Cibus Nordic - Markets remain unchanged
Cibus Nordic’s property portfolio continued to perform well in Q3 as net rental income exceeded our estimate, however administration and financial costs were higher than we expected.
- Cibus’ Q3 rental income amounted to EUR 17.0m vs our EUR 17.5m estimate.
- Net rental income was EUR 16.6m, compared to our EUR 16.2m expectation.
- Operating income was EUR 14.9m vs our EUR 15.3m estimate since administration expenses were clearly higher than we expected.
- Net operating income stood at EUR 9.5m, while we estimated EUR 10.3m. Financial expenses were some EUR 0.4m higher than we expected.
- Annual net rental income capacity is now EUR 65.6m (previously EUR 65.1m).
- The portfolio was valued at EUR 1,143m, translating to an EPRA NAV of EUR 11.8 (11.8) per share.
- Net LTV ratio stood at 61.3% (60.5%).
- Occupancy rate was 95.7% (95.2%).
- WAULT remained at 5.4 years at the end of Q3.