EfTEN Real Estate Fund Reports Strong September Financial Performance
News related to:EfTEN Real Estate Fund AS · 2 min read
In September 2026, EfTEN Real Estate Fund reported a consolidated rental income of €2,943 thousand, a slight increase from €2,918 thousand in August. The rise in rental income was primarily attributed to the elderly care home segment, with the Nõmme and Tartu Südamekodu care homes contributing a combined €23 thousand to the increase. Additionally, new lease agreements at the Betooni 6 logistics centre helped reduce the portfolio vacancy to its lowest level in three years, standing at 2.2%.
The Fund's consolidated net operating income (NOI) for September was €2,895 thousand, marking an increase of €84 thousand from the previous month. The Fund's consolidated EBITDA for September was €2,565 thousand, up from €2,490 thousand in August.
In the first nine months of 2026, the Fund earned a consolidated rental income of €25.18 million, a 6.4% increase compared to the same period last year. The consolidated EBITDA for the nine months was €21.38 million, up 7.5% from €20.83 million in the same period last year. Of this increase, €786 thousand came from the Magistral shopping centre acquired in June.
The Fund repaid a €4 million fund-level loan to Swedbank in September, using the proceeds from a directed share issue completed in August. This repayment, along with scheduled loan repayments from subsidiaries, led to a decrease in the Group's borrowings by €4,582 thousand to €163,560 thousand at the end of September. The Group's loan-to-value (LTV) ratio fell to 41.0% at the end of September, down from 42.2% in August. The weighted average interest rate on the Group's borrowings was 4.36% at the end of September, up slightly from 4.17% in August.
As a result of the loan repayment, the Fund's consolidated cash and cash equivalents decreased by €3,037 thousand to €19,360 thousand at the end of September. For the first nine months of the year, the Fund generated a potential gross dividend of 75.20 cents per share, a 12.8% increase from the 66.66 cents per share in the same period last year.
The Fund's net asset value (NAV) per share was €20.41 as of 30 September 2026, marking a 0.9% increase from the end of August. These financial highlights underscore the Fund's continued growth and stability in the real estate market.