The net asset value of EfTEN Real Estate Fund AS shares as of 30.04.2024

EfTEN Real Estate Fund AS earned a consolidated rental income of 2,545 thousand euros in April, which is at the same level as in March. The Fund's consolidated EBITDA for April was 2,175 thousand euros, i.e., 41 thousand euros more than the previous month due to lower administrative and marketing expenses.

The total consolidated rental income for the first four months of this year is 10,182 thousand euros, i.e., 1% more than at the same time last year. The Fund's four-month EBITDA this year is 8,636 thousand euros, which is at the same level as the first four months of the previous year.

The vacancy rate of the Fund's property portfolio was 3.0% (9,959 m2) at the end of April. The most significant part of the vacancy is related to the Menulio 11 office building in Vilnius, where after the departure of the anchor tenant in q1, 3,183 m2 (56.7% of the total building volume) of office space remained vacant. To more effectively fill the vacant spaces, there is a plan to convert the spaces on one floor (totaling 630 m2) into four smaller rental units with an expected investment cost of 200 thousand euros. Negotiations are currently active regarding the remaining rental spaces, and the respective investment needs will be specified shortly.

During the first four months of 2024, EfTEN Real Estate Fund AS earned 3,394 thousand euros in free cash flow (EBITDA minus loan payments minus interest expense), which is 724 thousand euros less compared to the same period last year. The decrease in cash flow is mainly due to the increase in EURIBOR. Based on this year's four-month results, the potential gross dividend calculated is 25.10 cents per share (17% less than at the same time last year).

The weighted average interest rate of the Fund's subsidiaries' bank loans was 5.86% at the end of April. The Fund's average loan interest rate has remained relatively the same since last autumn.

EfTEN Real Estate Fund AS distributed dividends of 1 euro per share to shareholders in April, totaling 10.82 million euros. The Fund's consolidated cash balance including short-term deposits as of the end of April is 10.7 million euros.

As of 30.04.2024, the net asset value per share of EfTEN Real Estate Fund AS was 19.6691 euros and the EPRA NRV was 20.4661 euros. The net asset value per share decreased by 4.4% in April. Without declaring dividends, the net asset value per share would have increased by 0.6% in April.

Marilin Hein

CFO

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