Tskb Gayrimenkul Yatirim Ortakligi Anonim Sirketi · BIST:TSGYO
Tskb Gayrimenkul Yatirim Ortakligi Anonim Sirketi — TSKB Real Estate Investment Trust — Investor Presentation (October 2014)
37 slides from Tskb Gayrimenkul Yatirim Ortakligi Anonim Sirketi's investor presentation, October 2014
Slide 1: IBEX 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 367m (9M14) 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: Organization
Organization Management Board General Manager Legal Consultant Lawyer Tax Consultant Property Appraiser Finance and Accounting and Investments Investor Relations Administrative Affairs • Project Development • Investor Relations • Accounting • Project Management • Compliance • Budgeting and Planning
Slide 8: History
History TSKB REIT established in TSKB acquired the construction February. permit for PSC in July. TSKB contributed the Tahir TSKB REIT laid the foundation for Han Building as capital in PSC in November. Construction on the Adana kind in March. Paid in capital was increased to hotel (Diva
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: 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
Slide 11: Portfolio Breakdown
Portfolio Breakdown Breakdown of Real Estate Portfolio* Office Buildings As of 30.09.2014 ( TL ) 37% Project 37,611,004 Pendorya Shopping Center Adana Hotel Project 37,611,004 52% Office Buildings 127,490,050 Project Fındıklı Buildings 113,170,050 11% Tahirhan Building 14,320,000 *Proportion of Tota
Slide 12: Real Estate Portfolio Summary
Real Estate Portfolio Summary Value (TL 000)* Pendorya Shopping Center 179,200 Fındıklı Office Buildings 113,165 Tahir Han Office Building 14,320 Adana Hotel Project 28,775 Total 335,460 * Valuations carried out by independent real estate appraisal companies. (as of Decemler 31, 2013) 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) 23,100 Construction Area (sqm) 80,648 Leasable Area (sqm) 30,250 Number of Stores 103 100% 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) 2,503 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
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) 606 Leasable Area (sqm) 3.200 Number of Floors 8 TSKB REIT owns 74% of the building. Tahir Han is a Tenants Various seven-story building on 600 sqm plot and has a built up Appraisal Value (TLm) 14.3 area of 3,
Slide 21: Adana Hotel Project (Divan Hotel)
Adana Hotel Project (Divan Hotel) 21 21
Slide 22: Adana Hotel Project (contd.)
Adana Hotel Project (contd.) Adana-City Location Center TSKB REIT Stake 50% November Acquisition Date 2007 Appraisal Value – Project_Land (TLm) 28.78 Land Area (sqm) 3,608 TSKB REIT acquired a 50% share of a 3,608 sqm plot Project City Hotel located in a central area of Adana. Construction Start D
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
Slide 24: 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
Slide 25: Balance Sheet
Balance Sheet (TL 000) 2007 2008 2009 2010 2011 2012 2013 9M14 Current Assets 7,602 34,083 7,688 35,242 20,178 26,502 32,914 15,477 Cash and Banks 3,666 23,845 3,745 30,218 15,154 22,073 28,794 11,703 Financial Investments 3,417 489 841 1,450 1,888 1,338 900 1,131 Other Current Assets 519 9,749 3,10
Slide 26: Income Statement
Income Statement (TL 000) 2007 2008 2009 2010 2011 2012 2013 9M14 Revenues 66 6,048 4,723 14,381 14,734 17,794 17,476 13,686 Operating Costs (-) (1,146) (3,149) (3,343) (12,230) (8,446) (8,447) (8,544) (6,754) Net Operating Profit (1,080) 2,899 1,380 2,151 6,288 9,347 8,932 6,932 Income from Other O
Slide 27: Key Parameters
Key Parameters Total Assets Shareholders’ Equity TL m 376 367 235 337 341 364 TL m 221 218 209 210 298 164 186 109 122 81 2007 2008 2009 2010 2011 2012 2013 9M14 2007 2008 2009 2010 2011 2012 2013 9M14 Real Estate Portfolio Assets TL m 290 310 328 335 279 152 115 2007 2008 2009 2010 2011 2012 2013 2
Slide 28: 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
Slide 29: TSGYO Stock Performance
TSGYO Stock Performance Performance Performance 31.12.13 30.09.14 24.10.14 31.12.13-30.09.14 30.09.14-24.10.14 BIST 100 Index 67,802 74,938 79,417 10.5% 6.0% BIST REIT Index 30,665 32,846 34,170 7.1% 4.0% TSGYO 0.74 0.73 0.74 -1.4% 1.4% Performance Performance 31.12.13 30.09.14 24.10.14 31.12.13-30.
Slide 30: TSGYO Stock Performance
TSGYO Stock Performance TSGYO, BIST REIT Index and BIST 100 Index Performance 1,60 1,50 1,40 1,30 1,20 1,10 1,00 0,90 0,80 0,70 0,60 0,50 TSGYO BIST REIT Index BIST 100 Index 30 30
Slide 31: TSGYO Stock Performance
TSGYO Stock Performance TSGYO - Relative Performance to BIST REIT Index 110 105 100 95 90 85 -28% 80 75 70 65 60 55 TSGYO BIST REIT Index 31 31
Slide 32: Net Asset Value
Net Asset Value TSGYO Net Asset Value (NAV) ( TL ) Project 37,611,004 Adana Hotel Project 37,611,004 Office Buildings 127,490,050 Fındıklı Buildings 113,170,050 Tahir Han Building 14,320,000 Shopping Center 179,625,237 Pendorya Shopping Center 179,625,237 Total Real Estate Value 344,726,291 Particip
Slide 33: Appendix
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 >51% of the the portfolio
Slide 35: REITs in Turkey
REITs in Turkey Public REITS Non-public REITS 1. Akfen 1. Albayrak 2. Akiş 2. Bayraktar 3. Akmerkez 3. Büyükhanlı 4. Alarko 4. Kuyaş 5. Ata 5. Tuna 6. Atakule 7. Avrasya 8. Deniz 9. Doğuş 10. EGS 11. Emlak 12. Halk 13. İdealist 14. İş 15. Kiler 16. Körfez 17. Martı 18. Nurol 19. Özak 20. Özderici 21
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: IBEX Real Estate Investment Trust
IBEX REAL ESTATE INVESTMENT TRUST
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