The net value (NAV) of the shares in EfTEN Real Estate Fund III AS as of August 31, 2022 was EUR 20.1625. The net value of the EPRA share (EPRA NRV – accounting net value without taking into account the deferred income tax liability and the fair value of the interest rate derivatives) was EUR 21.45 as of August 31, 2022. Both the NAV and the EPRA NRV increased by 0.8% in August.
In August, the fund generated a total of 1,132 thousand euros in consolidated rental income, which is 10 thousand euros more than in the previous month. The increase is due to the increase in Saules Miestas’ rental income in connection with the letting of vacant space in the city centre. The fund’s EBITDA exceeded the one million euro mark for the first time in August and totaled 1,002 thousand euros, which is 33 thousand euros more than in July.
In the eight months of 2022, the fund generated a total of EUR 8,867,000 in rental income (up 14% year-on-year) and EUR 7,801,000 EBITDA (also up 14% year-on-year). Real estate was up 8% year over year.
This year the fund has earned a total of €4.101 million in free cash flow, which forms the basis for dividend payments, ie 30.4% more than last year. The estimated potential gross dividend based on the fund’s dividend policy is 64.68 cents per share based on 8 months 2022 (8 months 2021: 49.59 cents per share).
The consolidated equity of EfTEN Real Estate Fund III AS as of August 31, 2022 was EUR 102.275 million (December 31, 2021: EUR 96.914 million).
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