The net asset value of EfTEN Real Estate Fund AS shares as of 31.03.2024

In March, EfTEN Real Estate Fund AS generated a consolidated rental income of 2,545 thousand euros, which is 6 thousand euros less than in February. The rental income decreased by 33 thousand euros in March due to the expiration of a lease agreement with an anchor tenant in an office building located in Vilnius. Conversely, rental income increased due to a decrease in vacancy in a logistics building in Kekava and due to turnover rents in the Saules Miestas, RAF Centrs, and UKU shopping centers.

For the first quarter of this year, the consolidated rental income totaled to 7,637 thousand euros, representing a 2% increase over the same period last year. The Fund's consolidated EBITDA for the first quarter of this year was 6,460 thousand euros, which is a 0.1% increase from last year.

During the first quarter of 2024, EfTEN Real Estate Fund AS earned a free cash flow of 2,619 thousand euros (EBITDA minus loan payments minus interest expenses), which is 406 thousand euros less than the same period last year. The decrease in cash flow is primarily due to an increase in the EURIBOR. Based on the Fund's first-quarter results, the potential gross dividend is 19.38 cents per share (13% less than the same time last year).

The weighted average interest rate of the Fund's subsidiaries' bank loans was 5.9% at the end of March. The average interest rate on the Fund's loans has remained steady since November of the previous year.

As of March 31, 2024, the Fund's consolidated cash balance, including short-term deposits, was 20,268 thousand euros. In accordance with the decision of the general meeting, the Fund will pay a total of 10,820 thousand euros in net dividends on April 24th (1 euro per share).

As of March 31, 2024, the net asset value per share of EfTEN Real Estate Fund AS was 20.5648 euros, and the EPRA NRV was 21.3555 euros. The net asset value per share increased by 0.5% in March as usual.

Marilin Hein

CFO

Phone

E-mail:

Attachment