EFT1T EfTEN Real Estate Fund III AS

The net value of EfTEN Real Estate Fund AS shares as of 30.04.2023

The net value of EfTEN Real Estate Fund AS shares as of 30.04.2023

The consolidated rental income of EfTEN Real Estate Fund AS was 2,542 thousand euros in April, i.e. 29 thousand euros more than in March. Rental income increased due to rent indexation in three Latvian investment properties (by 8%-21%. The fund's consolidated EBITDA was 2,181 thousand euros in April, i.e. 33 thousand euros more than in March.

Interest expenses increased to 629 thousand euros in April (by 63 thousand euros). The higher than usual increase in interest expenses was related to the termination of the interest rate swap agreement in the subsidiary that owns the shopping center in Saules Miestas, where EURIBOR was fixed at 0.35% until 31.03.2023. The weighted average interest rate of the fund's loans was 4.94% in April (4.66% in March). All the fund's loans are serviced as usual, and the operating cash flow exceeds the monthly loan and interest payments in all properties.

During the four months of this year, the fund has earned a consolidated rental income of 10.05 million euros (2022: 4.39 million euros) and EBITDA of 8.63 million euros (2022: 3.87 million euros). The consolidated rental income includes income from investment properties added during the merger in the total amount of 5.39 million euros, which compared to the same period last year in EfTEN Kinnisvarafond AS has increased by 5.7%. Regarding those properties that have been on the fund's balance sheet for at least two consecutive years (like-for-like), the rental income has increased by 4.7% compared to last year.

During the four months of this year, EfTEN Real Estate Fund AS has earned 30.34 cents (previous year: 32.93 cents) of potential gross dividend per share for investors. The potential gross dividend per share has decreased by 7.9% compared to last year, mainly due to the increase of EURIBOR.

The fund's consolidated cash balance was 28,227 thousand euros as of 04/30/2023, and the cash balance increased by 3,061 thousand euros in April. In April, two of the fund's subsidiaries increased their bank loans by 1 million euros (2 million euros in total), which will be used for the fund’s increased dividend  distribution in May. After dividend distribution (including dividend income tax), the fund's consolidated cash balance is 14 million euros.

As of 30.04.2023, the net asset value per share of EfTEN Real Estate Fund AS was 20.6451 euros and the EPRA NRV was 21.3114 euros. The NAV per share fell by 4.9% due to the announcement of dividends. Without the dividend announcement, the NAV would have increased by the usual 0.6% in April.

Marilin Hein

CFO

Phone

E-mail:

Attachment



EN
11/05/2023

Underlying

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on EfTEN Real Estate Fund III AS

 PRESS RELEASE

The net asset value of EfTEN Real Estate Fund AS shares as of 29.02.20...

The net asset value of EfTEN Real Estate Fund AS shares as of 29.02.2024 In February, EfTEN Real Estate Fund AS consolidated rental income was 2,551 thousand euros, an increase of 9 thousand euros from January. The Fund's consolidated EBITDA for February was 2,158 thousand euros, decreasing by 9 thousand euros from January. Over the first two months of this year, the Fund's consolidated rental income amounted to 5,092 thousand euros, representing a 2% increase over the same period last year. The consolidated EBITDA for the year has reached 4,326 thousand euros, which is a 0.5% increase ove...

 PRESS RELEASE

EfTEN Real Estate Fund AS’i aktsia puhasväärtus seisuga 29.02.2024

EfTEN Real Estate Fund AS’i aktsia puhasväärtus seisuga 29.02.2024 EfTEN Real Estate Fund AS teenis veebruaris 2 551 tuhat eurot konsolideeritud üüritulu, mis on 9 tuhat eurot rohkem kui jaanuaris. Fondi konsolideeritud EBITDA oli veebruaris 2 158 tuhat eurot, s.o 9 tuhat eurot vähem kui jaanuaris. Selle aasta kahe kuu konsolideeritud üüritulu on 5 092 tuhat eurot, s.o 2% rohkem kui eelmisel aastal samal ajal. Fondi konsolideeritud EBITDA on sellel aastal 4 326 tuhat eurot, s.o 0,5% rohkem kui eelmisel aastal. Veebruaris suurendas fondi tütarettevõte EfTEN Jurkalnes SIA 1 miljoni euro võ...

 PRESS RELEASE

EfTEN REAL ESTATE FUND AS NOTICE CALLING THE ANNUAL GENERAL MEETING OF...

EfTEN REAL ESTATE FUND AS NOTICE CALLING THE ANNUAL GENERAL MEETING OF SHAREHOLDERS The Management Board of EfTEN Real Estate Fund AS (registry code 12864036; seat Tallinn, A. Lauteri 5) calls an annual general meeting of shareholders on 02 April 2024 at 10:00. Venue of the general meeting: Radisson Collection Hotel second floor conference centre hall “Tallinn”, address Tallinn, Rävala 3. The registration of participants of the general meeting starts at 09:00 on 02 April 2024 at the venue of the meeting. The registration ends at 10:00. If possi...

 PRESS RELEASE

EfTEN REAL ESTATE FUND AS AKTSIONÄRIDE KORRALISE ÜLDKOOSOLEKU KOKKUKUT...

EfTEN REAL ESTATE FUND AS AKTSIONÄRIDE KORRALISE ÜLDKOOSOLEKU KOKKUKUTSUMISE TEADE EfTEN Real Estate Fund AS-i (registrikood 12864036; asukoht Tallinn, A. Lauteri 5) juhatus kutsub kokku aktsionäride korralise üldkoosoleku 02. aprillil 2024. a algusega kell 10.00. Üldkoosoleku toimumise koht: Radisson Collection hotelli II korruse konverentsikeskuse saal nimetusega „Tallinn“  aadressil Tallinn, Rävala pst 3. Koosolekust osavõtjate registreerimine algab 02.04.2024 kell 9.00 koosoleku toimumiskohas. Registreerimine lõpp...

 PRESS RELEASE

EfTEN Real Estate Fund AS 2023 audited annual report

EfTEN Real Estate Fund AS 2023 audited annual report The Supervisory Board of EfTEN Real Estate Fund approved the audited annual report of the Fund for 2023 and will submit it to the Annual General Meeting for approval. In the audited report, the Fund's financial results have not changed compared to the preliminary financial results published on . The consolidated sales revenue of EfTEN Real Estate Fund AS in 2023 was 31.817 million euros (2022: 14.299 million euros). Sales revenue increased 2.2 times mainly due to the merger of EfTEN Real Estate Fund AS and EfTEN Kinnisvara...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch