Skip to content
sanpjer-rab

sanpjer-rab

Comfortable house occupancy

Primary Menu sanpjer-rab

sanpjer-rab

  • residential panoramas
  • elite housing
  • apartment
  • real estate
  • property
  • News Real estate world
  • About Us
    • Advertise Here
    • Contact Us
    • Privacy Policy
    • Sitemap
  • real estate

EfTEN Real Estate Fund III AS unaudited results for 1st quarter 2021

2 weeks ago Magenet Magenet


EfTEN Real Estate Fund III

EfTEN Real Estate Fund III

EfTEN Real Estate Fund III AS’s consolidated revenue for the first quarter of 2022 was 3.458 million euros (2021 I quarter: 2.867 million euros), increased by 21% compared to previous year. The Group’s net rental income in the first quarter of 2022 was 3.324 million euros (2021: 2.770 million euros), increased by 20% compared to previous year. The Group’s net profit for the same period was 2.278 million euros (2021: 1.795 million euros).

In the first quarter of 2022 the Group’s rental income amounted to 3.284 million euros. Rental income calculated on a comparable basis in the first quarter of 2022 totalled 3.084 million euros, which is 14% more than the same period in 2021. The Group’s discounts related to the Covid-19 crisis totalled 3 thousand euros in the first quarter of 2022 (first quarter of 2021: 237 thousand euros), i.e., without these discounts the Group’s rental income in the first quarter of 2022 would have been 5.1% higher.

Related Posts:

  • Whistler Real Estate Market Report: First Quarter, 2022

Consolidated net rental income margin for the first quarter of 2022 was 96% (2021: 97%), so costs directly related to property management (incl. land tax, insurance, maintenance and improvement costs) and marketing costs accounted for 4% (2021: 3%) of revenue.

The Group’s total assets as at 31.03.2022 amounted for 177.293 million euros (31.12.2021: 176.401 million euros), including the fair value of investment properties forming 91% (31.12.2021: 92%) of the total assets.

As of the end of March 2022 the Group has 16 (31.12.2021: same) commercial real estate investments, the fair value of which forms 162.099 million euros as of balance sheet date (31.12.2021: 161.961 million euros) and the acquisition cost is 147.771 million euros (31.12.2021: 147.633 million euros).

In March, EfTEN Valkla OÜ, a subsidiary of the Fund, entered into a contract under the law of obligations for the acquisition of a real estate located at Valklaranna road 36 in Valkla village, Harju County. The fund plans to convert the nursing home building into a general care home, which could accommodate up to 250 clients in the future. The buildings of the care home will be used by Valkla Südamekodu OÜ, a 100% subsidiary of Südamekodud AS, on the basis of a long-term lease agreement. Renovation work will be carried out in stages. The sale price of the property is 2,005 thousand euros, which will be paid upon concluding a real estate contract, and in addition, the subsidiary of the fund undertakes to make investments in the amount of up to 2,000 thousand euros. The purchase will be financed from the fund’s equity. In order to complete the transaction, i.e. to transfer the ownership of the real estate, the conclusion of a real rights agreement is planned by the end of April at the latest.

In March, EfTEN Ermi OÜ, a subsidiary of the Fund, entered a contract under the law of obligations for the acquisition of the right of superficies located at Ermi street 13 in Tartu County, Tartu County. The fund plans to build a care home for a minimum of 120 clients on the land used on the basis of the building right. The term of the right of superficies is 50 years, which can be extended up to 99 years by agreement with the landowner. To date, no construction procurement has been organized and it is planned to carry it out after signing the real right agreement. Following the construction of a care home on the property, Tartu Südamekodu OÜ, a 100% subsidiary of Südamekodud AS, will lease it on the basis of a long-term lease agreement. The sale price of the right of superficies is 233 thousand euros. The purchase of the right of superficies and investments are financed from the fund’s own resources. In order to complete the transaction, the consent of Tartu municipality, the conclusion of a lease agreement and the consent of the Estonian Competition Authority are required.

During the next 12 months, the loan agreements of the Group’s three subsidiaries – EfTEN Seljaku OÜ, EfTEN Laagri OÜ and EfTEN Piepilsetas SIA, with a total balance of 7,092 thousand euros as of 31.03.2022, will expire. The LTV of the expiring loan agreements is 32% -39% and the real estate investments have a stable strong rental cash flow, which is why, according to the Group’s management, there are no expected obstacles to extending the loan agreements.

The weighted average interest rate of the Group’s loan agreements (incl. taking into account interest rate swap agreements) at the end of March is 2.3% (31.12.2021: same) and LTV (Loan to Value) 43% (31.12.2021: 44%). Most of the loan agreements of the fund’s subsidiaries are linked to a floating interest rate and only one loan (accounting for 2% of the loan portfolio) has a fixed base interest rate. In order to hedge the risk of an increase in the interest rate of one loan agreement, an interest rate swap agreement has been entered, which expires in 2023.

The net asset value of the share of EfTEN Real Estate Fund III AS (EPRA NDV) as of 31.03.2022 was 19.55 euros (31.03.2021: 17.35 euros). The net asset value of EfTEN Real Estate Fund III AS increased by 12.7% in the first quarter of 2021 (first quarter of 2021: 2.5%).

