EfTEN Real Estate Fund AS generated rental income of EUR 2,549 thousand in August 2023, an increase of EUR 17 thousand compared to July 2023. The main contributor to this increase was an adjustment in the rental rate for Valkla Elderly Home in connection with the completion of the second phase. The Fund’s EBITDA for August was €2,200,000, a decrease of €17,000 compared to July, mainly due to back-to-school marketing campaigns in shopping centres and slightly higher property management expenses.
The weighted average interest rate on the Fund’s loan portfolio was 5.68% at the end of August, compared to 5.53% in July. The Fund continues to service all loans in accordance with their terms and the cash flow from all properties comfortably covers the monthly loan and interest payments.
Year-to-date for the eight months to August 2023, the Fund’s consolidated rental income is €20.2m (2022: €8.9m) and EBITDA is €17.4m (2022: €7.8m). Consolidated EBITDA for 2023 includes like-for-like EBITDA of €8.1 million, up 3.0% year-on-year, and an additional €9.4 million from the merger with EfTEN Kinnisvarafond AS, up 3.4% year-on-year.
For the first eight months of 2023, EfTEN Real Estate Fund AS has generated a potential gross dividend of €0.5778 per share, compared to €0.6468 per share for the same period in 2022, a decrease of 10.7%, mainly due to the increase in EURIBOR rates. The estimated gross dividend yield for the current year-to-date period remains unchanged year-on-year at 3.2%.
As at 31 August, the Fund’s consolidated cash balance was €14,015 thousand, an increase of €808 thousand compared with the previous month.
The Net Asset Value (NAV) per share of EfTEN Real Estate Fund AS was €20.6176 and the EPRA NRV (Net Reinstatement Value) was €21.2965 as at 31 August 2023. The NAV per share increased by 0.7% in August, which is the normal monthly increase.
