EfTEN Real Estate Fund III AS share net value as of 31.10.2022

The net asset value (NAV) of EfTEN Real Estate Fund III AS was 20.4586 euros as of 31.10.2022. The net value of the EPRA share (EPRA NRV - accounting net value without taking into account the deferred income tax liability and the fair value of interest derivatives) was 21.76 euros as of 31.10.2022. Both NAV and EPRA NRV increased by 0.7% in October.

In October, the fund earned a total of 1,126 thousand euros in consolidated rental income, which is 7 thousand euros less than the month before. The decrease came from the lower turnover rent of the Saules Miestas shopping center. The fund's October EBITDA was 955 thousand euros, i.e. 64 thousand euros lower than in September. The lower EBITDA was mainly related to the autumn campaigns carried out in the Saules Miestas shopping center.

During the ten months of 2022, the fund has earned a total of 11,127 thousand euros in rental income (12% more than in the same period last year) and 9,776 thousand euros in EBITDA (11% more than last year), i.e. like-for-like EBITDA for those investment properties, which were also on the fund's balance sheet during the last 10 months, increased by 7% this year compared to the previous year.

This year, the fund has earned a total of 5.096 million euros of free cash flow, which is the basis for dividend payments, i.e. 22% more than last year. The estimated potential gross dividend, based on the fund's dividend policy, is 80.37 cents per share based on the 10 months of 2022 (2021 10 months: 66.13 cents per share).

The consolidated equity of EfTEN Real Estate Fund III AS was 103.777 million euros as of 31.10.2022 (31.12.2021: 96.914 million euros).

Marilin Hein

CFO

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