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Business Times
01-06-2025
- Business
- Business Times
Stoneweg European Reit outperforms global peers in sustainability rankings: report
[SINGAPORE] Mainboard-listed Stoneweg European Real Estate Investment Trust (Sert) bagged an above-average overall score and a four-star rating in a widely recognised environmental, social and governance (ESG) benchmarking framework for property investment. The trust's manager announced the release of its 2024 sustainability report last Thursday (May 29). The report details its progress across key ESG metrics with two years of externally assured performance data from 2023 and 2024. This marks Sert's seventh consecutive year of participating in the GRESB Real Estate Assessment, with GRESB seen as the global standard for listed property companies, private funds, developers and direct real estate investors. The benchmark covers 15 sectors across 80 markets, with a 15 per cent increase in participation from Asia. Last year, 2,223 participants submitted ESG data through GRESB, representing US$7 trillion in gross asset value. Despite methodology changes that bumped down many participants' scores, the trust retained its four-star rating and secured an overall score that is 9 per cent above the global average, said the more than 100-page report. A NEWSLETTER FOR YOU Friday, 12.30 pm ESG Insights An exclusive weekly report on the latest environmental, social and governance issues. Sign Up Sign Up The trust earned full marks in the performance aspects of targets as well as data monitoring and review, but did the worst in the areas of waste (50.2), water (59.4) and energy (62.6). Under the five management categories, Sert received a perfect score in leadership, policies, reporting and stakeholder engagement, but lagged in risk management (86.8). Said the manager's chief executive officer and executive director Simon Garing: 'ESG is no longer a nice-to-have. It is part of how we access capital, attract tenants, meet regulatory expectations and build long-term value.' He added that the manager's ambition for net zero operational carbon emissions by 2040 guides its investments, management and engagement. 'Multiple years of comparable portfolio environmental data give us better insight, and with our ESG automated artificial intelligence-powered system Deepki roll-out fully implemented, we're accelerating progress in planning and implementing consumption and emissions reduction solutions,' concluded Garing. Other environmental achievements listed in the report include a 25.3 per cent decrease in waste intensity since 2019; a 24.9 per cent drop in absolute greenhouse gas emissions intensity since 2019; an 11 per cent fall in absolute water intensity year-on-year in 2024; as well as a 3.9 per cent dip in absolute energy intensity since 2019. Under the social/stakeholders arm, each employee in 2024 received some 22.6 training hours, exceeding its set target of 20 hours. Around 36 per cent of its employees are female. In 2023, women represented 25 per cent of executive management and 50 per cent of senior management. On the governance front, Sert maintained a clean compliance record and remained in the top 10 of the Singapore Governance and Transparency Index for the fifth consecutive year. The trust also maintained its A- rating in the 2024 GRESB Public Disclosure Assessment, bagging a perfect score and ranking first out of five in its mixed office/industrial peer group, said the report. The release noted that the trust's manager raised 500 million euros (S$732.6 million) via a senior unsecured green bond issued under Sert's green financing framework in 2024. The transaction was more than four times oversubscribed and attracted over 100 institutional investors, it added. Sert's manager will continue to focus on the fundamentals of managing risk, supporting tenant needs, enhancing asset performance and acting responsibly on climate and govenrance, said the report. Sert currently has about 86 per cent exposure to Western Europe and about 56 per cent to the light industrial/logistics sector, where it has a medium-term goal of increasing exposure to at least a vast majority weighting. The trust's portfolio is valued at 2.2 billion euros and comprises more than 100 predominantly freehold properties in or close to major gateway cities in the Netherlands, Italy, France, Poland, Germany, Finland, Denmark, Slovakia, Czech Republic and the United Kingdom. Sert's portfolio spans a total lettable area of around 1.7 million sq m, and serves more than 800 tenant-customers. Its manager is part of SWI Group, an alternative investment platform specialising in real estate, data centres, credit and the financial sectors.
