EfTEN: Correction: Net asset value of EfTEN Real Estate Fund III AS as of 31.01.2022

EfTEN Real Estate FundThe net asset value (NAV) of AS was 19,2489 euros as of 31.01.2022, increasing by 0.7% during January. The net asset value of the EPRA share (EPRA NRV – net book value excluding the deferred income tax liability and the fair value of interest derivatives) was 20.40 euros as of 31.01.2022. EPRA NAV also increased by 0.7% in January.

In January, the fund earned a total of 1,087 thousand euros in consolidated rental income, which is 85 thousand euros less than in December. Rental income decreased due to the turnover of Saules Miestas shopping center calculated on the basis of the annual results in the comparison period in the total amount of 101 thousand euros and increased in turn mainly due to the indexation of rental income made in January. Compared to January of the previous year, the fund has earned 22% more rental income.

The Fund’s consolidated EBITDA for January was 949 thousand euros (22% more than last year), including EBITDA on a comparable basis for investment properties that were also in the Fund’s balance sheet last year (like-for-like basis), totaling 890 thousand euros (13% more than last year).

Starting this year, in addition to the EPRA net asset value indicator, AS will publish two recommended performance indicators for EPRA public real estate funds – EPRA profit and EPRA cost ratio. EPRA profit is the fund’s net profit less non-monetary income and expenses (such as changes in the fair value of investment property and gains / losses on derivative instruments) and EPRA’s cost ratio, which illustrates the ratio of the fund’s consolidated sales, marketing and general expenses to rental income. EPRA’s profit per share were 15.24 cents in January 2022 (January 2021: 14.65 cents per share) and EPRA’s cost ratio was 13% of rental income (January 2021: 12% of rental income).

The consolidated equity of AS was 97.641 million euros as of 31.01.2022 (31.12.2021: 96.914 million euros).

EREF III reports monthly 01 2022

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