The net asset value (NAV) of the shares of EfTEN Real Estate Fund III AS as of
31.10.2019 was 16.35 euros per share. NAV increased by 0,7% in October. The EPRA
NAV per share (net book value excluding deferred income tax liability and fair
value of interest derivatives) as of 31.10.2019 was 17.39 euros. EPRA NAV
increased by 0,6% during October.
EfTEN Real Estate Fund III AS earned sales income of EUR 781 thousand in
October, which is EUR 6 thousand less than a month ago. The EBITDA of the Fund
in October was 590 thousand euros (636 thousand euros in September).
The Fund's net profit for October 2019 is EUR 497 thousand (September: EUR 554
thousand). The net profit was lower mainly due the decreased profit from
interest derivatives fair value and increased general expenses during October.
During the tem months of this year, EfTEN Real Estate Fund III AS has earned EUR
7.8 million in sales (10% and EUR 0.7 million more than in the same period last
year). The fund's EBITDA for the first ten months of this year is EUR 6.1
million (10% and EUR 0.5 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 ten months of 2019 in the amount of 2.1 million euros (50
cents per share).
As of the end of October, 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. The Fund's latest investment, the
newly completed Hortes Gardening Center in Tähesaju, Tallinn, opened last week
and the tenant will start their rental payments from December.
The volume of consolidated assets of EfTEN Real Estate Fund III AS as of
31.10.2019 was 130.45 million euros (31.12.2018: 108.5 million euros) and equity
was 69.1 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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