Akis Gayrimenkul Yatirim Ortakligi A.s. · BIST:AKSGY
Akis Gayrimenkul Yatirim Ortakligi A.s — Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. — Investor Presentation (July 2024)
41 slides from Akis Gayrimenkul Yatirim Ortakligi A.s's investor presentation, July 2024
Slide 1: Akiş REIT Investor Presentation
Akiş REIT Investor Presentation July 2024
Slide 2: Agenda
Agenda ➢ Portfolio Breakdown ➢ Executive Summary ➢ Shopping Malls ➢ Financials ➢ Future Projects ➢ 2024 Guidance
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 : 253 Number of Store : 172 Number of Store : 2 Total GLA : 80.322 Total GLA : 64.211 Total GLA : 7.792 Occupancy Rate* : 96,0% Occupancy Rate* :
Slide 4: Portfolio Breakdown
Portfolio Breakdown Erenköy Boyner Other 6,7 0,7 Akasya Shopping Mall TL25.2 billion Akbatı Shopping Mall 27 65,6
Slide 5: Agenda
Agenda ➢ Portfolio Breakdown ➢ Executive Summary ➢ Shopping Malls ➢ Financials ➢ Future Projects ➢ 2024 Guidance
Slide 6: Executive Summary
Executive Summary OPERATIONS* FINANCE Total Debt ➢ High Occupancy Rate (~97%) ➢ March 2024: US$96mn ➢ 16 July 2024: US$85mn ➢ Strong Turnover Increase (>inflation) Net Debt ➢ March 2024: US$76mn ➢ Akasya + 90% yoy ➢ 16 July 2024: US$58mn ➢ Akbatı + 93% yoy Short Position ➢ High Collection Rate (>99%
Slide 7: Important Developments
Important Developments* JANUARY FEBRUARY MARCH ❖ Year-end Valuation Reports have been published. ❖ 2023 Financial Results have been announced: (Investment Properties : TL22bn, +72.9% yoy) ❖ Akiş GYO has been elevated to "leadership" Revenue 128% yoy, ❖ Coupon Payment and Principal Redemption of leve
Slide 8: Agenda
Agenda ➢ Portfolio Breakdown ➢ Executive Summary ➢ Shopping Malls ➢ Financials ➢ Future Projects ➢ 2024 Guidance
Slide 9: Footfall
Footfall 47,1% 42,5% 35,1% 22,3% 21,9% 18,3% 14,5% 11,6% 12,5% 12,9% 10,6% 7,1% 5,3% 1,0% 0,2% 2,0% 0,7% -3,0% -45,2% -46,8% -47,0% 2019 2020 2021 2022 2023 1Q23 1Ç23 1Q24 1Ç24 Akasya Akbatı AYD *AYD – Council of Shopping Centers
Slide 10: Occupancy Rate
Occupancy Rate Due to the planned downsizing of the Akasya and Akbatı cinema areas, occupancy rates have decreased somewhat. Projects are being developed for the vacant spaces on the cinema floor to diversify the brand mix, create experiential areas, and attract more visitors. 99,9% 99,4% 99,4% 98,4
Slide 11: Turnover
Turnover 165,3% 145,5% 136,6% 138,9% 128,8% 122,1% 101,2% 97,8% 94,3% 97,2% 90,3% 93,1% 80,1% 72,3% 72,4% 17,1% 17,4% 15,2% -18,6%-22,0% -28,7% 2019 2020 2021 2022 2023 1Q23 1Ç23 1Q24 1Ç24 Akasya Akbatı AYD *AYD – Council of Shopping Centers
Slide 12: Retail Turnover Index
Retail Turnover Index 200% 150% 100% 50% 0% -50% 2019 2020 2021 2022 2023 5M23 5M24 Retail Turnover Index (2021=100) Akasya Akbatı
Slide 13: Mall Turnover
Mall Turnover TL Turnover (mn) US$ Turnover (mn) 407 9.676 290 249 219 5.215 204 4.810 162 137 143 3.221 123 2.684 104 90 90 1.813 1.693 1.716 1.412 47 55 780 1.007 1.093 889 635 2019 2020 2021 2022 2023 1Ç23 1Q23 1Ç24 1Q24 2019 2020 2021 2022 2023 1Ç23 1Q23 1Ç24 1Q24 Akasya AVM Akbatı AVM Akasya AV
Slide 14: Income Breakdown
Income Breakdown AKASYA AKBATI 6,0% 6,1% 5,9% 5,8% 6,7% 6,5% 8,9% 7,3% 7,3% 7,8% 7,2% 7,3% 7,6% 8,1% 7,4% 12,5% 18,2% 13,8% 15,3% 19,7% 22,3% 26,5% 29,8% 26,4% 27,3% 31,2% 27,2% 31,7% 86,6% 80,2% 75,9% 78,9% 76,9% 74,2% 70,1% 67,6% 63,5% 67,2% 65,5% 61,6% 64,7% 59,4% 2019 2020 2021 2022 2023 1Q23 1Ç
