EfTEN: Net asset value of EfTEN Real Estate Fund III AS as of 30.04.2022

EfTEN Real Estate FundThe net asset value (NAV) of EfTEN Real Estate Fund III AS was 18.9039 euros as of 30.04.2022, decreasing by 3.3% during April. 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 20.08 euros as of 30.04.2022. EPRA NAV decreased by 3.1% in April. The decrease is related to the decision of the general meeting of the fund made in April to pay dividends in the total amount of 4,058 thousand euros (80 eurocents per share). Without the announcement of dividends, the fund’s NAV would have grown by the usual 0.8% in April.

In April, the fund earned a total of 1,102 thousand euros in consolidated rental income, which is 7 thousand euros more than a month earlier. The Fund’s consolidated EBITDA was 963 thousand euros in April (March: 971 thousand euros).

During the first four months of 2022, the fund has earned a total of 4,386 thousand euros in rental income and 3,870 thousand euros in EBITDA, including EBITDA on a comparable basis for investment properties that were also in the fund’s balance sheet during the first four months of the previous year, 3,634 thousand euros (13% more than last year). EBITDA has increased for most investment properties, i.e. the result of Saules Miestas shopping center this year is 33% higher.

The fund’s EPRA earnings per share for the first four months of this year are 62.66 cents (first four months of last year: 60.11 cents). The fund’s expenses make up 12.9% of rental income (last year: 11.9%)

The consolidated equity of EfTEN Real Estate Fund III AS was 95.891 million euros as of 30.04.2022 (31.12.2021: 96.914 million euros).


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