Akis Gayrimenkul Yatirim Ortakligi A.s. · BIST:AKSGY
Akis Gayrimenkul Yatirim Ortakligi A.s — Akiş REIT — Q1 2018 Earnings Presentation
20 slides from Akis Gayrimenkul Yatirim Ortakligi A.s's earnings presentation, May 2018
Slide 1: Akiş REIT 1Q18 Performance Presentation
Akiş REIT 1Q18 Performance Presentation May 2018 1
Slide 2: Breaking News
Breaking News Akiş REIT has been included in FTSE EPRA/NAREIT Global Emerging Markets Index as of 19 March 2018. On 10/04/2018, European Bank for Reconstruction and Development (EBRD) invested c.TL102mn (US$25.2mn equivalent) to Akiş REIT along with some other individual/institutional investors
Slide 3: Details of the Share Sales
Details of the Share Sales Current Shareholder Structure Percentage of Shares Sold by type of investor Ali Raif Dinçkök; Local Others; 29,03% 24,19% Individual/Institutional; 49,29% EBRD; 42,31% Raif Ali Dinçkök; 6,56% Akkök Holding A.Ş.; 14,66% European Bank for Reconstruction and Development; 7,36
Slide 4: Breakdown of Portfolio
Breakdown of Portfolio 61,9% 23,4% 9,2% 4,8% 0,7% Akasya Shopping Center Akbati Shopping Center Suadiye Beymen Other Assets Inventories 4
Slide 5: Turkey Shopping Mall Market Overview
Turkey Shopping Mall Market Overview Number of Shopping Malls Shopping Malls Turnover (TLbn) 463 465 150,4 9.4% 137,5 415 15.4% 379 119,2 363 14.8% 345 103,8 2014 2015 2016 2017/09 2018E 2019E 2016 2017 2018E 2019E Breakdown of Investments by Investor (sqm) Competition is getting more intense ever
Slide 6: Overview of Our Commercial Portfolio
Overview of Our Commercial Portfolio Akasya Commercial Center Akbatı Commercial Center Suadiye Beymen Opening Date 2014 Opening Date 2011 Opening Date 2017 Number of Shops 261 Number of Shops 173 Number of Shops 1 Gross Leasable Area (sqm) 80.000 Gross Leasable Area (sqm) 65.500 Gross Leasable Area
Slide 7: Akasya Shopping Mall
Akasya Shopping Mall 4 i “ METROBUS STOP. BTWN ANATOLIAN ¢ \ E , ~ 5 SIDE AND EUROPEAN SIDE . a of . f
Slide 8: Akasya Shopping Mall
Akasya Shopping Mall Akasya Shopping Mall turnover rose by c.16% in 1Q18 (YoY) Income breakdown 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 1Q15 1Q16 1Q17 1Q18 Rental Revenue Revenue on Turnover Turnover Top-Up Revenue Other Revenue Oc
Slide 9: Akasya Shopping Mall – Store Mix by Size (sqm)
Akasya Shopping Mall – Store Mix by Size (sqm) 5,2% 5,7% 5,7% 5,7% 21,0% 20,8% 20,5% 20,1% 14,9% 14,3% 14,0% 14,3% 7,5% 7,5% 7,2% 9,1% 49,5% 49,7% 50,8% 49,0% 1Q15 1Q16 1Q17 1Q18 1,000 – 10,000 500 - 1,000 250 - 500 100 -250 50 - 100 0 - 50 9
Slide 10: Akasya Shopping Mall
Akasya Shopping Mall Income yield Akasya Shopping Mall (US$mn) 2015 2016 2017 1Q18 Revenue 58,4 58,9 57,5 15,5 NOI 44,5 45,0 45,3 12,7 EBITDA 45,5 45,9 46,0 12,9 Latest Appraisal Value 603,8 627,6 631,0 631,0 Yield 7,54% 7,31% 7,30% 7,58% Akasya Shopping Mall posted significant turnover increase (
Slide 11: Akbatı Shopping Mall
Akbati Shopping Mall AKIS —cyYo— 11
Slide 12: Akbatı Shopping Mall
Akbatı Shopping Mall Akbatı Shopping Mall turnover rose by c.20% in 1Q18 (YoY) Income breakdown 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 Rental Revenue Revenue on Turnover Turnover Top-Up Revenue Other Revenue 1Q15 1Q16 1Q17 1Q18 Oc
Slide 13: Akbatı Shopping Mall– Store Mix by Size
Akbatı Shopping Mall– Store Mix by Size 5,6% 5,8% 4,8% 5,1% 15,2% 14,4% 13,6% 13,7% 9,0% 10,0% 10,2% 10,7% 10,6% 11,4% 11,2% 11,9% 58,3% 57,2% 58,7% 57,3% 1Q15 1Q16 1Q17 1Q18 1,000 – 10,000 500 - 1,000 250 - 500 100 -250 50 - 100 0 - 50 13
Slide 14: Akbatı Shopping Mall
Akbatı Shopping Mall Income yield Akbatı Shopping Mall (US$mn) 2015 2016 2017 1Q18 Revenue 23,8 24,1 23,2 6,1 NOI 16,5 16,7 16,9 4,4 EBITDA 16,6 16,8 17,1 4,4 Latest Appraisal Value 267,4 253,5 239,4 239,4 Yield 6,22% 6,64% 7,13% 7,37% Akbatı Shopping Mall posted significant turnover increase (c.2
Slide 15: Our Portfolio vs. Market
0% 5% 10% 15% 20% 25% 30% 35% 40% -10% -5% 0% 5% 10% 15% 20% 25% -10% -5% Jan-16 Jan-16 Feb-16 Feb-16 Mar-16 Mar-16 Visitors Change YoY Turnover Change YoY Apr-16 Apr-16 May-16 May-16 Jun-16 Jun-16 Jul-16 Jul-16 Aug-16 Aug-16 Sep-16 Sep-16 Oct-16 Oct-16 Nov-16 Nov-16 AYD AYD Dec-16 Dec-16 Our Portfo
Slide 16: High Street Retail Projects
High Street Retail Projects We are developing four retail oriented units that will fit the texture of the city and reflect the company’s vision; in Erenköy, Caddebostan and Suadiye, located on Bağdat Street, one of the most coveted shopping streets in Istanbul with a total investment value of US$185
Slide 17: Beykoz Projects
Beykoz Projects We plan on developing a residential/commercial project in Beykoz, one the most upmarket districts in Istanbul, seizing the opportunity of supply deficit in the region. The expected date for the project kick-off is 2019. Project Kick-Off Date: 2019 Project Area: 45.000 m2 Total Invest
Slide 18: Financial Performance Overview
Financial Performance Overview Net Loss of 1Q18 is mainly due to negative impact of FX volatility EBITDA margin improved thanks to c.37%* rise in store rent revenues and significant jump in other revenues coupled with a good cost management 203,1 c.TL182mn 73,5% 75,8% stem from 65,9% 66,9% one-off 6
Slide 19: Akiş REIT Share Summary
Akiş REIT Share Summary 4,00 3,50 3,00 2,50 2,00 1,50 1,00 0,50 11.8% market capitalization return YoY in 1Q18 closing vs. 1Q17 closing 0,00 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 Opening Low High Closing Average 22.9% YoY increase in average daily volume to c.TL1.5mn vs. c
Slide 20: Communication
Communication Ozan Hançer Director Strategic Planning, Business Development and Investor Relations E-mail: ozan@akisgyo.com Telephone: +902123930100 Sercan Uzun, CFA Assistant Manager Investor Relations, Strategic Planning and Business Development E-mail: sercan.uzun@akisgyo.com Telephone: +90212393