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Net asset value of EfTEN Real Estate Fund III AS as of 31.10.2021
The net asset value (NAV) of EfTEN Real Estate Fund III AS as of 31.10.2021 was 18.1929 euros, increasing by 0.8% during October. The net asset value of the EPRA share (net book value excluding the deferred income tax liability and the fair value of interest rate derivatives) as of 31.10.2021 was 19.22 euros. EPRA NAV also increased by 0.8% in October.
In October, the consolidated sales revenue of EfTEN Real Estate Fund III AS totaled to 1,131 thousand euros (September: 1,141 thousand euros). The Fund's consolidated EBITDA was 941 thousand euros in October (975 thousand euros in September). The slightly lower EBITDA was mainly due to the distribution costs in Saules Miestas shopping center supporting the faster recovery from the corona pandemic and the 10 thousand euros lower consolidated sales revenue compared to September.
The consolidated cash balance of the Fund increased by 496 thousand euros in October and amounted to 12.38 million euros as of 31.10.2021. As of the end of October, the parent company has 6.5 million euros in funds available for investments.
During the ten months of this year, the fund has earned EBITDA of 8.8 million euros (2020: 6.97 million euros) with sales revenue of 9.9 million euros (2020 10 months: 8.1 million euros). EBITDA has increased by a total of 26% (1.8 million euros) compared to the previous year, of which 1.197 million euros is due to the addition of new investments and the rest is related to last year's Covid-19 discounts and fulfilling vacant spaces in Ulonu and Evolution office buildings in Vilnius. During the 10 months of this year, EfTEN Real Estate Fund III AS has earned a total of 4.375 million euros of free cash flow, which is the basis for calculating dividend payments, of which 882 thousand euros have been invested in existing buildings, of which more than 400 thousand is invested to the KFC restaurant building in the Saules Miestas shopping center.
The consolidated equity of EfTEN Real Estate Fund III AS was 92.284 million euros as of 31.10.2021 (31.12.2020: 71.483 million euros).
Marilin Hein
CFO
Phone: 6559 515
E-mail: marilin.hein@eften.ee
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