Cibus Nordic - Temporarily elevated expenses
Cibus’ portfolio continued to perform according to expectations while transactions and financing activities drove central administration expenses and especially net financial costs exceptionally high.
- Cibus’ Q2 rental income was EUR 16.4m while we estimated EUR 16.2m.
- Net rental income (i.e. after property expenses) amounted to EUR 15.1m, compared to our EUR 15.1m estimate.
- Operating income (after central administration expenses) was EUR 13.6m vs our EUR 14.2m estimate.
- Net operating income (after net financial costs) stood at EUR 7.8m vs our EUR 9.9m estimate.
- Annual net rental income capacity is now EUR 65.1m (previously EUR 60.6m).
- The portfolio was valued at EUR 1,124m and thus EPRA NAV amounted to EUR 11.8 (11.6) per share.
- Net LTV ratio was 60.5% (58.1%).
- Occupancy rate was measured at 95.2% (94.8%).
- WAULT remained at 5.5 years at the end of Q2.