TSKB Gayrimenkul Yatirim Ortakligi Anonim Sirketi · BIST:TSGYO

TSKB Gayrimenkul Yatirim Ortakligi Anonim Sirketi — TSKB Real Estate Investment Trust — Investor Presentation (May 2011)

38 slides from TSKB Gayrimenkul Yatirim Ortakligi Anonim Sirketi's investor presentation, May 2011

  1. Slide 1: TSKB Real Estate Investment Trust, May 2011

    IBEX REAL ESTATE INVESTMENT TRUST MAY 2011 BKBEX REAL ESTATE INVESTMENT TRUST

  2. Slide 2: Company Information

    Company Name : TSKB REAL ESTATE INVESTMENT TRUST Date of Establishment : 03.02.2006 Share Capital : 150.000.000 TL Listing : Istanbul Stock Exchange Ticker Symbol : TSGYO Address : Meclisi Mebusan Cad. Molla Bayırı Sk. No:1 34427 Fındıklı İstanbul Web-site : www.tskbgyo.com.tr e-mail : gyo@tskb.com.

  3. Slide 3: Agenda

    Section I The Company Section II Real Estate Portfolio Section III Financial Data Section IV TSGYO Stock Performance Section V Appendix 3 3

  4. 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 327m (1Q11)  Strong real estate portfolio with a commercial focus enablin

  5. 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

  6. 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

  7. Slide 7: Organization

    Organization Management Board General Manager Legal Consultant Tax Consultant Executive Vice President Property Appraiser Finance and Accounting and Investments Investor Relations Administrative Affairs • Project Development • Investor Relations • Accounting • Project Management • Compliance • Budge

  8. Slide 8: History

    History  TSKB REIT established in  TSKB acquired the construction February. permit for PSC in July.  TSKB contributed the  TSKB REIT laid the foundation for Tahirhan Building as capital PSC in December.  Construction on the Adana in kind in March.  Paid in capital was increased to hotel projec

  9. Slide 9: Strategy

    Strategy Investment Philosophy Focus Sustainable Growth • Commercial real estate focus, as it • Invest and hold provides more reliable rent income and • Investing in at least one sizable new stable cash flow project per year • Real estate development to be preferred • To decrease asset-based risk th

  10. 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

  11. Slide 11: Portfolio Breakdown

    Portfolio Breakdown Breakdown of Real Estate Portfolio* Office Buildings As of 31.03.2011 ( TL ) 29% Land 11.726.000 Adana Land 11.726.000 Pendorya Land Shopping Center 4% Office Buildings 83.245.000 67% Fındıklı Buildings 76.980.000 Tahirhan Building 6.265.000 *Proportion of Total PortfolioValue. S

  12. Slide 12: Real Estate Portfolio Summary

    Real Estate Portfolio Summary Value (TL 000)*  Pendorya Shopping Center 195,290  Fındıklı Office Buildings 76,980  Tahirhan Office Building 6,265  Adana Land 11,726 Total 290,261 * Valuations carried out by independent real estate appraisal companies 12 12

  13. Slide 13: Pendorya Shopping Center

    Pendorya Shopping Center 13 13

  14. Slide 14: Pendorya Shopping Center (contd.)

    Pendorya Shopping Center (contd.) Pendik - Location Istanbul TSKB REIT Stake 95% December Operational Date 2009 Land Area (sqm) 23,100 Construction Area (sqm) 80,648  95% of Pendorya is held by TSKB REIT and 5% by the Leasable Area (sqm) 30,250 development consultant, the Ataman Group. Occupancy (s

  15. 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

  16. Slide 16: Fındıklı Office Buildings

    Fındıklı Office Buildings Fındıklı Buildings 16 16

  17. Slide 17: Fındıklı Office Buildings (contd.)

    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

  18. Slide 18: Fındıklı Office Buildings (contd.)

    Fındıklı Office Buildings (contd.) Fındıklı Building II Location Istanbul TSKB REIT Stake 100% Land Area (sqm) 2,503 Leasable Area (sqm) 10,542 Number of Floors 10  TSKB REIT is the 100% owner of the property. TSKB, TSKB  The building has 10,542 sqm of enclosed area and was Foundation, Tenants pur

  19. Slide 19: Tahirhan Office Building

    Tahirhan Office Building 19 19

  20. Slide 20: Tahirhan Office Building (contd.)

    Tahirhan Office Building (contd.) Location Istanbul TSKB REIT Stake 74% Land Area (sqm) 606 Leasable Area (sqm) 3.200 Number of Floors 8  TSKB REIT owns 74% of the building. Tahirhan is a seven- Tenants Various story building on 600 sqm plot and has a built up area of Appraisal Value (TLm) 6.27 3,2

