Ronesans Gayrimenkul Yatirim A.s. · BIST:RGYAS
Ronesans Gayrimenkul Yatirim A.s — Rönesans Gayrimenkul Yatırım A.Ş. — Investor Presentation (2024)
43 slides from Ronesans Gayrimenkul Yatirim A.s's investor presentation, 2024
Slide 1: Investor Presentation 1H24
LIP FD Le LESS QS a es Investor Presentation 1H24 RONESANS GAYRIMENKUL
Slide 2: Disclaimer
Disclaimer This presentation contains information and analysis on financial statements as well as forward-looking statements that reflect the Company management’s current views with respect to certain future events. Although it is believed that the information and analysis are correct and expectatio
Slide 3: Content
Content 1. Overview of RGY and 1H24 Summary 2. Key Economic Data and Sector Overview 3. Operations 4. Financial Overview 5. Sustainability 6. Portfolio Appendix Optimum Küçükyalı İzmir Hilltown
Slide 4: RGY at a Glance
Overview of RGY RGY at a Glance and 1H24 Summary RGY is Türkiye's largest shopping mall investor both in terms of total GLA (c. 640k m2) and the number of malls (12) The Company also has a total Gross Leasable Area of c. 740k m2, including about 100k m2 of office space. The portfolio is consisting o
Slide 5: Shareholder Structure
Overview of RGY Shareholder Structure and 1H24 Summary Pioneering and experienced shareholders in their sectors: Rönesans Varlık (1) and Euro Cube (2). %4,0 %10,08 %17,8 %68,1 Rönesans Varlık (1) Euro Cube (2) %68,1 %17,8 Free Float Other (3) %10,08 %4,0 (1) Rönesans Holding, the sole owner of Rönes
Slide 6: Business Processes and Financial Strategies
Overview of RGY Business Processes and Financial Strategies and 1H24 Summary The company's current operational, investment, and financial planning are being successfully executed, maintaining a strong and effective operation. The company’s occupancy rate, which stood at 95.7% in 2021, increased to a
Slide 7: 1H24 Operational Outlook
Overview of RGY 1H24 Operational Outlook and 1H24 Summary Improving operational indicators support the company's sustainable growth and operational success. Footfall Occupancy (m) (%) 111 95 95 103 98,6% 65 96,8% 97,3% 56 95,9% 95,7% 94,3% (2) 2019 2020 2021 2022 2023 1H24 LTM 2Ç24 Yıllıklandırılmış
Slide 8: Financial Outlook
Overview of RGY Financial Outlook and 1H24 Summary The company's current operational, investment, and financial planning are being successfully executed, maintaining a robust and efficient operation. The company’s adjusted net profit reached TL 5.3bn during the 1H24 period. While the LTV (2) ratio o
Slide 9: 1H24 Financial Outlook
Overview of RGY 1H24 Financial Outlook and 1H24 Summary As of June-24, the gross asset value increased by 4% compared to December-23, while the Adjusted EPRA NAV(2), driven by the reduction in net debt, rose by 16% over the same period. Adjusted Net Financial Debt (3,4,5) Adjusted Gross Asset Value
Slide 10: 1H24 Financial Outlook
Overview of RGY 1H24 Financial Outlook and 1H24 Summary As of 1H24, rental income increased by 10,4% compared to 1H23, while net profit rose to TL 5.3bn. Adjusted Rent Income (1,3,4,5) Adjusted EBITDA (1,3,4) (TL m) (TL m) € € 4.553 111.2m € 142.1m € 174.2m € 89.2m 3.770 € 73.6m € 108.1m 7.135 € 103
Slide 11: Content
Content 1. Overview of RGY and 1H24 Summary 2. Key Economic Data and Sector Overview 3. Operations 4. Financial Overview 5. Sustainability 6. Portfolio Appendix Optimum Küçükyalı İzmir Hilltown
Slide 12: Key Economic Data and Sector Data
Sector Overview Key Economic Data and Sector Data Inflation Exchange Rate Increase (1) Yearly Growth (TL) (2) %71,60 June June %5,7 1Q24 2024 2024 %59 %59 Office Vacancy Rate (2) Turnover Index (2) Footfall Index (3) %114,54 Feb. %11,39 4Q24 2024 1Q24 %10,89 (1) In 2024, the average exchange rate fo
Slide 13: Retail Turnover Index and CPI Increase
Sector Overview Retail Turnover Index and CPI Increase The retail turnover index reflects the impact of inflation on consumer habits. The rising retail turnover index indicates growth in consumer spending and As of June 2024, inflation reached 71.6%. Rising inflation directly impacts economic activi
Slide 14: Real Estate Sector Analysis by Year
Sector Overview Real Estate Sector Analysis by Year The number of shopping malls has stabilized, while the Commercial Real Estate Price Index continues to grow. In recent years, the total number of shopping malls has decreased due to the The year 2019 was the highest-performing year prior to the COV
Slide 15: Content
Content 1. Overview of RGY and 1H24 Summary 2. Key Economic Data and Sector Overview 3. Operations 4. Financial Overview 5. Sustainability 6. Portfolio Appendix Optimum Küçükyalı İzmir Hilltown
