Another round of positive estimate revisions
The Q1 report had NOI slightly above expectations, which in combination with lower net financial expenses filtered through to a significant IFPM beat. Occupancy increased by 30bps q-o-q to 96.6%, the NOI margin expanded by 4.2pp y-o-y to 92.5%, net letting was positive, and the outlook for vacancies/rents in Eastnine's markets was either unchanged or revised for the better. We raise NOI by ~3% thanks to the proven operating leverage and CEPS by ~9-7% for 2023-2025e.
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