EfTEN Real Estate Fund Reports Strong August Financials
EfTEN Real Estate Fund's Performance Overview
EfTEN Real Estate Fund AS concluded August with a consolidated rental income of 2,577 thousand euros, which reflects a slight increase of 4 thousand euros compared to July. Despite this positive revenue increase, the fund reported a consolidated EBITDA of 2,165 thousand euros for August, marking a decrease of 54 thousand euros from the previous month. This decline is attributed to a provision related to the planned sale of the Tähesaju Hortese property. Interestingly, a prepayment of 200 thousand euros was received in August as part of a conditional sales agreement for this property, with formal sales expected to be finalized by mid-September.
Jump in Total Rental Income
In the first eight months, EfTEN Real Estate Fund AS noted a total consolidated rental income of 20,494 thousand euros, which is 1.3% more than the same period last year. Additionally, the fund's investment properties generated a net operating income (NOI) of 19,758 thousand euros during this eight-month period, indicating a modest 0.4% year-on-year increase. The fund’s EBITDA for the same term reached 17,462 thousand euros, up by 0.2% compared to the prior year’s figures.
Cash Flow Analysis
During the initial eight months of the year, EfTEN Real Estate Fund AS generated free cash flow amounting to 7,140 thousand euros. This figure is 690 thousand euros lower than in the equivalent timeframe last year, reflecting the impact of rising EURIBOR rates. Based on performance metrics from this period, the estimated gross dividend stands at 52.79 cents per share, showing an 8.6% decrease from last year.
Interest Rate Trends and NAV
As of the end of August, the weighted average interest rate on loans for the fund's subsidiaries was recorded at 5.53%. This represents a reduction of 0.08 percentage points since the previous month and a notable 0.38 percentage points drop from the peak earlier in the year. For the first time, the weighted average interest rate at month-end is now lower than it was at the same time last year, marking a significant milestone.
Net Asset Value Update
The net asset value (NAV) per share of EfTEN Real Estate Fund AS as of August 31, 2024, was reported at 20.054 euros, while the EPRA NRV stood at 20.8629 euros. This reflects a 0.6% increase in NAV over the month, indicating a stable upward trend in the fund’s financial health.
Contact Information
For more information regarding EfTEN Real Estate Fund AS, please reach out to:
Marilin Hein
CFO
Phone: +372 6559 515
Email: marilin.hein@eften.ee
Frequently Asked Questions
What were EfTEN Real Estate Fund AS's rental income figures for August?
For August, the fund reported a consolidated rental income of 2,577 thousand euros, marking a slight increase compared to July.
How has the EBITDA changed in August compared to previous months?
The EBITDA for August was 2,165 thousand euros, which is 54 thousand euros lower than the previous month due to a provision related to property sales.
What is the estimated gross dividend per share?
The estimated gross dividend stands at 52.79 cents per share, which is 8.6% lower than the previous year.
How has the interest rate for loans changed recently?
The weighted average interest rate on loans is currently 5.53%, reflecting a decrease from earlier periods.
What is the current net asset value per share?
The NAV per share as of the end of August 2024 was reported at 20.054 euros, showing a 0.6% increase for the month.
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