Akis Gayrimenkul Yatirim Ortakligi A.s. · BIST:AKSGY

Akis Gayrimenkul Yatirim Ortakligi A.s — Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. — Investor Presentation (August 2023)

35 slides from Akis Gayrimenkul Yatirim Ortakligi A.s's investor presentation, August 2023

  1. Slide 1: Akis REIT Investor Presentation

    Akis REIT Investor Presentation August 2023

  2. Slide 2: Agenda

    Agenda ➢ Portfolio Breakdown ➢ Executive Summary ➢ Shopping Mall Details ➢ Financials ➢ Future Projects ➢ 2023 Guidance

  3. Slide 3: Operational Portfolio

    Operational Portfolio Akasya Shopping Mall Akbatı Shopping Mall Erenköy Boyner Opening Date : 2014 Opening Date : 2011 Opening Date : 2021 Number of Store : 252 Number of Store : 172 Number of Store : 2 Total GLA : 80.322 Total GLA : 64.211 Total GLA : 7.792 Occupancy Rate : 99.4% Occupancy Rate : 9

  4. Slide 4: Portfolio Breakdown

    Portfolio Breakdown Erenköy Boyner Others (Beykoz Project, London Project, Office, Social Facility) 6,9% 1,3% 26,4% Akasya Shopping Mall Akbatı Shopping Mall TL14.9 billion 65,4%

  5. Slide 5: Agenda

    Agenda ➢ Portfolio Breakdown ➢ Executive Summary ➢ Shopping Mall Details ➢ Financials ➢ Future Projects ➢ 2023 Guidance

  6. Slide 6: General Overview

    General Overview Operations Divestment Finance ➢ High Occupancy Rate (~99%) ➢ Sales (6M23) ➢ Total Debt: US$138mn ➢ Strong Turnover Increase (>CPI & Date Asset Sales Price ➢ Net Debt: US$104mn AYD) 18.01.2023 59 BB 45.125.000 29.05.2023 Caddebostan* 137.000.000 ➢ Short Position (~US$24mn) ➢ High Col

  7. Slide 7: Important Developments

    Important Developments January February March ▪ There have been changes in our group at A bond issuance with a nominal value ▪ ▪ As part of the Financial Leasing transaction to Borsa İstanbul. We became a part of the Star of 125 million TL for a duration of 175 be carried out through the Sale-Lease-

  8. Slide 8: Agenda

    Agenda ➢ Portfolio Breakdown ➢ Executive Summary ➢ Shopping Mall Details ➢ Financials ➢ Future Projects ➢ 2023 Guidance

  9. Slide 9: Number of Visitors

    Number of Visitors 105,9% 97,8% 79,5% 47,1% 42,5% 35,1% 22,5% 16,0% 17,3% 14,5% 11,6% 7,1% 1,0% 0,2% 2019-3,0% 2020 2021 2022 1H22 1H23 -46,8%-45,2%-47,0% Akasya Akbatı AYD * AYD – Council of Shopping Center

  10. Slide 10: Occupancy Rate

    Occupancy Rate ➢ Physical retail has become increasingly prominent in the past 2 years; ➢ Customers returned to focused and physical shopping ➢ The significant increase in logistics and customer acquisition costs in e-commerce ➢ The synergy created by physical sales channels for online channels ➢ De

  11. Slide 11: Turnover

    Turnover 209,3% 165,3% 160,4% 152,8% 145,5% 136,6% 125,3% 120,7%118,4% 80,1% 72,2% 72,4% 17,1% 17,2% 15,2% 2019 2020 2021 2022 1H22 1H23 -18,6% -22,0% -28,7% Akasya Akbatı AYD * AYD – Council of Shopping Center

  12. Slide 12: Mall Turnover

    Mall Turnover TL Turnover (mn) US$ Turnover (mn) 291 4.810 249 3.943 205 199 162 2.683 138 144 2.130 124 118 1.813 1.750 107 1.412 91 1.093 65 780 1.007 635 965 2019 2020 2021 2022 1H22 1H23 2019 2020 2021 2022 1H22 1H23 Akasya Mall Akbatı Mall Akasya Mall Akbatı Mall Turnover increases vs inflation

