The net asset value of EfTEN Real Estate Fund AS shares as of 30.09.2024

EfTEN Real Estate Fund III AS Registered Shs

19.05 EUR -0.26%

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EfTEN Real Estate Fund AS’s subsidiary, EfTEN Tähesaju tee OÜ, sold its property located at Tähesaju road 5, Tallinn in September. The property was sold for 4,675 thousand euros, which is 452 thousand euros below its book value. The sale  generated 1.9 million euros in cash proceeds after loan repayments. The fund invested the proceeds from the sale into advance payments for logistics centers located at Härgmäe Str. 8 / Piimamehe Str. 7 and Paemurru road 3 in Tallinn.

EfTEN Real Estate Fund AS generated consolidated rental income of 2,551 thousand euros in September, which is 26 thousand euros less compared to August. The decrease in rental income is primarily due to the sale of the Tähesaju property. The fund’s consolidated EBITDA for September was 2,191 thousand euros, an increase of 26 thousand euros from the previous month.

For the first nine months of this year, the consolidated rental income of EfTEN Real Estate Fund was 23,045 thousand euros, reflecting a 1.2% increase compared to the same period last year. The fund's investment properties generated net operating income (NOI) of 22,252 thousand euros over nine months, up by 0.2% from the same period last year. The fund’s EBITDA for the first nine months of this year totalled 19,653 thousand euros, which is 0.2% lower than the previous year.

During the nine-month period of 2024, EfTEN Real Estate Fund AS earned 8,006 thousand euros consolidated free cash flow (EBITDA minus loan repayments minus interest expenses), which is 897 thousand euros less than in the same period last year. The decrease in cash flow is related to the increased EURIBOR. Based on the results for the first nine months of the year, the potential gross dividend is 59.19 cents per share, representing a 9.9% decrease from the previous year. Due to an active banking market, the fund's management sees an opportunity to increase the dividend payment in the spring of 2025 through partial refinancing of bank loans.

The weighted average interest rate on the fund’s subsidiaries’ bank loans was 5.35% at the end of September, a decrease of 0.18 percentage points from the previous month and 0.56 percentage points from the EURIBOR peak at the beginning of the year.

The net asset value per share of EfTEN Real Estate Fund AS as of September 30, 2024, was 20.1467 euros, and EPRA NRV of 20.9623 euros. The net asset value per share increased by 0.5% in September. Excluding the extraordinary loss from the sale of the Tähesaju property, the fund's net asset value per share would have increased by 0.7% in September.

Marilin Hein
CFO
Phone +372 6559 515
E-mail: marilin.hein@eften.ee

Attachment

• EREF_reports_monthly_09.2024