Net asset value of EfTEN Real Estate Fund III AS as of 31.08.2021
The net asset value (NAV) of EfTEN Real Estate Fund III AS as of 31.08.2021 was 17.8976 euros, increasing by 0.8% in August. 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 31.08.2021 was 18.91 euros. EPRA NAV increased by 0.9% in August.
In August, the consolidated sales revenue of EfTEN Real Estate Fund III AS totaled to 1,170 thousand euros, which is 24 thousand euros more than in July. The sales income on all investment properties of the fund has returned to the Covid-19 pre-crisis level. The Saules Miestas shopping center, which has suffered the most from the crisis, is once again earning higher income from rent related to customer turnover, as well as from the children’s playground, which was closed in the meantime. The change in consumer behavior over the last 1.5 years is important to note – although the number of visitors to the center is lower, but purchases are higher and the level of turnover rents is comparable to the pre-crisis period, despite the decrease in traffic.
The Fund’s consolidated EBITDA was 1,000 thousand euros in August, which is 22 thousand euros higher than in July, including an increase in NOI (net rental income) of 13 thousand euros and the effect of a decrease in general expenses of 9 thousand euros.
During the eight months of this year, the fund has earned EBITDA of 6.9 MEUR (2020: 5.3 MEUR) with sales revenue of 8.3 million euros (2020 8 months: 6.7 million euros). EBITDA has increased by a total of 1.6 million euros compared to the previous year, of which 1.054 million euros is due to the addition of new investment properties and the rest is related to last year’s Covid-19 emergency discounts and renting out the vacancies in Ulonu and Evolution office buildings in Vilnius.
The consolidated overdue debt of the fund was 152 thousand euros as of 31 August, remaining at the same level as in July.
The fund’s consolidated cash balance increased by 1.479 million euros in August, including the VAT repayment of 1.048 million euros on real estate acquired by the fund’s Lithuanian subsidiary in June. As of 31.08.2021, the consolidated cash balance of the Fund was 11.5 MEUR.
The consolidated equity of EfTEN Real Estate Fund III AS was 90.786 million euros as of 31.08.2021 (31.12.2020: 71.483 million euros).
Marilin Hein
CFO
Phone 655 9515
E-mail: marilin.hein@eften.ee
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