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

1st quarter

€ thousands

2022

2021

Revenue

3,458

2,867

Cost of services sold

-60

-66

Gross profit

3,398

2,801

Marketing costs

-74

-31

General and administrative expenses

-455

-384

Other operating income and expense

26

3

Operating profit

2,895

2,389

Other finance income and expense

-362

-421

Profit before income tax

2,533

1,968

Income tax expense

-255

-173

Comprehensive income for the period

2,278

1,795

Earnings per share

– basic

0.45

0.43

– diluted

0.45

0.43

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

31.03.2022

31.12.2021

€ thousands

ASSETS

Cash and cash equivalents

13,751

13,074

Receivables and accrued income

1,255

876

Prepaid expenses

53

314

Inventory

0

29

Total current assets

15,059

14,293

Long-term receivables

8

4

Investment property

162,099

161,961

Property, plant, and equipment

125

140

Intangible assets

2

3

Total non-current assets

162,234

162,108

TOTAL ASSETS

177,293

176,401

LIABILITIES AND EQUITY

Borrowings

10,244

7,645

Derivative instruments

56

121

Payables and prepayments

722

1,349

Total current liabilities

11,022

9,115

Borrowings

59,949

63,440

Other long-term liabilities

1,007

987

Deferred income tax liability

6,123

5,945

Total non-current liabilities

67,079

70,372

Total liabilities

78,101

79,487

Share capital

50,725

50,725

Share premium

16,288

16,288

Statutory reserve capital

1,489

1,489

Retained earnings

30,690

28,412

Total equity

99,192

96,914

TOTAL LIABILITIES AND EQUITY

177,293

176,401

Marilin Hein
CFO

Phone: 655 9515

E-mail: [email protected]

Attachment



Source link

Tags: J Beard Real Estate, J Michael Real Estate, J Philip Real Estate, J Real Estate Commission, J Real Estate Finance Econ, J Real Estate Inc, J Scott Real Estate, J&B Real Estate, K Real Estate Blenheim, K Real Estate Group, K Real Estate Group Cape Town, K Real Estate Llc, K Real Estate Logo, K Real Estate New Zealand, K Real Estate Specialists, K Real Estate Utah, L Brooks Real Estate, L Catterton Real Estate, L Cooper Real Estate, L Real Estate Lvmh, L'Agence Real Estate, L&K Real Estate, L&M Real Estate, L&T Real Estate, Real Estate Job Description, Real Estate Jobs In Memphis Tn, Real Estate Jobs Oxford Ms, Real Estate Jonesboro Ar, Real Estate Kalispell Mt, Real Estate Kauai, Real Estate Keller Williams, Real Estate Kentucky, Real Estate Key Lock Box, Real Estate Key West, Real Estate Knowledge, Real Estate Knoxville Tn, Real Estate Lawyer, Real Estate Lawyer Near Me, Real Estate License Arkansas, Real Estate License Memphis, Real Estate License Mississippi, Real Estate License Nashville, Real Estate Market, Real Estate Market 2022, Real Estate Mart, Real Estate Mart Of Tn, Real Estate Memphis, Real Estate Millington Tn, Real Estate Mississippi

Continue Reading

Previous Rapid results – Construction Today
Next Cycle to UKREiiF and get your entry included

More Stories

Canadian Real Estate Prices May See Growth Disappear In Just 3 Months: BMO
  • real estate

Canadian Real Estate Prices May See Growth Disappear In Just 3 Months: BMO

15 hours ago Magenet Magenet
  • real estate

Zillow stock falls 9% after disappointing forecast in ‘uncertain’ real-estate environment

15 hours ago Magenet Magenet
Avatar
  • real estate

REM editor Jim Adair says goodbye | REM

2 days ago Magenet Magenet

Recent Posts

  • 5 Current Construction Industry Challenges and How Technology Can Help
  • Canadian Real Estate Prices May See Growth Disappear In Just 3 Months: BMO
  • Zillow stock falls 9% after disappointing forecast in ‘uncertain’ real-estate environment
  • MRI Software set to showcase at UKREiiF
  • King County Assessor’s Office struggling with monthslong wait times for property tax exemptions, report finds

Archives

  • May 2022
  • April 2022
  • March 2022
  • January 2022
  • October 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • October 2020
  • November 2018
  • October 2018
  • January 2017

Categories

  • apartment
  • elite housing
  • News Real estate world
  • property
  • real estate
  • residential panoramas

Visit Now

desktop computer
Intellifluence Trusted Blogger

BL

LP

TL

You may have missed

  • residential panoramas

5 Current Construction Industry Challenges and How Technology Can Help

14 hours ago Magenet Magenet
Canadian Real Estate Prices May See Growth Disappear In Just 3 Months: BMO
  • real estate

Canadian Real Estate Prices May See Growth Disappear In Just 3 Months: BMO

15 hours ago Magenet Magenet
  • real estate

Zillow stock falls 9% after disappointing forecast in ‘uncertain’ real-estate environment

15 hours ago Magenet Magenet
  • property

MRI Software set to showcase at UKREiiF

16 hours ago Magenet Magenet
  • property

King County Assessor’s Office struggling with monthslong wait times for property tax exemptions, report finds

16 hours ago Magenet Magenet
sanpjer-rab.com © All rights reserved. | CoverNews by AF themes.
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT