The net asset value of EfTEN Real Estate Fund AS shares as of 31.08.2024

EfTEN Real Estate Fund AS earned 2,577 thousand euros consolidated rental income in August, which is 4 thousand euros more compared to July. The fund's consolidated EBITDA in August was 2,165 thousand euros, which is 54 thousand euros lower than the previous month. The decrease in consolidated EBITDA was due to a provision related to the sale of the Tähesaju Hortese property. In August, the fund’s subsidiary received a prepayment of 200 thousand euros in connection with the conclusion of a conditional sales agreement for the property. The formal sales contract for the Tähesaju Hortese property is planned to be signed in mid-September.

For the first eight months of this year, EfTEN Real Estate Fund AS reported total consolidated rental income of 20,494 thousand euros, increasing by 1.3% increase compared to the same period last year. The fund's investment properties earned 19,758 thousand euros net operating income (NOI) over the eight-month period, a 0.4% increase year-on-year. The fund’s EBITDA for the eight months of this year was 17,462 thousand euros, up 0.2% from the same period last year.

In the first eight months of 2024, EfTEN Real Estate Fund AS earned 7,140 thousand euros free cash flow (EBITDA minus loan payments minus interest expenses), which is 690 thousand euros less than in the same period last year. The cash flow has decreased due to the increase in EURIBOR. Based on the fund's performance in the first eight months, the potential gross dividend is estimated at 52.79 cents per share, which is 8.6% lower than at the same time last year.

As of the end of August, the weighted average interest rate on the loans of the fund's subsidiaries was 5.53% decreasing by 0,08 percentage points in a month and 0,38 percentage points as compared to the peak at the start of a year. For the first time, the fund’s month end weighted average interest rate was in August lower compared to a year ago – in August 2023.

The net asset value (NAV) per share of EfTEN Real Estate Fund AS as of 31 August 2024 was 20.054 euros, and the EPRA NRV was 20.8629 euros. The NAV per share increased by 0.6% in August.

Marilin Hein

CFO

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