EfTEN Real Estate Fund III AS earned 771 thousand euros sales revenue in
February, which is 1,6% more than a month earlier. Higher February revenue is
associated with the acquisition of ABC Motor's sales and service premises and
the related rental income since February 7. At the same time, the Fund paid the
costs related to the audit and received slightly less revenue from the
intermediation of utilities and administrative revenues, so the Fund's EBITDA
increased by 2 thousand euros in February compared to January and totaled 619
thousand euros.
The Fund's net profit was 486 thousand euros in February (January: 432
thousand). The higher net profit is related to the gain on the change in the
fair value of the interest rate swap agreement.
In connection with the acquisition of ABC Motors' sales and service premises,
the Fund invested EUR 1,216 thousand equity in February. The Fund's subsidiary
signed a loan agreement of EUR 1,800 thousand to make the investment. The total
cash balance of the Fund decreased in February by 1,111 thousand euros and was
4,141 thousand euros as of 28.02.2019.
Based on the Fund's dividend policy, which stipulates that a minimum of 80% of
the free cash flow will be paid to shareholders, the Fund could pay a dividend
of 447 thousand euros, which is 14 cents per share (net) from it's accumulated
profit this year.
As of 28.02.2019, the consolidated assets of EfTEN Real Estate Fund III amounted
to 110.6 million euros (31.12.2018: 108.5 million euros) and equity amounted to
51.4 million euros (31.12.2018: 50.5million euros).
As of 28.02.2019, EfTEN Real Estate Fund III AS share's Net Asset Value (NAV)
was EUR 15.95. NAV grew by 1% in February. EPRA NAV (IFRS book value excluding
deferred tax liability and fair value of interest derivatives) was EUR 17.13 as
of 28.02.2019. EPRA NAV increased also by 1% in February.
Marilin Hein
CFO
Phone 655 9515
E-mail: marilin.hein@eften.ee (mailto:marilin.hein@eften.ee)
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