The net asset value of EfTEN Real Estate Fund AS shares as of 31.01.2025

EfTEN Real Estate Fund III AS Registered Shs

19.90 EUR 0.00%

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EfTEN Real Estate Fund AS generated €2,556 thousand in consolidated rental income in January. In comparison, the fund's rental income in December 2024 was €2,861 thousand, which included €238 thousand in turnover-based rent from shopping centers recognized at the end of the year. Rental income also decreased due to a rent discount agreement in Lithuania for the next six months, under which the tenant invested €135 thousand at their own expense in the improvement of rental premises.

In January, the lease agreement between a  tenant of the office building at Pärnu mnt 102 and the fund’s subsidiary ended, resulting in 2,5 thousand sqm of vacant rental space. To meet market demand, the vacant office space will be converted into smaller units and leased gradually. The design work underlying the reconstruction of the rental premises has been completed, and construction work will begin shortly.

In Menulio 11 office building, where the fund has the largest vacancy, negotiations with a potential tenant interested in 9% of the leasable area have reached the stage of redesigning the rental premises. and procurement of technical solutions.

After the disclosure of the bankruptcy proceedings of the tenant at the Laagri Hortes gardening center, several prospective tenants and buyers have approached the fund. As a result, the fund's management believes there are several good alternatives for further action.

The fund’s consolidated EBITDA in January amounted to €2,043 thousand (December 2024: €2,448 thousand).

The weighted average interest rate on the fund’s subsidiaries' loans decreased to 4.78% by the end of January, down by 0.11 percentage points compared to the end of December. Since the peak in interest rates in December 2023, the weighted average interest rate on bank loans has fallen by a total of 1.13 percentage points.

The fund’s consolidated cash balance increased by €1,119 thousand in January, reaching €21,626 thousand, including short-term deposits, as of January 31, 2025.

As of January 31, 2025, the fund’s net asset value per share was €20.4905, and EPRA NRV was €21.3432. The net asset value per share increased by the usual 0.6% in January.

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

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• EREF_reports_monthly_01.2025