Akis Gayrimenkul Yatirim Ortakligi A.s. · BIST:AKSGY
Akis Gayrimenkul Yatirim Ortakligi A.s — Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. — Investor Presentation (December 2022)
30 slides from Akis Gayrimenkul Yatirim Ortakligi A.s's investor presentation, December 2022
Slide 1: Akiş REIT Investor Presentation December 2022
Akiş REIT Investor Presentation December 2022 Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate Investment Trust 1
Slide 2: Agenda
Agenda ➢ Portfolio Breakdown ➢ Summary ➢ Shopping Mall Details ➢ Financials ➢ Future Projects ➢ 2023 Guidance Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate Investment Trust 2
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 : 251 Number of Store : 170 Number of Store : 1 Total GLA : 80.322 Total GLA : 64.185 Total GLA : 5.000 Occupancy Rate : 98% Occupancy Rate : 99%
Slide 4: Portfolio Breakdown
Portfolio Breakdown Erenköy Boyner Others ( Caddebostan, Beykoz, Londra, Ofis, Sosyal Tesis) 3% 6% Akbatı AVM Akasya AVM 26% 65% Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate Investment Trust 4
Slide 5: Agenda
Agenda ➢ Portfolio Breakdown ➢ Summary ➢ Shopping Mall Details ➢ Financials ➢ Future Projects ➢ 2023 Guidance Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate Investment Trust 5
Slide 6: General Overview
General Overview Operations Investment / Divestment Finance ➢ High Occupancy Rate (~98-99%) ➢ Sales ➢ Total Debt: US$203mn ➢ Strong Turnover Increase (> CPI & AYD) Date Asset Sales Price ➢ Net Debt: US$172mn 17.06.2022 315 BB 43.175.000* ➢ Effective Cost Management (< CPI) 5.07.2022 Uşaklıgil 394.06
Slide 7: Agenda
Agenda ➢ Portfolio Breakdown ➢ Summary ➢ Shopping Mall Details ➢ Financials ➢ Future Projects ➢ 2023 Guidance Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate Investment Trust 7
Slide 8: Visitors & Turnovers
Visitors & Turnovers Number of Visitors Turnover of Stores 64% 56% 202% 199% 45% 192% 187% 187% 138% -12% -18% -22% 9M22 vs. 9M19 9M22 vs. 9M21 9M22 vs. 9M19 9M22 vs. 9M21 Akasya Akbatı AYD Akasya Akbatı AYD Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate Investment Trust 8
Slide 9: Occupancy Rate
Occupancy Rate ➢ Akasya exceeded its historical average of ~ 95% ➢ Akbatı exceeded its historical average of ~98% ➢ Physical retail has taken off very strongly. ➢ Increasing value of omnichannel 99,4% 98,4% 98,2% 98,1% 98,1% 97,4% 96,7% 97,9% 95,4% 94,6% 94,0% 94,1% 93,8% 93,4% 2018 2019 2020 2021 9
Slide 10: GLA Category Breakdown
GLA Category Breakdown Akasya Akbatı 2015 2019 9M22 2015 2019 9M22 Shoes/Bag 4,5% 4,1% 3,0% Shoes/Bag 2,6% 3,3% 3,1% Men/Women Clothing 7,7% 6,3% 5,8% Men/Women Clothing 10,0% 6,9% 8,7% Underwear 2,3% 2,6% 2,7% Underwear 1,0% 1,0% 1,4% Women Clothing 5,3% 3,6% 3,1% Women Clothing 2,3% 1,8% 2,2% Depa
Slide 11: Shopping Mall Turnovers
Shopping Mall Turnovers Turnovers (TLmn) US$ Turnovers 2.978 250 249 196 188 175 1.732 1.622 138 138 139 128 1.413 1.206 97 99 102 972 986 1.038 858 868 68 780 67 666 479 479 555 542 2018 2019 2020 2021 9M19 9M21 9M22 2018 2019 2020 2021 9M19 9M21 9M22 Akasya Akbatı Akasya Akbatı Turnover Increases
Slide 12: Per sqm Turnover Increase by Category
Per sqm Turnover Increase by Category Akasya Akbatı 9M21 - 9M22 CAGR 9M21 - 9M22 CAGR All Stores 158% All Stores 176% 185% Shoes/Bag 149% Shoes/Bag 183% Men/Women Clothing 117% Men/Women Clothing 141% Underwear 68% Underwear 186% Women Clothing 159% Women Clothing 156% Department Store 156% Departme
Slide 13: Rent/Turnover Ratio (%)
Rent/Turnover Ratio (%) Average Rent/Turnover Ratio (%) 2022 Rent/Turnover Ratio (%) 13% 13% 21% 11% 11% 12% 11% 11% 10% 11% 10% 10% 10% 10% 18% 9% 9% 9% 8% 8% 9% 16% 8% 15% 14% 12% 13% 11% 11% 8% 2018 2019 2020 2021 10M22 Akasya Akbatı Akasya Akbatı Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real
Slide 14: Revenues
Revenues Akasya Akbatı 4% 6% 6% 6% 6% 6% 6% 7% 7% 7% 7% 7% 8% 8% 7% 7% 7% 18% 18% 14% 13% 14% 12% 20% 21% 15% 15% 24% 89% 87% 87% 79% 80% 79% 81% 78% 74% 76% 76% 77% 73% 69% 2018 2019 2020 2021 9M19 9M21 9M22 2018 2019 2020 2021 9M19 9M21 9M22 Rental Revenue Revenue on Turnover Other Revenue Rental
Slide 15: Expenses
Expenses Akasya Akbatı 8% 9% 10% 10% 9% 11% 9% 11% 12% 10% 14% 13% 12% 12% 28% 26% 30% 30% 28% 30% 28% 31% 30% 31% 29% 31% 32% 33% 15% 14% 15% 17% 15% 17% 29% 14% 17% 14% 14% 15% 16% 29% 17% 18% 18% 20% 21% 20% 22% 21% 22% 23% 24% 20% 24% 23% 23% 20% 14% 19% 14% 10% 14% 13% 12% 7% 9% 10% 6% 4% 8% 9%
