The net asset value (NAV) of the shares of EfTEN Real Estate Fund III AS as of
31.07.2019 was 16.00 euros per share. NAV increased by 0,6% in July. The EPRA
NAV per share (net book value excluding deferred income tax liability and fair
value of interest derivatives) as of 31.07.2019 was 17.03 euros. EPRA NAV
increased by 0,7% during July.
EfTEN Real Estate Fund III AS earned sales income of EUR 784 thousand in July,
which is EUR 15 thousand more than a month ago. The increase was mainly due to
the increase in seasonal turnover in the entertainment areas and restaurants of
the Saules Miestas shopping center.
The EBITDA of the Fund in July was 614 thousand euros (589 thousand euros in
June).
The Fund's net profit for July 2019 is EUR 429 thousand (June: EUR 1,713
thousand). The net profit for the comparison period (June) included the gain
from the change in the fair value of investment properties in the amount of EUR
1,460 thousand.
During the first seven months of this year, EfTEN Real Estate Fund III AS has
earned EUR 5.4 million in sales (12% and EUR 0.5 million more than in the same
period last year). The fund's EBITDA for the first seven months of this year is
EUR 4.2 million (11% and EUR 0.4 million more than in the same period last
year).
Based on the Fund's dividend policy, which stipulates that at least 80% of the
free cash flow will be distributed to the shareholders, the Fund could pay
dividends based on the first seven months of 2019 in the amount of 1,47 million
euros (35 cents per share).
As of the end of July, EfTEN Real Estate Fund III AS has EUR 14 million of
uninvested equity at its accounts. Finding suitable projects for investment is
the first priority of the Fund's management. Hortes Tähesaju construction is
going according to the schedule. The new gardening center will be opened in
fourth quarter of the 2019.
The volume of consolidated assets of EfTEN Real Estate Fund III AS as of
31.07.2019 was 128.9 million euros (31.12.2018: 108.5 million euros) and equity
was 67.6 million euros (31.12.2018: 50.5 million euros).
Marilin Hein
CFO
Phone 655 9515
E-mail: marilin.hein@eften.ee
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