Net asset value of EfTEN Real Estate Fund III AS as of 30.04.2021
The net asset value (NAV) of EfTEN Real Estate Fund III AS as of 30.04.2021 was 16.83 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 30.04.2021 was 17.96 euros. NAV decreased by 3.0% in April due to the announcement of dividends. Without the dividends announcement, the fund’s NAV and EPRA NAV would have increased by 1% in April.
In April, the consolidated sales revenue of EfTEN Real Estate Fund III AS was 951 thousand euros, which is 9 thousand euros less than in March. Sales revenue decreased mainly due to Estonia’s restrictions to shops and shopping centers and on temporary rental discounts granted to Hortes horticultural centers for one month in April in the total amount of 27 thousand euros. The impact of Hortes discounts in April was reduced by the opening of the Saules Miestas shopping center in Lithuania on 19 April and the resulting increase in rental income. The traffic in the center has been 15 thousand a day since its opening, which is about 35% higher than before the closures.
The Fund’s consolidated EBITDA was 801 thousand euros in April, which is 16 thousand euros less than in March, mainly due to the costs related to the general meeting and the fees paid to the Nasdaq.
During the first four months of this year, the fund has earned EBITDA of 3.2 MEUR (2020: 2.5 MEUR) with a sales revenue of 3.8 million euros (2020 4 months: 3.2 million euros). The EBITDA margin is significantly higher this year due to lower maintenance and marketing costs – 84% vs. 77% last year. EBITDA has increased by a total of 711 thousand euros compared to the previous year, of which 633 thousand euros was due to the addition of new investment properties, 203 thousand euros to the better functioning of the existing portfolio (occupancy increase and new lease agreements signed) and minus 125 thousand negative effects of Saules Miestaste Covid restrictions.
The consolidated overdue debt of the Fund was 365 thousand euros as of 30 April, increasing by 31 thousand euros in April. 79% (289 thousand euros) of the overdue debt is the debt of Saules Miestas, including payment schedules for 150 thousand euros until August of this year. The overdue debt also includes Hortes Horticultural Center rent payments for in the total amount of 77 thousand euros, which will be paid in May.
The consolidated cash balance of the fund increased by 237 thousand euros in April and was 5.9 MEUR at the end of April.
At the end of April, EREFIII NAV was 16.83 euros and EPRA NAV was 17.96 euros. NAV decreased by 3% and EPRA NAV decreased by 2.8% in April due to the announcement of dividends. Without the announcement of dividends, the fund’s NAV would have increased by 1% in April.
The consolidated equity of EfTEN Real Estate Fund III AS was 71.069 million euros as of 30.04.2021 (31.12.2020: 71.483 million euros).
Marilin Hein
CFO
Phone 655 9515
E-mail: marilin.hein@eften.ee
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