The net asset value (NAV) of Baltic Horizon Fund (the Fund) unit at end of May 2021 amounted to EUR 1.1463 per unit. Compared to the previous month, NAV per unit increased by +0.36%. The total net asset value of the Fund rose to EUR 137.1 million over the month. The NAV was affected positively by the operating performance of properties. EPRA NRV as at the end of May 2021 increased to EUR 1.2283 per unit, corresponding to an increase of +0.34% over the last month.
Consolidated net rental income for May 2021 amounted to EUR 1.2 million, corresponding to a net rental income decrease of EUR 0.3 million compared to the previous month (EUR 1.5 million in April 2021). The decrease was mainly influenced by a one-off rental guarantee write-off at Pirita Shopping Centre in the amount of EUR 0.2 million. This was partially offset by an increase in the net rental income of the office segment. The Fund earned an unaudited consolidated net profit of EUR 0.4 million in May 2021. The Portfolio occupancy rate as of 31 May 2021 stood strong at 93.7%. Overall rent collection remained commendable with 87% of invoiced rent collected to date for the 2021 financial year.
In May 2021, the Fund has increased its cash balance by successfully issuing EUR 4.0 million bonds in Meraki SPV. Funds related to Meraki bonds are currently held at an escrow account. At the end of May 2021, the Fund’s consolidated cash and cash equivalents amounted to EUR 14.5 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 2.3 million at the end of May 2021. The Fund’s management team actively monitors the rent collection rates and keeps on-going communication with the tenants.
As of 31 May 2021, the total consolidated assets of the Fund stood at EUR 359.7 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 May 2021.