Cibus Nordic - No meaningful surprises
Cibus Nordic reported Q1 property portfolio performance in line with our estimates, while operating income was slightly below our estimate due to the Coop portfolio acquisition which temporarily elevated central administration expenses.
- Q1 rental income amounted to EUR 14.0m vs our EUR 13.9m estimate.
- Accounting for property expenses, net rental income was EUR 13.0m while we expected EUR 13.0m.
- Subtracting central administration expenses, operating income stood at EUR 11.5m in comparison to our EUR 11.9m estimate. The expenses were higher than we expected due to the Coop portfolio acquisition.
- After considering net financial costs (including currency losses), net operating income was EUR 6.8m vs our EUR 7.6m expectation. The figure was EUR 7.7m excluding currency losses.
- Annual net rental income capacity now stands at EUR 60.6m (previously EUR 50.9m).
- The portfolio was valued at EUR 1,053m, meaning EPRA NAV amounted to EUR 11.6 (11.4) per share.
- Net LTV ratio was 58.1% (58.7%).
- Occupancy rate stood at 94.8% (94.7%) at the end of Q1.
- WAULT was 5.5 years (4.9 years), increasing due to the Coop portfolio acquisition.