The net asset value (NAV) of the share of EfTEN III AS Real Estate Fund has been €19.8596 at 30.06.2022, up 4.2% in June. The net value of the EPRA share (net book value without taking into account deferred tax liabilities and the fair value of interest rate derivatives) was €21.13 of the 30.06.2022. EPRA NAV rose 4.4% in June.
In June, the fund carried out its usual valuation of the real estate portfolio, during which the value of the fund’s investment properties increased by 2.2% (€3.702 million). The increase in value is mainly due to the inflation-induced increase in cash flow forecasts in most of the fund’s investments.
In June, EfTEN III AS Real Estate Fund won a total of €1,179 thousand of consolidated turnover, which is at the same level as the previous month.
The fund’s consolidated EBITDA was 978 thousand euros in June, that is 3 thousand euros less than in May.
In the six months of this year, the fund achieved an EBITDA of €5.83 million (2021: €4.89 million) on the turnover of €6.99 million (2021 6 months: €5.96 million). Compared to last year, EBITDA increased by a total of 944 thousand euroswhose 591 thousand euros is linked to the increase in EBITDA of the comparable portfolio (portfolio before new acquisitions).
The fund’s consolidated free cash flow (EBITDA less loan and interest payments and Lithuanian corporate tax charges) is €3,034 thousand in the first half of this year, which is 915 thousand euros (43%) higher than the previous year. Such an increase in free cash flow is mainly related to the end of last year’s rent discounts due to the impact of Covid-19, but also to the rental of vacant premises, the lower interests and the acquisition of the office of Ramygalos build in Lithuania last June.
The fund’s consolidated cash balance increased by 144 thousand euros in June and was 8.49 million euros of the 30.06.2022. At the end of June, the fund had 3.5 million euros uninvested capital.
The consolidated equity of EfTEN III AS Real Estate Fund has been €100.738 million of the 30.06.2022 (31.12.2021: €96.914 million).
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