Business Wire
14-05-2025
- Business
- Business Wire
Vitura: Activity at end-March 2025
PARIS--(BUSINESS WIRE)--Regulatory News: Vitura (Paris:VTR): Signature of a major new lease at Rives de Bercy The remarkably successful repositioning of Rives de Bercy has very rapidly attracted two prestigious tenants. Following on from the arrival of Air Liquide in 2024, a new lease was signed with BPCE Group for 15,500 sq.m in March 2025, representing 50% of the property's surface area. This transaction – the largest recorded in Greater Paris in the first quarter of 2025 – demonstrates the relevance of our asset strategy and the ability of our assets to meet the large and medium‑sized property needs of international groups. Key figures This major new lease has increased Rives de Bercy's occupancy rate to 71% and extended the average remaining lease term across the portfolio to six years. The overall occupancy rate of the Group's properties was up 9 percentage points to 78% at March 31, 2025, compared with 69% at end-2024. Vitura's IFRS rental income was €10.9 million for the three months ended March 31, 2025, stable compared with the same period in 2024. The Universal Registration Document comprising the 2024 annual financial report was filed with the French financial markets authority (Autorité des marchés financiers – AMF) on April 30, 2025 and is available on Vitura's website. Investor Calendar - June 25, 2025: Shareholders' Meeting - July 30, 2025: First-half 2025 results About Vitura Created in 2006, Vitura is a listed real estate company ('SIIC') that invests in prime office properties in Paris and Greater Paris. The total value of the portfolio was estimated at €877 million at December 31, 2024 (excluding transfer duties). Thanks to its strong commitment to sustainable development, the Company's leadership position is recognized by ESG rating agencies. Vitura ranks second among France's listed office property companies in the 2024 GRESB ranking, and has been ranked world number 1 four times. It has also received two Gold Awards from the European Public Real Estate Association (EPRA) for the quality and transparency of its financial and non-financial reporting. Vitura is ISO 14001-certified. Vitura is a REIT listed on Euronext Paris since 2006, in compartment B (ISIN: FR0010309096). Visit our website to find out more:
Yahoo
23-04-2025
- Business
- Yahoo
Macerich Schedules First Quarter 2025 Earnings Release and Conference Call
SANTA MONICA, Calif., April 22, 2025 (GLOBE NEWSWIRE) -- WHAT: Macerich (NYSE: MAC) Schedules First Quarter 2025 Earnings Release and Conference Call WHEN: Earnings Results will be released before market open on Monday, May 12, 2025. Management will hold a conference call at 10:00 am Pacific Time (1:00 pm Eastern Time) on that same day to discuss quarterly results. WHERE: Participants who wish to join the conference by telephone must register using the dial-in registration link below to receive the dial-in number and a personalized PIN code that will be required to access the call. Participants may join the live webcast by accessing it at the webcast registration link below or in the Investors Section of the company's website at Dial-In Registration: Registration: REBROADCAST: Following the live webcast, a replay will be available in the Investors Section of the Company's website at About MacerichMacerich is a fully integrated, self-managed, self-administered real estate investment trust (REIT). As a leading owner, operator, and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich's portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. corridor. Developing and managing properties that serve as community cornerstones, Macerich currently owns 42 million square feet of real estate, consisting primarily of interests in 39 retail centers. Macerich is firmly dedicated to advancing environmental goals, social good, and sound corporate governance. A recognized leader in sustainability, Macerich has achieved a #1 Global Real Estate Sustainability Benchmark (GRESB) ranking for the North American retail sector for ten consecutive years (2015-2024). For more information, please visit Macerich uses, and intends to continue to use, its Investor Relations website, which can be found at as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Additional information about Macerich can be found through social media platforms such as LinkedIn. Reconciliations of non-GAAP financial measures, including NOI and FFO, to the most directly comparable GAAP measures are included in the earnings release and supplemental filed on Form 8-K with the SEC, which are posted on the Investor Relations website at MAC-I SOURCE: Macerich INVESTOR CONTACT: Samantha Greening, AVP Investor Relations, in to access your portfolio
