The net asset value of EfTEN Real Estate Fund AS shares as of 30.11.2023

In November, EfTEN Real Estate Fund AS reported a rental income of €2,521 thousand, marking a decrease of €17 thousand from October. This decline in rental income was primarily due to lower turnover rents at the Saules Miestas and RAF Centrs shopping centers.

The fund's loan portfolio in November witnessed the first impact of declining market interest rates since June 2022. All loans linked to the 1-month EURIBOR saw a reduction in interest rates in between of 0.01 and 0.04 percentage points, depending on the date of rate fixation. The weighted average interest rate of the fund's loans was at 5.89% at the end of November, a marginal increase of 0.01 percentage points from October, influenced by the slightly higher fixation of interest rates linked to the 3-month EURIBOR.

In November, the new warehouse space construction at the Fund’s subsidiary at Betooni 6 logistics center was completed. The project was initiated at the start of the year. The total investment for this project reached €970 thousand, and from December, the subsidiary will generate a rental yield of 8.5% from the additional space, amounting to €83 thousand annually.

During the first eleven months of this year, the fund has received a consolidated rental income of €27,830 thousand (2022: €12,200 thousand) and an EBITDA of €23,960 thousand (2022: €10,720 thousand). The 2023 consolidated EBITDA comprises a Like-for-Like EBITDA of €10,800 thousand (up 2.8% from the previous year) and an EBITDA from real estate investments added post the merger with EfTEN Kinnisvarafond AS, totaling €12,600 thousand (a 2.7% increase compared to EfTEN Kinnisvarafond AS’s last year's figures). The consolidated net profit of EfTEN Real Estate Fund AS is  €9,500 thousand this year, including loss from investments properties revaluation in June, amounting to €6,180 thousand.

In the year to date, EfTEN Real Estate Fund AS has generated a potential gross dividend of 77.22 cents per share for its investors (compared to 87.4 cents in the same period last year), a decrease of 11.6% year-on-year, influenced by the increase in EURIBOR.

As of November 30, 2023, the net asset value per share of EfTEN Real Estate Fund AS was €20.9992 and EPRA NRV was €21.6940. The net asset value per share increased by a regular 0.6% in November.

Marilin Hein

CFO

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