Net Asset Value of EfTEN Real Estate Fund AS as of 31 May 2025
In May, EfTEN Real Estate Fund AS earned consolidated rental income of EUR 2,643 thousand, increasing by EUR 33 thousand compared to April. The increase in rental income is mainly related to the higher revenue in the logistics segment (including the first full month of rental income from the Paemurru logistics centre) and contract-based rent increases in the elderly care segment.
The Fund’s consolidated EBITDA in May totalled EUR 2,229 thousand (April: EUR 2,183 thousand). Adjusted cash flow (EBITDA less loan principal repayments and interest expenses) amounted to EUR 1,148 thousand, an increase of EUR 138 thousand compared to April. The portfolio vacancy rate decreased to 4.0% (down 0.7 percentage points), mainly due to new lease agreements signed in the office building at Pärnu mnt 102 in Tallinn.
During the first five months of 2025, the Fund has earned EUR 12.9 million in rental income, a 1.3% increase compared to the same period last year. Consolidated EBITDA for the year stands at EUR 10.6 million, 2.7% lower year-over-year, primarily due to utility costs related to vacant space in the office segment. Consolidated interest expenses have decreased by EUR 768 thousand compared to last year, and the Fund’s weighted average interest rate fell to 4.09% in May, reaching the same level as at the beginning of 2023. In 5 months this year, the Fund has earned 5,4% more free cash-flow than during the same period last year.
As of the end of May, the Fund’s net asset value (NAV) per share was EUR 19.7782, and the EPRA NRV was EUR 20.6479. Both NAV and EPRA NRV increased by 0.7% over the month.
Marilin Hein
CFO
Phone +372 6559 515
E-mail: marilin.hein@eften.ee
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