EfTEN: The net asset value of EfTEN Real Estate Fund AS shares as of 31.08.2023

EfTEN Real Estate FundEfTEN Real Estate Fund AS generated rental income of €2,549 thousand in August 2023, an increase of €17 thousand compared to July 2023. The primary contributor to this increase was an adjustment in the rental rate for Valkla Elderly Home, linked to the completion of its second phase. The Fund’s EBITDA was €2,200 thousand for August, representing a decrease of €17 thousand from July, largely due to back-to-school marketing campaigns at shopping centers and slightly higher property management expenses.

The weighted average interest rate on the Fund’s loan portfolio was 5.68% as of the end of August, compared to 5.53% in July. The Fund continues to service all loans in compliance with terms, and the cash flow from all real estate investments comfortably covers the monthly loan and interest payments.

Year-to-date for the eight months ending August 2023, the Fund’s consolidated rental income is €20.2 million (2022: €8,9 million) and EBITDA s €17.4 million (2022: €7.8 million). The 2023 consolidated EBITDA includes Like-for-Like EBITDA of €8.1 million, marking a year-over-year growth of 3.0%, and an additional €9.4 million from the merger with EfTEN Kinnisvarafond AS, representing a 3.4% increase over the prior year.

For the first eight months of 2023, EfTEN Real Estate Fund AS has generated a potential gross dividend of €0.5778 per share, compared to €0.6468 per share for the same period in 2022, reflecting a decline of 10.7% primarily due to the uptick in EURIBOR rates. The estimated gross dividend yield for the current year-to-date period remains unchanged from a year-ago level at 3.2%.

As of August 31, 2023, the Fund’s consolidated cash balance was €14,015 thousand, an increase of €808 thousand from the previous month.

The Net Asset Value (NAV) per share of EfTEN Real Estate Fund AS was €20.6176, and the EPRA NRV (Net Reinstatement Value) stood at €21.2965 as of August 31, 2023. The NAV per share experienced a standard monthly increase of 0.7% in August.


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