  13. Slide 13: Rent/Turnover Ratio

    Rent/Turnover Ratio 19,6% 17,9% 17,5% 15,8% 13,7% 12,8% 11,7% 10,4% 15,1% 10,0% 14,1% 13,3% 12,4% 11,7% 10,8% 8,8% 9,5% 9,0% 2019 2020 2021 2022 1H19 1H20 1H21 1H22 1H23 Akasya Akbatı

  14. Slide 14: Income Breakdown

    Income Breakdown Akasya Akbatı 7,3% 7,3% 7,8% 7,2% 7,9% 7,2% 6,0% 6,1% 5,9% 5,8% 5,6% 6,4% 7,4% 12,5% 13,8% 15,3% 18,2% 19,3% 18,5% 19,7% 27,3% 29,6% 26,5% 26,7% 86,6% 80,2% 78,9% 76,9% 75,9% 73,6% 74,2% 75,1% 65,5% 63,3% 67,6% 66,9% 2019 2020 2021 2022 1Y22 1Y23 2019 2020 2021 2022 1H22 1H23 Rental

  15. Slide 15: Annual rent increase on a monthly basis

    Annual rent increase on a monthly basis 160% 140% 120% 100% 80% 60% 40% 20% 0% Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Akasya Income Akbatı Income 12 Monthly Average Inflation

  16. Slide 16: Expenses Breakdown

    Expenses Breakdown Akasya Akbatı 9,1% 10,4% 10,0% 9,2% 9,7% 10,1% 12,8% 12,4% 10,8% 10,3% 10,4% 11,8% 29,6% 28,3% 24,6% 27,3% 30,5% 25,9% 29,6% 29,3% 30,1% 31,2% 31,1% 32,2% 14,4% 15,0% 17,1% 28,7% 24,1% 14,4% 14,6% 17,1% 27,7% 16,4% 18,4% 24,7% 18,1% 21,4% 20,4% 21,4% 23,4% 23,6% 19,4% 20,4% 25,6%

  17. Slide 17: Sustainability Reports

    Sustainability Reports Sustainability Report Carbon Footprint Report CDP Fitch ESG Rating and Verification Report TCFD Report Code of Conduct Sustainability Linked Financing Framework

  18. Slide 18: Refinitiv Sustainability Global Comparison

    Refinitiv Sustainability Global Comparison Refinitiv; a global platform and data provider that Borsa İstanbul Sustainability Index uses for data collection.

  19. Slide 19: Agenda

    Agenda ➢ Portfolio Breakdown ➢ Executive Summary ➢ Shopping Mall Details ➢ Financials ➢ Future Projects ➢ 2023 Guidance

  20. Slide 20: Akasya Mall - Financials

    Akasya Mall - Financials Akasya Mall (TLmn) 2018 2019 2020 2021 2022 2Q22 2Q23 Change 1H22 1H23 Change Income 249,6 270,6 169,2 248,0 540,7 124,1 232,0 87% 219,4 419,7 91% Net Operational Income 199,4 216,2 120,4 195,1 427,2 97,3 192,1 97% 173,6 340,8 96% EBITDA 201,9 218,2 122,0 196,7 429,0 97,7 19

  21. Slide 21: Akbatı Mall - Financials

    Akbatı Mall - Financials Akbatı Mall (TLmn) 2018 2019 2020 2021 2022 2Q22 2Q23 Change 1H22 1H23 Change Income 106,1 117,7 85,2 126,7 252,1 53,8 109,1 103% 98,6 198,8 102% Net Operational Income 80,7 88,6 58,3 95,4 190,1 39,8 85,7 115% 74,0 148,9 101% EBITDA 81,3 89,2 58,9 96,0 190,8 39,9 86,0 115% 7

