Akis Gayrimenkul Yatirim Ortakligi A.s. · BIST:AKSGY

Akis Gayrimenkul Yatirim Ortakligi A.s — Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. — Investor Presentation (December 2023)

43 slides from Akis Gayrimenkul Yatirim Ortakligi A.s's investor presentation, December 2023

  1. Slide 1: Akiş REIT Investor Presentation

    Akiş REIT Investor Presentation December 2023

  2. Slide 2: Agenda

    Agenda ➢ Portfolio Breakdown ➢ Executive Summary ➢ Shopping Mall Details ➢ Trends ➢ Financials ➢ Future Projects ➢ 2024 Guidance

  3. Slide 3: Operational Portfolio

    Operational Portfolio Akasya Shopping Mall Akbatı Shopping Mall Erenköy Boyner Opening Date : 2014 Opening Date : 2011 Opening Date : 2021 Number of store : 252 Number of store : 172 Number of store : 2 Total GLA : 80.322 Total GLA : 64.211 Total GLA : 7.792 Occupancy Rate * : 99.1% Occupancy Rate *

  4. Slide 4: Portfolio Breakdown

    Portfolio Breakdown Erenköy Boyner Others 6,9 0,7 Akasya Shopping Mall TL14.9 billion Akbatı Shopping Mall 26,6 65,8

  5. Slide 5: Agenda

    Agenda ➢ Portfolio Breakdown ➢ Executive Summary ➢ Shopping Mall Details ➢ Trends ➢ Financials ➢ Future Projects ➢ 2024 Guidance

  6. Slide 6: General Overview

    General Overview OPERATIONS* SALES FINANCE Total Debt High Occupancy Rate (~99%) ➢ A total of TL846mn of assets ➢ September 2023: US$134mn were sold in the last 1 year. ➢ December 11, 2023: US$121mn ➢ Strong Turnover Increase Short FX position (>inflation & AYD**) ➢ September 2023: US$43mn ➢ Akasya

  7. Slide 7: Important Developments

    Important Developments AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER ▪ Akiş REIT published its fourth Sustainability Report. ▪ CMB approval for the ▪ The repurchased facilitated merger with shares were sold. ▪ The facilitated merger ▪ Coupon Payment and Karlıtepe, which owns (price per share was regist

  8. Slide 8: Agenda

    Agenda ➢ Portfolio Breakdown ➢ Executive Summary ➢ Shopping Mall Details ➢ Trends ➢ Financials ➢ Future Projects ➢ 2024 Guidance

  9. Slide 9: Number of Visitors

    Number of Visitors 63,7% 56,2% 47,1% 45,4% 42,5% 35,1% 17,0% 14,5% 13,7% 14,8% 11,6% 7,1% 1,0% 0,2% 2019 -3,0% 2020 2021 2022 9M22 9M23 -46,8%-45,2%-47,0% Akasya Akbatı AYD * AYD – Council of Shopping Center

  10. Slide 10: Occupancy Rate

    Occupancy Rate ➢ Physical retail has become increasingly prominent in the past 2 years; ➢ Customers returned to focused and physical shopping ➢ The significant increase in logistics and customer acquisition costs in e-commerce ➢ The synergy created by physical sales channels for online channels ➢ De

  11. Slide 11: Turnover

    Turnover 175,2% 165,3% 145,5% 145,9% 136,6% 137,8% 113,0% 103,7% 104,3% 80,1% 72,3% 72,4% 17,1% 17,4% 15,2% 2019 2020 2021 2022 9M22 9M23 -18,6%-22,0% -28,7% Akasya Akbatı AYD * AYD – Council of Shopping Center

  12. Slide 12: Mall Turnover

    Mall Turnover TL Ciro (mn) US$ Ciro (mn) 6.404 290,9 289,4 4.810 249,1 205,0 189,7 3.485 162,3 157,5 3.006 143,8 2.684 137,6 123,6 107,9 1.813 1.710 90,6 1.412 1.007 1.093 780 635 2019 2020 2021 2022 9M22 9M23 2019 2020 2021 2022 9M22 9M23 Akasya Akbatı Akasya Akbatı Turnover increases vs inflation

  13. Slide 13: Income Breakdown

    Income Breakdown AKASYA AKBATI 6,0% 6,1% 5,9% 5,8% 6,0% 6,4% 7,3% 7,3% 7,8% 7,2% 7,4% 7,5% 7,4% 19,7% 18,2% 21,1% 12,5% 13,8% 15,3% 26,5% 27,3% 27,3% 23,9% 29,5% 86,6% 80,2% 74,2% 75,9% 72,9% 78,9% 76,9% 67,6% 66,3% 65,5% 68,6% 63,0% 2019 2020 2021 2022 9M22 9M23 2019 2020 2021 2022 9M22 9M23 Rental

