Tskb Gayrimenkul Yatirim Ortakligi Anonim Sirketi · BIST:TSGYO
Tskb Gayrimenkul Yatirim Ortakligi Anonim Sirketi — TSKB Real Estate Investment Trust — Investor Presentation (October 2016)
37 slides from Tskb Gayrimenkul Yatirim Ortakligi Anonim Sirketi's investor presentation, October 2016
Slide 1: TSKB 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 İstanbul 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
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 419m (9M16) Strong real estate portfolio with a commercial focus enablin
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
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 Breakdown of Real Estate Portfolio* Pendorya Office Buildings As of 30.09.2016 ( TL ) 45% Shopping Center Hotel 65,585,201 39% Divan Adana Hotel 65,585,201 Office Buildings 182,265,000 Fındıklı Buildings 162,360,000 Hotel 16% Tahirhan Building 19,905,000 *Proportion of Total Port
Slide 12: Real Estate Portfolio Summary
Real Estate Portfolio Summary Value (TL 000)* Pendorya Shopping Center 156,975 Fındıklı Office Buildings 162,360 Tahir Han Office Building 19,905 Divan Adana Hotel 64.413 Total 403,653 * Valuations carried out by independent real estate appraisal companies. (as of Decemler 29, 2015) 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) 30,504 Number of Stores 107 100% 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 (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
Slide 18: Fındıklı Office Buildings (contd.)
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) 19.9 area of 3,
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) 64.4 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 Hotel (contd.)
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
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) 2009 2010 2011 2012 2013 2014 2015 9M16 Current Assets 7,688 35,242 20,178 26,502 32,914 11,709 8,458 6,255 Cash and Banks 3,745 30,218 15,154 22,073 28,794 7,601 4,365 2,193 Financial Investments 841 1,450 1,888 1,338 900 1,129 924 1,002 Other Current Assets 3,102 3,573 3,136
Slide 26: Income Statement
Income Statement (TL 000) 2009 2010 2011 2012 2013 2014 2015 9M16 Revenues 4,723 14,381 14,734 17,794 17,476 16,634 16,590 13,108 Operating Costs (-) (3,343) (12,230) (8,446) (8,447) (8,544) (9,274) (9,838) (7,332) Net Operating Profit 1,380 2,151 6,288 9,347 8,932 7,360 6,752 5,776 Income from Othe
Slide 27: Key Parameters
Key Parameters Total Assets Shareholders’ Equity TL m TL m 235 422 221 218 220 209 211 341 364 376 367 337 164 298 109 186 2008 2009 2010 2011 2012 2013 2014 2015 2008 2009 2010 2011 2012 2013 2014 2015 Real Estate Portfolio Assets 290 310 328 335 349 404 TL m 279 152 2008 2009 2010 2011 2012 2013 2
Slide 28: Agenda
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 31.12.15 30.09.16 21.10.16 31.12.15-30.09.16 30.09.16-21.10.16 BIST 100 Index 71,727 76,488 78,844 7% 3% BIST REIT Index 37,751 42,218 42,849 12% 1% TSGYO 0.58 0.65 0.64 12% -2% Performance Performance 31.12.15 30.09.16 21.10.16 31.12.15-30.09.16 30.09
Slide 30: TSGYO Stock Performance
TSGYO Stock Performance TSGYO, BIST REIT Index and BIST 100 Index Performance 1,50 1,40 1,30 1,20 1,10 1,00 0,90 0,80 0,70 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 135 130 125 120 115 110 105 100 +0,5% 95 90 85 80 75 TSKB REIT BIST REIT Index 31 31
Slide 32: Net Asset Value
Net Asset Value TSGYO Net Asset Value (NAV) ( TL ) Hotel 65,585,281 Divan Adana Hotel 65,585,281 Office Buildings 182,265,000 Fındıklı Buildings 162,360,000 Tahir Han Building 19,905,000 Shopping Center 156,975,000 Pendorya Shopping Center 156,975,000 Total Real Estate Value 404,825,821 Participatio
Slide 33: Agenda
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 >50% of the the portfolio
Slide 35: Public REITs
Public REITs Akfen REIT Martı REIT Akiş REIT Nurol REIT Akmerkez REIT Özak REIT Alarko REIT Özderici REIT Ata REIT Pera REIT Atakule REIT Reysaş REIT Avrasya REIT Saf REIT Deniz REIT Servet REIT Doğuş REIT Sinpaş REIT EGS REIT Torunlar REIT Emlak REIT TSKB
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: TSKB Real Estate Investment Trust
IBEX REAL ESTATE INVESTMENT TRUST
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