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
8298
Submission date and time
12.10.2020 08:00:00
Content of announcement in Estonian
Title
EfTEN Real Estate Fund III AS aktsia puhasväärtus seisuga 30.09.2020
Message
EfTEN Real Estate Fund III AS-i aktsia puhasväärtus (NAV) seisuga 30.09.2020 oli 16,38 eurot, suurenedes septembris 1% võrra. EPRA aktsia puhasväärtus (raamatupidamislik puhasväärtus ilma edasilükkunud tulumaksukohustust ja intressiderivatiivide õiglast väärtust arvestamata) oli 30.09.2020 seisuga 17,46 eurot. EPRA NAV suurenes septembri jooksul samuti 1%. EfTEN Real Estate Fund III AS teenis septembris fondi ajaloo kõrgeima müügitulu summas 1 019 tuhat eurot (69 tuhat eurot rohkem kui kuu varem), sisaldades augustis lisandunud ATEA büroohoone esmakordset üüri täiskuu eest ning ülejäänud kinnisvarainvesteeringute tavapärast üüritulu pärast Covid-19 mõjust tulenevaid ajutisi allahindluseid. Fondi konsolideeritud EBITDA oli septembris samuti ajaloo kõrgeim - 842 tuhat eurot (75 tuhat eurot rohkem kui augustis). Kuivõrd kogu fondi kaasatud kapital teenib alates septembrist tavapärast üüritulu, on oluline märkida, et septembri puhas tegevustulu (NOI) oli kokku 974 tuhat eurot, mis teeks aasta baasil arvestatuna kokku 11 688 tuhat eurot. Arvestades fondi kinnisvarainvesteeringute õiglast väärtust summas 137 354 tuhat eurot, teeks see tegelikuks kinnisvarainvesteeringute sisenemistootluseks 8,5% (tegelik NOI / kinnisvarainvesteeringute õiglane väärtus) . Selle aasta 9 kuu jooksul on EfTEN Real Estate Fund III AS teeninud kokku 7,2 miljonit eurot üüritulu, mis on 26% rohkem kui eelmisel aastal samal ajal. Ka fondi konsolideeritud EBITDA on 26% kõrgem kui eelmisel aastal (kokku 6,1 MEUR). Korrigeeritud rahavoogu (EBITDA miinus intressikulu miinus laenude põhiosamaksed) on EREFIII sellel aastal teeninud 2,8 MEUR, eelmisel aastal 9 kuuga 2,3 MEUR. Fond on sellel aastal maksnud tagasi pangalaenude graafikujärgseid põhiosa makseid kogusummas 2,4 miljonit eurot (eelmisel aastal 9 kuu jooksul: 1,8 miljonit eurot), fondi LTV on 51% ning kaalutud keskmine laenukohustuste intressimäär 2,2%. Fondi konsolideeritud raha jääk oli 30.09.2020 seisuga 4,3 miljonit eurot. EfTEN Real Estate Fund III AS-i tütarettevõte UAB "Saules Miestas" sõlmis oktoobri alguses ettevõttele kuuluvale kinnistule KFC restoranihoone ehitamiseks ehituslepingu "?ZhVALGA" UAB-ga. Ehituslepingu maksumus on 603 tuhat eurot ning ehitustööde lõppemise tähtaeg järgmise aasta mais. Varasemalt (03.12.2019) on fond teatanud börsile, et ehitatava restoranihoone osas on sõlmitud üürileping ?APL FRESH FOOD" UAB-ga, kes tegutseb kiirtoidurestoranide keti KFC frantsiisi alusel ja võtab ehitatava hoone 100%-liselt üürile. KFC restoranihoone on kavas avada hiljemalt 2021. aasta juunis. EfTEN Real Estate Fund III AS-i konsolideeritud varade maht oli 30.09.2020 seisuga 142,9 miljonit eurot (31.12.2019: 132,8 miljonit eurot) ning omakapital 69,17 miljonit eurot (31.12.2019: 71,17 miljonit eurot). Marilin Hein Finantsjuht Tel. 6559 515 E-mail: [email protected]
Content of announcement in English
Title
Net asset value of EfTEN Real Estate Fund III AS as of 30.09.2020
Message
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: [email protected]