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fTEN Real Estate Fund AS's subsidiary, EfTEN Tähesaju tee OÜ, sold a property at Tähesaju road 5 in Tallinn for €4.675 million in September, below its book value by €452,000. The sale generated €1.9 million in cash proceeds after loan repayments, which were invested in advance payments for logistics centers.
The fund's consolidated rental income was €2.551 million in September, down 26,000 euros from August due to the Tähesaju property sale. EBITDA increased by €26,000 to €2.191 million. For the first nine months, rental income rose 1.2% year-over-year to €23.045 million, while NOI increased 0.2% to €22.252 million.
The fund's EBITDA for the period was €19.653 million, down 0.2% from last year. Free cash flow decreased by €897,000 to €8.006 million due to higher EURIBOR rates. The potential gross dividend is 59.19 cents per share, a 9.9% decrease from last year.
The weighted average interest rate on the fund's bank loans was 5.35%, down 0.18 percentage points from August and 0.56 percentage points from the year's peak. Net asset value per share increased by 0.5% in September to €20.1467, with an EPRA NRV of €20.9623. Excluding the Tähesaju sale loss, NAV would have risen 0.7%.
