The net asset value (NAV) of the share of EfTEN Real Estate Fund III AS was 19.8596 euros as of 30.06.2022, increasing by 4.2% in June. The net value of the EPRA share (net book value without taking into account the deferred income tax liability and the fair value of interest derivatives) was 21.13 euros as of 30.06.2022. EPRA NAV increased by 4.4% in June.
In June, the fund carried out its usual valuation of real estate portfolio, during which the value of the fund’s investment properties increased by 2.2% (EUR 3.702 million). The increase in value came mainly from inflation-driven increase in cash flow expectations in most of the fund’s investments.
In June, EfTEN Real Estate Fund III AS earned a total of 1,179 thousand euros in consolidated sales revenue, which is at the same level as the month before.
The fund’s consolidated EBITDA was 978 thousand euros in June, i.e. 3 thousand euros less than in May.
During the six months of this year, the fund has earned EBITDA of EUR 5.83 million (2021: EUR 4.89 million) on sales revenue of EUR 6.99 million (2021 6 months: EUR 5.96 million). Compared to last year, EBITDA has increased by a total of 944 thousand euros, of which 591 thousand euros is related to the increase in EBITDA of the comparable portfolio (portfolio before new acquisitions).
The fund’s consolidated free cash flow (EBITDA minus loan and interest payments and income tax expenses of Lithuanian companies) is 3,034 thousand euros in the first half of this year, which is 915 thousand euros (43%) higher than the year before. Such a large increase in free cash flow is mainly related to the end of last year’s rent discounts due to the impact of Covid-19, but also to the renting out of vacant premises, the decrease of interest costs and the acquisition of the Ramygalos office building in Lithuania last June.
The fund’s consolidated cash balance increased by 144 thousand euros in June and was 8.49 million euros as of 30.06.2022. As of the end of June, the fund had 3.5 million euros of uninvested capital.
The consolidated equity of EfTEN Real Estate Fund III AS was 100.738 million euros as of 30.06.2022 (31.12.2021: 96.914 million euros).