  22. Slide 22: Financial Outlook

    Financial Outlook ➢ Revenues increased by +93% and EBITDA by +95%, based on increasing turnover and rental figures in parallel with increasing occupancy rates and high inflation. ➢ With the effect of the revaluation of Investment Properties, the net profit for the 6M23 period was TL2.27 billion. 2.7

  23. Slide 23: Net Debt and Open Position

    Net Debt and Open Position 341 323 312 Short position excluding derivatives as of 297 August 14; US$46mn 258 254 243 197 Short position including derivatives as of 14 170 August; US$24mn 98 113 • Total Derivative Amount – US$27mn 51 • Derivative Maturity – until March 2024 Dec-18 Dec-19 Dec-20 Dec-2

  24. Slide 24: Debt Payment Schedule

    Debt Payment Schedule* 661 605 360 185 142 113 40 9 4 18 0 0 1 0 1 0 2 0 2Y23 2024 2025 2026 2027 2028 US$ € TL * Relevant amounts are in millions in original currency

  25. Slide 25: Net Debt/EBITDA

    Net Debt/EBITDA 13,6 11,3 6,6 6,4 5,4 3,6 December 18 December 19 December 20 December 21 December 22 June 23

  26. Slide 26: Credit Breakdown

    Credit Breakdown 12% 17% 22% 29% 40% 47% 88% 83% 78% 71% 60% 53% Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Jun 23 Foreign Currency TL

  27. Slide 27: Stock Prices

    2.01.2023 16.01.2023 30.01.2023 13.02.2023 Stock Prices 27.02.2023 13.03.2023 27.03.2023 10.04.2023 XGMYO 24.04.2023 8.05.2023 AKSGY 22.05.2023 5.06.2023 19.06.2023 3.07.2023 17.07.2023 31.07.2023 14.08.2023

  28. Slide 28: NAV Discount

    NAV Discount 2018-2022 Average Current (as of 15 August) Mcap/BV Mcap/BV 0,45 0,60 Sector Average Sector Average 0,79 1,22 Lowest Lowest 5. 3.

  29. Slide 29: Indices We Are Included

    Indices We Are Included BIST Participation Index BIST Sustainability BIST Buyback Index Index BIST Corporate Governance Index

  30. Slide 30: Agenda

    Agenda ➢ Portfolio Breakdown ➢ Executive Summary ➢ Shopping Mall Details ➢ Financials ➢ Future Projects ➢ 2023 Guidance

  31. Slide 31: Projects

    Projects Beykoz Project London Project ➢ Purchased land portfolio of approximately ➢ 48 flats housing project permit processes are 16.000 sqm for and 24,000 sqm revenue in the process of being completed sharing structure ➢ All alternatives are being evaluated ➢ Zoning plans has been confirmed ➢ The

  32. Slide 32: Agenda

    Agenda ➢ Portfolio Breakdown ➢ Executive Summary ➢ Shopping Mall Details ➢ Financials ➢ Future Projects ➢ 2023 Guidance

  33. Slide 33: 2023 Expectations vs Dec 2022

    2023 Expectations vs Dec 2022 Year-End Inflation Estimated Shopping 2023 Year End Expectation Malls Income Increase Revised Expectation 30% Inflation 57% 60% 37,5% 62% Shopping Malls 37,5% Income increase 74,3% 45% 67%

  34. Slide 34: Contact Information

    Contact Information Sercan Uzun, CFA, CAIA Manager Strategy, Investment and Sustainability E-mail: sercan.uzun@akisgyo.com Phone: +902123930100/53544 Sena Atay Assistant Manager Investor Relations and Strategy E-mail: sena.atay@akisgyo.com Phone: +902123930100 Disclaimer: The information contained i

  35. Slide 35: AKKOK Holding

    AKKOK HOLDING Her isimizin temelinde mutlulugunuz var.

Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. — Investor Presentation (August 2023) on 6ix