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

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