In February, EfTEN Real Estate Fund AS consolidated rental income was 2,551 thousand euros, an increase of 9 thousand euros from January. The Fund's consolidated EBITDA for February was 2,158 thousand euros, decreasing by 9 thousand euros from January.
Over the first two months of this year, the Fund's consolidated rental income amounted to 5,092 thousand euros, representing a 2% increase over the same period last year. The consolidated EBITDA for the year has reached 4,326 thousand euros, which is a 0.5% increase over the previous year.
In February, the Fund's subsidiary, EfTEN Jurkalnes SIA, increased its bank loan by one million euros to augment the dividend payable in the spring of 2024. Following the refinancing, the subsidiary's loan-to-value (LTV) ratio remains conservative at 44%.
The Fund's consolidated cash balance increased by 1,136 thousand euros in February, reaching a total of 20,007 thousand euros, including short-term deposits, as of February 29, 2024. Investments in existing properties in February totaled to 942 thousand euros. This included 501 thousand euros for the construction of the Ermi elderly home and 348 thousand euros for the renovation of the common areas of the Saules Miestas shopping center.
The weighted average interest rate on the subsidiaries' bank loans was 5.9% at the end of February. The Fund's average interest rate on loans has remained stable since November of the previous year.
As of February 29, 2024, the net asset value per share of EfTEN Real Estate Fund AS was 20.4617 euros and the EPRA NRV was 21.2261 euros. The net asset value per share increased by 0.6% in February.
Marilin Hein
CFO
Phone +372 6559 515
E-mail: marilin.hein@eften.ee
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