The net asset value of EfTEN Real Estate Fund AS shares as of 31.07.2023
EfTEN Real Estate Fund AS earned consolidated EBITDA €2,217 thousand in July, an increase of €25 thousand as compared to June. In July, the consolidated rental income of EfTEN Real Estate Fund AS totaled €2,532 thousand, which is €15 thousand less than in June. This was balanced by lower expenses. The decrease in rental income was primarily due to the termination of a lease agreement at a logistics center located in Latvia. The vacancy of the Fund’s portfolio remains low at 2,4% in July and the tenants’ payment behavior is strong.
Interest expenses increased in July to €704 thousand (an increase of €37 thousand). The weighted average interest rate for the Fund's loans was 5.53% in July (5.44% in June). All loans of the Fund are being serviced as usual, and the cash flow from all properties exceeds the monthly loan and interest payments.
In the first seven months of the year, the Fund has earned a consolidated rental income of €17.7 million (2022: €7.7 million) and EBITDA of €15.2 million (2022: €6.8 million). This year's consolidated rental income includes rental income from investment properties added through the merger with EfTEN Kinnisvarafond AS, totaling €9.5 million. As a result of lease indexations and the usual change in tenants, this has increased by of 5.0% as compared to the same period last year.
Over the first seven months of this year, EfTEN Real Estate Fund AS has earned investors €0.5083 (last year €0.5773) in potential gross dividend per share. The potential gross dividend per share has decreased by 12% compared to last year mainly as a result of EURIBOR growth.
As of July 31, 2023, the Fund's consolidated cash balance was €13,207 thousand, and the cash balance increased by €591 thousand in July.
The net asset value per share for EfTEN Real Estate Fund AS was €20.4837 as of July 31, 2023, and the EPRA NRV was €21.1558. The net asset value per share grew by a usual rate of 0.7% in July.
Marilin Hein
CFO
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