Slide 15: Expenses Breakdown
Expenses Breakdown AKASYA AKBATI 9,1% 10,4% 10,0% 9,2% 10,0% 8,3% 8,4% 12,8% 12,4% 10,8% 10,3% 11,8% 9,6% 10,4% 24,6% 25,9% 27,8% 29,6% 30,1% 28,3% 31,3% 31,9% 30,5% 39,4% 31,1% 32,2% 29,8% 36,7% 14,4% 15,0% 17,1% 28,7% 17,7% 17,4% 20,0% 14,4% 17,1% 27,7% 15,8% 8,5% 10,6% 14,6% 18,1% 20,4% 21,4% 24,
Slide 16: Rent/Turnover Ratio
Rent/Turnover Ratio 22,1% 19,0% 19,2% 16,8% 15,1% 13,6% 17,6% 13,5% 16,7% 15,1% 11,0% 11,4% 10,7% 10,7% 13,4% 13,7% 11,6% 11,6% 9,4% 10,0% 9,5% 9,2% 2019 2020 2021 2022 2023 1Q19 1Ç19 1Q20 1Ç20 1Q21 1Ç21 1Q22 1Ç22 1Q23 1Ç23 1Q24 1Ç24 Akasya Akbatı
Slide 17: Leasing Strategy
Leasing Strategy CONTRACT GROWT & DOWNSIZING NEWCOMERS STAND/KIOSK AREAS RENEWALS IMPROVEMENTS
Slide 18: Annual Rent Increase on a Monthly Basis
Annual Rent Increase on a Monthly Basis 160% 140% 120% 100% 80% 60% 40% 20% 0% Akasya Revenue Gelir Revenue Akbatı Gelir 12M Average 12 Aylık Inflation Ortalama Enflasyon
Slide 19: Sustainability Reports
Sustainability Reports Sustainability CoP Carbon CDP Report Carbon Footprint Footprint Verification Report Report Sustainability Fitch Ratings Code of Corporate TCFD Report Linked Financing ESG Report Conduct Governance Framework Rating Report
Slide 20: Our Pride List
Our Pride List Highest rated company among REITs & Construction Companies The only Turkish REIT ranked in the top 10 The only Turkish REIT rated at Leadership Level A-) First non-financial institution to receive ESG rating
Slide 21: Refinitiv Sustainability Global Benchmark
Refinitiv Sustainability Global Benchmark Refinitiv; is a global platform and data provider used by Borsa Istanbul Sustainability Index for data collection.
Slide 22: Agenda
Agenda ➢ Portfolio Breakdown ➢ Executive Summary ➢ Shopping Malls ➢ Financials ➢ Future Projects ➢ 2024 Guidance
Slide 23: Akasya Shopping Mall - Financials
Akasya Shopping Mall - Financials Income (IAS29 Applied) Akasya Shopping Mall (TLmn) 2018 2019 2020 2021 2022 2023 1Q23 1Q24 YoY Revenue 249,6 270,6 169,2 248,0 1.038,2 1.320,1 329,2 388,2 18% Net Operational Income 199,4 216,2 120,4 195,1 813,3 1.082,9 261,8 317,2 21% EBITDA 201,9 218,2 122,0 196,7
Slide 24: Akbatı Shopping Mall - Financials
Akbatı Shopping Mall - Financials Income (IAS29 Applied) Akbatı Shopping Mall (TLmn) 2018 2019 2020 2021 2022 2023 1Q23 1Q24 YoY Revenue 106,1 117,7 85,2 126,7 485,1 607,9 157,7 171,8 9% Net Operational Income 80,7 88,6 58,3 95,4 363,2 464,1 112,3 126,9 13% EBITDA 81,3 89,2 58,9 96,0 365,2 467,7 112
Slide 25: Financial Outlook
Financial Outlook When IAS29 not applied figures are examined, revenues increased by +91% and EBITDA by +102% year-on-year, driven by rising occupancy rates and increased turnover and rent figures in parallel with high inflation. IAS29 Applied IAS29 not applied 831 585 542 621 397 509 307 356 422 19
Slide 26: Net Debt ve Short Position
Net Debt ve Short Position 341 323 312 297 Short position excluding derivatives as of July 16 258 254 243 US$36mn 197 170 Short position including derivatives as of July 16 US$34mn 98 90 76 •Total Derivative Amount US$1mn 40 35 Dec.18 Ara.18 Dec.19 Ara.19 Dec.20 Ara.20 Dec.21 Ara.21 Dec.22 Ara.22 De
