Core Insights - The EfTEN Real Estate Fund AS has shown gradual improvement in financial results due to low vacancy rates, successful investments in elderly care and logistics, and reduced interest costs, leading to increased free cash flow and a potential record dividend proposal for spring 2026 [1] Financial Performance Overview - The fund generated consolidated sales revenue of EUR 8.359 million in Q3 2025, a 4.4% increase from EUR 8.006 million in Q3 2024, and EUR 24.427 million for the first nine months of 2025, up 2.1% from EUR 23.924 million in the same period last year [5] - The consolidated net rental income (NOI) for the first nine months of 2025 was EUR 22.678 million, reflecting a growth of 2.1% compared to EUR 22.203 million in the same period of 2024 [6] - The net profit for Q3 2025 was EUR 5.251 million, an increase from EUR 3.854 million in Q3 2024, driven by higher sales revenue and lower interest expenses [7] Occupancy and Rental Income - The portfolio vacancy rate decreased to 3.6% at the end of September 2025, down from 2.6% at the end of 2024, marking the second consecutive quarter of decline [2][14] - Rental income from the care home segment increased to 4.7% in Q3 2025, nearly double compared to a year ago, supported by new properties and completed phases of existing care homes [2] Investment and Development - The fund invested EUR 8.907 million in new properties and the development of existing real estate during the first nine months of 2025 [11] - The fund's real estate portfolio included 37 commercial investments valued at EUR 382.268 million as of September 30, 2025, up from EUR 373.815 million at the end of 2024 [10] Financing and Interest Rates - The fund's subsidiaries increased their total bank loan amount by EUR 7.32 million in April 2025, with a total outstanding balance of EUR 41.406 million maturing over the next 12 months [15][16] - The weighted average interest rate on loan agreements was reduced to 3.95% as of June 30, 2025, down from 4.89% at the end of 2024 [17] Shareholder Returns - The fund plans to propose net dividends of EUR 1.20 per share for the year 2025, which is 8.1% higher than the previous proposal and 20% more than in spring 2024 [3][19] - The net asset value (NAV) per share increased to EUR 20.44 as of September 30, 2025, reflecting a 0.3% increase during the nine-month period [21]