Market announcement
EfTEN Real Estate Fund AS
LEI code
4851000008JBI71L7643
Size of the entity
Medium group
Economic activities
Financial and Insurance Activities
Industry sector(s)
Management company
Country of registered office
Estonia
General information
Categories
Other corporate action
Unique data record identifier
17356
Attachments
Submission date and time
13.05.2025 08:00:34
Content of announcement in Estonian
Title
EfTEN Real Estate Fund AS’i aktsia puhasväärtus seisuga 30.04.2025
Message
EfTEN Real Estate Fund AS'i aprillikuu finantstulemused olid head. Konsolideeritud üüritulu ulatus 2 611 tuhande euroni, kasvades 55 tuhande euro võrra võrreldes märtsiga. Üüritulu suurenemine on peamiselt seotud esimese kuu üürituluga valminud ICONFIT logistikakeskuses Tallinnas ning märtsis soetatud Hiiu hooldekodus, mille renoveerimist fond alustab. Fondi kinnisvaraobjektide vakantsus vähenes aprillis võrreldes märtsiga 4,4%-lt 4,1%-le, s.h vähenes vakantsus L3 ja Evolution büroohoonetes Vilniuses ning Jurkalne ja Piepilsetase logistikahoonetes Riias. Fondi EBITDA oli aprillis 2 183 tuhat eurot, mis on seoses kõrgema üüritulu ja madalamate kuludega 193 tuhat eurot rohkem kui kuu varem. Korrigeeritud rahavoog kasvas aprillis 1 010 tuhande euroni, so 170 tuhande euro võrra. Aprillis maksis EfTEN Real Estate Fund AS oma tegevusajaloo suurima dividendi, kokku 12,7 miljonit eurot ehk 1,11 eurot aktsia kohta. Dividendimakse osaliseks finantseerimiseks ning kapitalistruktuuri parandamiseks refinantseeris fond viie kinnisvarainvesteeringu pangalaene kogusummas 6,3 miljonit eurot. Aprillis kajastati refinantseerimise arvelt makstavate dividendidega seotud tulumaksukulu kogusummas 1,4 miljonit eurot, mistõttu oli aprilli puhaskasum tavapärasest madalam - kokku 106 tuhat eurot. Fondi kaalutud keskmine intressimäär langes aprillis 4,21%-ni (märtsis 4,37%). Aastases võrdluses on fondi konsolideeritud intressikulu 586 tuhat eurot väiksem. Selle aasta nelja kuuga on EfTEN Real Estate Fund teeninud konsolideeritud üüritulu 10,3 miljonit eurot (+1% võrreldes 2024. aastaga) ning konsolideeritud EBITDA-d 8,4 miljonit eurot (eelmisel aastal samal perioodil 8,6 miljonit eurot). EBITDA languse on olulises osas põhjustanud büroosegmendi vakantsus ning Tähesaju Hortese müük eelmise aasta suvel. Fondi puhasväärtus aktsia kohta (NAV) oli aprilli lõpu seisuga 19,64 eurot ning EPRA NRV 20,5 eurot. NAV vähenes seoses dividendide jaotamisega aprillis 5,3%. Ilma kasumit jaotamata oleks fondi NAV kasvanud 0,6%. Marilin Hein Finantsjuht Tel. 6559 515 E-mail: [email protected]
Content of announcement in English
Title
EfTEN Real Estate Fund AS’s net asset value as of April 30, 2025
Message
EfTEN Real Estate Fund AS earned strong financial results in April. Consolidated rental income reached 2,611 thousand euros, increasing by 55 thousand euros compared to March. The increase in rental income was primarily driven by the first rental payments from the newly completed ICONFIT logistics centre in Tallinn and the Hiiu elderly care home acquired in March, which is now undergoing renovation. The overall vacancy rate of the fund's real estate portfolio decreased from 4.4% in March to 4.1% in April, mainly due to the improved occupancy in the L3 and Evolution office buildings in Vilnius and the Jurkalne and Piepilsetas logistics properties in Riga. The Fund's EBITDA amounted to 2,183 thousand euros in April, an increase of 193 thousand euros month-over-month due to higher rental income and lower expenses. Adjusted cash flow increased to 1,010 thousand euros, by 170 thousand euros compared to March. In April, EfTEN Real Estate Fund AS paid the largest dividend in its history - a total of 12.7 million euros, or 1.11 euros per share. To partially finance the dividend payment and optimize the capital structure, the Fund refinanced bank loans on five properties for a total amount of 6.3 million euros. As a result of this refinancing, income tax expense related to dividend payments was accounted in the amount of 1.4 million euros, which led to a lower-than-usual net profit of 106 thousand euros for the month. The Fund's weighted average interest rate decreased to 4.21% in April (from 4.37% in March). Compared to the same period last year, consolidated interest expense has decreased by 586 thousand euros. During the first four months of 2025, EfTEN Real Estate Fund has earned consolidated rental income of 10.3 million euros (+1% year-over-year) and consolidated EBITDA of 8.4 million euros (compared to 8.6 million euros in the same period last year). The decrease in EBITDA is mainly due to the higher vacancy in the office segment and the sale of the Tähesaju Hortes property in the summer of 2024. The Fund's net asset value (NAV) per share was 19.64 euros as of the end of April, and EPRA NRV was 20.50 euros. Due to the April dividend distribution, the NAV decreased by 5.3%. Without the dividend payment, the NAV would have increased by 0.6%. Marilin Hein CFO Phone +372 6559 515 E-mail: [email protected]