EfTEN: Net asset value of EfTEN Real Estate Fund III AS as of 31.03.2022

EfTEN Real Estate FundThe net asset value (NAV) of AS was 19.5547 euros as of 31.03.2022, increasing by 0.8% during March. 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 20.72 euros as of 31.03.2022. EPRA NAV also increased by 0.8% in March.

In March, the fund earned a total of 1,095 thousand euros in consolidated rental income, which is 5 thousand euros less than in February, mainly due to temporary rent discounts. The Fund’s consolidated EBITDA for March was 971 thousand euros (15 thousand euros less than in February).

During the first quarter of 2022, the fund earned a total of 3,283 thousand euros in rental income and 2,907 thousand euros in EBITDA, including 2,731 thousand euros EBITDA calculated on a comparable basis for investment properties that were on the fund’s balance sheet for the full 1st quarter 2021 (14% more than last year). EBITDA has increased for most real estate investments, i.e. the result of Saules Miestas shopping center this year is 212 thousand euros, i.e. 39% higher.

The fund’s EPRA earnings per share for the first quarter of this year are 47.13 cents (first quarter of last year: 45.13 cents). The fund’s expenses account for 12.6% of rental income (last year: 12.0%)

The consolidated equity of AS was 99.192 million euros as of 31.03.2022 (31.12.2021: 96.914 million euros).


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