Cibus Nordic - Portfolio performed as expected
Cibus Nordic reported property portfolio results in line with our expectations. However, administration costs were higher than we had estimated due to certain group restructuring and development-related costs.
- Cibus’ Q4 rental income amounted to EUR 13.2m vs our EUR 13.3m estimate.
- After subtracting property expenses, Q4 net rental income was EUR 12.6m, while we expected EUR 12.5m.
- When taking central administration expenses into account, operating income was EUR 10.6m, compared to our EUR 11.5m estimate. Administration costs were higher than we anticipated due to non-recurring group restructuring costs totaling ca. EUR 0.5m (to simplify group structure and help facilitate internal funds transfers) as well as EUR 0.2m cost attributable to mapping of Nordic markets.
- Including net financial costs, net operating income was EUR 7.0m vs our EUR 8.1m expectation.
- Annual net rental income capacity now stands at EUR 50.9m (previously EUR 49.9m).
- The portfolio was valued at EUR 875m, translating to an EPRA NAV of EUR 11.4 (11.4) per share.
- Net debt LTV ratio stood at 58.7% (58.9%).
- Occupancy rate was 94.7% (94.5%) at the end of Q4.
- WAULT remained basically unchanged at 4.9 years (5.0 years).