Slide 16: Footfall and Shopping Mall Occupancy Ratios
Operations Footfall and Shopping Mall Occupancy Ratios An all-time high occupancy of 98.8% has been achieved By the end of 2022, visitor numbers had returned to the high levels observed before As of June 2024, many shopping malls in the portfolio have reached full the pandemic, signaling a normaliza
Slide 17: Tenant Turnover Growth
Operations Tenant Turnover Growth Strong Performance Supported by Tenant Turnovers Tenant turnovers have shown a significant increase over the past five years, well As of June 2024, tenant turnovers in shopping malls have grown at an average above inflation, except for the pandemic period in 2020. A
Slide 18: Portfolio OCR and Rental Contract Structure
Operations Portfolio OCR(1) and Rental Contract Structure Regular monitoring of the OCR, along with opportunities for increases and turnover rent income, contributes to the company's financial health Due to the increase in tenant turnovers above inflation, the Portfolio OCR dropped Thanks to the bas
Slide 19: 1H24 Leasing Activities
Operations 1H24 Leasing Activities Newly Opened Stores 17.708 m2 New Openings 86 opening (+6,2% YoY) Occupancy 98,6% Rate (+1,7% YoY) Category-Based Distribution of Openings in the Last 12 Months 402 372 915 1.067 2.817 Giyim Clothing Stores to be Opened Soon Büyük Mağazacılık Department Stores 2.95
Slide 20: MaltepePark Residential Project
Operations MaltepePark Residential Project A residential project located on the E-5 highway, adjacent to the metro line and two major shopping centers on the Asian side MaltepePark Residential Project is designed to integrate residential units, offices, commercial spaces, and a shopping mall. The pr
Slide 21: Plots of Land Suitable for Project Development
Operations Plots of Land Suitable for Project Development The Company's current portfolio includes two plots of land suitable for future project development and the Beachtown Project. Beachtown Project, located in Konyaaltı, Antalya, presents a significant opportunity in a potential development proj
Slide 22: Content
Content 1. Overview of RGY and 1H24 Summary 2. Key Economic Data and Sector Overview 3. Operations 4. Financial Overview 5. Sustainability 6. Portfolio Appendix Optimum Küçükyalı İzmir Hilltown
Slide 23: Operational Income
Faaliyetler Financial Overview Operational Income Strengthened operational income due to robust operational metrics Due to the impact of base rent income that provides protection against inflation Increased domestic demand post-pandemic, rising occupancy in shopping malls, and turnover rent income t
Slide 24: EBITDA and Net Profit
Faaliyetler Financial Overview EBITDA and Net Profit Increasing growth trajectory with rising EBITDA and Net Profit Net period profit has shown an increasing trend. The net period profit, which was TL Increased domestic demand post-pandemic, rising occupancy rates in shopping 18.2bn in 2022, increas
Slide 25: Gross Asset Value and NAV
Faaliyetler Financial Overview Gross Asset Value and NAV Gross asset value increases each year due to strong performance and favorable sector dynamics. Since 2021, the Company's gross asset value has increased from TL 81bn to c. TL As of December 2023, the Company's Adjusted Net Asset Value stood at
Slide 26: Net Financial Debt
Financial Overview Net Financial Debt Fitch Ratings upgraded the company's Long-Term Foreign Currency Rating from "B" to "B+", with a stable outlook. Adjusted Net Financial Debt (TL m) (1,2,3) € 916.6m 2023 2024 46.561 € 909.6m Outlook Stable Stable Foreign Currency Long- 37.168 B B+ Term Credit Rat
Slide 27: Net Financial Debt: LTV
Financial Overview Net Financial Debt With IPO proceeds of TL 3.8bn, the leverage ratio has fallen below 18%. LTV (TL m - 2021 / June-2024) %57,5 107.662 104.064 91.819 81.001 %40,5 46.561 %20,2 37.168 %17,7 21.024 19.059 31 31 Aralık 2021 December 2021 31 31 Aralık 2022 December 2022 31 31 December
Slide 28: Net Debt to EBITDA
Financial Overview Net Financial Debt The ratio of Net Debt to EBITDA, which was 14.6x in 2021, has decreased to 4x in 2024, thanks to strategies aimed at improving operational performance and strengthening the financial structure. Adjusted Net Debt/EBITDA (TL m) 14,6x 9,9x 46.561 4,6x 37.168 3,5x 2
Slide 29: Content
Content 1. Overview of RGY and 1H24 Summary 2. Key Economic Data and Sector Overview 3. Operations 4. Financial Overview 5. Sustainability 6. Portfolio Appendix Optimum Küçükyalı İzmir Hilltown
