Teate vaade
Ettevõte EfTEN Real Estate Fund AS
Tüüp Korraldatud teave
Kategooria Muu oluline informatsioon
Avaldamise aeg 12 okt 2020 08:00:00 +0300
Keeleversioonid
Keel English
Valuuta
Pealkiri Net asset value of EfTEN Real Estate Fund III AS as of 30.09.2020
Tekst
The  net asset value (NAV) of EfTEN Real Estate Fund III AS as of 30.09.2020 was
16.38 euros,  increasing by  1% in September.  The net  asset value  of the EPRA
share  (net book value excluding deferred income tax liability and fair value of
interest  rate  derivatives)  as  of  30.09.2020 was  17.46 euros. EPRA NAV also
increased by 1% during September.

In  September, EfTEN Real Estate Fund III AS earned the highest sales revenue in
the fund's history in the amount of 1,019 thousand euros (69 thousand euros more
than  a month earlier), including the first full month's rent of the ATEA office
building  acquired in August  and the usual  rental income from  the rest of the
investment  property portfolio  after temporary  discounts due  to the Covid-19
effect.  The fund's  consolidated EBITDA  in September  was also  the highest in
history  - 842 thousand euros  (75 thousand euros  more than in  August). As the
total  capital raised  by the  fund has  been earning  full rental  income since
September, it is important to note that the September net operating income (NOI)
totaled 974 thousand euros, which would make a total of 11,688 thousand euros on
an  annual basis. Considering the fair value of the fund's investment properties
in  the amount of 137,354 thousand  euros, this would make  the actual return on
property investments 8.5% (actual NOI / fair value of investment properties).

In  the first 9 months of this year, EfTEN  Real Estate Fund III AS has earned a
total  of 7.2 million euros in rental income, which is 26% more than in the same
period  last year. The  fund's consolidated EBITDA  is also 26% higher than last
year  (a total of  6.1 MEUR). Adjusted cash  flow (EBITDA minus interest expense
minus principal payments on loans) has been 2.8 MEUR this year, compared to 2.3
MEUR  in  9 months  last  year.  This  year,  the fund has repaid scheduled loan
principle  payments on bank  loans in the  total amount of  2.4 million euros (9
months  last year:  1.8 million euros),  the fund's  LTV is 51% and the weighted
average  interest  rate  on  loan  liabilities  is  2.2%. As  of 30.09.2020, the
consolidated cash balance of the fund was 4.3 million euros.

At  the beginning of October,  UAB "Saules Miestas", a  subsidiary of EfTEN Real
Estate Fund III AS, entered into a construction agreement with "?ZhVALGA" UAB for
the  construction of  a KFC  restaurant building  on the company's property. The
cost  of the  construction contract  is 603 thousand  euros and the deadline for
completion of the construction works is May next year. Earlier (03.12.2019), the
fund has informed the stock exchange that a lease agreement has been signed with
APL  FRESH FOOD  UAB, which  operates under  the KFC  franchise of the fast food
restaurant  chain and  leases 100% of  the building  under construction. The KFC
restaurant building is scheduled to open in June 2021 at the latest.

As  of  30.09.2020, the  consolidated  assets  of  EfTEN Real Estate Fund III AS
amounted  to 142.9 million euros (31.12.2019: 132.8 million euros) and equity to
69.17 million euros (31.12.2019: 71.17 million euros).

Marilin Hein
CFO
Tel. 6559 515
E-mail: marilin.hein@eften.ee