Net Asset Value of EfTEN Real Estate Fund AS as at 31 July 2026
In July 2026, EfTEN Real Estate Fund AS earned consolidated rental income of €2,890 thousand (June: €2,897 thousand). The decrease was caused by the early termination of Lidl's lease at the Piepilsētas logistics centre in Latvia. A new lease for the same premises has been signed with effect from 1 August 2026.
The fund's consolidated EBITDA was €2,513 thousand in July (June: €2,465 thousand). In July, the fund accounted for €73 thousand of financial income from its investment in Hotel Palace, an associate accounted for using the equity method, which achieved its strongest monthly result since 2019. Occupancy at Hotel Palace was 95% in July (July 2025: 90%). July profit was further supported by a €273 thousand gain on the change in the fair value of interest rate swaps. Both interest rate swap contracts were accounted for as assets in the fund's statement of financial position as at 31 July 2026, at a total fair value of €304 thousand. The outstanding balance of bank loans hedged by interest rate swap contracts accounted for 12.9% of the fund's total loan portfolio as at the end of July.
The vacancy rate of the fund's property portfolio was 2.2% as at the end of July (end of June: 2.3%). Vacancy in the office segment decreased to 8.6% in July, reflecting new leases signed both in the Pärnu mnt 105 office building in Tallinn and the Ulonu office building in Vilnius.
For the seven months of 2026, the fund's consolidated rental income totalled €19,321 thousand, an increase of 5.8% compared with the same period last year. Seven-month EBITDA was €16,327 thousand (seven months of 2025: €15,212 thousand; +7.3%) and profit for the period was €11,064 thousand (seven months of 2025: €9,970 thousand).
As at 31 July 2026, the net asset value (NAV) per share of EfTEN Real Estate Fund AS was €20.08, an increase of 0.9% over the month.
Marilin Hein
CFO
Phone +372 6559 515
E-mail: marilin.hein@eften.ee
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