the reduced impact of COVID-19 related discounts. The impact of discounts was reduced due to the reopening of Domus PRO and Europa shopping centres in Lithuania. The Fund earned an unaudited consolidated net profit of EUR 0.8 million in April 2021. The portfolio occupancy rate as of 30 April 2021 stood strong at 94.3%. Overall rent collection remained commendable with 85% of invoiced rent collected to date for the 2021 financial year.
At the end of April 2021, the Fund’s consolidated cash and cash equivalents amounted to EUR 11.7 million (31 December 2020: EUR 13.3 million) which demonstrates sufficient liquidity and financial flexibility. The Fund continues to generate stable positive cash flow from operations despite rent reliefs granted to tenants during the second COVID-19 wave in the Baltics. Trade receivables slightly increased over the month and reached EUR 2.2 million at the end of April 2021. The Fund’s management team actively monitors the rent collection rates and keeps ongoing communication with the tenants.
As of 30 April 2021, the total consolidated assets of the Fund stood at EUR 356.4 million (31 December 2020: EUR 355.6 million). The Fund has invested an additional EUR 0.2 million into ongoing constructions of Meraki office buildings during April 2021.