Our 'BB' issuer rating on
Revenues in line with expectations but margins stronger than expected
NP3's revenues in the fourth-quarter were in line with our expectations. Reported revenues were
The average remaining lease term in NP3's portfolio was 4.2 years, while the occupancy rate was 93%, both figures unchanged from a quarter earlier. The property yield on the portfolio remains high at 6.9%.
Financial position intact
The NCR-adjusted loan-to-value ratio (including 50% equity treatment of preference shares) was 63.2%, broadly unchanged from 62.9% a year earlier. The NCR-adjusted EBITDA to net interest ratio was 3.2x, a marginal decrease from 3.3x a year earlier. Cash holdings amounted to
Green bond tap issue
In connection with the publication of its fourth-quarter report, NP3 completed a tap issue of
This commentary does not constitute a rating action.
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