Net asset value of EfTEN Real Estate Fund III AS as of 30.11.
The net asset value (NAV) of EfTEN Real Estate Fund III AS as of 30 November 2020 was 16.67 euros and the net asset value of EPRA share (net book value excluding deferred income tax liability and fair value of interest rate derivatives) was 17.77 euros. Both NAV and EPRA NAV increased by 0.9% during November.
In November, EfTEN Real Estate Fund III AS earned a total of 993 thousand euros in sales revenue and 807 thousand euros in EBITDA, being at the fund's usual level. The fund's NOI in November 2020 was 934 thousand euros, which makes the actual yield of the investment properties 8.1%.
During the 11 months of this year, the fund has earned 9.7 million euros in sales revenue, which is 13% more than in the same period last year. The fund's 11-month EBITDA is 7.76 million euros (15% more than in the same period last year). The fund's sales revenue and EBITDA have increased this year mainly due to new real estate investments acquired in 2020 and completed in 2019 (Hortes Tähesaju, Kekava logistics center, airBaltic office building and Rutkausko logistics center). In addition, the fund's subsidiary signed a contract under the law of obligations in November for the acquisition of Pirita Pansionaat, entering to the aged care sector. The real right contract of the transaction is planned to be concluded during December, and according to the lease agreement, the rental income will be received from April 2021.
The LTV (Loan to Value) calculated on the basis of the consolidated results of EfTEN Real Estate Fund III AS is 49% and the weighted average interest rate is 2.24%. This year, the fund has repaid loans in the total amount of 2,983 thousand euros on the basis of annuity payment schedules. The adjusted cash flow (EBITDA less interest expense less loan payments) for the 11 months of this year, which is the basis for calculating the Fund's dividend payments, totals 3,557 thousand euros (11% more than in the same period last year).
The volume of consolidated assets of EfTEN Real Estate Fund III AS as of 30.11.2020 was 143.7 million euros (31.12.2020: 132.8 million euros) and equity 70.4 million euros (31.12.2019: 71.17 million euros).
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