Ronesans Gayrimenkul Yatirim A.s. · BIST:RGYAS
Ronesans Gayrimenkul Yatirim A.s — Rönesans Gayrimenkul Yatırım A.Ş. — Q3 2024 Earnings Presentation
41 slides from Ronesans Gayrimenkul Yatirim A.s's earnings presentation, 2024
Slide 1: Investor Presentation 3Q24
~— Investor Presentation 3Q24 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 & 3Q24 Summary 2. Key Economic Data & Sector Overview 3. Operations 4. Financial Overview 5. Sustainability 6. Portfolio Optimum Küçükyalı İzmir Hilltown
Slide 4: RGY at a Glance
Overview of RGY & RGY at a Glance 3Q24 Summary With its 640k m2 total GLA and 12 shopping malls, RGY is Türkiye’s largest shopping mall investor both in terms of total GLA and the number of malls. The Company has a total of c. 740k m2 Gross Leasable Area, together with approximately 100k m2 office s
Slide 5: Shareholding Structure
Overview of RGY & Shareholding Structure 3Q24 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 Rönesa
Slide 6: Business Processes & Financial Strategies
Overview of RGY & Business Processes & Financial Strategies 3Q24 Summary The company’s occupancy rate, which stood at 95.7% in 2021, increased to an average of 97.3% in 2023 and reached 98.6% in 3Q24, maintaining the highest occupancy rate of all time. The number of visitors as of the end of the 3Q2
Slide 7: 3Q24 Operational Outlook
Overview of RGY & 3Q24 Operational Outlook 3Q24 Summary Improving operational indicators support the company's sustainable growth and operational success. Footfall Occupancy (m) (%) 113 95 95 103 98,6% 96,8% 97,3% 65 95,9% 56 95,7% 94,3% (2) (2) 2019 2020 2021 2022 2023 3Q24 LTM 2019 2020 2021 2022
Slide 8: Financial Outlook
Overview of RGY & Financial Outlook 3Q24 Summary Rental income reached 6.3 billion TL with an increase of 11.8% above inflation in the 3Q24 period. With high occupancy rates and increasing rental income, the Company's Adjusted EBITDA increased by 12.6% above inflation, to TL 4.4 billion in the 3Q24
Slide 9: Financial Outlook
Overview of RGY & Financial Outlook 3Q24 Summary As of September-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 18% over the same period. Adjusted Gross Asset Value Adjusted Net Debt (TL m) (1,4,5) (TL m
Slide 10: Financial Outlook
Overview of RGY & Financial Outlook 3Q24 Summary As of 3Q24, rental income increased by 11,8% compared to 3Q23, while net profit rose to TL 9.3bn. Adjusted Rent Income (1,3,4,5) Adjusted EBITDA (TL m) (TL m) (1,3,4) € 112.1m € 174.2m € 159.9m € 111.2m € 142.1m € 89.2m € 80.4m € 115.5m € 73.7m 4.960
Slide 11: Content
Content 1. Overview of RGY & 3Q24 Summary 2. Key Economic Data & Sector Overview 3. Operations 4. Financial Overview 5. Sustainability 6. Portfolio Optimum Küçükyalı İzmir Hilltown
Slide 12: Key Economic Data & Sector Data
Sector Overview Key Economic Data & Sector Data Inflation Exchange Rate Increase (1) Yearly Growth (TL) 49.38% Sept. Sept. 2.5% 2Q24 2024 2024 %45 %40 Turnover Index (2) Footfall Index (2) Office Vacancy Rate (2) Feb. 114.54% Feb. 11.39% 2024 2024 1Q24 10.89% (1) Average exchange rate of first 9 mon
Slide 13: Retail Turnover Index & CPI Increase
Sector Overview Retail Turnover Index & 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 September 2024, inflation reached 49.4%. Rising inflation directly impacts economic act
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 & 3Q24 Summary 2. Key Economic Data & Sector Overview 3. Operations 4. Financial Overview 5. Sustainability 6. Portfolio Optimum Küçükyalı İzmir Hilltown
Slide 16: Footfall & Shopping Center Occupancy Ratios
Operations Footfall & Shopping Center Occupancy Ratios The portfolio maintains all-time high occupancy rates. By the end of 2022, visitor numbers had returned to the high levels observed before As of September 2024, many shopping malls in the portfolio have reached full the pandemic, signaling a nor
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 OCR, rent increase negotiations and turnover rent income contribute to the company's financial health Due to the increase in tenant turnovers above inflation, the Portfolio OCR dropped Thanks to the base rent which provi
Slide 19: 3Q24 Leasing Activities
Operations 3Q24 Leasing Activities Newly Opened Stores 37,425 m2 New Openings 165 openings (+33.8% YoY) Occupancy 98.4% Rate (+1.3% YoY) Category Breakdown of Openings in Last 12 Months 7% 6% Apparel 11% 2% Homewares Electrical Goods 11% F&B Stores to be Opened Soon Department Store 10% 45% Entertai
