Cibus Nordic - Income slightly above our estimate
Cibus’ Q1 net rental income came in a bit above our expectations. Q1 earnings capacity was unchanged, but is expected to increase by about 3% by the end of Q2 as recently announced acquisitions will be closed.
- Net rental income amounted to EUR 12.1m vs. our EUR 11.9m estimate.
- Central administration expenses totaled EUR 1.0m vs. our expectation of EUR 0.9m. EBIT therefore stood at EUR 11.2m vs. our EUR 11.0m projection.
- Gross asset value was EUR 821m (EUR 816m previously).
- EPRA NAV was booked at EUR 11.2 (11.1) per share.
- Occupancy rate stood at 95.1% (96.0%).
- Net LTV amounted to 56.7% (58.4%).
- The current NTM earnings capacity (in terms of net rental income minus central administration expenses, or EBIT) stood unchanged at EUR 44.2m as of Mar 31, 2019. Cibus expects the figure increase to EUR 45.6m by Jun 30, 2019 as the recently announced property acquisitions will be included in the portfolio.