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
9262
Attachments
Submission date and time
11.01.2022 08:00:00
Content of announcement in Estonian
Title
EfTEN Real Estate Fund III AS aktsia puhasväärtus seisuga 31.12.2021
Message
EfTEN Real Estate Fund III AS aktsia puhasväärtus (NAV) oli seisuga 31.12.2021 19,1057 eurot, kasvades detsembri jooksul 4,2%. EPRA aktsia puhasväärtus (raamatupidamislik puhasväärtus ilma edasilükkunud tulumaksukohustust ja intressiderivatiivide õiglast väärtust arvestamata) oli 31.12.2021 seisuga 20,25 eurot. EPRA NAV suurenes detsembris 4,5% võrra. Fondijuhi, Viljar Arakas'e kommentaar 2021. aasta kujunes EfTEN Real Estate Fund III AS-le üle ootuste edukaks. Hoolimata kahest aasta jooksul aset leidnud koroonaviiruse lainest, suutsime me kasvatada nii üüritulu kui ka EBITDA'd igas ärikinnisvara segmendis ning seda ka ilma uute ärihoonete tulusid arvestamata. Portfelli äripindade vakantsus püsis rekordmadalal tasemel, alla 1%. Kinnisvarahinnangute ümberhindlus tõi 2021. aasta peale kokku ühekordset lisakasumit 6,4 miljonit eurot ning portfelli võimendamata esmane puhastootlus oli aastalõpu seisuga 7,1 %. Fond teenis 2021. aastal vaba rahavoogu kokku 4,55 miljonit eurot, millest vastavalt fondi dividendipoliitikale oleks brutodividendid 3,64 miljonit eurot. Arvestades fondi tütarettevõtete laenu eritingimustest tulenevat minimaalse raha jäägi hoidmise kohustust ning lühiajalist likviidsusvajadust teeb fondi juhatus nõukogule ettepaneku maksta dividende rohkem kui dividendipoliitika ette näeb - kokku 4,06 miljonit eurot (80 senti aktsia kohta). Dividendimaksed 2022. aasta kevadel eeldavad nii pankadelt nõusoleku saamist kui ka üldkoosoleku heakskiitu. Seisuga 31.12.2021 on fondil 5,9 miljonit eurot investeerimata omakapitali, mille turvaline investeerimine on fondi juhtkonna prioriteet. Arvestades asjaolu, et Balti ärikinnisvaraturu tehingute tootluse tase on viimastel aastatel järjest langenud, ei plaani fondi juhtkond antud olukorda arvestades korraldada alanud majandusaasta jooksul uut aktsiate lisaemissiooni. Investoritele, kes soovivad jätkuvalt paigutada inflatsiooni kaitseks uut kapitali kinnisvaraturule, saab fondivalitseja pakkuda kaalumiseks EfTEN United Porperty Fund'i, mis ei investeeri ainult ärikinnisvarasse, vaid kinnisvarasse laiemalt ning mis on avatud kõikidele jaeinvestoritele. Finantsülevaade Detsembris teenis EfTEN Real Estate Fund III AS konsolideeritud müügitulu kokku 1 233 tuhat eurot, mis on 7,7% rohkem kui novembris. Müügitulu kasv tuli peamiselt Saules Miestase kaubanduskeskuse käibeüüridest. Fondi konsolideeritud EBITDA oli detsembris kokku 418 tuhat eurot, mis on peamiselt fondivalitsejale 2021. aasta börsi sulgemishinnalt arvestatud edukustasu tõttu 527 tuhat eurot madalam kui novembris. Fondi sõltumatu kinnisvarahindaja Colliers International viis detsembris läbi kinnisvarainvesteeringute hindamise, mille tulemusel tõusis fondi kinnisvaraportfelli väärtus 2,8% (4 423 tuhat eurot). Tänu kinnisvarainvesteeringute ümberhindluse kasumile oli detsembris tavapärasest kõrgem ka fondi puhaskasum, ulatudes 3 924 tuhande euroni (novembris oli fondi puhaskasum 707 tuhat eurot). Fondi kinnisvaraportfelli väärtus tõusis nii väljumistootlikkuse määrade alandamise keskmiselt 7,6%-lt 7,3%-ni kui ka optimistlikuma NOI (renditegevuse puhas äritulu) ootuste tulemusel. Selle aasta 12 kuu jooksul on fond auditeerimata andmetel teeninud 12,9 miljoni euro (20,9% rohkem kui eelmisel aastal) suuruse müügitulu juures 10,14 miljonit eurot (18,5% rohkem kui eelmisel aastal) EBITDA-d. Fondi 2021. aasta auditeerimata konsolideeritud puhaskasum on 13,1 miljonit eurot (2020: 3,3 miljonit eurot). EfTEN Real Estate Fund III AS-i konsolideeritud omakapital oli 31.12.2021 seisuga 96,914 miljonit eurot (31.12.2020: 71,483 miljonit eurot). Marilin Hein Finantsjuht Tel. 6559 515 E-mail: [email protected] (mailto:[email protected])
Content of announcement in English
Title
Net asset value of EfTEN Real Estate Fund III AS as of 31.12.2021
