The net asset value of EfTEN Real Estate Fund AS shares as of 31.10.2024

EfTEN Real Estate Fund III AS Registered Shs

18.95 EUR 0.53%

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In October, EfTEN Real Estate Fund AS earned a consolidated rental income of 2,570 thousand euros, an increase of 19 thousand euros compared to September. This increase is primarily attributed to the first month of rental income from the new investment Härgmäe logistics center. The fund's consolidated EBITDA for October was 2,155 thousand euros, which is 36 thousand euros lower than in the previous month. The decrease in EBITDA was mainly due to autumn marketing campaigns in shopping centers and year-end valuation expenses for the investment portfolio. 

In October, the fund's subsidiary, EfTEN Härgmäe OÜ, entered into a real rights contract to acquire the logistics center, paying 8,314 thousand euros for the property, in addition to the advance payment of 515 thousand euros made in September. The acquisition was financed through a bank loan of 7,300 thousand euros and the fund’s own resources. The initial rental yield on the investment is 7.6%. 

The weighted average interest rate on the fund’s subsidiaries' bank loans was 5.26% at the end of October, decreasing by 0.09 percentage points over the month and by 0.63 percentage points from the peak at the beginning of the year. 

EfTEN Real Estate Fund AS earned a total consolidated rental income of 25,615 thousand euros for the first ten months of this year, increasing by 1.2% compared to the same period last year. The net rental income (NOI) from the fund’s investment properties was 24,717 thousand euros, up 0.3% from the same period last year. The fund’s EBITDA for the first ten months of this year was 21,808 thousand euros, a decrease of 0.1% compared to the same period last year. 

During the first ten months of 2024, EfTEN Real Estate Fund AS earned 8,924 thousand euros in consolidated free cash flow (EBITDA minus loan repayments and interest expenses), which is 709 thousand euros less than in the same period last year. The decrease in cash flow was due to the increase in EURIBOR. Based on the ten-month results, the potential gross dividend for the fund is 65.99 cents per share, a decrease of 7.2% compared to last year.  The management of the fund aims to propose to shareholders to pay dividends 1 euro per share from the fund’s 2024 profit in the spring of 2025. Such a dividend payment requires the refinancing of certain low-leverage subsidiaries' loans, for which the management has already initiated negotiations. Detailed calculations regarding the dividend payment amount will be made and published after the refinancing agreements are finalized. 

As of 31.10.2024, EfTEN Real Estate Fund AS’s net asset value per share was 20.2779 euros, and EPRA NRV was 21.0996 euros. The net asset value per share increased by 0.7% in October. 

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

Attachment

• EREF_reports_monthly_10.2024