The net asset value (NAV) of Baltic Horizon Fund (the Fund) unit at end of January 2021 amounted to EUR 1.1442 per unit. Compared to the previous month, NAV per unit increased by +0.41%. The total net asset value of the Fund rose to EUR 136.9 million over the month. The NAV was affected positively by the operating performance of properties and cash flow hedge movement during the month. EPRA NAV, EPRA NRV and EPRA NTA as at the end of January 2021 increased to EUR 1.2270 per unit, corresponding to an increase of +0.42% over the last month.
Consolidated net rental income for the first month of the year amounted to EUR 1.3 million, corresponding to a net rental income decrease of EUR 0.3 million compared to the previous month (EUR 1.6 million in December 2020). Rental income growth slowed down due to relief measures granted to tenants and lower turnover rents resulting mostly from the COVID-19 related closure of shopping centres in the Baltics. The Fund earned an unaudited consolidated net profit of EUR 0.6 million in January 2021.
At the end of January 2021, the Fund’s consolidated cash and cash equivalents amounted to EUR 13.1 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 increased slightly during the month and reached EUR 1.8 million at the end of January 2021. The Fund’s management team is actively monitoring the collection of trade receivables from tenants.
As of 31 January 2021, the total consolidated assets of the Fund stood at EUR 356.3 million (31 December 2020: EUR 355.6 million). The Fund has invested an additional EUR 0.5 million into ongoing constructions of Meraki office buildings during January 2021.