Tskb Gayrimenkul Yatirim Ortakligi Anonim Sirketi · BIST:TSGYO
Tskb Gayrimenkul Yatirim Ortakligi Anonim Sirketi — TSKB Real Estate Investment Trust — Investor Presentation (October 2017)
37 slides from Tskb Gayrimenkul Yatirim Ortakligi Anonim Sirketi's investor presentation, October 2017
Slide 1: IBEX Real Estate Investment Trust
IBEX REAL ESTATE INVESTMENT TRUST
Slide 2: Company information
Company Name : TSKB REAL ESTATE INVESTMENT TRUST Date of Establishment : 03.02.2006 Share Capital : 150.000.000 TL Listing : Borsa Istanbul Ticker Symbol : TSGYO Address : Meclisi Mebusan Cad. Mollabayırı Sk. No:1 34427 Fındıklı İstanbul Web-site : www.tskbgyo.com.tr e-mail : gyo@tskb.com.tr Phone :
Slide 3: Agenda: The Company
Section I The Company Section II Real Estate Portfolio Section III Financial Data Section IV TSGYO Stock Performance Section V Appendix 3 3
Slide 4: Highlights
Highlights Established in 2006 as a real estate investment and development company Developer of new projects, has demonstrated its ability to ensure profitable project development Asset size grew from TL12m (2006) to TL 428 m (3Q2017) Strong real estate portfolio with a commercial focus enab
Slide 5: Vision & Mission
Vision & Mission VISION To be a “reliable business partner” with a “pioneering role“ in its sector. MISSION To establish and maintain a growing and sustainable investment portfolio with high returns. 5 5
Slide 6: Shareholder Structure
Shareholder Structure Experienced main shareholder, Turkey’s oldest and largest investment and development bank TSKB, part of the Is Bank Group. Shareholder Stake (%) TSKB 59.00 YF Securities 1.33 TSKB Free Float 59% 38% TSKB Employees Pension Fund 1.04 TSKB Real Estate Appraisal 0.30 Free Float o
Slide 7: Organizational Chart
Organizational Chart Management Board General Manager Legal Consultant Lawyer Tax Consultant Property Appraiser Finance, Financial Affairs Business Development and Investor Relations and Investments • Finance • Project Management • Accounting • Project Development • Budget ve Financial Reporting •
Slide 8: History
History TSKB REIT established in TSKB acquired the construction February. permit for PSC in July. Construction on the Adana TSKB contributed the Tahir TSKB REIT laid the foundation for PSC in November. hotel (Divan Adana) Han Building as capital in project. kind in March. Paid in capital
Slide 9: Investment Strategy
Investment Strategy Industrial and Geographical Focus • TSKB REIT's investment strategy is concentrated on commercial real estate due to the regular rent income and cash flow pattern which can be obtained from these kinds of assets. • Business and shopping centers, tourism facilities, logistic wareh
Slide 10: Agenda: Real Estate Portfolio
Section I The Company Section II Real Estate Portfolio Section III Financial Data Section IV TSGYO Stock Performance Section V Appendix 10 10
Slide 11: Portfolio Breakdown
Portfolio Breakdown As of 30.09.2017 ( TL ) Breakdown of Real Estate Portfolio* Hotel 64.622.500 Divan Adana Hotel 64.622.500 Office Buildings 208.575.000 Pendorya Shopping Center Fındıklı Buildings 185.555.000 35% Office Buildings 50% Tahirhan Building 23.020.000 Shopping Center 144.163.857 Pendory
Slide 12: Real Estate Portfolio Summary
Real Estate Portfolio Summary Value (TL 000)* Pendorya Shopping Center 143,690 Fındıklı Office Buildings 185,555 Tahir Han Office Building 23,020 Divan Adana Hotel 64,613 Total 416,878 * Valuations carried out by independent real estate appraisal companies. (as of Decemler 29, 2016) 12 12
Slide 13: Pendorya Shopping Center
Pendorya Shopping Center 13 13
Slide 14: Pendorya Shopping Center (contd.)
Pendorya Shopping Center (contd.) Pendik - Location Istanbul TSKB REIT Stake 100% Operational Date December 2009 Land Area (sqm) 23,183 Construction Area (sqm) 80,648 Leasable Area (sqm) 30,573 Number of Stores 92 100% of Pendorya is held by TSKB REIT. Eskidji Bazaar The center features a 1,000-
Slide 15: Pendorya Shopping Center (contd.)
Pendorya Shopping Center (contd.) The Pendorya site was selected after careful evaluation of the surrounding region to ensure appropriate demographics and growth dynamics as well as unsaturated market conditions and potential. Pendorya is located at the crossroads of two of Istanbul’s main highw
Slide 16: Fındıklı Office Buildings
Fındıklı Office Buildings Fındıklı Buildings 16 16
Slide 17: Fındıklı Office Buildings: Building I
Fındıklı Office Buildings (contd.) Fındıklı Building I Location Istanbul TSKB REIT Stake 100% Land Area (sqm) 1,696 Leasable Area (sqm) 7,102 TSKB REIT is the 100% owner of the building. Number of Floors 7 The building of some 7,102 sqm of covered space was Tenant TSKB purchased from TSKB in 200
Slide 18: Fındıklı Office Buildings: Building II
Fındıklı Office Buildings (contd.) Fındıklı Building II Location Istanbul TSKB REIT Stake 100% Land Area (sqm) 2,430 Leasable Area (sqm) 10,724 Number of Floors 10 TSKB REIT is the 100% owner of the property. TSKB, TSKB The building has 10,724 sqm of enclosed area and was Foundation, Tenants pur
Slide 19: Tahir Han Office Building
Tahir Han Office Building 19 19
Slide 20: Tahir Han Office Building (contd.)