Yahoo
17-02-2025
- Business
- Yahoo
Baltic Horizon Fund consolidated unaudited results for Q1-Q4 2024
Management Board of Northern Horizon Capital AS has approved the unaudited financial results of Baltic Horizon Fund (the Fund) for the twelve months of 2024. Our strategic ambitionsIn 2024, the Fund's management team made the strategic decision to implement key performance indicators (KPIs) as a means to effectively measure and track performance. This decision stems from the recognition that clear and measurable benchmarks are essential for evaluating progress towards the Fund's objectives. By defining specific KPIs, the team aims to enhance transparency, accountability, and facilitate decision-making processes. The focus of the Fund management team is and will be on these major objectives: Portfolio occupancy of at least 95% by end of June 2025; Loan-to-Value target at 50% or lower; To consider disposing of non-strategic assets over the next 18 months; Clear ESG and refurbishment strategy for the next 1-2 years with an aim to reach the portfolio's NOI potential of EUR 18 million by 2027; Maintaining 100% BREEAM or LEED certified portfolio; Achieving not less than 4 stars from GRESB assessment. As we recap our goals for 2024, we can report the following achievements: We have successfully achieved 100% portfolio certification. Despite receiving a 3-star GRESB rating in 2024, we have thoroughly analysed the assessment results and developed an action plan to secure a 4-star GRESB rating in 2025. Although we did not reach our target of 90% portfolio occupancy by the end of 2024, we made significant progress, achieving an 86.5% occupancy rate based on lease signing date. We have recently announced our disposal strategy to reduce LTV level to the target level. Several disposal processes have already commenced as of February 2025, with the closing of transactions planned for later in the year. Looking ahead to 2025, we will continue with the same solid strategy and goals that will stabilize the Fund's financial position and maximize the potential of its portfolio. Leasing performance In a challenging environment characterized by increasing real estate market vacancies across all Baltic states in recent periods, the Fund also faced outflows of some tenants, however it has demonstrated its adaptability and the attractiveness of its properties by renewing a significant amount of existing leases and signing a substantial number of new leases in 2024. This success was primarily attributable to significant deals with prominent anchor tenants such as Narbutas in Meraki (3,200 sq. m) and Apollo Group in Coca-Cola Plaza (2,200 sq. m), International School of Riga in S27 (3,680 sq. m) and significant leases in Galerija Centrs signed with My Fitness (2,000 sq. m) and Expo GROUP (2,000 sq. m). The Fund team has been diligently negotiating with current tenants to extend lease agreements, while also actively engaging with new tenants to fill the vacancies. These efforts have resulted in lease renewals of approximately 23,800 sq. m and a net lease inflow of approximately 4,800 sq. m During 2024, the Fund signed new leases for 22,743 sq. m, securing an annual rental income of EUR 2,945 thousand for future periods. Furthermore, 61 new tenants have been attracted to our buildings, while 69 existing tenants have decided to continue their cooperation with us. By the end of December 2024, the occupancy of the portfolio increased to 82.1%. Calculating based on the lease signing date, the occupancy already exceeds 86%. Signed premises will be handed over to tenants in 2025. Notably, less than 20% of the leases are set to expire during 2025, while the vast majority expire in 2026 and later. We aim to spread our lease terms evenly so that no more than 20% of our leases expire each year. Recent successful leasing activity is reflected in the increase in the weighted average unexpired lease term until the first break option, which was 3.3 years as of 31 December 2024 (compared to 2.9 years as of 31 December 2023). OutlookIn 2025 the Fund will focus on flexible and sustainable solutions to meet tenant demands and market conditions. Our key goals are increasing the occupancy of the portfolio and decreasing the LTV by way of repaying part of the bonds. In 2025, the Baltic commercial real estate market is anticipated to navigate both considerable challenges and emerging opportunities. Persisting economic uncertainty is expected to keep demand for commercial spaces subdued. Key factors influencing this trend include evolving consumer preferences, the continued expansion of e-commerce, and the sustained shift toward remote work, all of which are reshaping the need for office and retail properties. While economic