The net asset value (NAV) of EfTEN Real Estate Fund III AS as of 31.10.2020 was 16.53 euros. The net asset value of the EPRA share (net book value excluding deferred income tax liability and fair value of interest rate derivatives) as of 31.10.2020 was 17.62 euros. Both NAV and EPRA NAV increased 0.9% during October.
In October, EfTEN Real Estate Fund III AS earned a total sales revenue of 1,004 thousand euros (September: 1,019 thousand euros) and EBITDA of 816 thousand euros (September: 842 thousand euros). The fund’s NOI in October 2020 was 946 thousand euros (974 thousand euros in September), which results the property portfolio actual yield to be 8.3%.
During the 10 months of this year, the fund has earned 8.7 million euros in sales revenue, which is 12% more than last year. The fund’s 10-month EBITDA is 6.96 million euros (14% more than in the same period last year). The fund’s sales revenue and EBITDA have increased this year mainly due to new property investments acquired in 2020 and completed in 2019 (Hortes Tähesaju, Kekava logistics center, airBaltic office building and Rutkausko logistics center).
In the first 10 months of this year, EfTEN Real Estate Fund III AS has lost EBITDA of approximately 5% due to the impact of Covid-19, compared to the same period last year. The payment behavior of the fund’s clients is good as of the end of October – the fund has overdue receivables in the total amount of 57 thousand euros (5.6% of monthly sales revenue), of which debts less than 1 month old make up 62%. Debts older than 1 month are related to the unpaid invoices of the tenants of the Saules Miestas shopping center.
The volume of consolidated assets of EfTEN Real Estate Fund III AS as of 31.10.2020 was 143.3 million euros (31.12.2019: 132.8 million euros) and equity 69.8 million euros (31.12.2019: 71.17 million euros).