Akis Gayrimenkul Yatirim Ortakligi A.s. · BIST:AKSGY
Akis Gayrimenkul Yatirim Ortakligi A.s — Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. — Investor Presentation (December 2024)
35 slides from Akis Gayrimenkul Yatirim Ortakligi A.s's investor presentation, December 2024
Slide 1: Akiş REIT Investor Presentation
AKİŞ REIT INVESTOR PRESENTATION December 2024
Slide 2: Agenda
Agenda ➢ Portfolio ➢ Summary Information ➢ Information regarding Shopping Malls ➢ Financials ➢ Projects ➢ 2025 Expectations Investor Presentation – December 2024 Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. 2 Akiş Real Estate Investment Trust
Slide 3: Portfolio
Portfolio TL 29.8 billion 65,6% 27,0% 6,7% 0,7% Other Akasya Shopping Mall Akbatı Shopping Mall Erenköy Boyner Opening Date: 2014 Opening Date: 2011 Opening Date: 2021 Number of Stores: 253 Number of Stores: 172 Number of Stores: 2 Total Leasable Area: 80.322 sqm Total Leasable Area: 64.211 sqm Tota
Slide 4: Agenda
Agenda ➢ Portfolio ➢ Summary Information ➢ Information regarding Shopping Malls ➢ Financials ➢ Projects ➢ 2025 Expectations Investor Presentation – December 2024 Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. 4 Akiş Real Estate Investment Trust
Slide 5: Overview
Overview OPERATIONAL* FINANCIAL Total Debt ➢ High occupancy (~97%) ➢ September 2024: US$69mn ➢ December 13, 2024: US$54mn ➢ High store revenue growth (>inflation) Net Debt ➢ Akasya: +68% annually ➢ Akbatı: +72% annually ➢ September 2024: US$51mn ➢ December 13, 2024: US$35mn ➢ High collection rate (>
Slide 6: Gündem
Gündem ➢ Portfolio ➢ Summary Information ➢ Information regarding Shopping Malls ➢ Financials ➢ Projects ➢ 2025 Expectations Investor Presentation – December 2024 Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. 6 Akiş Real Estate Investment Trust
Slide 7: Footfall
Footfall 47,1% 42,5% 35,1% 17,0% 14,5% 13,7% 14,8% 11,6% 12,5% 12,9% 10,6% 7,1% 1,0% 0,2% 2,0% 0,1% -0,9% -3,0% -46,8% -45,2% -47,0% 2019 2020 2021 2022 2023 2023-9M 2024-9M Akasya Akbatı CSC of Shopping Centres Council Investor Presentation – December 2024 Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. 7
Slide 8: Occupancy Rate
Occupancy Rate Due to the planned reduction of cinema areas in Akasya and Akbatı, the occupancy rate has slightly decreased. Projects are being developed in order to diversify the brand mix, create experience-oriented areas, and attract more visitors to the vacant cinema spaces. 99,9% 99,8% 99,4% 98
Slide 9: Turnover
Turnover 165,3% 145,4% 136,6% 125,4% 113,0% 104,3% 101,2% 97,8% 104,0% 94,4% 80,1% 78,3% 78,1% 71,8% 73,0% 72,4% 73,7% 72,3% 68,7% 64,3% 64,8% 61,5% 49,4% 41,7% 36,1% 17,4% 15,4% 17,1% 15,2% 14,5% 14,6% 11,8% -18,6% -28,7% -22,0% 2019 2020 2021 2022 2023 2023-9M 2024-9M Akasya Akbatı CSC Retail Pric
Slide 10: Shopping Mall Turnover
Shopping Mall Turnover TL Turnover (mn) US$ Turnover (mn) 11.001 407 9.676 341 290 288 249 6.405 5.879 219 204 5.215 4.810 182 162 157 137 143 3.485 123 2.682 90 1.813 1.412 1.007 1.093 780 635 2019 2020 2021 2022 2023 M 2023-9A M 2024-9A 2019 2020 2021 2022 2023 2023-9A M 2024-9A M Akasya Akbatı Ak
Slide 11: Income Breakdown
Income Breakdown Akasya Akbatı 6,0% 6,1% 5,9% 5,8% 6,7% 6,4% 8,0% 7,3% 7,3% 7,8% 7,2% 7,3% 7,5% 7,9% 7,4% 18,2% 12,5% 13,8% 19,7% 15,3% 26,5% 27,3% 27,3% 29,8% 28,8% 31,2% 29,5% 31,1% 86,6% 80% 79% 77% 74,2% 75,9% 67,6% 66,3% 66% 63,5% 63,2% 62% 63% 61% 2019 2020 2021 2022 2023 2023-9A M M 2024-9A 2
Slide 12: Expense Breakdown
Expense Breakdown Akasya Akbatı 9,1% 10,4% 10,0% 9,2% 10,0% 9,9% 11,4% 10,8% 10,3% 11,8% 12,0% 12,8% 12,4% 13,1% 24,6% 29,6% 28,3% 25,9% 30,1% 31,3% 31,3% 30,5% 29,8% 32,5% 31,1% 30,0% 32,2% 33,0% 14,4% 17,1% 15,0% 28,7% 17,4% 19,0% 12,6% 17,1% 27,7% 15,8% 16,8% 14,4% 14,6% 10,6% 18,1% 20,4% 21,4% 2