forecasts cautiously suggest potential market stabilization in the coming year, a rapid recovery remains unlikely due to geopolitical uncertainties and evolving tenant and consumer needs. Recognizing these challenges, the Fund's management strives to enhance financial stability by reducing leverage through partial bond repayment. This strategy aims to alleviate financial pressure, positioning the Fund for more sustainable financial performance. As part of this initiative, the Fund has announced a strategic plan to divest select assets, with the objective of reducing the LTV ratio to below 50% and fostering a more stable recovery. Up to three assets have been identified for potential disposal based on their life cycle, optimization potential, and alignment with the Fund's long-term strategy. Among these, the Postimaja and CC Plaza complex in Tallinn has been introduced to the market, following the Fund's successful achievement of 100% occupancy and WALT exceeding five years. Given limited opportunities for further value enhancement beyond its development potential—an avenue the Fund does not intend to pursue in the short term—the asset has been prioritized for sale. To facilitate the divestment process, the Fund has engaged Newsec Advisers UAB and Redgate Capital AS as financial advisors. The sales process was commenced in February, with the aim of closing later in the year. As of the date of release of this report, the Fund has a Letter of Intent (LOI) with a potential buyer and DD is in progress with Meraki property. According to LOI, the transaction would be finalized in spring 2025. At the end of 2024, the property had an occupancy of 86% and WAULT of 4.3 years. Due to anticipated vacancies in the office sector and an increasing supply, the Fund has decided not to proceed with the development of a second tower, for which the permit remains valid. The current market conditions, characterized by recovering investor activity, present an improved opportunity to sell the property. Potential buyers have also shown preliminary interest in Lincona and Pirita Center. If the divestment plan proceeds as anticipated, the Fund will be positioned to repay a significant portion of its bonds while continuing to invest in its remaining property portfolio. This will enable the Fund to concentrate on its core assets in alignment with its strategic objectives, providing a solid foundation for future growth. To achieve our goal of increasing portfolio occupancy, we are adapting to the evolving needs of our tenants and customers. The rise of e-commerce and online shopping has transformed the traditional concept of shopping centres. Visitors now seek not only to try on and purchase goods but also to enjoy entertainment and experiences. This trend is evident in the success of our food courts, such as Burzma and Dialogai, as well as the interactive exhibition Kosmopark, which attracted a significant number of visitors in Europa and now operates in Galerija Centrs. Following this success, we have signed a new 3-year lease with an entertainment operator to open a Danger Park on the second floor of Europa shopping centre in May 2025. We are also considering various entertainment concepts for Galerija Centrs. Additionally, we will continue to offer the community a variety of events and temporary pop-ups in both shopping centres. In line with our strategic goal to increase occupancy, we are reviewing the concept in Europa and seeking the best tenant mix. We are currently negotiating a lease with a 700 sq m. anchor fashion leader and have advanced discussions with several coworking operators who find the shopping centre and its location ideal for their concept, one of them has already signed a LOI for 1,300 sq m. We believe that the combination of entertainment and a wide range of catering options, which will expand from the food court to a newly planned restaurant zone on the first floor facing Konstitucijos Avenue, along with strategic changes to the tenant mix on the second and third floors, will maximize visitor flow and fully exploit the potential of the shopping centre. While the traditional shopping centre concept remains effective for Galerija, as evidenced by increasing foot flow and turnover, we are exploring additional concepts for currently vacant premises to complement our existing tenants and expand the range of services offered to visitors. Office tenants are currently looking not just for a place to work during the day, but rather for hybrid working spaces or built-to-suit solutions with increased expectation over ESG, workplace wellbeing features and easily reachable services, which become increasingly important. During the last year, we witnessed a higher demand for mixed-use projects that combine