Net asset value of EfTEN Real Estate Fund III AS as of 31.03.2021

EfTEN Real Estate FundThe net asset value (NAV) of EfTEN Real Estate Fund III AS as of 31.03.2021 was 17.35 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 31.03.2021 was 18.48 euros. Both NAV and EPRA NAV increased 0.9% during March.

In March, EfTEN Real Estate Fund III AS earned a total of 961 thousand euros in consolidated sales revenue, which is at the same level as in February. The fund’s EBITDA was 817 thousand euros in March, which is 18 thousand euros more than in February due to lower general expenses.

In a situation of accelerated spread and increased restrictions on Covid-19, the fund’s results in the first quarter of 2021 are better than expected. In Saules Miestas shopping center in Lithuania, rental income has decreased on average by 22% compared to the first quarter of the previous year due to temporary discounts, but the crisis did not have a significant effect on the rental income of other properties in the first quarter of 2021. At the same time, additional agreements have been concluded with some tenants to defer rent payments until May, which in turn will have a temporary negative effect on the fund’s cash flows.

In the first quarter of 2021, new lease agreements were signed in Ulonu and Laisves office buildings in Lithuania, which reduced the fund’s vacancy rate to 0.8%, i.e. only 934 m2 of the fund’s portfolio’s total leasable area (124 thousand m2) is vacant as of 31.03.2021.

In the first quarter of this year, EfTEN Real Estate Fund III AS has earned a total of 2.9 million euros in consolidated sales revenue,which is 15% more than in the first quarter of the previous year. The increase in sales revenue is related to new property investments last year, but also to a decrease in vacancies in Lithuanian office buildings. The negative impact of Covid-19 on the fund’s rental income compared to the first quarter of the previous year is on average 150 thousand euros. Without temporary Covid-19 discounts, the fund’s real estate portfolio would earn 8.3% higher sales revenue.

The consolidated equity of EfTEN Real Estate Fund III AS was 73.278 million euros as of 31.03.2021 (31.12.2020: 71.483 million euros).

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