Slide 13: Rent / Turnover Ratio
Rent / Turnover Ratio 19,0% 16,8% 13,6% 15,1% 13,4% 11,0% 11,4% 10,7% 10,9% 11,6% 9,4% 9,2% 9,3% 9,3% 2019 2020 2021 2022 2023 2023-9A 2024-9A Akasya Akbatı Investor Presentation – December 2024 Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. 13 Akiş Real Estate Investment Trust
Slide 14: Leasing Strategies
Leasing Strategies 3 Renting in 4 sectors with Introducing high sqm Experience- 2 new brands efficiency oriented stores with high in line with new potential trends 5 Renting stores that Focusing on will create attraction restaurant/food points & beverage areas 1 in Akasya Yatırımcı Sunumu – Aralık 2
Slide 15: Annual Rent Increase on a Monthly Basis
Annual Rent Increase on a Monthly Basis 160% 140% 120% 100% 80% 60% 40% 20% 0% Agu.22 Sep.22 Oct.22 Nov22 Dec.22 Jan.23 Feb.23 Mar.23 Apr.23 May.23 Jun.23 Jul.23 Agu.23 Sep.23 Oct.23 Nov23 Dec.23 Jan.24 Feb.24 Mar.24 Apr.24 May.24 Jun.24 Jul.24 Agu.24 Sep.24 Oct.24 Akasya Gelir Income Akbatı Income
Slide 16: Sustainability Reports
Sustainability Reports Sustainability Report Fitch Ratings Integrated Report ESG Report Carbon Footprint Report TCFD Report Carbon Footprint Supplier Code of Conduct Verification Report Sustainable Finance CDP Report Framework Corporate Governance CoP Report Rating Report
Slide 17: Sustainability Achievements
Sustainability Achievements One of the 3 Turkish companies in The first institutionoutside the The only Turkish REIT with an the World’s Best Companies in financial sector to receive an A- Leadership score in CDP ESG rating from Sustainable Climate Change Reporting Sustainable Growth 2025 list, and
Slide 18: Agenda
Agenda ➢ Portfolio ➢ Summary Information ➢ Information regarding Shopping Malls ➢ Financials ➢ Projects ➢ 2025 Expectations Investor Presentation – December 2024 Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. 18 Akiş Real Estate Investment Trust
Slide 19: Akasya Shopping Mall - Financials
Akasya Shopping Mall - Financials TAS29 applied (TLmn) 2022* 2023* 9M23 9M24 YoY Revenue 1.045,8 1.320,1 1.368,0 1.422,9 4% Akasya Shopping Mall Net Operational Income 820,9 1.082,9 1.125,3 1.156,4 3% 2024-9M Period EBITDA 830,2 1.092,4 1.134,4 1.165,2 3% EBITDA Margin 79,4% 82,7% 82,9% 81,9% Compar
Slide 20: Akbatı Shopping Mall - Financials
Akbatı Shopping Mall - Financials TAS29 applied (TLmn) 2022* 2023* 9M23 9M24 YoY Revenue 487,0 607,9 604,9 625,7 3% Akbatı Shopping Mall Net Operational Income 365,0 464,1 454,4 462,3 2% 2024-9M Period EBITDA 368,2 467,7 458,3 468,3 2% EBITDA Margin 75,6% 76,9% 75,8% 74,8% Compared to the * 2022 and
Slide 21: Financial Overview
Financial Overview When TAS29 not applied financials evaluated, it is observed that annual revenues increased by +36% and EBITDA increased by +40% due to (i) increasing occupancy rates, (ii) increasing turnover and (iii) increasing rent figures in parallel with high inflation. The reason for the dec
Slide 22: Net Debt and Short Position
Net Debt and Short Position ➢ As of December 13, 2024, the short position is US$36mn ➢ As of December 13, 2024, net debt is US$35mn 341 323 312 297 258 254 243 197 170 98 90 51 40 35 2018-12 2019-12 2020-12 2021-12 2022-12 2023-12 2024-09 Net Debt IFRS Open IFRS Short Position Position Investor Pres
Slide 23: Debt Breakdown
Debt Breakdown* 3,0% 4,6% 4,2% 4,6% 8,6% 8% 6,1% 70,9% 59,9% 39,9% 74,9% 62% 83,0% 87,2% 45,4% 35,6% 29,1% 30% 22,1% 12,8% 7,2% 2018-12 2019-12 2020-12 2021-12 2022-12 2023-12 2024-09 TL Loans FX Loans Leasing Capital Market Instruments *Related Party Debts are considered Investor Presentation – Dec