Slide 16: Leasing Strategies
Leasing Strategies Akasya Occupancy Rate: %98 Akbatı Occupancy Rate : %99 Creating experience-oriented Tenant Optimization Increasing rental income Occupancy management stores Focusing on different categories and Creating a different synergy in our Focusing on growing and developing brands that can
Slide 17: Refinitiv Sustainability Global Comparison
Refinitiv Sustainability Global Comparison Refinitiv; a global platform and data provider that Borsa İstanbul Sustainability Index uses for data collection. Our 2021 Refinitiv score is 78, our ranking is 32. As of 2022, our Refinitiv score is 83 and our ranking is 16. Akiş Gayrimenkul Yatırım Ortakl
Slide 18: Agenda
Agenda ➢ Portfolio Breakdown ➢ Summary ➢ Shopping Mall Details ➢ Financials ➢ Future Projects ➢ 2023 Guidance Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate Investment Trust 18
Slide 19: Akasya Shopping Mall – Financials
Akasya Shopping Mall – Financials Akasya (TLmn) 2019 2020 2021 3Q19 3Q20 3Q21 3Q22 YoY 9M19 9M20 9M21 9M22 YoY Revenue 270.6 169.2 248.0 66,5 49,5 76,3 137,3 80% 201,7 122,6 160,4 356,8 122% EBITDA 218.2 122.0 196.7 54,7 38,9 63,5 108,8 71% 163,4 88,4 125,8 283,3 125% ✓ Following Mall operations ret
Slide 20: Akbatı Shopping Mall – Financials
Akbatı Shopping Mall – Financials Akbatı (TLmn) 2019 2020 2021 3Q19 3Q20 3Q21 3Q22 YoY 9M19 9M20 9M21 9M22 YoY Revenue 117.7 85.2 126.7 28,8 25,2 36,7 65,6 79% 86,4 59,1 83,8 164,2 96% EBITDA 89.2 58.9 96.0 21,7 18,7 28,7 47,7 66% 65,1 40,3 63,0 122,0 94% ✓ Following Mall operations returning to usu
Slide 21: Financial Overview (TLmn)
Financial Overview (TLmn) ➢ With occupancy rates increasing and rising store turnovers and rent levels stemming from high inflation, revenues and EBITDA has more than doubled. ➢ On top of that, appraisal gains from Investment Properties brought bottom line to a net profit of TL2.7bn. 2.700 579 216 2
Slide 22: Net Debt and Short Position (exc. derivatives)
Net Debt and Short Position (exc. derivatives) 341 323 312 297 258 254 243 197 181 As of 9th of December, short position exc. Derivatives US$97mn As of 9th of December, short position inc. Derivatives US$74mn 101 December 18 December 19 December 20 December 21 September 22 Net Debt (USD) Short Posit
Slide 23: Net Debt / EBITDA
Net Debt / EBITDA 13,6 11,3 6,6 6,4 6,8 5,9 ~3 - 3,5 December 22 (estimated) December 23 (estimated) December 18 December 19 December 20 December 21 September 22 Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate Investment Trust 23
Slide 24: Loan Breakdown & Average Interest Rate
Loan Breakdown & Average Interest Rate 57% TL 78% 88% 83% 82% 19,99 % USD 43% 6,67 % 22% 17% 18% 12% December Aralık 18 18 December Aralık 19 19 December Aralık 20 20 December Aralık 21 21 September Eylül 22 22 TL Yabancı Para Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate Investment Trust
Slide 25: NAV Discount
NAV Discount Current 2015-2021 Average (as of 1st of December) M-cap / Book Value M-cap / Book Value 0,43 0,77 Sector Average Sector Average 1,60 4,17 Lowest Lowest 8. 1. Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate Investment Trust 25
Slide 26: Agenda
Agenda ➢ Portfolio Breakdown ➢ Summary ➢ Shopping Mall Details ➢ Financials ➢ Future Projects ➢ 2023 Guidance Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate Investment Trust 26
Slide 27: Projects
Projects Caddebostan Beykoz Londra ➢ Revenue Sharing Agreement ➢ P urchased land portfolio of ➢ 48 flats housing project permit processes are approximately 16.000 sqm for and 24,000 in the process of being completed ➢ 5 mio USD + 3 stores (Akiş share) sqm revenue sharing structure ➢ Depending on the
Slide 28: Agenda
Agenda ➢ Portfolio Breakdown ➢ Summary ➢ Shopping Mall Details ➢ Financials ➢ Future Projects ➢ 2023 Guidance Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate Investment Trust 28
Slide 29: 2023 Guidance
2023 Guidance Year End CPI Expectation Expected Mall Revenues’ Increase 30% 57% 37,5% 62% 45% 67% Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate Investment Trust 29
Slide 30: Communication
Communication Ozan Hançer Director Strategic Planning, Business Development and Investor Relations E-mail: ozan@akisgyo.com Telephone: +902123930100 Sercan Uzun, CFA, CAIA Manager Investor Relations, Strategic Planning and Business Development E-mail: sercan.uzun@akisgyo.com Telephone: +902123930100
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