Net asset value of EfTEN Real Estate Fund III AS as of 30.11. Tallinn Stock Exchange:EFT1T
The net asset value (NAV) of EfTEN Real Estate Fund III AS as of November 30, 2020 was EUR 16.67 and the net asset value of EPRA shares (net book value without deferred income tax liability and fair value of interest rate derivatives) was EUR 17.77. Both the NAV and EPRA NAV rose 0.9% in November.
In November, EfTEN Real Estate Fund III AS achieved sales of EUR 993,000 and an EBITDA of EUR 807,000, which corresponds to the usual level of the fund. The NOI of the fund was 934 thousand euros in November 2020, which corresponds to an actual return on investment properties of 8.1%.
In the eleven months of this year, the fund achieved sales of 9.7 million euros, 13% more than in the same period last year. The fund’s 11-month EBITDA is 7.76 million euros (15% more than in the same period last year). The Fund’s revenues and EBITDA increased this year mainly due to new property investments acquired in 2020 and completed in 2019 (Hortes Tähesaju, Kekava logistics center, airBaltic office building and Rutkausko logistics center). In addition, the fund’s subsidiary signed a contractual agreement in November to acquire Pirita Pansionaat for the elderly care sector. The actual legal contract for the transaction is expected to be closed in December, and the rental agreement states that rental income will begin in April 2021.
The LTV (Loan to Value) calculated on the basis of the consolidated results of EfTEN Real Estate Fund III AS is 49% and the weighted average interest rate is 2.24%. This year, the fund has repaid loans totaling EUR 2,983 thousand on the basis of pension payment plans. The adjusted cash flow (EBITDA minus interest expenses minus loan payments) for the eleven months of this year, which forms the basis for calculating the dividend payments of the fund, is EUR 3,557 thousand (11% more than in the same period of the previous year).
The volume of the consolidated assets of EfTEN Real Estate Fund III AS as of November 30, 2020 was 143.7 million euros (December 31, 2020: 132.8 million euros) and equity was 70.4 million euros (December 31, 2019: 71.17 million Euro).
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