Tahir Han Office Building (contd.) Location Istanbul TSKB REIT Stake 74% Land Area (sqm) 607 Leasable Area (sqm) 3,198 Number of Floors 8 TSKB REIT owns 74% of the building. Tahir Han is a Tenants Various seven-story building on 607 sqm plot and has a built up Appraisal Value (TLm) 23 area of 3,19
Slide 21: Divan Adana Hotel
Divan Adana Hotel 21 21
Slide 22: Divan Adana Hotel (contd.)
Divan Adana Hotel (contd.) Location Adana-City Center TSKB REIT Stake 50% Operational Date September 2015 Appraisal Value (TLm) 64.6 Rooms 180 TSKB REIT acquired a 50% share of hotel located in a Ballroom 516 sqm / 450 people central area of Adana. Bar 340 sqm / 120 people 5-star, 180 room Hotel
Slide 23: Divan Adana fills need for a comfortable city hotel
Divan Adana Hotel (contd.) Divan Adana fills need for a comfortable city hotel... Adana is one of Turkey’s main industrial cities, with additional business growth potential due to investments in the energy and petrochemical sectors. The occupancy rate of the existing 5-star hotels has increased
Slide 24: Agenda: Financial Data
Section I The Company Section II Real Estate Portfolio Section III Financial Data Section IV TSGYO Stock Performance Section V Appendix 24 24
Slide 25: Balance Sheet
Balance Sheet (TL 000) 2010 2011 2012 2013 2014 2015 2016 3Q17 Current Assets 35,242 20,178 26,502 32,914 11,709 8,458 13,419 3,413 Cash and Banks 30,218 15,154 22,073 28,794 7,601 4,365 8,973 627 Financial Investments 1,450 1,888 1,338 900 1,129 924 918 575 Other Current Assets 3,573 3,136 3,091 3,
Slide 26: Income Statement
Income Statement (TL 000) 2010 2011 2012 2013 2014 2015 2016 3Q17 Revenues 14,381 14,734 17,794 17,476 16,634 16,590 17,631 14.555 Operating Costs (-) (12,230) (8,446) (8,447) (8,544) (9,274) (9,838) (10,268) (7.773) Net Operating Profit 2,151 6,288 9,347 8,932 7,360 6,752 7,363 6.782 Income from Ot
Slide 27: Key Parameters
Key Parameters Total Assets Shareholders’ Equity TL m TL m 235 221 218 422 438 209 211 220 376 367 193 337 341 364 164 298 109 186 2008 2009 2010 2011 2012 2013 2014 2015 2016 2008 2009 2010 2011 2012 2013 2014 2015 2016 Real Estate Portfolio Assets TL m 310 328 335 349 404 417 279 290 152 2008 2009
Slide 28: Agenda: TSGYO Stock Performance
Section I The Company Section II Real Estate Portfolio Section III Financial Data Section IV TSGYO Stock Performance Section V Appendix 28 28
Slide 29: TSGYO Stock Performance
TSGYO Stock Performance Performance Performance 31.12.16 30.09.17 20.10.17 31.12.16-30.09.17 30.09.2017-20.10.2017 BIST 100 Index 78,139 102,908 108,489 32% 5% BIST REIT Index 42,248 42,065 42,998 -0.4% 2% TSGYO 0.66 0.85 0.94 29% 11% Performance Performance 31.12.16 30.09.17 20.10.17 30.12.16-30.09
Slide 30: TSGYO Stock Performance
TSGYO Stock Performance TSGYO, BIST REIT Index and BIST 100 Index Performance 1,60 1,50 1,40 1,30 1,20 1,10 1,00 0,90 0,80 TSKB REIT BIST REIT Index BIST 100 Index 30 30
Slide 31: TSGYO Stock Performance
TSGYO Stock Performance TSGYO - Relative Performance to BIST REIT Index 150 145 140 135 130 125 120 39,9% 115 110 105 100 95 90 85 80 TSKB REIT BIST REIT Index 31 31
Slide 32: Net Asset Value
Net Asset Value TSGYO Net Asset Value (NAV) ( TL ) Hotel 64,622,500 Divan Adana Hotel 64,622,500 Office Buildings 208,575,000 Fındıklı Buildings 185,555,000 Tahir Han Building 23,020,000 Shopping Center 144,163,857 Pendorya Shopping Center 144,163,857 Total Real Estate Value 417,361,357 Participatio
Slide 33: Agenda: Appendix
Section I The Company Section II Real Estate Portfolio Section III Financial Data Section IV TSGYO Stock Performance Section V Appendix 33 33
Slide 34: Regulation Highlights
Regulation Highlights Capital markets institution, under the supervision of the CMB Corporate tax exemption Allowed to invest in real estate, real estate projects, rights and capital market instruments backed by real estate, and money and capital market instruments >51% of the the portfolio
Slide 35: Public REITs
Public REITs Akfen REIT Martı REIT Akiş REIT Mistral REIT Akmerkez REIT Nurol REIT Alarko REIT Özak REIT Ata REIT Özderici REIT Atakule REIT Pera REIT Avrasya REIT Reysaş REIT Deniz REIT Servet REIT Doğuş REIT Sinpaş REIT EGS REIT Torunlar REIT Emlak REIT
Slide 36: Disclaimer
Disclaimer This presentation does contain forward-looking statements that reflect the Company management’s current views with respect to certain future events based on the base-case assumptions. Although it is believed that the expectations reflected in these statements are reasonable, they may be a
Slide 37: IBEX Real Estate Investment Trust
IBEX REAL ESTATE INVESTMENT TRUST
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