EfTEN Real Estate Fund III AS Net Asset Value per share as of 31.01.2018 and the correction of Net Asset Value per share as of 31.12.2017

In January, EfTEN Real Estate Fund III AS made a sales income of 656 thousand euros, a decrease of 46 thousand euros from December. This decrease is mainly attributed to an extraordinarily high rent in the reference period due to the settlement of the annual turnover rent in the Saules Miestas shopping center. While sales expenses and distribution expenses did not deviate significantly during January, general expenses made up a total of 39 thousand euros, 64 thousand euros less than in December. The decrease in general expenses was made up mainly of the IPO expenses that occurred in December in the amount of 39 thousand euros.

The Fund’s consolidated asset value as of 31.01.2018 is 97.7 million euros, and equity is 46.9 million euros. The Fund’s 12-month return from the average paid-in share capital is 21.6%.

EfTEN Real Estate Fund III AS adjusted the accounting of deferred income tax during the audit procedures in the amount of 810 thousand euros in its Lithuanian subsidiaries. As a result, the Group’s deferred income tax assets decreased and deferred income tax liability and expense increased accordingly. The change was due to the adjustment in income tax calculation principles and it does not affect the Fund’s cash-flows. The adjusted NAV as of 31.12.2017 was 14,39 euros per share.

The Net Asset Value of EfTEN Real Estate Fund III AS as of 31.01.2018 is 14.56 euros. This increased by 1.1%, compared to the adjusted NAV as of 31.12.2017.

 

         Marilin Hein
         CFO
         Phone: 655 9515
         E-mail: marilin.hein@eften.ee