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The net value of EfTEN Real Estate Fund III AS shares as of 31.12.2022
The consolidated rental income of EfTEN Real Estate Fund III AS was a total of 1,293 thousand euros in December, i.e. 211 thousand euros higher than in November. The fund's rental income increased in December due to the turnover rents of the Saules Miestas shopping center.
The fund's consolidated EBITDA was 1,093 thousand euros in December, i.e. 147 thousand euros higher than in November.
The fund's interest expenses increased by 24% in December and totaled to 217 thousand euros. The weighted average interest rate of the fund's loans increased to 3.69% due to the increase in EURIBOR (as of 30.11.2022, the weighted average interest rate was 3.32%).
In 2022, EfTEN Real Estate Fund III AS earned 13.5 million euros of consolidated rental income (11% more than last year) and 11.8 million euros of EBITDA (17% more than last year). At the same time, EBITDA of the like-for-like portfolio grew by 13% (by 1.29 million euros).
EfTEN Real Estate Fund III AS earned a total of 6.2 million euros in free cash flow in 2022. From this cash flow, taking into account the fund's dividend policy, 4.638 million could be paid as a net dividend (91.4 cents per share). In addition, the EfTEN Laagri OÜ (owner company of Laagri Selver property)will receive additional funds from the refinancing of the bank loan in February 2023, as a result of which the fund could pay a net dividend of 5.438 million euros (1.072 euros per share) to the shareholders. Last year, EfTEN Real Estate Fund III AS paid investors a net dividend of 0.8 euros per share. We note that in connection with the merger of EfTEN Kinnisvarafond AS and EfTEN Real Estate Fund III (the balance sheet date of the merger was 01.01.2023), the planned dividend payment will increase, due to the free funds of EfTEN Kinnisvarafond AS and its subsidiaries are also taken into account in the fund’s profit distributed in the spring of 2023.
The net profit of EfTEN Real Estate Fund III AS in 2022 was a total of 11.4 million euros (2021: 13.099 million euros). The lower net profit is related to the revaluation of investment properties, which was 3.1 million euros this year and 6.4 million euros in 2021. The fair value of investment properties increased by a total of 1.9% in 2022 (4.1% last year).
As of 31.12.2022, the NAV of EfTEN Real Estate Fund III AS was 20.5548 euros and the EPRA NRV was 21.907 euros. Both EPRA NRV and NAV increased by 0.5% in December.
In connection with the merger of EfTEN Real Estate Fund III AS and EfTEN Kinnisvarafond AS (the balance sheet date of the merger was 01.01.2023), the latest dashboard of EfTEN Kinnisvarafond AS is also attached to this announcement.
Marilin Hein
CFO
Phone +372 6559 515
E-mail: marilin.hein@eften.ee
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