First take on Q1 operational figures
Eastnine delivered a Q1 report with rental income of EUR 9.1m (+0% vs ABGSCe at EUR 9.1m). The NOI margin expanded by 4.3 pp y-o-y to 92.5% (+3.5 pp vs ABGSCe at 89%), which brings the NOI to EUR 8.4m (+4% vs ABGSCe at EUR 8.1m). Operational metrics such as net leasing (EUR 65k), occupancy (96.6%, +550 bps y-o-y, +30 bps q-o-q) and like-for-like rental income growth (+12%) continues to be strong, although it obviously becomes harder to report strong net leasing figures with occupancy at current levels. Administration costs and net financial expenses were both slightly lower than we expected, which brings the IFPM / Rec PTP to EUR 4.5m (ABGSCe at EUR 3.7m), up 70% y-o-y. All in all, another solid delivery from the property management / operational side of Eastnine.
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