Cibus Nordic - Additional acquisitions to come
Cibus’ Q1 was quiet in terms of completed acquisitions but preparations continued for the Nasdaq Stockholm main list move as well as the long pipeline of potential property purchases. Meanwhile Cibus’ property portfolio performed according to expectations.
- Cibus’ Q1 rental income amounted to EUR 19.4m vs our EUR 19.1m estimate.
- Net rental income was EUR 18.2m, compared to our EUR 18.1m estimate.
- Operating income was EUR 16.5m while we estimated EUR 16.8m. Administration expenses were a bit higher than we estimated.
- Net operating income stood at EUR 11.6m vs our EUR 11.4m estimate. Net financial costs were a bit lower than we estimated.
- Annual net rental income capacity now amounts to EUR 72.6m.
- The portfolio was valued at EUR 1,270m, translating to an EPRA NAV of EUR 12.2 (12.1) per share.
- Net LTV ratio was 61.6% (61.3%).
- Occupancy rate was 94.7% (95.6%).
- WAULT amounted to 5.2 years at the end of Q1.