Is Gayrimenkul Yatirim Ortakligi A.s. · BIST:ISGYO

Is Gayrimenkul Yatirim Ortakligi A.s — İş Gayrimenkul Yatırım Ortaklığı A.Ş. (İş GYO) — Investor Presentation (March 2018)

45 slides from Is Gayrimenkul Yatirim Ortakligi A.s's investor presentation, Mar 31, 2018

  1. Slide 1: IS GYO

    IS G¥O

  2. Slide 2: Is Real Estate Investment Company 31.03.2018

    IS REAL ESTATE INVESTMENT COMPANY 31.03.2018

  3. Slide 3: ISGYO

    ISGYO  Established in 1999, by the strategic partnership of Isbank. Corporate Governance Rating  The 5th largest REIC in terms of Mcap with TL1.170 mn. 94.76 (9,48) SECTOR MCAP OTHER REICS TL 25.061 IS REIC mn TL 1.170 mn *15% of the capital is held by foreign investors. 1

  4. Slide 4: Why ISGYO?

    WHY ISGYO?

  5. Slide 5: Why ISGYO?

    Why ISGYO?  Diversified real estate portfolio  Balanced exposure in office, retail and residential sector  Office 46%, retail 20% and projects 28%  Solid rental income and real estate projects supporting rental income  Annual rental income of 2017 YE is TL 197,2 mn.  Financially strong tenants

  6. Slide 6: ISGYO Portfolio

    ISGYO PORTFOLIO isgyo.com.tr

  7. Slide 7: Real Estate Portfolio Breakdown

    Real Estate Portfolio Breakdown Real Estate Portfolio TL mn Office 2.349 Projects 1.420 Retail 1.037 Land 216 Inventories* 85 Hotel 25 TOTAL 5.132 *Inventories include offices and residential units on sale in Ege Perla 3

  8. Slide 8: Rent Generating Assets

    RENT GENERATING ASSETS \ at isgyo.com.tr

  9. Slide 9: Office Investments – Appraisal Values

    Office Investments – Appraisal Values İş Ankara İş Towers Tuzla Ankara İş Maslak Office TUTOM Towers Ulus Office Tower 3 Office Tower Building Lamartine Tower 2 Building Appraisal TL 941 TL 422 TL 412 TL 232 TL 135 mn TL 108 mn TL 50 mn TL 48 mn Value mn mn mn mn % share in 40% 18% 18% 10% 6% 5% 2%

  10. Slide 10: Office Investments – Rental Income

    Office Investments – Rental Income İş Tuzla Maslak Ankara Office Ankara İş TUTOM Towers Office Building Ulus O.B. Lamartine Tower Rental TL 1,5 Income as of TL 19 mn TL 8 mn TL 4,4 mn TL 1,2 mn TL 0,5 mn TL 0,2 mn mn 1Q2018 Rental Income as of 2018 Q1 ≈ TL 34,8 mn 5

  11. Slide 11: Retail Investments - Appraisal Values

    Retail Investments - Appraisal Values Marmara Kanyon Ege Perla Park Tuzla Shopping Shopping Kule Çarşı Shopping Retail Center Center Center Appraisal TL 510 mn TL 245 mn TL 162 mn TL 66 mn TL 38 mn Value % share in 49% 24% 16% 6% 4% office investments Retail Investments Total Appraisal Value, TL mn

  12. Slide 12: Retail Investments - Rental Income

    Retail Investments - Rental Income Marmara Kanyon Ege Perla Park Shopping Shopping Kule Çarşı Center Shopping Center Center Rental Income as of Q1 2018 Rental Income as of TL 9 mn TL 4,7 mn TL 1,9 mn TL 1,1 mn ≈ TL 16,7 mn 1Q 2018 7

  13. Slide 13: Rental Income Projections

    Rental Income Projections Rental Income Projection TL mn 2018 YE 2022 YE* Rental Income TL210 TL365 * Including the rental income of real estate projects 8

