Net Asset Value of EfTEN Real Estate Fund AS Share as of 30 November 2024

EfTEN Real Estate Fund III AS Registered Shs

19.95 EUR -0.25%

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In November, EfTEN Real Estate Fund AS earned consolidated rental income of EUR 2,602 thousand, which is EUR 32 thousand more than in October. The increase in rental income is mainly attributable to the first full-month rental income from a new investment – the Härgmäe logistics center. Additionally, rental income increased due to a decreased vacancy at the Evolution office building in Vilnius. The vacancy rate of the fund's investment portfolio fell to 3.0% in November (compared to 3.2% in October).

The fund's consolidated EBITDA in November amounted to EUR 2,198 thousand, which is EUR 43 thousand higher than in the previous month. This increase is due to stable general administrative expenses and lower marketing campaign costs in shopping centers.

The weighted average interest rate on the bank loans of the fund and its subsidiaries was 5.15% at the end of November, reflecting a 0.11 percentage point decrease compared to October and a 0.73 percentage point decrease compared to the peak at the beginning of the year.

During the first eleven months of 2024, EfTEN Real Estate Fund AS generated a total consolidated rental income of EUR 28,217 thousand, representing a 1.4% increase compared to the same period last year. The fund's net rental income (NOI) from real estate investments amounted to EUR 27,227 thousand, reflecting a 0.6% increase compared to the same period last year. The fund's EBITDA for the first eleven months of 2024 totalled EUR 24,006 thousand, which is 0.2% higher than in the same period last year.

In the first eleven months of 2024, EfTEN Real Estate Fund AS generated EUR 9,966 thousand of consolidated free cash flow (EBITDA, less loan repayments and interest expenses), which is EUR 494 thousand less than in the same period last year. The impact of EURIBOR has remained negative year-to-date, as comparable interest expenses have been approximately EUR 766 thousand higher in the first 11 months of this year compared to the same period last year. However, the increase in EBITDA and the extension of bank loan repayment schedules have helped to offset the negative impact of EURIBOR by approximately EUR 340 thousand. The full positive impact of the declining EURIBOR rate will be reflected in the loan portfolio during the first half of 2025.

The net asset value (NAV) per share of EfTEN Real Estate Fund AS was EUR 20.411 as of 30 November 2024, while the EPRA NRV was EUR 21.2391. The NAV per share increased by 0.7% in November, reflecting the fund's usual growth trend.

Marilin Hein
Chief Financial Officer
Tel. 6559 515
E-mail: marilin.hein@eften.ee

Attachment

• EREF_reports_monthly_11.2024