Cibus Nordic - Rental performance as expected
Cibus’ Q4 report was unsurprising, although administration and financial expenses were slightly higher than we estimated.
- Cibus Q4 rental income was EUR 17.6m, compared to our EUR 18.0m estimate.
- Net rental income amounted to EUR 16.7m vs our EUR 16.6m estimate.
- Operating income was EUR 14.8m while we expected EUR 15.1m. Administration expenses, at EUR 1.8m, were a bit higher than our EUR 1.5m estimate.
- Net operating income stood at EUR 9.3m vs our EUR 9.9m estimate. The EUR 5.5m financial expenses were higher than our EUR 5.2m estimate.
- Annual net rental income capacity is now EUR 72.6m.
- The portfolio was valued at EUR 1,273m and thus EPRA NAV was EUR 12.1 (11.8) per share.
- Net LTV ratio amounted to 61.3% (61.3%).
- Occupancy rate was 95.6% (95.7%).
- WAULT was 5.5 years at the end of Q4.
- Annual dividend is proposed at EUR 0.94 per share, compared to our EUR 0.93 estimate. The dividend is to be divided into twelve monthly installments.