  14. Slide 14: Projects Under Development

    PROJECTS UNDER DEVELOPMENT isgyo.com.tr

  15. Slide 15: Projects Under Development

    Projects Under Development Development Cost TL Mn % Manzara Adalar Mixed Use Project TL 620-640 43% İnistanbul Residential Project TL 550-600 39% Finance Center Project (IFC) TL 270-280 18% TOTAL TL1.440-1.520 100% 9

  16. Slide 16: Manzara Adalar Mixed Use Project

    MANZARA ADALAR MIXED USE PROJECT

  17. Slide 17: Manzara Adalar

    Manzara Adalar Kartal Region:  one of the developing areas on the Asian side,  ongoing urban transformation in the region,  easy access supported with different means of transportation,  close to the industrial zone of İstanbul and planned to be «the commercial center of the future». 10

  18. Slide 18: Manzara Adalar

    Manzara Adalar Project Land:  located below the E5 highway(1,6 km)  1,8 km to the sea side,  16 km to Sabiha Gökçen airport,  easy access with subway, road and sea transportation,  close to hospitals, universities and the newly built court house. 11

  19. Slide 19: Manzara Adalar

    Manzara Adalar *Designed by Location : Kartal, Istanbul Investment model: Revenue sharing model. Revenues of the project is shared with the ex-land owner in return for the land. Project type : Mixed use project Projections (1): Development cost (excluding land) : TL620-640 mn Saleable area for resid

  20. Slide 20: Manzara Adalar - Projections

    Manzara Adalar - Projections Total leasable area : 49.000 sqm Expected rental income(ISGYO share) : TL15-16 mn Total saleable area for residentials : 140.000 sqm 13

  21. Slide 21: Manzara Adalar

    Manzara Adalar isgyo.com.tr

  22. Slide 22: İnistanbul Residential Project

    İNISTANBUL RESIDENTIAL PROJECT

  23. Slide 23: İnistanbul Residential Project

    İnistanbul Residential Project Topkapı Region:  transformation area supported with new real estate projects,  industry is dominant in the north side of the region, while south side dominated by residentials,  an intersection point for transportation, supported by every means of transportation, 

  24. Slide 24: İnistanbul Residential Project

    İnistanbul Residential Project

  25. Slide 25: İnistanbul Residential Project

    İnistanbul Residential Project Location : Topkapı, Istanbul Investment model: A joint venture between İş GYO and NEF. Total development cost* : TL1,1-1,2 bn Total sales revenues* : TL 1,5-1,6 bn Total saleable area*: ≈ 250.000 sqm *Total figures. Designed by 16

  26. Slide 26: İnistanbul Residential Project

    İnistanbul Residential Project 1st Project 3rd Project İnistanbul GALA İnistanbul HAYAT 2nd Project 4th Project İnistanbul LOKAL İnistanbul KONSEPT 17

  27. Slide 27: Basketball Court, Cinema Room, Guest Room

    Basketball Court Cinema Room Guest Room Music Room

  28. Slide 28: Istanbul Finance Center Project (IFC Project)

    ISTANBUL FINANCE CENTER PROJECT (IFC Project)

  29. Slide 29: IFC Project

    IFC Project Location : Atasehir, Istanbul Project type : A mixed use project comprising offices and retail area. Estimated development cost: TL270-280 mn Estimated saleable/leasable area : ≈ 33.000 sqm Estimated rental Income : TL 45-50 mn *Designed by 19

  30. Slide 30: Pipeline Projects

    PIPELINE PROJECTS © +c ey 9 mn et Ye) Ma Co isgyo.com.tr

  31. Slide 31: Tuzla Residential Project

    Tuzla Residential Project ~𝟐 km ~𝟖𝟎𝟎𝐦𝐭 Location : Tuzla, Istanbul Acquisition date: January, 2016 Project Land Area: 53.460 sqm 20 Estimated Development Cost : TL690 mn

