Published: 2019-12-09 15:08:00 CET
EfTEN Real Estate Fund III
Company Announcement

EfTEN Real Estate Fund III AS Net Asset Value per share as of 30.11.2019

The net asset value (NAV) of the shares of EfTEN Real Estate Fund III AS as of 30.11.2019 was 16.48 euros per share. NAV increased by 0,7% in November. The EPRA NAV per share (net book value excluding deferred income tax liability and fair value of interest derivatives) as of 30.11.2019 was 17.52 euros. EPRA NAV increased also by 0,7% during November.

EfTEN Real Estate Fund III AS earned sales income of EUR 786 thousand in November, which is EUR 2 thousand more than a month ago. The EBITDA of the Fund in November was 648 thousand euros (590 thousand euros in October). The EBITDA of the Fund was higher in November due to the early termination of the tenant agreement in the Ulonu office building.

The Fund's net profit for November 2019 is EUR 512 thousand (October: EUR 497 thousand).

After the balance sheet date, from 01.12.2019, Hortes Tähesaju tenant Hortes AS will begin to pay monthly rent, which will increase the Fund's consolidated rental income by 38 thousand euros per month.

During the eleven months of this year, EfTEN Real Estate Fund III AS has earned EUR 8.6 million in sales (9% and EUR 0.7 million more than in the same period last year). The fund's EBITDA for the eleven months of this year is EUR 6.8 million (10% and EUR 0.6 million more than in the same period last year).

Based on the Fund's dividend policy, which stipulates that at least 80% of the free cash flow will be distributed to the shareholders, the Fund could pay dividends based on the eleven months of 2019 in the amount of 2.4 million euros (56 cents per share).

As of the end of November, EfTEN Real Estate Fund III AS has EUR 14 million of uninvested equity at its accounts. Finding suitable projects for investment is the first priority of the Fund's management.

The volume of consolidated assets of EfTEN Real Estate Fund III AS as of 30.11.2019 was 130.931 million euros (31.12.2018: 108.5 million euros) and equity was 69.57 million euros (31.12.2018: 50.5 million euros).

Marilin Hein
CFO
Phone 655 9515
E-mail: marilin.hein@eften.ee