Net asset value of the real estate fund EfTEN III AS at 08.31.2021

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The net asset value (NAV) of EfTEN Real Estate Fund III AS as of August 31, 2021 amounted to 17.8976 euros, up 0.8% in August. The net assets of the EPRA share (net book value excluding deferred tax liabilities and fair value of interest rate derivatives) at August 31, 2021 amounted to € 18.91. EPRA NAV rose 0.9% in August.

In August, the consolidated turnover of EfTEN Real Estate Fund III AS amounted to € 1,170,000, or € 24,000 more than in July. Sales income on all of the fund’s investment properties has returned to pre-crisis Covid-19 levels. The Saules Miestas shopping center, which has suffered the most from the crisis, is once again drawing higher income from rents linked to customer turnover, as well as from the children’s play area, which has since been closed. It is important to note the evolution of consumer behavior over the past 1.5 years – although the number of visitors to the center is lower, but purchases are higher and the level of rents from turnover is comparable to the pre-crisis period, despite the drop in traffic.

The Fund’s consolidated EBITDA amounted to € 1,000,000 in August, i.e. € 22,000 more than in July, including an increase in NOI (net rental income) of € 13,000 and ‘effect of a drop in general expenses of 9 thousand euros.

During the eight months of this year, the fund achieved an EBITDA of 6.9 MEUR (2020: 5.3 MEUR) with a turnover of 8.3 million euros (2020 8 months: 6 , 7 million euros). EBITDA increased by a total of 1.6 million euros compared to the previous year, of which 1.054 million euros is due to the addition of new investment properties and the rest is related to discounts from last year’s Covid-19 emergency and the rental of vacant housing in Ulonu and Evolution office buildings in Vilnius.

The fund’s consolidated outstandings amounted to 152 thousand euros as of August 31, remaining at the same level as in July.

The fund’s consolidated cash position increased by € 1.479 million in August, including the VAT refund of € 1.048 million on real estate acquired by the fund’s Lithuanian subsidiary in June. As of August 31, 2021, the consolidated cash balance of the Fund amounted to EUR 11.5 million.

The consolidated equity of EFTEN Real Estate Fund III AS amounted to € 90.786 million as of 08/31/2021 (12/31/2020: € 71.483 million).

Marilin Hein
CFO
Telephone 655 9515
E-mail: [email protected]

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