Key Takeaways
- • EfTEN Real Estate Fund AS's net asset value per share rose 0.9% in September 2026 to €20.41 as at 30 September 2026, according to the Fund's monthly report.
- • September consolidated rental income reached €2,943 thousand, up from €2,918 thousand in August, driven mainly by the elderly care home segment and new leases at the Betooni 6 logistics centre.
- • Portfolio vacancy fell to 2.2%, the lowest level in three years.
- • The Fund repaid a €4 million fund-level loan to Swedbank in September, reducing group LTV to 41.0% from 42.2% at end-August.
- • Nine-month consolidated adjusted cash flow was €11.02 million, 15.6% higher year on year, supporting a potential gross dividend of 75.20 cents per share, up 12.8% from 66.66 cents a year earlier.
Summary
EfTEN Real Estate Fund AS reported that its net asset value per share increased by 0.9% in September 2026 to €20.41 as at 30 September, according to the Fund's monthly report published by CFO Marilin Hein. Consolidated rental income for September was €2,943 thousand, compared with €2,918 thousand in August. The increase came mainly from the elderly care home segment, where investments completed in the third quarter lifted rental income from the Nõmme and Tartu Südamekodu care homes by a combined €23 thousand. New lease agreements at the Betooni 6 logistics centre also supported rental income and brought portfolio vacancy down to 2.2%, the lowest level in three years.
Consolidated net operating income was €2,895 thousand in September, €84 thousand higher than in August, mainly due to lower property management and marketing costs. Consolidated EBITDA rose to €2,565 thousand from €2,490 thousand in August.
In September the Fund repaid a €4 million fund-level loan to Swedbank. The loan had financed the acquisition of Magistral Kaubanduskeskus OÜ and was repaid from proceeds of the directed share issue completed in August. Including scheduled subsidiary repayments, group borrowings fell by €4,582 thousand to €163,560 thousand at month-end. The group LTV declined to 41.0% from 42.2% at end-August, while the weighted average interest rate on borrowings rose to 4.36% from 4.17%. Consolidated cash and cash equivalents decreased by €3,037 thousand to €19,360 thousand as a result of the loan repayment.
For the first nine months of 2026, consolidated rental income totalled €25.18 million, up 6.4% year on year, and consolidated EBITDA was €21.38 million, up 7.5% (€1.5 million). The Magistral shopping centre, acquired in June, contributed €786 thousand of that increase, while like-for-like EBITDA rose €788 thousand, or 4.2%, led by Mustika shopping centre (+€204 thousand). Consolidated adjusted cash flow was €11.02 million, 15.6% higher than a year earlier. Based on nine-month results, the Fund has generated a potential gross dividend of 75.20 cents per share, 12.8% above the 66.66 cents recorded in the same period last year.
Consolidated net operating income was €2,895 thousand in September, €84 thousand higher than in August, mainly due to lower property management and marketing costs. Consolidated EBITDA rose to €2,565 thousand from €2,490 thousand in August.
In September the Fund repaid a €4 million fund-level loan to Swedbank. The loan had financed the acquisition of Magistral Kaubanduskeskus OÜ and was repaid from proceeds of the directed share issue completed in August. Including scheduled subsidiary repayments, group borrowings fell by €4,582 thousand to €163,560 thousand at month-end. The group LTV declined to 41.0% from 42.2% at end-August, while the weighted average interest rate on borrowings rose to 4.36% from 4.17%. Consolidated cash and cash equivalents decreased by €3,037 thousand to €19,360 thousand as a result of the loan repayment.
For the first nine months of 2026, consolidated rental income totalled €25.18 million, up 6.4% year on year, and consolidated EBITDA was €21.38 million, up 7.5% (€1.5 million). The Magistral shopping centre, acquired in June, contributed €786 thousand of that increase, while like-for-like EBITDA rose €788 thousand, or 4.2%, led by Mustika shopping centre (+€204 thousand). Consolidated adjusted cash flow was €11.02 million, 15.6% higher than a year earlier. Based on nine-month results, the Fund has generated a potential gross dividend of 75.20 cents per share, 12.8% above the 66.66 cents recorded in the same period last year.
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