The net asset value (NAV) of EfTEN Real Estate Fund III AS was 19.0549 euros as of 31.05.2022, increasing by 0.8% during May. 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 20.24 euros as of 31.05.2022. EPRA NAV also increased by 0.8% in May.
In May, the fund earned a total of 1,112 thousand euros in consolidated rental income, which is 10 thousand euros more than a month earlier. The increase is mainly due to the first full month’s rent of the Valkla care home property. The Fund’s consolidated EBITDA was 981 thousand euros in May (April: 963 thousand euros).
During the five months of 2022, the fund has earned a total of 5,498 thousand euros in rental income and 4,851 thousand euros in EBITDA, including EBITDA calculated on a comparable basis for the investment properties that were also in the fund’s balance sheet during the five months of the previous year, was 4,547 thousand euros (12% more than last year). EBITDA has increased for most investment properties, i.e. the result of Saules Miestas shopping center is 31% higher.
The fund’s EPRA earnings per share for the first five months of this year are 79.03 cents (3.7% more than last year). The fund’s expenses account for 12.8% of rental income (last year: 12.3%)
The consolidated equity of EfTEN Real Estate Fund III AS was 96.657 million euros as of 31.05.2022 (31.12.2021: 96.914 million euros).