The net asset value of EfTEN Real Estate Fund AS shares as of 30.09.2023

EfTEN Real Estate Fund AS earned €2.540 million in net rental income in September, which is €74 thousand more than in August. The fund's gross rental income decreased by €6 thousand to €2.544 million, primarily due to the decrease in turnover rents from shopping centers. The decreased rental income was compensated by lower-than-usual administrative and marketing expenses in September.

As of the end of September, the fund's loans had a weighted average interest rate of 5.83% (5.68% in August). All of the fund's loans continue to be serviced regularly, and the cash flow from the operations of all real estate investments exceeds the monthly loan and interest payments.

In the nine months of this year, the fund has earned a consolidated rental income of €22.77 million in total (2022: €10.0 million) and EBITDA of €19.7 million (2022: €8.8 million). The consolidated EBITDA of the fund for 2023 includes Like-for-Like EBITDA at €9.1 million (a growth of 3.1% compared to the previous year) and EBITDA of €10.6 million from real estate investments added through the merger with EfTEN Kinnisvarafond AS (a 3.2% growth compared to the EfTEN Kinnisvarafond AS figures from the previous year).

Over the course of the nine months of this year, EfTEN Real Estate Fund AS has earned investors 65.71 cents (last year 72.91 cents) in potential gross dividend per share. The potential gross dividend per share has decreased by 10% compared to the previous year as a result of increasing EURIBOR rates. For the first nine months the fund’s gross dividend ratio to the end of September stock price is 3.5% (30.09.2022: 3.7%).

As of 30.09.2023, EfTEN Real Estate Fund AS's net asset value per share stood at €20.7563, and EPRA NRV was €21.4413. The net asset value per share increased by 0.7% in September.

At the beginning of October, the cornerstone was laid for the fund’s third elderly care home investment near Tartu at Raadi. It is the second property of the fund to be developed specifically as an elderly care home. The construction works are scheduled to be completed by the summer of 2024. Altogether 120 residences are planned for the property and it will be operated by Südamekodud AS, which also operates the fund’s two elderly care homes in Pirita and Valkla.

Marilin Hein

CFO

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