The net asset value (NAV) of the EfTEN Real Estate Fund III AS share was 19.8596 euros at 30.06.2022, up 4.2% in June. The net value of the EPRA unit (net book value without taking into account deferred tax liabilities and the fair value of interest rate derivatives) is 21.13 euros at 06.30.2022. EPRA NAV rose 4.4% in June.

In June, the fund carried out its usual valuation of the real estate portfolio, during which the value of the fund’s investment properties increased by 2.2% (EUR 3.702 million). The increase in value is mainly due to the inflation-induced increase in cash flow forecasts in most of the fund’s investments.

In June, EfTEN Real Estate Fund III AS achieved a total consolidated turnover of 1,179 thousand euros, at the same level as the previous month.

The fund’s consolidated EBITDA amounted to 978 thousand euros in June, ie 3 thousand euros less than in May.

In the six months of this year, the fund achieved an EBITDA of EUR 5.83 million (2021: EUR 4.89 million) on turnover of EUR 6.99 million (2021 6 months: 5.96 million euros). Compared to last year, EBITDA increased by a total of 944 thousand euros, of which 591 thousand euros is related to the increase in EBITDA of the comparable portfolio (portfolio before new acquisitions).

The fund’s consolidated free cash flow (EBITDA less loan and interest payments and Lithuanian corporate tax charges) was 3,034 thousand euros in the first half of this year, or 915 thousand euros. euros (43%) more than the previous year. Such an increase in free cash flow is mainly related to the end of last year’s rent discounts due to the impact of Covid-19, but also to the rental of vacant premises, the lower interests and the acquisition of the office of Ramygalos construction in Lithuania last June.

The fund’s consolidated cash increased by 144 thousand euros in June and amounted to 8.49 million euros at 30.06.2022. At the end of June, the fund had 3.5 million euros of uninvested capital.

The consolidated equity of EfTEN Real Estate Fund III AS amounted to 100.738 million euros as of 30.06.2022 (31.12.2021: 96.914 million euros).

Marilin Hein
Phone +372 6559 515
Email: [email protected]

  • EREF_III_monthly_reports_06_2022