  21. Slide 21: Adana Hotel Project

    Adana Hotel Project 21 21

  22. Slide 22: Adana Hotel Project (contd.)

    Adana Hotel Project (contd.) Adana-City Location Center TSKB REIT Stake 50% November Acquisition Date 2007 Appraisal Value – Land (TLm) 11.73 Land Area (sqm) 3,608 Planned Project City hotel  TSKB REIT acquired a 50% share of a 3,608 sqm plot located in a central area of Adana. Planned Construction

  23. Slide 23: Adana Hotel Project (contd.)

    Adana Hotel Project (contd.) Project fills need for a comfortable city hotel...  Despite significant commercial and industrial progress in the past few years, no new high standard hotel has opened in Adana, while the occupancy rate of the existing 5-star hotels has increased remarkably.  Adana als

  24. 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

  25. Slide 25: Balance Sheet

    Balance Sheet (TL 000) 2006 2007 2008 2009 2010 1Q11 Current Assets 8,083 7,602 34,083 7,688 35,242 24,774 Cash and Banks 2,084 3,666 23,845 3,745 30,218 19,502 Financial Investments 5,979 3,417 489 841 1,450 1,477 Other Current Assets 20 519 9,749 3,102 3,573 3,794 Non-Current Assets 3,655 114,584

  26. Slide 26: Income Statement

    Income Statement (TL 000) 2006 2007 2008 2009 2010 1Q11 Revenues 25 66 6,048 4,723 14,381 3,576 Operating Costs (-) (375) (1,146) (3,149) (3,343) (12,230) (2,102) Net Operating Profit (350) (1,080) 2,899 1,380 2,151 1,475 Income from Other Operations 1,060 786 6,253 52,632 5,444 31 Expenses from Oth

  27. Slide 27: Key Parameters

    Key Parameters Total Assets Shareholders’ Equity TL m TL m 337 221 298 164 186 109 122 81 12 12 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 Real Estate Portfolio Assets Net Income TL m 279 290 TL m 55 152 115 4 3 6 4 2 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 27 27

  28. 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

  29. Slide 29: TSGYO Stock Performance

    TSGYO Stock Performance Performance Performance 08.04.10 31.12.10 29.04.11 08.04.10-31.12.10 31.12.10-29.04.11 ISE 100 Index 58.412 66.004 69.250 13,0% 4,9% ISE REIT Index 34.929 36.063 46.051 3,2% 27,7% TSGYO 1,05 0,94 0,93 -10,5% -1,1% Performance Performance 08.04.10 31.12.10 29.04.11 08.04.10-31

  30. Slide 30: TSGYO Stock Performance

    TSGYO Stock Performance TSGYO, ISE REIT Index and ISE 100 Index Performance 1,40 1,30 1,20 1,10 1,00 0,90 0,80 0,70 TSGYO ISE REIT Index ISE 100 Index 30 30

  31. Slide 31: TSGYO Stock Performance

    TSGYO Stock Performance TSGYO - Relative Performance to ISE REIT Index 110 105 100 95 90 85 -32,8 % 80 75 70 65 TSGYO ISE REIT Index 31 31

  32. Slide 32: Net Asset Value

    Net Asset Value TSGYO Net Asset Value (NAV) ( TL ) Land 11.726.000 Adana Land 11.726.000 Office Buildings 83.245.000 Fındıklı Buildings 76.980.000 Tahirhan Building 6.265.000 Shopping Center 195.290.000 Pendorya Shopping Center 195.290.000 Total Real Estate Value 290.261.000 Participations - Marketa

  33. Slide 33: REITs on ISE

    REITs on ISE Share Price* NAV Per Share* MCAP* NAV** Ticker Company Premium to NAV TL TL USD mn USD mn EKGYO Emlak REIT 3,00 2,33 4.953 3.830 29% TRGYO Torunlar REIT 7,24 8,56 1.071 1.655 -35% AKMGY Akmerkez REIT 81,25 58,79 735 525 40% SNGYO Sinpas REIT 2,18 2,38 720 811 -11% ISGYO Is REIT 1,85 2,8

  34. Slide 34: Agenda: Appendix

    Section I The Company Section II Real Estate Portfolio Section III Financial Data Section IV TSGYO Stock Performance Section V Appendix 34 34

  35. Slide 35: 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  >50% of the the portfolio

  36. Slide 36: REITs in Turkey

    REITs in Turkey Public REITS Non-public REITs 1. Akmerkez 1. Akfen 2. Alarko 2. Albayrak 3. Atakule 3. Bayraktar 4. Avrasya 4. Büyükhanlı 5. Doğuş GE 5. Halk 6. EGS 6. Kuyaş 7. Emlak 7. Özak 8. İdealist 8. Tuna 9. İş 9. Servet 10. Kiler 11. Martı 12. Nurol 13. Özderici 14. Pera 15. Reysaş 16. Sağlam

  37. Slide 37: Disclaimer

    Disclaimer This presentation does not 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

  38. Slide 38: TSKB Real Estate Investment Trust, May 2011

    IBEX REAL ESTATE INVESTMENT TRUST MAY 2011 BKBEX REAL ESTATE INVESTMENT TRUST

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