Message
The net asset value (NAV) of EfTEN Real Estate Fund III AS was 19,1057 euros as of 31 December 2021, increasing by 4.2% during December. The net asset value of the EPRA share (net book value excluding the deferred income tax liability and the fair value of interest rate derivatives) was 20.25 euros as of 31.12.2021. EPRA NAV increased by 4.5% in December. Commentary by the fund manager, Viljar Arakas The year 2021 was more successful than expected for EfTEN Real Estate Fund III AS. Despite the two waves of the coronavirus, we were able to increase both rental income and EBITDA in each segment of commercial real estate, even without considering the revenue from new investments. The vacancy rate of commercial premises in the portfolio remained at a record low level, less than 1%. The revaluation of investment properties valuation brought a one-time additional profit of 6.4 million euros during 2021, and the unleveraged initial yield of the portfolio was 7.1%. In 2021, the fund earned a total of 4.55 million euros in free cash flow, of which, according to the Fund's dividend policy, gross dividends would be 3.64 million euros. Taking into account the obligation to maintain a minimum cash balance arising from the special loan terms of the fund's subsidiaries and the short-term liquidity needs, the Fund's Management Board proposes to pay more dividends than required by the dividend policy - a total of 4.06 million euros (80 cents per share). Dividend payments in the spring of 2022 require both the approval of the banks and the approval of the general meeting. As of 31.12.2021, the fund has 5.9 million euros of uninvested equity, the safe investment of which is a priority for the fund's management. Considering the fact that the level of yields on transactions in the Baltic commercial real estate market has been steadily declining in recent years, the fund's management does not plan to organize a new share issue during the current financial year, given the current situation. For investors who would like to continue to invest in the real estate market to protect against inflation, the Management Company may offer to consider EfTEN United Porperty Fund, which invests not only in commercial real estate but also in real estate more broadly and is open to all retail investors. Financial overview In December, the consolidated sales revenue of EfTEN Real Estate Fund III AS earned a total of 1,233 thousand euros, which is 7.7% more than in November. The increase in sales revenue came mainly from the turnover rents of the Saules Miestas shopping center. The consolidated EBITDA of the fund was 418 thousand euros in December, which is 527 thousand euros lower than in November, mainly due to the success fee calculated for the management company from the closing price of the stock exchange in 2021. In December, Colliers International, an independent real estate appraiser of the Fund, conducted a valuation of investment properties, which increased the value of the Fund's real estate portfolio by 2.8% (4,423 thousand euros). Due to the revaluation gain on investment properties, the fund's net profit was also higher than usual in December, reaching 3,924 thousand euros (the fund's net profit was 707 thousand euros in November). The value of the fund's real estate portfolio increased both from a change in exit yield in average from 7.6% to 7.3% and more optimistic NOI (net operating income from rental operations) expectations. During the 12 months of this year, the fund has earned EBITDA of 10.14 million euros (18.5% more than last year) with sales revenue of 12.9 million euros (20.9% more than last year). The Fund's unaudited consolidated net profit for 2021 is 13.1 million euros (2020: 3.3 million euros). The consolidated equity of EfTEN Real Estate Fund III AS was 96.914 million euros as of 31.12.2021 (31.12.2020: 71.483 million euros). Marilin Hein CFO Phone: 6559 515 E-mail: [email protected] (mailto:[email protected])