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Estonia: Profit of Baltic Horizon Fund up 29% on year in Q1

BC, Tallinn, 20.05.2019.Print version
The net profit of real estate fund Baltic Horizon Fund totaled 2.17 mln euros in the first quarter of 2019, marking a year-over-year increase of 29%.

The net rental income of the fund rose 14.9% on year, amounting to 3.9 mln euros. Growth in net rental income and net profit was positively affected by new property acquisitions at the end of 2018 and the beginning of 2019, the fund told the stock exchange.

In the first quarter of 2019, the net asset value (NAV) of Baltic Horizon Fund decreased from 109.8 mln euros to 109.3 mln euros compared to the end of the fourth quarter of 2018.

The fund's NAV was positively affected by Baltic Horizon Fund's operational performance over the quarter. However, this was offset by a 2.1 mln euro cash distribution to unitholders, altogether 0.027 euros per unit, and a negative cash flow hedge reserve movement during the quarter.

During the first quarter of 2019, the average actual occupancy of the portfolio was 96.6%. When all rental guarantees are considered, the effective occupancy rate is 97.3%. The average direct property yield during the first quarter of 2019 was 6.7%. The net initial yield for the whole portfolio for the first quarter of 2019 was 6.3%.

Baltic Horizon Fund is a registered contractual public closed-end real estate fund that is managed by alternative investment fund manager license holder Northern Horizon Capital AS. Both the fund and the management company are supervised by the Estonian Financial Supervision Authority. Trading in units of Baltic Horizon Fund started in the fund list of Nasdaq Baltic on July 6, 2016. 

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