EfTEN Real Estate Fund AS’s financial results for Q1 2025 and net asset value as of 31 March 2025

EfTEN Real Estate Fund III AS Registered Shs

19.10 EUR 0.53%

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EfTEN Real Estate Fund AS earned EUR 7.678 million in consolidated rental income during the first quarter, representing a 0.5% increase compared to the same period last year. The Fund’s consolidated EBITDA amounted to EUR 6.181 million, which is 4.3% less than in the same period a year ago. In the first quarter, the Fund generated EUR 2.758 million in adjusted cash flow (EBITDA minus interest expenses, loan principal repayments, and income tax expense), which is EUR 139 thousand more than in the same period last year, mainly due to lower interest expenses.

The weighted average interest rate on the loans of the Fund’s subsidiaries fell to 4.37% by the end of March, decreasing by 0.527 percentage points compared to the end of the previous year. On a comparable basis, the total interest expense for the first quarter of this year was EUR 1.675 million, which is EUR 486 thousand (22%) lower than a year earlier.

In March the Fund earned EUR 2,556 thousand in consolidated rental income, which is EUR 10 thousand less than in February.  Rental income-related expenses increased exceptionally in March by EUR 111 thousand. This increase was mainly due to the one-off recognition of a provision for receivables in the amount of EUR 89 thousand related to the bankrupt company Aktsiaselts Hortes. The provision reflects the Fund's conservative accounting principles and is not connected to the legal treatment of the claim. As of 1 April, Rikets Aianduskeskus OÜ has replaced AS Hortes as the tenant of the Laagri gardening center.

The Fund's consolidated EBITDA for March amounted to EUR 1,990 thousand, which is EUR 159 thousand less than in February. At the end of March, the overall vacancy rate in the Fund’s real estate portfolio was 4.4%.

The Fund's consolidated cash balance decreased due to additional property investments by EUR 3,350 thousand in March, reaching EUR 19,038 thousand by the end of the month. In March, a subsidiary of the Fund made a new property investment by acquiring the Hiiu care home property in Tallinn. The acquisition cost of the property, including related expenses, totaled EUR 4,016 thousand. Additionally, EUR 619 thousand was invested in the ongoing development project at Paemurru logistics center, and EUR 118 thousand was paid for construction work related to the next phase of the Valkla elderly home. Paemurru logistics center is planned to be finished and will start to generate rental income for the Fund from mid-April.

As of 31 March 2025, the Fund’s net asset value (NAV) per share was EUR 20.7371 and EPRA NRV was EUR 21.5985. The NAV per share increased by a typical 0.6% in March.

Marilin Hein
CFO
Phone +372 6559 515
E-mail: marilin.hein@eften.ee

Attachment

• EREF_reports_monthly_03.2025