EfTEN: Net asset value of EfTEN Real Estate Fund III AS as of 28.02.2022

EfTEN Real Estate FundThe net asset value (NAV) of EfTEN Real Estate Fund III AS was 19.3997 euros as of 28.02.2022, increasing by 0.8% during February. 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 rate derivatives) was 20.56 euros as of 28.02.2022. EPRA NAV also increased by 0.8% in February.

In February, the fund earned a total of 1,101 thousand euros in consolidated rental income, which is 14 thousand euros more than in January. The Fund’s consolidated EBITDA in February was 986 thousand euros (37 thousand euros more than in January).

During the first two months of 2022, the fund has earned a total of 2,188 thousand euros in rental income and 1,936 thousand euros in EBITDA, including EBITDA on a comparable basis for investment properties that were on the fund’s balance sheet last year, totalling 1,816 thousand euros (15 % more than last year). EBITDA has increased for most investment properties, incl. 148 thousand euros, i.e. 41% higher result of Saules Miestas shopping center.

The fund’s EPRA earnings per share for the first two months of this year are 31.39 cents (first two months of last year: 29.74 cents). The fund’s expenses make up 12.0% of rental income (last year: 12.7%)

The consolidated equity of EfTEN Real Estate Fund III AS as of 28.02.2022 was 98.406 million euros (31.12.2021: 96.914 million euros).

In February, EfTEN Real Estate Fund III AS decided to establish a 100% subsidiary in the Republic of Latvia, EfTEN ABC SIA, and paid in the share capital of the subsidiary in the amount of 2,800 euros. To date, the company has not been entered in the Latvian company register. The establishment of a subsidiary is not currently related to the acquisition of any new investment property, and the purpose of establishing a company is to be prepared to do so when finding a suitable investment project. The members of the Management Board of the subsidiary are Viktors Savins and Uldis Sproga. The company does not have a supervisory board. The establishment of a subsidiary is not considered to be an acquisition of a qualifying holding within the meaning of the regulations of the Tallinn Stock Exchange. The members of the Supervisory Board and Management Board of EfTEN Real Estate Fund III AS are not personally interested in the transaction in any other way.

In February, EfTEN Capital AS, the management company of EfTEN Real Estate Fund III AS, signed a letter of intent with Südamekodud AS for the acquisition by the fund of through subsidiaries to be set up. Upon acquisition of the investment property, operator agreements would be entered into with Südamekodud AS, which will continue to operate the elderly homes to be built.

EREF III reports monthly 02-2022

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