Cibus Nordic - Expenses higher than expected
Cibus’ Q2 rental income stood at EUR 12.6m, in line with expectations. Property expenses were slightly higher than we expected, and thus net rental income, at EUR 11.5m, was less than our EUR 12.0m estimate. Central operating metrics remained largely unchanged.
- Q2 rental income amounted to EUR 12.6m vs our EUR 12.8m estimate.
- Net rental income was EUR 11.5m, whereas we expected EUR 12.0m. Property expenses were some EUR 300k higher than we expected. Annual net rental income capacity now stands EUR 49.9m from Q3 onwards (Cibus previously estimated the figure at EUR 49.3m).
- Operating income (net rental income minus central administration costs) stood at EUR 10.5m vs our EUR 11.0m projection.
- The portfolio’s GAV amounted to EUR 862m (a total of 139 properties), while EPRA NAV rose to EUR 11.3 (previously EUR 11.2) per share.
- Net debt LTV ratio rose to 59.0% (56.7% in Q1’19).
- Occupancy rate was 94.3% (95.1% in Q1’19).