EfTEN Real Estate Fund AS’s financial results for Q1 2025 and net asset value as of 31 March 2025

Core Insights - EfTEN Real Estate Fund AS reported a consolidated rental income of EUR 7.678 million in Q1, marking a 0.5% increase year-over-year [1] - The Fund's consolidated EBITDA for Q1 was EUR 6.181 million, reflecting a 4.3% decrease compared to the same period last year [1] - Adjusted cash flow for Q1 reached EUR 2.758 million, an increase of EUR 139 thousand from the previous year, primarily due to lower interest expenses [1] Financial Performance - The weighted average interest rate on loans decreased to 4.37% by the end of March, down by 0.527 percentage points from the end of the previous year [2] - Total interest expense for Q1 was EUR 1.675 million, which is EUR 486 thousand (22%) lower than the previous year [2] - In March, consolidated rental income was EUR 2,556 thousand, a decrease of EUR 10 thousand from February [3] Expense and Investment Overview - Rental income-related expenses in March increased by EUR 111 thousand, largely due to a one-off provision for receivables of EUR 89 thousand related to a bankrupt tenant [3] - The Fund's consolidated EBITDA for March was EUR 1,990 thousand, which is EUR 159 thousand less than in February [4] - The cash balance decreased by EUR 3,350 thousand in March, totaling EUR 19,038 thousand at month-end due to property investments [5] Property Investments - A new property investment was made with the acquisition of the Hiiu care home property in Tallinn for EUR 4,016 thousand [5] - Additional investments included EUR 619 thousand for the Paemurru logistics center development and EUR 118 thousand for construction at the Valkla elderly home [5] - The Paemurru logistics center is expected to start generating rental income from mid-April [5] Asset Valuation - As of March 31, 2025, the Fund's net asset value (NAV) per share was EUR 20.7371, with an EPRA NRV of EUR 21.5985, reflecting a 0.6% increase in NAV per share for March [6]