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 & 3Q24 Summary 2. Key Economic Data & Sector Overview 3. Operations 4. Financial Overview 5. Sustainability 6. Portfolio Optimum Küçükyalı İzmir Hilltown
Slide 23: Operational Income
Faaliyetler Financial Overview Operational Income Strengthened operational income thanks to the robust operational metrics Due to the impact of base rent income that provides protection against inflation and Increased domestic demand post-pandemic, rising occupancy in shopping malls, turnover rent i
Slide 24: EBITDA and Net Profit
(3) (3) Faaliyetler Financial Overview EBITDA and Net Profit (3) 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 2
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 88bn to c. TL While the Adjusted Net Asset Value of the Company was TL 84.2bn as o
Slide 26: Net Financial Debt
Financial Overview Net Financial Debt With IPO proceeds of TL 3.8bn, the leverage ratio has fallen below 17%. LTV (1,2,3) (TL m - 2021 / Sep-2024) %57,5 117.693 113.350 100.012 88.229 %40,5 %26,1 € 3.1b 50.716 € 3.0b € 2.6b 40.484 %16,9 € 2.3b 29.579 € 1.3b 19.920 € 1.1b € 0.8b € 0.5b 31 December 20
Slide 27: Net Financial Debt
Financial Overview Net Financial Debt The ratio of Net Debt to EBITDA, which was 14.6x in 2021, has decreased to 3.4x 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 6,0x 50.716 40.484 29.5
Slide 28: Content
Content 1. Overview of RGY & 3Q24 Summary 2. Key Economic Data & Sector Overview 3. Operations 4. Financial Overview 5. Sustainability 6. Portfolio Optimum Küçükyalı İzmir Hilltown
Slide 29: Sustainability Focus
Sustainability Sustainability Focus RGY, Türkiye’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’ in order to contribute more to society. Certif
Slide 30: Content
Content 1. Overview of RGY & 3Q24 Summary 2. Key Economic Data & Sector Overview 3. Operations 4. Financial Overview 5. Sustainability 6. Portfolio Optimum Küçükyalı İzmir Hilltown
Slide 31: Real Estate Portfolio Overview of 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 32: Real Estate Portfolio
Real Estate Portfolio Portfolio The largest shopping mall investor in Türkiye, 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 GLA 52 GLA 61+11 Optimum İstanbul Ope
Slide 33: Karşıyaka Hilltown and Küçükyalı Hilltown
Portfolio - SC Türkiye's Largest Shopping Mall Investor (by GLA (2) and Number of Malls) Karşıyaka Hilltown Key Customers Küçükyalı Hilltown Key Customers Asset Type Shopping Center Asset Type SC & Office Location Karşıyaka / İzmir Location Maltepe / İstanbul Opening October 2019 Opening October 201
Slide 34: Maltepe Piazza and Kahramanmaraş Piazza
Portfolio - SC Türkiye'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
Slide 35: Optimum İstanbul and Optimum İzmir
Portfolio - SC Türkiye'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 Pa
Slide 36: Optimum Adana and Optimum Ankara
Portfolio - SC Türkiye'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 Partn
Slide 37: Samsun Piazza and Şanlıurfa Piazza
Portfolio - SC Türkiye's Largest Shopping Mall Investor (by GLA (2) and Number of Malls) Samsun Piazza Key Customers Şanlıurfa Piazza Key Customers Asset Type SC & Hotel Asset Type Shopping Center Location Canik / Samsun Location Eyyübiye / Şanlıurfa Opening March 2013 Opening October 2013 Partner -
Slide 38: Maltepe Park and Kozzy
Portfolio - SC Türkiye's Largest Shopping Mall Investor (by GLA (2) and Number of Malls) Maltepe Park Key Customers Kozzy Key Customers Asset Type SC / Office Asset Type Shopping Center Location Maltepe / İstanbul Location Kadıköy / İstanbul Opening January 2005 Opening April 2010 Partner - Partner
Slide 39: Office Portfolio
Portfolio - Office Office Portfolio A strong office portfolio in high demand by numerous well-known and prominent institutions RönesansBiz Office Maltepe Piazza Office RönesansBiz Küçükyalı, with a Gross Leasable Area of c. 52k m2, houses With a Gross Leasable Area of 34k m2, the young and dynamic M
Slide 40: Office Portfolio
Portfolio - Office Office Portfolio A strong office portfolio in high demand by numerous well-known and prominent institutions MaltepePark Office Küçükyalı Hilltown Office The Maltepe Park Office, part of the RGY portfolio with a Gross Leasable Hilltown Office, with a Gross Leasable Area of c. 10k m
Slide 41: Contact
Contact 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, No:144/146
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