Ronesans Gayrimenkul Yatirim A.s. · BIST:RGYAS
Ronesans Gayrimenkul Yatirim A.s — Rönesans Gayrimenkul Yatırım A.Ş. — Q1 2024 Earnings Presentation
38 slides from Ronesans Gayrimenkul Yatirim A.s's earnings presentation, 2024
Slide 1: Investor Presentation 1Q24
~— Investor Presentation 1Q24 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 1Q24 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 1Q24 Summary RGY is Türkiye's largest shopping mall investor both in terms of total gross leasable area (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 portfoli
Slide 5: RGY Snapshot
Overview of RGY RGY Snapshot and 1Q24 Summary As of 1Q24, the average occupancy rate of the shopping Pioneering and experienced shareholders in their sectors: malls reached 98%. Rönesans Varlık (1) and Euro Cube (2). The number of visitors increased by 18% as of 1Q24. %4,0 Occupancy Cost Ratio (OCR)
Slide 6: Operational and Financial Update
Overview of RGY Operational and Financial Update and 1Q24 Summary Operations and Investments Financial Update The Company achieved its highest ever occupancy rate, rising Net profit for the period, adjusted for inflation and increasing from 95.7% in 2021 to an average of 97.3% in 2023, and reaching
Slide 7: 1Q24 Operational Outlook
Overview of RGY 1Q24 Operational Outlook and 1Q24 Summary Improving operational indicators support the company's sustainable growth and operational success. Footfall SC Occupancy Ratio (m) (%) 103 109 98,8% 95 95 96,8% 97,3% 65 56 95,9% 95,7% 94,3% 2019 2020 2021 2022 2023 1Q24 1Ç24 Annualized Yıllı
Slide 8: 1Q24 Financial Outlook
Overview of RGY 1Q24 Financial Outlook and 1Q24 Summary As of March 2024, adjusted gross asset value increased by 3% compared to December 2023, while adjusted EPRA NAV(2), supported by decreasing financial net debt, increased by 8% during the same period. Adjusted Gross Asset Value (1) Adjusted Net
Slide 9: 1Q24 Financial Outlook
Overview of RGY 1Q24 Financial Outlook and 1Q24 Summary As of Q1 2024, rental income increased by 10% compared to Q1 2023, while net profit rose by 13%, reaching TL 3.2bn. Adjusted Rent Income (1) Adjusted EBITDA (1) (3) (TL m) €€ 46,7m 46,7m (3) (3) (TL m) € 32,7m (3) 6.582 5.540 4.200 4.325 3.477
Slide 10: Content
Content 1. Overview of RGY and 1Q24 Summary 2. Key Economic Data and Sector Overview 3. Operations 4. Financial Overview 5. Sustainability 6. Portfolio Appendix Optimum Küçükyalı İzmir Hilltown
Slide 11: Key Economic Data and Sector Data
Sector Overview Key Economic Data and Sector Data Inflation Exchange Rate Increase (1) Yearly Growth (TL) (2) 75,45% March-24 4,5% May-24 4Q23 31% 30% Office Vacancy Rate (2) Turnover Index (2) Footfall Index (3) 87,62% 8,42% 4Q23 4Q23 Ç4’23 12,14% (1) In 2024, the average exchange rate for the firs
Slide 12: 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. As of 4Q23, the total number of shopping malls in Turkey reached 446, with a As of 2022, footfall have reached the levels observed in the p
Slide 13: Content
Content 1. Overview of RGY and 1Q24 Summary 2. Key Economic Data and Sector Overview 3. Operations 4. Financial Overview 5. Sustainability 6. Portfolio Appendix Optimum Küçükyalı İzmir Hilltown
Slide 14: 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, footfall had reached the high levels observed in the pre- As of March 2024, majority of shopping mall portfolio have reached full occupancy, pandemic period, indicating a
Slide 15: Tenant Turnover Development
Operations Tenant Turnover Development Strong performance supported by tenant sales Tenant turnovers have shown a significant increase well above inflation over the past As of March 2024, tenant turnovers in shopping malls have grown at an average five years, excluding the pandemic period in 2020. A
Slide 16: Portfolio OCR and Rental Contract Structure
Faaliyetler 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 Thanks to the base rent which provides inflation protection, and the turnover Due to the
Slide 17: MaltepePark Residential Project
Operations Faaliyetler 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
Slide 18: Plots of Land Suitable for Project Development
Operations Faaliyetler 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 deve
Slide 19: Content
Content 1. Overview of RGY and 1Q24 Summary 2. Key Economic Data and Sector Overview 3. Operations 4. Financial Overview 5. Sustainability 6. Portfolio Appendix Optimum Küçükyalı İzmir Hilltown
Slide 20: 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 21: EBITDA and Net Profit
Faaliyetler Financial Overview EBITDA and Net Profit Increasing growth trajectory with rising EBITDA and Net Profit Increased domestic demand post-pandemic, rising occupancy rates in shopping Net period profit has shown an increasing trend. The net period profit, which was malls, and increasing rent
Slide 22: Gross Asset Value and NAD
Faaliyetler Financial Overview Gross Asset Value and NAD 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 74.7bn to c. TL The company's Net Asset Value was TL 71bn as of December 2023. By
Slide 23: Net Financial Debt
Financial Overview Net Financial Debt With IPO proceeds of TL 3.8bn, the leverage ratio has fallen below 20%. Net Debt / Gross Asset Value (TL m - 2021 / March-2024) 57,5% 40,5% 98.720 98.720 95.996 84.700 74.722 26,1% 22,7% 42.952 18,9% 34.286 25.050 22.457 18.677 3131 December 2021 Aralık 2021 31
Slide 24: Content
Content 1. Overview of RGY and 1Q24 Summary 2. Key Economic Data and Sector Overview 3. Operations 4. Financial Overview 5. Sustainability 6. Portfolio Ekler Optimum Küçükyalı İzmir Hilltown
Slide 25: 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 26: Content
Content 1. Overview of RGY and 1Q24 Summary 2. Key Economic Data and Sector Overview 3. Operations 4. Financial Overview 5. Sustainability 6. Portfolio Appendix Optimum Küçükyalı İzmir Hilltown
Slide 27: Overview of Real Estate Properties
EklerEstate Portfolio Real Overview of Real Estate Properties GLA(1)/Land Area 31 March 2024 Value(2) # Asset Partner Location Opening Date Asset Type (k m2) (TL k) 1 Karşıyaka Hilltown - İzmir October 2019 Shopping Center 64 18.042.405 2 Küçükyalı Hilltown - İstanbul October 2017 Shopping Center /
Slide 28: 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 29: Portfolio - SC: Karşıyaka 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 30: Portfolio - SC: 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 31: Portfolio - SC: Optimum İstanbul and 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 32: Portfolio - SC: Optimum Adana and 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 33: Portfolio - SC: Samsun 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 34: Portfolio - SC: 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 35: Office Portfolio: RönesansBiz and Maltepe Piazza Office
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 36: Office Portfolio: MaltepePark and Küçükyalı Hilltown Office
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 37: Content
Content 1. Overview of RGY and 1Q24 Summary 2. Key Economic Data and Sector Overview 3. Operations 4. Financial Overview 5. Sustainability 6. Portfolio Appendix Optimum Küçükyalı İzmir Hilltown
Slide 38: 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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