In December, EfTEN Real Estate Fund III AS made a sales income of 702 thousand euros, an increase of 85 thousand euros from November. This increase is mainly attributed to turnover rent in the Saules Miestas shopping center, additional rental income from Lindex, and the opening of Selver grocery store in Laagri. While sales expenses and distribution expenses did not deviate significantly from those of November, general expenses also include the 39 thousand euros related to the issuing of the fund’s shares publicly.
Also in December, Colliers International conducted a regular valuation of the Fund’s investment properties, resulting in an increase of 0.6% in the investment property value of EfTEN Real Estate Fund III and returning a profit of 539 thousand euros from the fair value changes. The increase is mainly attributed to the opening of the Selver grocery store in Laagri and includes the actual rental agreements as input data to the valuation calculations.
The Fund’s unaudited consolidated rental income in 2017 was 6.6 million euros, and EBITDA — 5.6 million euros. From EBITDA, the loan principal payments and interest payments is covered by 2.8 million euros. Considering the Fund’s dividend policy, the gross dividends for the year 2017 would amount to 2.3 million euros, which at the current share volume is 73 cents per share.
The Fund’s consolidated unaudited asset value as of 31.12.2017 is 97.5 million euros, and equity is 47.2 million euros. The Fund’s 12-month return from the average paid-in share capital is 24.7%.
The Net Asset Value of EfTEN Real Estate Fund III AS as of 31.12.2017 is 14.65 euros. NAV increased by 2.5% during the month of December.
Marilin Hein
CFO
Phone 655 9515
E-mail: marilin.hein@eften.ee