commercial spaces with services, including catering, medical clinics and fitness centres. We believe, that in the upcoming years demand for such concepts will grow further and will add value to the properties. We continue to adapt to market demands by diversifying our office tenant mix beyond traditional occupiers, integrating catering operators, medical clinics, and even kindergartens into our office buildings. This approach not only enhances tenant diversification but also meets the needs of both our customers and the surrounding communities. In the office sector, our primary challenge and focus in 2025 will be addressing the remaining vacancies in S27 and Upmalas. A significant milestone in 2024 was securing a lease agreement for approximately 3,680 sq. m. in S27 with the International School of Riga, a leading provider of international education serving students from preschool through high school, set to open at the end of 2025. Even in the current market conditions we are confident that the International School of Riga coming into the building together with the renovation and improvements that are being done will enable us to attract new tenant segments that recognise the value of synergy. Our commitment to supporting existing and prospective tenants, along with our ability to tailor office spaces to individual requirements, positions us well to lease the remaining areas in North Star and Meraki in the coming quarters. Our investments in green energy projects remain a key priority, and from Q1 2025, all our properties in Latvia and Lithuania will transition to using energy from remote solar panels. In Estonia, we are actively exploring solutions in our properties to reduce the reliance to gas. Additionally, we are evaluating new technologies and sustainability initiatives that align with our ESG strategy while enhancing energy efficiency, optimizing property performance, and reducing operational costs. Simultaneously, to reinforce its financial position, the Fund is committed to improving its debt service ratio and reducing loan-to-value levels. By focusing on increasing occupancy rates and optimizing property concepts, we aim to enhance asset performance and maximize net operating income. Adaptive leasing strategies, property repositioning, and targeted investments in high-demand segments will remain key priorities. These initiatives are designed to create long-term value for investors while ensuring the Fund remains resilient in a dynamic market environment. Baltic Horizon achieves a 100% BREEAM certified portfolioIn 2025, we will continue advancing our social and environmental commitments. All our assets have been BREEAM-certified, and by the end of 2024, we achieved 98% green leases across our portfolio, with a target to further increase this share in the coming year. GRESB benchmarkingRecently, we announced a 3-star GRESB rating of 80 points, falling 1.5 points short of the 4-star threshold. This decline, compared to previous years, reflects increasing industry-wide commitments, heightened requirements, and evolving best practices. The management team has conducted a thorough analysis of the assessment results and developed an action plan aimed at restoring the Fund's 4-star rating in 2025. Net result and net rental incomeIn 2024, the Group recorded a net loss of EUR 16.8 million compared with a net loss of EUR 23.0 million for 2023. The result was mainly driven by the property valuation loss. Earnings per unit for 2024 were negative at EUR 0.13 (2023: negative at EUR 0.19). The Group earned consolidated net rental income of EUR 11.6 million in 2024 (2023: 14.6 million). The results for 2023 include two months' net rental income of the Domus Pro Retail and Office property (EUR 0.3 million) and five months' net rental income of the Duetto properties (EUR 1.2 million), which were sold in February and May 2023, respectively. On an EPRA like-for-like basis, the portfolio net rental income in 2024 was 11.8% lower than in 2023, mainly due to vacancies in office properties in Latvia due to the expiry of the agreement with the main tenant in Upmalas Biroji BC and 100% vacancy of S27, as well as lower rental income in Europa due to the new anchor tenant IKI equipping the premises and opening in March. Portfolio properties in the retail segment contributed 53.3% (like-for-like 2023: 43.6%) of net rental income in 2024, followed by the office segment with 41.7% (like-for-like 2023: 50.9%) and the leisure segment with 5.0% (2023: 5.5%). Retail assets located in the central business districts (Postimaja, Europa and Galerija Centrs) accounted for 42.2% of total portfolio net rental income in 2024. Total net rental income attributable to neighbourhood shopping centres was 11.1% in 2024. In 2024, investment