Net asset value of EfTEN Real Estate Fund III AS as of

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The net asset value (NAV) of EfTEN Real Estate Fund III AS on 02/28/2021 was 17.21 euros. The net asset value of the EPRA share (net book value excluding deferred tax liabilities and fair value of interest rate derivatives) as of 02/28/2021 amounts to € 18.32. NAV and EPRA NAV rose 0.8% in February.

The financial results of EFTEN Real Estate Fund III AS in February exceeded management’s expectations. During the month of rapid growth of Covid-19 in Estonia, the fund achieved 961 thousand euros in consolidated turnover in February, or 15 thousand euros more than in January. The increase in turnover comes mainly from the overly cautious provision of the Saules Miestas shopping center in January, but also from the increase in turnover from the new leases of the Laisves office building. The Fund’s consolidated EBITDA amounted to € 799 thousand in February (€ 14 thousand more than in January).

In the first two months of this year, the fund achieved 1.9 million euros in turnover, 17% more than last year. The increase in sales revenue is mainly attributable to the addition of new investment properties, but also to the decrease in the vacancy rate of the office building Evolution and the stability of economic activity in most fund investments. The result of the Saules Miestas shopping center suffered the most from restrictions in Lithuania – compared to the first two months of the previous year, the rental income of the shopping center for the first two months of this year is 30% (154 thousand euros ) inferior. The spread of the Covid-19 virus in Lithuania has decreased significantly from the peak in December 2020. Therefore, the Lithuanian government is expected to gradually begin to ease restrictions, which will gradually allow businesses to open.

The fund’s net income was 609 thousand euros in February 2021 (January 2021: 567 thousand euros). As of 28.02.2021, the consolidated cash balance of EfTEN Real Estate Fund III AS amounted to 5.8 million euros and the total volume of assets was 151.3 million euros.

The consolidated shareholders’ equity of EFTEN Real Estate Fund III AS amounted to 72.659 million euros as at 28.02.2021 (31.12.2020: 71.483 million euros).

As of this announcement, EfTEN Real Estate Fund III AS also publishes a consolidated monthly financial report which, in addition to the income statement, balance sheet and cash flow, includes key financial metrics and comparative charts for the net worth of inventory, receivables, vacancy, turnover and EBITDA.

Marilin Hein
CFO
Telephone: 6559 515
E-mail: [email protected]

  • EREFIII_dashboard_022021[3]


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