The consolidated rental income of EfTEN Real Estate Fund AS totaled to 2,495 thousand euros in February, i.e. the same as in January. The fund's consolidated net operating income (NOI) was 2,428 thousand euros in February, i.e. 7 thousand euros more than in January. The fund's EBITDA totaled to 2,169 thousand euros in February, i.e. 33 thousand euros more than the month before, mainly due to the audit costs accounted in the comparison period.
The fund's consolidated cash balance was 24,472 thousand euros as of 28.02.2023, and the cash balance increased by 578 thousand euros in February. In February, the fund made investments in existing properties totaling 445 thousand euros, of which 84 thousand were covered by a bank loan.
During two months of this year, the fund has earned a total of consolidated rental income of 4.99 million euros (2022: 2.2 million euros) and EBITDA of 4.3 million euros (2022: 1.9 million euros). Regarding the investment properties that were on the fund's balance sheet at least two consecutive years (Like-for-like), EBITDA has increased by 3.1% compared to last year.
During two months this year, EfTEN Real Estate Fund AS has earned 2.0 million euros (2022 two months: 1.0 million euros) in adjusted cash flow (EBITDA minus interest expense minus loan payments minus income tax expense for Lithuanian companies), including 851 thousand euros calculated on a comparable basis, i.e. 15% less than at the same time last year. Adjusted cash flow has decreased due to EURIBOR growth.
The fund's weighted average interest rate was 4.34% at the end of February, i.e. 1.9 times higher than last summer. At the same time, the fund's average loan service coverage ratio (DSCR) is still 2.0 in February, i.e. the profit from main operations covers twice the annuity payments of the loan portfolio.
The net asset value per share (NRV) of EfTEN Real Estate Fund AS as of 28.02.2023 was 21.5625 euros and the NRV of EPRA was 22.2124 euros. Both NRV and EPRA NRV increased by 0.7% as usual, compared to January.
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