Slide 27: Credit Breakdown
Credit Breakdown 0,0% 0,0% 4,6% 4,2% 0,0% 4,6% 3,0% 7,0% 0,9% 0,0% 0,0% 8,6% 7,2% 12,8% 6,1% 22,1% 29,1% 35,6% 45,2% 45,4% 87,2% 83,0% 74,9% 70,9% 59,9% 47,8% 39,9% Aralık Dec.18 18 Aralık Dec.19 19 Aralık Dec.20 20 Aralık Dec.21 21 Aralık 22 Dec.22 Aralık Dec.23 23 Mar.24 Mar.24 FX Yabancı Para TL
Slide 28: Credit Breakdown
Credit Breakdown 12% 17% 22% 29% 40% 52% 60% 88% 83% 78% 71% 60% 48% 40% Aralık Dec.18 18 Aralık Dec.19 19 Aralık Dec.20 20 Aralık Dec.21 21 Aralık 22 Dec.22 Aralık Dec.23 23 Mar.24 Mar.24 Yabancı FX Para TL TL
Slide 29: Credit Breakdown
Credit Breakdown* 4% 93% 96% 7% TL USD Sabit Fixed Değişken Floated *As of 16 July
Slide 30: Debt Payment Schedule
Debt Payment Schedule* Cash level TL893mn 682 320 145 73 83 39 4 0 0 1 0 1 0 1 0 2Y24 2H24 2025 2026 2027 2028 US$ € TL * Relevant amounts are in millions in original currency. As of 16 July 2024.
Slide 31: Net Debt/EBITDA
Net Debt/EBITDA 13,6 11,3 6,6 6,4 5,4 1,9 1,5 Dec 18 Aralık 18 Dec 19 Aralık 19 Dec 20 Aralık 20 Dec 21 Aralık 21 Dec 22 Aralık 22 Dec 23 Aralık 23 March 24 Mart 24
Slide 32: Stock Performance
02.01.2023 16.01.2023 30.01.2023 13.02.2023 27.02.2023 13.03.2023 27.03.2023 10.04.2023 24.04.2023 08.05.2023 22.05.2023 05.06.2023 19.06.2023 03.07.2023 17.07.2023 Stock Performance 31.07.2023 14.08.2023 28.08.2023 11.09.2023 XGMYO 25.09.2023 09.10.2023 23.10.2023 06.11.2023 20.11.2023 AKSGY 04.12.
Slide 33: NAV Discount
NAV Discount* 2022 2023 Current XGMYO - 42,8% - 47,8% - 29,8% AKSGY - 62,6% - 59,1% - 30% *As of 19 July 2024
Slide 34: Agenda
Agenda ➢ Portfolio Breakdown ➢ Executive Summary ➢ Shopping Malls ➢ Financials ➢ Future Projects ➢ 2024 Guidance
Slide 35: Projects
Projects Beykoz ➢ A Portfolio consisting of approximately 16,000 m2 of land and 24,000 m2 flat for land basis ➢ Awaiting zoning plan approval. ➢ The implementation process for the first phase has begun. London ➢ The permit processes for the 48-apartment housing project have been completed. ➢ All alt
Slide 36: Agenda
Agenda ➢ Portfolio Breakdown ➢ Executive Summary ➢ Shopping Malls ➢ Financials ➢ Future Projects ➢ 2024 Guidance
Slide 37: Upcoming Period
Upcoming Period Debt has been significantly reduced, and the debt reduction which is a key component of the strategy, has come to an end. The details of the new legislation are expected to be formalized. Work continues to maintain and increase the efficiency of the company's existing operational pro
Slide 38: 2024 Inflation Expectation
Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 Ay May-22 Jun-22 Monthly Jul-22 Aug-22 BazındaAverage Sep-22 Oct-22 Yıllık Ortalama Nov-22 Dec-22 Annual Inflation Enflasyon Jan-23 2024 Inflation Expectation Feb-23 Mar-23 Apr-23 May-23 J
Slide 39: 2024 Expectation
2024 Expectation Sharing the December 2023 Meeting 2024 Revision Year-End Inflation Estimated Shopping Expectation Malls Income Increase %35 %54,2 Year-End Inflation Shopping Malls Expectation Income increase %44 %62 %40 %56,1 %45 %58,0
Slide 40: Contacts
Contacts 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 GYO cannot
Slide 41: AKKOK Holding
AKKOK HOLDING Her isimizin temelinde mutlulugunuz var.
Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. — Investor Presentation (July 2024) on 6ix