Net asset value of EfTEN Real Estate Fund III AS as of 28.02.2021
The net asset value (NAV) of EfTEN Real Estate Fund III AS as of 28.02.2021 was 17.21 euros. The net asset value of the EPRA share (net book value excluding deferred income tax liability and fair value of interest rate derivatives) as of 28.02.2021 was 18.32 euros. Both NAV and EPRA NAV increased 0.8% during February.
EfTEN Real Estate Fund III AS's financial results in February were better than the management expected. During the month of rapid growth of Covid-19 in Estonia, the fund earned 961 thousand euros of consolidated sales revenue in February, which is 15 thousand euros more than in January. The increase in sales revenue came mainly from the over-conservative provision of the Saules Miestas shopping center in January, but also from the increase in revenue from new leases for the Laisves office building. The Fund's consolidated EBITDA was 799 thousand euros in February (14 thousand euros more than in January).
During the first two months of this year, the fund has earned 1.9 million euros in sales revenue, which is 17% more than last year. The increase in sales revenue is mainly due to the addition of new investment properties, but also due to the decrease of vacancy of the Evolution office building and stable economic activity in most of the fund's investments. The result of Saules Miestas shopping center has suffered the most due to the restrictions in Lithuania - compared to the first two months of the previous year, the rental income of the shopping center for the first two months of this year is 30% (154 thousand euros) lower. The spreading of Covid-19 virus in Lithuania has decreased considerably comparing with the peak in December 2020. Therefore, it is expected that Lithuanian government will start step by step easing of restrictions, which will gradually allow businesses to open.
The net profit of the fund was 609 thousand euros in February 2021 (January 2021: 567 thousand euros). As of 28.02.2021, the consolidated cash balance of EfTEN Real Estate Fund III AS was 5.8 million euros and the total volume of assets was 151.3 million euros.
The consolidated equity of EfTEN Real Estate Fund III AS was 72.659 million euros as of 28.02.2021 (31.12.2020: 71.483 million euros).
As of this announcement, EfTEN Real Estate Fund III AS also publishes a consolidated monthly financial report, which, in addition to the income statement, balance sheet and cash flows, includes key financial indicators and comparative charts for net asset value, debt receivables, vacancy, sales revenue and EBITDA.
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