The net asset value (NAV) of EfTEN Real Estate Fund III AS as at 31.10.2021 was 18.1929 euros, up 0.8% in October. The net assets of the EPRA share (net book value excluding deferred tax liabilities and fair value of interest rate derivatives) at October 31, 2021 is € 19.22. EPRA NAV also rose 0.8% in October.
In October, the consolidated turnover of EfTEN Real Estate Fund III AS amounted to 1,131 thousand euros (September: 1,141 thousand euros). The Fund’s consolidated EBITDA amounted to 941 thousand euros in October (975 thousand euros in September). The slightly lower EBITDA is mainly due to distribution costs in the Saules Miestas shopping center supporting the faster recovery of the corona pandemic and the drop in consolidated sales of 10,000 euros compared to September.
The Fund’s consolidated cash balance increased by 496 thousand euros in October and amounted to 12.38 million euros as of October 31, 2021. At the end of October, the parent company had 6.5 million euros of funds available for investments.
During the ten months of this year, the fund achieved an EBITDA of 8.8 million euros (2020: 6.97 million euros) with a turnover of 9.9 million euros (2020 10 months: 8.1 million euros). EBITDA increased by a total of 26% (1.8 million euros) compared to the previous year, of which 1.197 million euros is due to the addition of new investments and the rest is related to Covid-19 discounts from last year and the occupation of vacant spaces in Ulonu and Evolution office buildings in Vilnius. During the 10 months of this year, EfTEN Real Estate Fund III AS generated a total of 4.375 million euros of free cash flow, which serves as the basis for the calculation of dividend payments, of which 882 thousand euros were invested in existing buildings, of which more than 400,000 are invested in the building of the KFC restaurant in the Saules Miestas shopping center.
The consolidated equity of EFTEN Real Estate Fund III AS amounted to € 92.284 million as of 10/31/2021 (12/31/2020: € 71.483 million).
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