properties in Latvia and Lithuania contributed 44.4% (like-for-like 2023: 41.8%) and 22.8% (like-for-like 2023: 31.1%) of net rental income, respectively, while investment properties in Estonia contributed 32.8% (like-for-like 2023: 27.1%). Investment propertiesAt the end of Q4 2024, the Baltic Horizon Fund portfolio consisted of 12 cash flow generating investment properties in the Baltic capitals. The fair value of the Fund's portfolio was EUR 241.2 million at the end of December 2024 (31 December 2023: EUR 250.4 million) and incorporated a total net leasable area of 118.3 thousand sq. m. The change in portfolio value was mainly driven by the changes in exit yields and upward adjustments of the weighted average cost of capital (WACC). During 2024 the Group invested approximately EUR 6.0 million in tenant fit-outs. Gross Asset Value (GAV)As of 31 December 2024, the Fund's GAV was EUR 256.0 million (31 December 2023: EUR 261.1 million). The decrease compared to the prior year was mainly related to the negative revaluation of the Fund's investment properties of approx. EUR 9.5 million and was partly offset by the private placement of new units which took place in September and resulted in a cash increase of approx. EUR 6.29 million. Net Asset Value (NAV)As of 31 December 2024, the Fund's NAV was EUR 98.1 million (31 December 2023: EUR 109.5 million). The NAV decrease was mainly due to the revaluation of investment properties. At the end of September 2024 new units were issued resulting in approx. EUR 6.29 million of new equity. As of 31 December 2024, IFRS NAV per unit amounted to EUR 0.6833 (31 December 2023: EUR 0.9156), while EPRA net tangible assets and EPRA net reinstatement value were EUR 0.7267 per unit (31 December 2023: EUR 0.9546). EPRA net disposal value was EUR 0.6797 per unit (31 December 2023: EUR 0.9122). Interest-bearing loans and bonds As of 31 December 2024, interest-bearing loans and bonds (excluding lease liabilities) were EUR 149.0 million (31 December 2023: EUR 143.5 million). Annual loan amortisation accounted for 1.5% of total debt outstanding. In July 2024, the Fund successfully signed the Meraki loan with Bigbank for a total amount of EUR 10.3 million. A major part of the loan was used to repay short term bonds in the amount of EUR 8.0 million maturing in July 2024. As of 31 December 2024, the Fund's consolidated cash and cash equivalents amounted to EUR 10.1 million (31 December 2023: EUR 6.2 million). Cash flowCash inflow from core operating activities in 2024 amounted to EUR 9.9 million (2023: cash inflow of EUR 11.4 million). Cash inflow from core operating activities decreased mainly due to the sale of Duetto and Domus Pro properties in H1 2023 and higher vacancies, mostly in S27 and Upmalas Biroji. Cash outflow from investing activities was EUR 7.0 million due to investments in existing properties and transaction costs (2023: cash inflow of EUR 19.9 million due to sales of assets). Cash inflow from financing activities was EUR 1.0 million (2023: cash outflow of EUR 30.5 million). In Q4 2024, the Fund prepaid loans in the amount of EUR 2.7 million and paid regular amortisation and interest on bank loans and bonds. Key earnings figures EUR '000 Q1-Q4 2024 Q1-Q4 2023 Change (%) Net rental income 11,588 14,617 (20.7%) Administrative expenses (2,373) (2,617) (9.3%) Net other operating income 18 44 (59.1%) Losses on disposal of investment properties (863) (4,047) (78.7%) Valuation gains (losses) on investment properties (15,581) (21,876) (28.8%) Operating profit (loss) (7,211) (13,879) (48.0%) Net financial expenses (10,344) (9,750) 6.1% Profit (loss) before tax (17,555) (23,629) (25.7%) Income tax 774 656 18.0% Net profit (loss) for the period (16,781) (22,973) (27.0%) Weighted average number of units outstanding (units) 143,562,514 119,635,429 20.0% Earnings per unit (EUR) (0.12) (0.19) (39.1%)Key financial position figures EUR '000 31.12.2024 31.12.2023 Change (%) Investment properties 241,158 250,385 (3.7%) Gross asset value (GAV) 256,048 261,138 (1.9%) Interest-bearing loans and bonds 148,989 143,487 3.8% Total liabilities 157,953 151,606 4.2% IFRS NAV 98,095 109,532 (10.4%) EPRA NRV 104,333 114,205 (8.6%) Number of units outstanding (units) 143,562,514 119,635,429 20.0% IFRS NAV per unit (EUR) 0.6833 0.9156 (25.4%) EPRA NRV per unit (EUR) 0.7267 0.9546 (23.9%) Loan-to-Value ratio (%) 61.8% 57.3% - Average effective interest rate (%) 6.7% 5.2% -During Q4 2024, the average actual occupancy of the portfolio was 81.0% (Q3 2024: 80.1%). The occupancy rate increased to 82.1% as of 31 December 2024 (30 September 2024: 80.5%). Overview of the Fund's investment properties as of 31 December 2024 Property name Sector Fair value1 NLA Direct property yield Net initial