EfTEN Real Estate Fund AS's consolidated rental income in May amounted to 2,589 thousand euros, up 44 thousand euros compared to April. The increase in rental income was due to sales rents from shopping centers and seasonal income. The fund's consolidated EBITDA in May amounted to 2,253 thousand euros, up 78 thousand euros compared to the previous month. EBITDA in May included a one-time income of 29 thousand euros from the establishment of an easement on the property of a logistics center in Tallinn.
Consolidated rental income for the first five months of the year totalled €12,771 thousand, up 1% compared to the same period last year. The Fund's EBITDA for the first five months of the year was €10,889 thousand, also up 1% compared to the same period last year.
The vacancy rate in the fund’s real estate portfolio decreased to 2.7% in May from 3.0% in April due to the leasing of the remaining vacant space in the Uronu office building in Vilnius. As of the end of May, the fund had 8,913 square metres of vacant space, of which 6,744 square metres are in the office space segment.
In the first five months of 2024, EfTEN Real Estate Fund AS generated free cash flow (EBITDA minus loan payments and interest expenses) of €4,329 thousand, which is €665 thousand lower compared to the same period last year. The decrease in cash flow is mainly due to the increase in EURIBOR. Based on the results of the first five months of the year, a potential total dividend is calculated to be 32.01 cents per share (13% lower than the same period last year).
As of the end of May, the weighted average interest rate of bank loans of our subsidiaries was 5.78%, down 0.13 percentage points from the end of 2023.
EfTEN Real Estate Fund AS's net asset value per share was €19.8038 and the EPRA NRV was €20.6066 as of May 31, 2024. The net asset value per share increased by the usual 0.7% in May.
Marilyn Heyn
CFO
Phone: +372 6559 515
Email: [email protected]
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EREF_Report_Monthly_05.2024