Slide 30: Sustainability Focus
Sustainability Sustainability Focus RGY, Turkey's Leading Green Real Estate Investor 2 8 Principle of Sustainable Development 10 BREEAM LEED LEED RGY has been following an eco-friendly real estate strategy for many years ‘Outstanding’ ‘Platinum’ ‘Gold’ Certificate(1) Certificate Certificate in order
Slide 31: Content
Content 1. Overview of RGY and 1H24 Summary 2. Key Economic Data and Sector Overview 3. Operations 4. Financial Overview 5. Sustainability 6. Portfolio Appendix Optimum Küçükyalı İzmir Hilltown
Slide 32: Real Estate Portfolio Overview of Real Estate Properties
EklerEstate Portfolio Real Overview of Real Estate Properties Since 2021, the gross asset value of the company has increased from TL 65 billion to approximately TL 128.7 billion. GLA(1)/Land Area 30 June 2024 Value(2) # Asset Partner Location Opening Date Asset Type (k m2) (TL m) 1 Karşıyaka Hilltow
Slide 33: Strong Real Estate Portfolio
Overview of RGY Strong Real Estate Portfolio The largest shopping mall investor in Turkey, based on Gross Leasable Area (GLA) and the number of malls, operates new and robust properties in central locations across 7 different cities. Küçükyalı RönesansBiz Küçükyalı Hilltown Optimum İstanbul GLA 52 G
Slide 34: Karşıyaka Hilltown and Küçükyalı Hilltown
Portfolio - SC Turkey's Largest Shopping Mall Investor (by GLA (2) and Number of Malls) Karşıyaka Hilltown Key Customers Küçükyalı Hilltown Key Customers Asset Type SC & Office & Residence Asset Type SC & Office Location Maltepe / İstanbul Location Maltepe / İstanbul Opening April 2018 Opening Octob
Slide 35: Maltepe Piazza and Kahramanmaraş Piazza
Portfolio - SC Turkey's Largest Shopping Mall Investor (by GLA (2) and Number of Malls) Maltepe Piazza Key Customers Kahramanmaraş Piazza Key Customers Asset Type SC & Office & Residence Asset Type Shopping Center Location Maltepe / İstanbul Location Onikişubat / K.maraş Opening April 2018 Opening A
Slide 36: Optimum İstanbul and Optimum İzmir
Portfolio - SC Turkey's Largest Shopping Mall Investor (by GLA (2) and Number of Malls) Optimum İstanbul Key Customers Optimum İzmir Key Customers Asset Type Shopping Center Asset Type Shopping Center Location Ataşehir / İstanbul Location Gaziemir / İzmir Opening November 2008 Opening March 2012 Par
Slide 37: Optimum Adana and Optimum Ankara
Portfolio - SC Turkey's Largest Shopping Mall Investor (by GLA (2) and Number of Malls) Optimum Adana Key Customers Optimum Ankara Key Customers Asset Type Shopping Center Asset Type Shopping Center Location Yüreğir / Adana Location Etimesgut / İstanbul Opening April 2011 Opening October 2004 Partne
Slide 38: Samsun Piazza and Şanlıurfa Piazza
Portfolio - SC Turkey's Largest Shopping Mall Investor (by GLA (2) and Number of Malls) Samsun Piazza Key Customers Şanlıurfa Piazza Key Customers Asset Type Shopping Center & Office Asset Type Shopping Center Location Canik / Samsun Location Eyyübiye / Şanlıurfa Opening March 2013 Opening October 2
Slide 39: Maltepe Park and Kozzy
Portfolio - SC Turkey's Largest Shopping Mall Investor (by GLA (2) and Number of Malls) Maltepe Park Key Customers Kozzy Key Customers Asset Type Shopping Center / Office Asset Type Shopping Center Location Maltepe / İstanbul Location Kadıköy / İstanbul Opening January 2005 Opening April 2010 Partne
Slide 40: Office Portfolio
Portfolio - Office Office Portfolio A strong office portfolio in high demand by numerous well-known and prominent institutions RönesansBiz Ofis Maltepe Piazza Ofis RönesansBiz Küçükyalı, with a Gross Leasable Area of c. 52k m2, houses With a Gross Leasable Area of 34k m2, the young and dynamic Malte
Slide 41: Office Portfolio
Portfolio - Office Office Portfolio A strong office portfolio in high demand by numerous well-known and prominent institutions MaltepePark Ofis Küçükyalı Hilltown Ofis The Maltepe Park Office, part of the RGY portfolio with a Gross Leasable Hilltown Office, with a Gross Leasable Area of c. 10k m2, i
Slide 42: Content
Content 1. Overview of RGY and 1H24 Summary 2. Key Economic Data and Sector Overview 3. Operations 4. Financial Overview 5. Sustainability 6. Portfolio Appendix Optimum Küçükyalı İzmir Hilltown
Slide 43: Appendix Contacts: Investor Relations
Appendix Contacts Investor Relations investor.relations@rgy.com.tr Phone: +90 312 430 6114 Rönesans Gayrimenkul Yatırım A.Ş. Piazza Ofis, Cevizli Mahallesi, Tugay Yolu Caddesi, No:69/A Maltepe, İstanbul 34846 Türkiye Phone: +90 312 430 6000 Fax: +90 312 430 6901 Çankaya Mahallesi, Atatürk Bulvarı, N
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