The net asset value of EfTEN Real Estate Fund AS shares as of 31.05.2023

In May, EfTEN Real Estate Fund AS consolidated rental income was 2,554 thousand euros, i.e., 12 thousand euros more than in April. The rental income increased primarily due to rent indexations and turnover rents in companies owning shopping center properties.

In May, the fund's subsidiary entered into an agreement with the tenant of the Betoon 6 logistics center to expand the rental area of the building by 739.2 m2. After the construction works, the tenant will use 3184.2 m2 (18.5% of the total NLA of the building). The investment amounts to 956 thousand euros, which is financed by SEB Pank. According to the agreement, the rental yield of the investment is 8.5%.

Interest expenses increased in May to 638 thousand euros (by 10 thousand euros). The fund's weighted average interest rate in May was 5.13% (4.94% in April). All the fund's loans are being serviced as usual, and the operating cash flow exceeds the monthly  principal and interest payments in all properties.

In the first five months of this year, the fund has earned a consolidated rental income of 12.6 million euros (2022: 5.5 million euros) and EBITDA of 10.83 million euros (2022: 4.85 million euros). This year's consolidated rental income includes rental income from investment properties added during the merger with EfTEN Kinnisvarafond AS, totaling 6.77 million euros, which has grown by 6.0% compared to the same period last year. For those investment properties that have been in the fund's balance sheet for at least two consecutive years (Like-for-like), the rental income has increased by 4.7% compared to the previous year.

In the first five months of this year, EfTEN Real Estate Fund AS has earned potential gross dividends per share of 36.81 cents for investors (last year 39.84 cents). The potential gross dividend per share has decreased by 7.6% compared to the previous year, mainly due to the increase in EURIBOR.

As of May 31, 2023, the consolidated cash balance of the fund was 14,672 thousand euros, and the cash balance decreased in May by 13,556 thousand euros, incl. distributed dividends to shareholders and the accompanying income tax totaling 14,246 thousand euros.

The net asset value per share of EfTEN Real Estate Fund AS was 20.7838 euros as of May 31, 2023, and EPRA NRV was 21.458 euros. The net asset value per share grew by a usual 0.7% in May.

Marilin Hein

CFO

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