yield Occupancy rate (EUR '000) (sq. m) 20242 20243 Vilnius, Lithuania Europa SC Retail 35,946 17,092 2.3% 2.8% 80.6% North Star Office 19,548 10,734 6.5% 7.0% 91.8% Meraki Office 16,3804 7,833 1.2% 1.5% 86.3% Total Vilnius 71,874 35,659 3.0% 3.6% 85.2% Riga, Latvia Upmalas Biroji BC Office 19,224 11,203 3.7% 4.2% 64.1% Vainodes I Office 15,900 8,128 8.8% 8.8% 100.0% S27 Office 11,360 7,303 (0.6%) (0.9%) - Sky SC Retail 4,900 3,260 8.6% 8.5% 100.0% Galerija Centrs Retail 60,020 19,423 3.2% 4.1% 84.7% Total Riga 111,404 49,317 3.7% 4.5% 71.0% Tallinn, Estonia Postimaja & CC Plaza complex Retail 21,800 9,232 3.7% 6.7% 100.0% Postimaja & CC Plaza complex Leisure 13,190 7,869 4.8% 4.3% 97.7% Lincona Office 13,100 10,767 6.4% 7.4% 88.5% Pirita SC Retail 9,790 5,425 6.7% 9.2% 97.1% Total Tallinn 57,880 33,293 4.9% 6.7% 95.3% Total active portfolio 241,158 118,269 3.8% 4.7% 82.1% Based on the latest valuation as of 31 December 2024 and recognised right-of-use assets. Direct property yield (DPY) is calculated by dividing annualized NOI by the acquisition value and subsequent capital expenditure of the property. The net initial yield (NIY) is calculated by dividing annualized NOI by the market value of the property. Meraki value measured at disposal price. Market value according to independent property valuators Newsec is EUR 17,490,000. CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME EUR '000 01.10.2024 01.10.2023 01.01.2024 01.01.2023 - 31.12.2024 - 31.12.2023 - 31.12.2024 - 31.12.2023 Rental income 3,779 3,755 15,136 17,743 Service charge income 1,145 1,487 4,744 6,008 Cost of rental activities (2,205) (2,348) (8,292) (9,134) Net rental income 2,719 2,894 11,588 14,617 Administrative expenses (644) (631) (2,373) (2,617) Other operating income (expenses) 3 29 18 44 Losses on disposal of investment properties (245) (237) (863) (4,047) Valuation losses on investment properties (3,052) (7,250) (15,581) (21,876) Operating profit (loss) (1,219) (5,195) (7,211) (13,879) Financial income 169 29 196 104 Financial expenses (2,789) (2,538) (10,540) (9,854) Net financial expenses (2,620) (2,509) (10,344) (9,750) Profit (loss) before tax (3,839) (7,704) (17,555) (23,629) Income tax charge 457 (53) 774 656 Profit (loss) for the period (3,382) (7,757) (16,781) (22,973) Other comprehensive income that is or may be reclassified to profit or loss in subsequent periods Net gain (loss) on cash flow hedges (446) (759) (1,003) (1,273) Income tax relating to net gain (loss) on cash flow hedges 1 64 52 123 Other comprehensive income (expense), net of tax, that is or may be reclassified to profit or loss in subsequent periods (445) (695) (951) (1,150) Total comprehensive income (expense) for the period, net of tax (3,827) (8,452) (17,732) (24,123) Basic earnings per unit (EUR) (0.02) (0.06) (0.13) (0.19) Diluted earnings per unit (EUR) - - (0.12) - CONSOLIDATED STATEMENT OF FINANCIAL POSITION EUR '000 31.12.2024 31.12.2023 Non-current assets Investment properties 241,158 250,385 Intangible assets 4 11 Property, plant and equipment 5 4 Derivative financial instruments 1 295 Other non-current assets 1,225 647 Total non-current assets 242,393 251,342 Current assets Trade and other receivables 2,800 2,591 Prepayments 802 402 Derivative financial instruments - 621 Cash and cash equivalents 10,053 6,182 Total current assets 13,655 9,796 Total assets 256,048 261,138 Equity Paid in capital 151,495 145,200 Cash flow hedge reserve (420) 531 Retained earnings (52,980) (36,199) Total equity 98,095 109,532 Non-current liabilities Interest-bearing loans and borrowings 98,491 64,158 Deferred tax liabilities 1,898 2,774 Other non-current liabilities 1,446 1,079 Total non-current liabilities 101,835 68,011 Current liabilities Interest-bearing loans and borrowings 50,736 79,584 Trade and other payables 4,473 3,343 Income tax payable 14 6 Other current liabilities 895 662 Total current liabilities 56,118 83,595 Total liabilities 157,953 151,606 Total equity and liabilities 256,048 261,138 For additional information, please contact: Tarmo Karotam Baltic Horizon Fund manager E-mail The Fund is a registered contractual public closed-end real estate fund that is managed by Alternative Investment Fund Manager license holder Northern Horizon Capital AS. Distribution: GlobeNewswire, Nasdaq Tallinn, Nasdaq Stockholm, To receive Nasdaq announcements and news from Baltic Horizon Fund about its projects, plans and more, register on You can also follow Baltic Horizon Fund on and on LinkedIn, Facebook, X and YouTube. This announcement contains information that the Management Company is obliged to disclose pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the above distributors, at 19:30 EET on 17 February 2024. Attachment 2024 Q4 report EN