  32. Slide 32: Kadıköy Hotel Project

    Kadıköy Hotel Project ~𝟏𝟎𝟎𝐦𝐭 ~𝟐 km Tepe Nautilus ~𝟖𝟎𝟎𝐦𝐭 Location : Kadikoy, Istanbul Acquisition date: December, 2016 Project Land Area: 8.293 sqm Investment Model: ISGYO has 45% share in the project Project type: Hotel and commercial area 21 Estimated Development Cost of ISGYO share…

  33. Slide 33: Dividend Payout

    DIVIDEND PAYOUT isgyo.com.tr

  34. Slide 34: Dividend Payout

    Dividend Payout • ISGYO’s policy: “dividend must be at least 30% of the total distributable income in the form of cash or bonus share”.  In the last 13 year period, except for only 2006, ISGYO distributed cash dividend to shareholders.  ISGYO trades on BIST Dividend Index and BIST Dividend 25 Inde

  35. Slide 35: Debt & Cash Position

    DEBT & CASH POSITION isgyo.com.tr

  36. Slide 36: Debt & Cash Position

    Debt & Cash Position Outstanding Loan Outstanding Loan Bank Loans Original Amount mn Date of the Loan Cost Maturity TL mn Euro Loan € 7,3 Dec. 2010 Euribor+350 bps 10 year 35,7 TL Dolar Loan $54,5 Oct. 2013 Libor +425 bps 10 year 215,0 TL TL Loan 493,5 TL Dec.2013-May.2017 11,75% -15,10% 4-6 year 49

  37. Slide 37: Financials

    # Financials”

  38. Slide 38: ISGYO

    ISGYO 9% 7% 19% 21% 42% 39% 17% 20% 3% 16% 42% 16% 24

  39. Slide 39: Balance Sheet

    Balance Sheet TL, mn 31.03.2018 31.12.2017 % Change ASSETS 5.480,5 5.311,9 3% Current Assets 1.141,0 968,0 18% Long-term Assets 4.339,5 4.344,0 0% LIABILITIES 5.480,5 5.311,9 3% Short-term Liabilities 1.004,3 873,3 15% Long-term Liabilities 1.248,3 1.158,0 8% Shareholders' Equity 3.228,0 3.280,6 -2%

  40. Slide 40: Income Statement

    Income Statement TL, mn Jan.-March 2018 Jan.-March 2017 Sales Revenue 60,6 61,5 Cost of Sales -21,2 -14,5 Gross Profit/Loss 39,5 47,1 General Administrative Expenses -7,1 -6,7 Marketing, Sales and Distribution Expenses -4,7 -4,0 Other Operating Income 1,6 0,5 Other Operating Expense - - Operating Pr

  41. Slide 41: Income Statement

    Income Statement Financials (TL, mn) Jan.-March 2018 Jan.-March 2017 Sales Revenue 60,6 61,5 Cost of Sales -21,2 -14,5 Gross Profit/Losses 39,5 47,1 General Administrative Expenses -7,1 -6,7 Marketing, Sales and Distribution Expenses -4,7 -4,0 Other Operating Income 1,6 0,5 Other Operating Expense -

  42. Slide 42: Stock Performance

    STOCK PERFORMANCE isgyo.com.tr

  43. Slide 43: Stock Price vs. Index Performance

    Stock Price vs. Index Performance Stock Price & Index Performance (% ) YtD YoY 1 Year 3 Year BIST 100 -0,3 29,2 42,2 XGMYO -4,0 -0,9 4,5 ISGYO -0,3 0,5 22,0 28

  44. Slide 44: Trade Volume

    Trade Volume Average Daily Trade ISGYO Volume 2017 TL 5,2 mn 2018 TL 6,9 mn 29

  45. Slide 45: Investor Relations

    Investor Relations Ayşegül Şahin Kocameşe Head Investor Relations Phone : +90 850 724 23 50 E-mail : aysegul.sahin@isgyo.com.tr This presentation has been prepared in order to inform Mine Kurt Yıldırım investors. Assistant Manager Investor Relations Since the presentation has been prepared regarding

İş Gayrimenkul Yatırım Ortaklığı A.Ş. (İş GYO) — Investor Presentation (March 2018) on 6ix