Tskb Gayrimenkul Yatirim Ortakligi Anonim Sirketi · BIST:TSGYO
Tskb Gayrimenkul Yatirim Ortakligi Anonim Sirketi — TSKB Real Estate Investment Trust — Investor Presentation (February 2015)
37 slides from Tskb Gayrimenkul Yatirim Ortakligi Anonim Sirketi's investor presentation, February 2015
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 (2014) 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: Agenda: 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 31.12.2014 ( TL ) Pendorya 40% Shopping Center Project 40,230,000 48% Adana Hotel Project 40,230,000 Office Buildings 140,035,000 Project Fındıklı Buildings 124,575,050 12% Tahirhan Building 15,460,000 *Proportion of Tota
Slide 12: Real Estate Portfolio Summary
Real Estate Portfolio Summary Value (TL 000)* Pendorya Shopping Center 168,400 Fındıklı Office Buildings 124,575 Tahir Han Office Building 15,460 Adana Hotel Project 40,230 Total 348,665 * Valuations carried out by independent real estate appraisal companies. (as of Decemler 31, 2014) 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) 23,183 Construction Area (sqm) 80,648 Leasable Area (sqm) 30,504 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) 607 Leasable Area (sqm) 3.198 Number of Floors 8 TSKB REIT owns 74% of the building. Tahir Han is a Tenants Various seven-story building on 607 sqm plot and has a built up Appraisal Value (TLm) 15.5 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) 40.23 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: Agenda: 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 2014 Current Assets 7,602 34,083 7,688 35,242 20,178 26,502 32,914 11,709 Cash and Banks 3,666 23,845 3,745 30,218 15,154 22,073 28,794 7,601 Financial Investments 3,417 489 841 1,450 1,888 1,338 900 1,129 Other Current Assets 519 9,749 3,102
Slide 26: Income Statement
Income Statement (TL 000) 2007 2008 2009 2010 2011 2012 2013 2014 Revenues 66 6,048 4,723 14,381 14,734 17,794 17,476 16,634 Operating Costs (-) (1,146) (3,149) (3,343) (12,230) (8,446) (8,447) (8,544) (9,274) Net Operating Profit (1,080) 2,899 1,380 2,151 6,288 9,347 8,932 7,360 Income from Other O
Slide 27: Key Parameters
Key Parameters Total Assets Shareholders’ Equity TL m 376 367 TL m 235 337 341 364 221 218 209 211 298 164 186 109 122 81 2007 2008 2009 2010 2011 2012 2013 2014 2007 2008 2009 2010 2011 2012 2013 2014 Real Estate Portfolio Assets 290 310 328 335 349 TL m 279 152 115 2007 2008 2009 2010 2011 2012 20
Slide 28: Agenda: 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 31.12.14 30.01.15 31.12.13-31.12.14 31.12.14-30.01.15 BIST 100 Index 67,802 85,721 88,946 26.4% 3.8% BIST REIT Index 30,665 37,396 42,977 21.9% 14.9% TSGYO 0.74 0.72 0.69 -2.7% -4.2% Performance Performance 31.12.13 31.12.14 30.01.15 31.12.13-
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 80 75 -46,6% 70 65 60 55 50 45 TSGYO BIST REIT Index 31 31
Slide 32: Net Asset Value
Net Asset Value TSGYO Net Asset Value (NAV) ( TL ) Project 40,230,000 Adana Hotel Project 40,230,000 Office Buildings 140,035,000 Fındıklı Buildings 124,575,000 Tahir Han Building 15,460,000 Shopping Center 168,400,000 Pendorya Shopping Center 168,400,000 Total Real Estate Value 348,665,000 Particip
Slide 33: Agenda: 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: Public REITs
Public REITs Akfen REIT Martı REIT Akiş REIT Nurol REIT Akmerkez REIT Özak REIT Alarko REIT Özderici REIT Ata REIT Pera REIT Atakule REIT Reysaş REIT Avrasya REIT Saf REIT Deniz REIT Servet REIT Doğuş REIT Sinpaş REIT EGS REIT Torunlar REIT Emlak REIT TSKB
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 NVESTMENT TRUST
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