EfTEN Real Estate Fund's Performance Overview
EfTEN Real Estate Fund AS wrapped up August with a consolidated rental income of 2,577 thousand euros, representing a modest increase of 4 thousand euros compared to July. However, the fund's consolidated EBITDA for August was 2,165 thousand euros, which is a decrease of 54 thousand euros from the previous month. This drop is primarily due to a provision related to the planned sale of the Tähesaju Hortese property. Notably, a prepayment of 200 thousand euros was received in August as part of a conditional sales agreement for this property, with the formal sale expected to be completed by mid-September.
Increase in Total Rental Income
For the first eight months of the year, EfTEN Real Estate Fund AS reported a total consolidated rental income of 20,494 thousand euros, which is a 1.3% increase compared to the same period last year. Additionally, the fund's investment properties produced a net operating income (NOI) of 19,758 thousand euros during this timeframe, reflecting a slight 0.4% year-on-year growth. The fund’s EBITDA for this period reached 17,462 thousand euros, which is a 0.2% increase from the previous year's figures.
Cash Flow Analysis
In the first eight months of the year, EfTEN Real Estate Fund AS generated free cash flow totaling 7,140 thousand euros. This amount is 690 thousand euros lower than during the same period last year, largely due to the effects of rising EURIBOR rates. Based on the performance metrics from this period, the estimated gross dividend is projected to be 52.79 cents per share, reflecting an 8.6% decrease from the previous 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 marks a decrease of 0.08 percentage points from the previous month and a significant 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, which is a noteworthy achievement.
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 represents a 0.6% increase in NAV over the month, indicating a stable upward trend in the fund’s financial health.
Contact Information
If you would like more information about EfTEN Real Estate Fund AS, please contact:
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?
In August, the fund reported a consolidated rental income of 2,577 thousand euros, which is a slight increase compared to July's figures.
How has the EBITDA changed in August compared to previous months?
The EBITDA for August was 2,165 thousand euros, reflecting a decrease of 54 thousand euros from the previous month due to a provision related to property sales.
What is the estimated gross dividend per share?
The estimated gross dividend is 52.79 cents per share, which shows an 8.6% decline from the previous year.
How has the interest rate for loans changed recently?
The current weighted average interest rate on loans is 5.53%, indicating a decrease from earlier periods.
What is the current net asset value per share?
As of the end of August 2024, the NAV per share was reported at 20.054 euros, which shows a 0.6% increase for the month.
