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    EfTEN Real Estate Fund AS navigated challenging economic conditions to boost both total rental income and portfolio EBITDA in 2024. The fund's portfolio expanded with two new logistics properties in Q4, and plans are underway to enter the nursing home segment. As a dividend-focused share, EfTEN aims to distribute €1.10 per share for 2024.

    In spring 2025, the fund management will increase financial leverage on under-leveraged investment properties, bringing the portfolio-wide LTV (Loan-to-Value) closer to the European average of 50%. The weighted average interest rate on bank loans has fallen below 5% by year-end, and is expected to decrease further due to declining EURIBOR.

    Vacancy management takes center stage in 2025, with a total vacancy rate of 2.6% as of December 31, 2024. The office segment's elevated vacancy (11.3%) is primarily attributed to the ongoing renovation of Menulio 11 in Vilnius, which will be reconfigured for smaller offices.

    The fund's subsidiaries have secured loan agreements for new acquisitions and developments, with a weighted average interest rate of 4.89% as of December 31, 2024. The LTV (Loan-to-Value) was 40%, significantly below the fund's financing policy threshold.

    In 2024, the group earned €31.076 million in rental income, a 2% increase from 2023. Rental income growth was driven by shopping centers, while office segment revenue declined due to lease expirations and vacancies. The Group's investment property vacancy rate remained stable at 2.6%.

    The fund distributed dividends totaling €10.82 million in April 2024, with a net asset value (NAV) per share increase of 0.8% for the year. Without dividend distribution, NAV would have increased by 4.9%. The group's free cash flow was €11.109 million, with €8.887 million available for gross dividends.

    The fund management plans to refinance bank loans in spring 2025, allowing for potential increases in distributed dividends up to €1.10 per share (net).