Slide 24: Debt Breakdown
Debt Breakdown 12% 17% 22% 29% 40% 38% 60% 88% 83% 78% 71% 60% 62% 40% 2018-12 2019-12 2020-12 2021-12 2022-12 2023-12 2024-09 FX YP TL Investor Presentation – December 2024 Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. 24 Akiş Real Estate Investment Trust
Slide 25: Debt Breakdown
Debt Breakdown 100% 100% TL USD Fixed Indexed Variable *As of December 13, 2024 Investor Presentation – December 2024 Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. 25 Akiş Real Estate Investment Trust
Slide 26: Debt Repayment Schedule
Debt Repayment Schedule Cash level: TL647million (~US$19million) 285,8 110,9 38,5 39,4 32,6 15,9 1,3 - - - 2024-4Ç 2025 2026 2027 2028 US$ TL *As of December 13, 2024 Investor Presentation – December 2024 Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. 26 Akiş Real Estate Investment Trust
Slide 27: Net Debt/EBITDA
Net Debt/EBITDA 13,6x 11,3x 6,6x 6,4x 5,4x 1,7x 0,8x 2018-12 2019-12 2020-12 2021-12 2022-12 2023-12 2024-09 Investor Presentation – December 2024 Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. 27 Akiş Real Estate Investment Trust
Slide 28: Stock Performance
Stock Performance 257,58 178,86 163,34 02.01.2023 02.02.2023 02.03.2023 02.04.2023 02.05.2023 02.06.2023 02.07.2023 02.08.2023 02.09.2023 02.10.2023 02.11.2023 02.12.2023 02.01.2024 02.02.2024 02.03.2024 02.04.2024 02.05.2024 02.06.2024 02.07.2024 02.08.2024 02.09.2024 02.10.2024 02.11.2024 02.12.20
Slide 29: Inflation Expectation
0,0% 10,0% 20,0% 30,0% 40,0% 50,0% 60,0% 70,0% 80,0% 90,0% 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 May.22 Jun.22 Jul.22 Aug.22 Sep.22 Oct.22 Nov.22 Inflation Expectation Dec.22 Jan.23 Feb.23 Mar.23 Apr.23 May.23 Monthly Average
Slide 30: Agenda
Agenda ➢ Portfolio ➢ Summary Information ➢ Information regarding Shopping Malls ➢ Financials ➢ Projects ➢ 2025 Expectations Investor Presentation – December 2024 Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. 30 Akiş Real Estate Investment Trust
Slide 31: Projects
Projects Beykoz ➢ Approximately 16.000 sqm land purchasing and 24.000 flat for land basis. ➢ Awaiting zoning plan approval. ➢ Implementation process has started for the first phase. London ➢ Permit processes are completed regarding 48 flats housing project. ➢ All alternatives are being evaluated. In
Slide 32: Agenda
Agenda ➢ Portfolio ➢ Summary Information ➢ Information regarding Shopping Malls ➢ Financials ➢ Projects ➢ 2025 Expectations Investor Presentation – December 2024 Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. 32 Akiş Real Estate Investment Trust
Slide 33: Future Period
Future Period The debt reduction strategy has been completed with the achievement of significant debt reduction which was the key element of the Company strategy. The code of the practice for the amended tax law regarding REITs that will be applied in upcoming period is awaiting to be published. Eff
Slide 34: 2025 Expectations
2025 Expectations December 2023 Meeting July 2024 Meeting December 2024 Meeting 2024 Year-End Inflation Expectation 2024 Year-End Revised Inflation Expectation 2025 Year-End Inflation Expectation 40% 44% 25% 2024 Year-End Shopping Malls Revenue 2024 Year-End Revised Shopping Malls Revenue 2025 Year-
Slide 35: Contacts
Contacts • Şiar Keskin Investments and Strategy Executive Strategy, Investments, and Sustainability Department E-mail: siar.keskin@akisgyo.com • Pelin Ferel Senior Specialist in Business Development, Sustainability, Management System and Investor Relations Specialist Strategy, Investments, and Susta
Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. — Investor Presentation (December 2024) on 6ix