  14. Slide 14: Expenses Breakdown

    Expenses Breakdown AKASYA AKBATI 9,1% 10,4% 10,0% 9,2% 8,8% 9,9% 12,8% 12,4% 10,8% 10,3% 10,3% 12,0% 29,6% 24,6% 25,7% 30,1% 28,3% 31,4% 25,9% 27,7% 31,1% 32,2% 30,5% 30,0% 14,4% 15,0% 17,1% 28,7% 28,9% 18,8% 14,4% 14,6% 17,1% 27,7% 28,5% 16,8% 18,1% 20,4% 21,4% 21,4% 23,4% 23,6% 19,4% 20,4% 25,1% 3

  15. Slide 15: Rent/Turnover Rate

    Rent/Turnover Rate 17,9% 15,8% 12,8% 14,1% 11,6% 10,4% 10,3% 12,4% 10,8% 9,4% 9,0% 8,8% 2019 2020 2021 2022 9M22 9M23 Akasya Akbatı

  16. Slide 16: Leasing Strategies

    Leasing Strategies Akasya Occupancy Rate: %99.1 Akbatı Occupancy Rate : %99.6 Renting stores that will create Expanding stores with high Store Optimization Experience stores with new attraction points turnover potential trends Store rentals that will attract A, Store rentals that will attract A-, B

  17. Slide 17: Annual rent increase on a monthly basis

    Annual rent increase on a monthly basis 160% 140% 120% 100% 80% 60% 40% 20% 0% July.22 August.22 September.22 October.22 November.22 December.22 January.23 February.23 March.23 April.23 May.23 June.23 July.23 August.23 September.23 Akasya Income Akbatı Income 12 Month Average Inflation

  18. Slide 18: Sustainability Reports

    Sustainability Reports Sustainability Carbon Carbon CoP Report Report Footprint CDP Report Footprint Report Verification Report Code of Sustainable Fitch Ratings TCFD Report Financing Corporate ESG Report Conduct Governance Framework Rating Report

  19. Slide 19: Refinitiv Sustainability Global Comparison

    Refinitiv Sustainability Global Comparison Refinitiv; a global platform and data provider that Borsa İstanbul Sustainability Index uses for data collection.

  20. Slide 20: Akyaşam Start-Up Investment Map

    Akyaşam Start-Up Investment Map

  21. Slide 21: Agenda

    Agenda ➢ Portfolio Breakdown ➢ Executive Summary ➢ Shopping Mall Details ➢ Trends ➢ Financials ➢ Future Projects ➢ 2024 Guidance

  22. Slide 22: Shopping Mall Retail Trends

    Shopping Mall Retail Trends Smart Parking -Monitoring and directing available parking spaces Shopping by Appointment -Possibility to reserve parking spaces in advance -Ability to shop without difficulty and -Online payment for parking via mobile without wasting time application -Facilitating accessi

  23. Slide 23: Developments in e-Commerce

    Developments in e-Commerce E-commerce and Marketplaces % Share of e-commerce in GDP Share of e-commerce in Total Retail %16,5 %82,7 16,5 %44,1 %15,7 13,7 6,0 11,3 %26,3 %37,6 5,7 4,9 6,4 %20,5 %59,0 4,4 3,8 5,3 %31,4 %88,7 %6,7 %75,0 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 %27,5 %33,5 %16,

  24. Slide 24: Agenda

    Agenda ➢ Portfolio Breakdown ➢ Executive Summary ➢ Shopping Mall Details ➢ Trends ➢ Financials ➢ Future Projects ➢ 2024 Guidance

  25. Slide 25: Akasya Shopping Mall - Financials

    Akasya Shopping Mall - Financials Akasya AVYM (TLmn) 2019 2020 2021 2022 3Q19 3Q20 3Q21 3Q22 3Q23 YoY 9M19 9M20 9M21 9M22 9M23 YoY Revenue 270,6 169,2 248,0 540,7 66,5 49,5 76,3 137,3 284,7 107% 201,7 122,6 160,4 356,8 704,4 97% Net Operational Income 216,2 120,4 195,1 427,2 54,2 38,4 63,1 108,3 235

  26. Slide 26: Akbatı Shopping Mall - Financials

    Akbatı Shopping Mall - Financials Akbatı AVYM (TLmn) 2019 2020 2021 2022 3Q19 3Q20 3Q21 3Q22 3Q23 YoY 9M19 9M20 9M21 9M22 9M23 YoY Revenue 117,7 85,2 126,7 252,1 28,8 25,2 36,7 65,6 122,2 86% 86,4 59,1 83,8 164,2 321,0 96% Net Operational Income 88,6 58,3 95,4 190,1 21,6 18,5 28,6 47,5 92,3 94% 64,7

