Cibus Nordic - Close to estimates
Cibus’ property portfolio performance once again matched estimates as net rental income amounted to EUR 18.5m in Q2. Administration costs were as we expected, while net financial costs were slightly higher than expected.
- Cibus’ Q2 rental income was EUR 19.8m vs the EUR 19.6m/19.7m Evli/consensus estimates.
- Net rental income was EUR 18.5m, compared to the EUR 18.5m/18.5m Evli/consensus estimates.
- Operating income came in at EUR 16.7m, the same as our EUR 16.7m estimate, as administration costs were EUR 1.8m.
- Net operating income amounted to EUR 10.8m vs the EUR 11.3m/11.5m Evli/consensus estimates. The EUR 5.9m net financial costs were a bit higher than estimated.
- Annual net rental income capacity is now EUR 76.0m.
- GAV amounted to EUR 1,331m, meaning EPRA NAV was EUR 12.3 (12.2) per share.
- Net LTV ratio was 60.1% (61.6%).
- Occupancy rate stood at 94.8% (94.7%).
- WAULT remained 5.2 years at the end of Q2.