Baltic Horizon Fund · OMXTSE:NHCBHFFT
Baltic Horizon Fund — Q2 2024 Earnings Presentation
13 slides from Baltic Horizon Fund's earnings presentation, Aug 16, 2024
Slide 1: Webinar Q2 2024
Webinar Q2 2024 Baltic Horizon Fund 16 August 2024
Slide 2: Baltic Horizon Fund strategic ambitions
Baltic Horizon Fund strategic ambitions Strategic targets aim to ensure the future value creation for our investors The plan how to bridget the gap between market price and NAV Our 6 strategic targets Occupancy Operating results >90%+ EUR 18m Portfolio occupancy Clear ESG and refurbishment by the en
Slide 3: KPI overview
KPI overview KPI Q3 2023 Q4 2023 Q1 2024 Q2 2024 Average Occupancy 79.5% 78.4% 81.6% 82.3% Average rent 13.7 13.0 13.1 13.0 NOI (quarter) 3,228 2,894 2,794 3,189 Total debt outstanding 144,266 143,742 151,868 146,694 Average cost of debt 5.1% 5.2% 5.8% 6.4% Euribor level 4.1% 3.9% 3.9% 3.7% LTV 56.1
Slide 4: Modern City Life Strategy summarized
Modern City Life Strategy summarized Location and Accessibility: • Central locations • Good transportation infrastructure • Walkability and Bikeability Mixed-Use communities: • Multipurpose spaces • Live-Work integration • Food & Entertainment Sustainability and Wellness: • Green lease and design el
Slide 5: Baltic Horizon Fund portfolio summary
Baltic Horizon Fund portfolio summary The Fund is minimizing concentration risk by diversifying the client base, segment, and geographical allocation Rental concentration of the Fund’s subsidiaries Fund segment and country distribution as of 30 June 2024 For H1 2024 Retail 8.6% Retail 38.5% 51.7% 7.
Slide 6: Leasing and tenant update
Baltic Horizon Fund leasing and tenant update Leasing activity in first seven months of 2024 Key comments sq. m. 11 620 Renewals In • From a lowest occupancy point in September 2023 at 77.1%, we have 7 037 6 245 6 098 Out signed approx. 50,000 sq. m. in lease prolongations and in new leases Net over
Slide 7: Occupancy Update August 2024
Occupancy Update August 2024 *(including newly signed leases & LOIs) Leased area Occupancy Under Occupancy Property Sector NLA June 2024 diff. August 2024* August 2024* negotiations Target Lincona Office 10 767 83,67% 9 533 88,55% 88,55% 4,88% SKY Retail 3 259 100,00% 3 259 100,00% 100,00% 0,00% Coc
Slide 8: Financial results for 2024 Q2
Financial results for 2024 Q2 Profit and loss EUR ‘000 01.04. - 30.06.2024 01.04. - 30.06.2023 Change (%) Key comments: Rental income 3,821 4,821 (20.7%) • The Group earned net rental income of EUR 6.0 million in H1 2024 (H1 2023: 8.5 Service charge income 1,315 1,745 (24.6%) million). Cost of renta
Slide 9: Financial results for 2024 Q2 - Financial position
Financial results for 2024 Q2 Financial position EUR ‘000 31.03.2024 31.12.2023 Key comments: Non-current assets • At the end of H1 2024, the Fund’s GAV was EUR 250.1 million (31 December Investment properties 239,927 250,385 2023: EUR 261.1 million). The decrease of approx. EUR 11 million is mainly
Slide 10: Property valuations as of 30 June 2024
Property valuations as of 30 June 2024 Carried out by Newsec Value as of Value as of Exit yield Property Difference WACC Additional comment 30 June 2024 31 Dec 2023 Variance, % 23.12.31 → 24.06.30 23.12.31 → 24.06.30 Europa SC 36 510 000 36 360 000 150 000 0.4% 9.3% → 9.15% 7.25% → 7% North Star 19
Slide 11: Financial debt structure of the Fund
Financial debt structure of the Fund As of 30 June 2024 Property Maturity Currency Carrying amount % of total Hedged portion (EUR ‘000) (%) Galerija Centrs 26 August 2024 EUR 30,000 20.4% 100.0% CC Plaza and Postimaja 12 February 2026 EUR 16,469 11.2% 0.0% Europa SC 31 January 2029 EUR 16,389 11.2%
Slide 12: Financing summary
Financing summary as of 30 June 2024 Summary of financing terms Maturity by separate loan (EUR ‘000) 40 000 35 000 61.3% 6.4% 30 000 Galerija 25 000 LTV Cost of debt BH Bonds… 20 000 CC Plaza and Europa 15 000 Postimaja BH Bonds… Upmala Biroji 2.1% 2.3 years 10 000 Vainodes LNK Lincona Northstar 5 0
Slide 13: Action plan for 2024-2025
Action plan for 2024-2025 • In order to reach our goals the action plan focuses on the following main topics: • Continue signing new lease agreements to increase occupancy to 90%+ by end of 2024. • Target private placement with approx EUR 7 million in the autumn of 2024 to bolster the balance sheet