  27. Slide 27: Financials’ Overview (TLmn)

    Financials’ Overview (TLmn) ✓ Revenues increased by +152% and EBITDA by +154%, based on increasing store turnover and rental income in parallel with increasing occupancy rates and high inflation. ✓ Net profit for the third quarter of 2023 was TL 2,518 million. 2.700 2.518 1.460 984 579 388 266 179 -

  28. Slide 28: Net Debt and Short FX Position

    Net Debt and Short FX Position 341 323 312 297 Short FX position excluding derivatives as of 258 254 243 December 11; US$40mn 197 170 Short FX position including derivatives as of December 11; US$23mn 113 98 103 ➢ Total Derivative Amount – US$17mn 51 43 ➢ Derivative Maturity – until July 2024 Decemb

  29. Slide 29: Debt Payment Schedule

    Debt Payment Schedule* 1.185 Cash TL863 million 360 185 113 142 25 8 39 1 1 1 1 2023 2024 2025 2026 2027 2028 TL US$ * Relevant amounts are in millions in the original currency. As of December 11, 2023.

  30. Slide 30: Net Debt/EBITDA

    Net Debt/EBITDA 13,6 11,3 6,6 6,4 5,4 3,6 2,4 December.18 December.19 December.20 December.21 December.22 June.23 September.23

  31. Slide 31: Credit Breakdown

    Credit Breakdown 12% 17% 22% 29% 40% 47% 51% 88% 83% 78% 71% 60% 53% 49% December.18 December.19 December.20 December.21 December.22 June.23 September.23 Foreign Currency TL

  32. Slide 32: Credit Breakdown

    Credit Breakdown 15,1% 90,8% 84,9% 9,2% TL US$ Fixed Variable

  33. Slide 33: Stock Prices

    December 22 January 23 February 23 Stock Prices March 23 April 23 AKSGY May 23 XGMYO June 23 July 23 XU100 August 23 September 23 October 23 November 23

  34. Slide 34: Indices We Are Included In

    Indices We Are Included In BIST Participation Index BIST Sustainability BIST Buyback Index Index BIST Corporate Governance Index

  35. Slide 35: REIT

    REIT Total Number of REITs REIT Service Types Retailers that have gone public • 2023 : 46 Infrastructu since 2022 • 2022 : 39 re • 2021 : 37 Residence 2 1 • 2018 – 2020 : 33 6 8 Logistics 1 REITs with publicly Mix trading in 2023 REIT • ASGYO • MHRGY Residential • KZGYO • VRGYO 28 - Retail • FZLGY •

  36. Slide 36: NAV Discount

    NAV Discount NAV Discount / Market Cap Equity Value Premium 45 REITs 338.050,64 281.254,31 20,2% 31 REITs* 243.518,94 257.290,10 -5,4% AKSGY 8.983,80 12.387,84 -27,5% * All REITs with market capitalization above 100% of equity value are excluded.

  37. Slide 37: Agenda

    Agenda ➢ Portfolio Breakdown ➢ Executive Summary ➢ Shopping Mall Details ➢ Trends ➢ Financials ➢ Future Projects ➢ 2024 Guidance

  38. Slide 38: Projects

    Projects Beykoz ➢ Purchased land portfolio of approximately 16.000 sqm for and 24,000 sqm revenue sharing structure ➢ Zoning plans has been confirmed ➢ The application process for the first stage has started Londra ➢ 48 flats housing project permit processes are in the process of being completed. ➢

  39. Slide 39: Agenda

    Agenda ➢ Portfolio Breakdown ➢ Executive Summary ➢ Shopping Mall Details ➢ Trends ➢ Financials ➢ Future Projects ➢ 2024 Guidance

  40. Slide 40: Inflation Expectation

    January 21 February 21 March 21 April 21 May 21 June 21 July 21 August 21 September 21 October 21 November 21 December 21 January 22 February 22 March 22 April 22 May 22 June 22 July 22 August 22 September 22 October 22 November 22 December 22 Ay Bazında Yıllık Ortalama Enflasyon January 23 2024 Inf

  41. Slide 41: 2023 Guidance 2024 Guidance

    2023 Guidance 2024 Guidance August 2023 Guidance for YE2023 Year-End Inflation Expectation Estimated Shopping Malls Revenue Increase Inflation %35 %54,2 Akiş REIT Estimated Year End Expectation Value %60 %65 %40 %56,1 Shopping Malls Revenue Increase Akiş REIT Estimated Year End Expectation Value %74

  42. Slide 42: Contact Information

    Contact Information Sercan Uzun, CFA, CAIA Manager Strategy, Investments and Sustainability E-mail: sercan.uzun@akisgyo.com Phone: +902123930100/53544 Disclaimer: The information contained in this report is intended for informational purposes to inform investors. The management and employees of Akiş

  43. Slide 43: AKKOK Holding

    AKKOK HOLDING Her isimizin temelinde mutlulugunuz var.

Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. — Investor Presentation (December 2023) on 6ix