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 price sensitive information
Unique data record identifier
8073
Submission date and time
09.06.2020 08:30:00
Content of announcement in Estonian
Title
EfTEN Real Estate Fund III AS aktsia puhasväärtus seisuga 31.05.2020
Message
EfTEN Real Estate Fund III AS aktsia puhasväärtus (NAV) seisuga 31.05.2020 oli 17,42 eurot. EPRA aktsia puhasväärtus (raamatupidamislik puhasväärtus ilma edasilükkunud tulumaksukohustust ja intressiderivatiivide õiglast väärtust arvestamata) oli 31.05.2020 seisuga 18,53 eurot. Nii NAV kui EPRA NAV suurenesid mai jooksul 0,7%. Fondi mai finantstulemused olid head. Konsolideeritud üüritulu oli kokku 772 tuhat eurot, mis on 35 tuhat eurot enam kui aprillis. Mais jätkusid ajutised kokkulepped üüritulu alandamiseks nii logistika kui ka kaubanduse segmendi hoonetes, kuid Saules Miestase kaubanduskeskuse üüritulu taastus oluliselt ning jäi mais vaid 9% madalamaks selle tavapärasest tasemest. Võrreldes tavapärasel tasemel üürituluga, on Covid-19 põhjustatud eriolukorrast tulenevalt fondi konsolideeritud üüritulu ajutiselt langenud samuti 9% võrra (aprillis oli langus võrreldes tavapärase üürituluga 15%). Seoses EfTEN Real Estate Fund III AS-i poolt plaanitava dividendimaksega kogusummas 2,7 MEUR (65 senti aktsia kohta) on fondi tütarettevõtted lõpetanud laenude maksepuhkused ning enamikes ettevõtetes makstakse juunis tagasi nii tavapärased igakuised põhiosad kui ka vahepealsel perioodi tasutama jäänud laenusummad. Fondi likviidsus on hoolimata üüritulu ajutisest langusest endiselt tugev, mistõttu fondijuhi ettepanek oli dividendimakset küll 21% võrra vähendada, kuid seda siiski mitte rohkem edasi lükata ning sõlmida laenuandjatega ajutiste laenude maksepuhkuste lõpetamise kokkulepped. EfTEN Real Estate Fund III AS-i konsolideeritud raha jääk oli 31.05.2020 seisuga 10,9 miljonit eurot, millest 4,7 miljonit eurot moodustab viimasest aktsiaemissioonist laekunud investeerimata kapitali jääk. Seoses Covid-19 mõjust põhjustatud majandusliku ebakindlusega katkestas fondijuht märtsis kavandatud investeeringutega seotud läbirääkimised. Fondi kontol oleva kapitali investeerimine on fondijuhi selge prioriteet, kuid peame olema ka võimalikult konservatiivsed, et leida kapitalile turvaline investeering ka majanduslikult ebakindlal ajal. EfTEN Real Estate Fund III AS-i konsolideeritud varade maht oli 31.05.2020 seisuga 141,6 miljonit eurot (31.12.2019: 132,8 miljonit eurot) ning omakapital 73,5 miljonit eurot (31.12.2019: 71,17 miljonit eurot). Marilin Hein Finantsjuht Tel. 655 9515 E-post: [email protected]
Content of announcement in English
Title
The net asset value of EfTEN Real Estate Fund III AS as of 31.05.2020
Message
The net asset value (NAV) of EfTEN Real Estate Fund III AS as of 31.05.2020 was 17.42 euros. The net asset value of the EPRA share (net book value excluding deferred income tax liability and fair value of interest rate derivatives) was 18.53 euros as of 31.0452020. Both NAV and EPRA NAV increased by 0.7% during May. The fund's financial results in May were good. Consolidated rental income totaled 772 thousand euros, which is 35 thousand euros more than in April. In May, temporary agreements to reduce rental income in both the logistics and retail segments continued, but rental income at the Saules Miestas shopping center recovered significantly and remained only 9% lower than normal. Compared to the usual level of rental income, due to the emergency situation caused by Covid-19, the fund's consolidated rental income has also temporarily decreased by 9% (in April, the decrease was 15% compared to the usual rental income). Due to the dividend payment planned by EfTEN Real Estate Fund III AS in the total amount of 2.7 MEUR (65 cents per share), the fund's subsidiaries have terminated loan grace periods and most companies will repay both the usual monthly principal and the unpaid loan amounts provided during the grace periods in June. The liquidity of the fund is still strong despite the temporary decline in rental income, which is why the fund manager proposed to reduce the dividend payment by 21%, but not to postpone it any further and enter into agreements with lenders to terminate temporary grace periods. As of 31.05.2020, the consolidated cash balance of EfTEN Real Estate Fund III AS was 10.9 million euros, of which 4.7 million euros is the balance of uninvested capital received from the last share issue. Due to the economic uncertainty caused by the impact of Covid-19, the fund manager suspended negotiations on the planned investments in March. Investing the fund's capital is a clear priority for the fund manager, but it is also necessary to be as conservative as possible to find secure investment opportunity in those turbulent times. The volume of consolidated assets of EfTEN Real Estate Fund III AS as of 31.05.2020 was 141.6 million euros (31.12.2019: 132.8 million euros) and equity 73.5 million euros (31.12.2019: 71.17 million euros). Marilin Hein CFO Phone: 655 9515 E-mail: [email protected]