Ronesans Gayrimenkul Yatirim A.s. · BIST:RGYAS
Ronesans Gayrimenkul Yatirim A.s — Rönesans Gayrimenkul Yatırım A.Ş. — FY2024 Earnings Presentation
36 slides from Ronesans Gayrimenkul Yatirim A.s's earnings presentation, February 2025
Slide 1: Investor Presentation Full Year 2024 Results
Investor Presentation Full Year 2024 Results February 2025
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. RGY Overview 2. Operations 3. Financials & Strategy 4. Sustainability 5. Appendices
Slide 4: RGY at a Glance: Leading Commercial Real Estate Platform
Overview RGY at a Glance Leading Commercial Real Estate Platform LEADING SHOPPING 12 shopping malls CENTER INVESTOR 650k m2 total GLA(1) (742k m2 total GLA with offices) %98.7 Occupancy HIGH QUALITY ASSET 113m Footfall PORTFOLIO Consistently tenant turnovers growth above inflation with leading local
Slide 5: Market Leader with 16 Operational Assets
Overview Real Estate Portfolio The largest shopping mall investor in Türkiye, operates new and robust properties in central locations across 7 different cities. Market Leader with 16 Operational Assets İstanbul Ankara • Hilltown Küçükyalı • Optimum Ankara SC & Office İzmir • Kozzy • Hilltown Karşıya
Slide 6: Operations Highlights - 2024
Overview Operations Highlights - 2024 Rising Portfolio with Strengthening Operational Metrics FOOTFALL Number of visitors reached 113 million for 2024 with an c.20% increase over the last two years. The company’s occupancy rate reached 98.7% in 2024 YE, OCCUPANCY FY 24 maintaining the highest occupa
Slide 7: Strong Shareholding Structure
Overview Strong Shareholding Structure Solid and experienced shareholders in their sectors: Rönesans Holding and GIC 4.00% 10.08% 17.80% 68.12% Rönesans Holding(1) GIC(2) 68.12% 17.80% Free Float(3) Other(4) 10.08% 4.00% (1) Rönesans Holding is indirectly the main shareholder of RGY. (2) GIC and is
Slide 8: Financial Outlook
Overview Financial Outlook A robust capital structure reinforced by declining debt Adjusted EBITDA(1,3,4) Adjusted Gross Asset Value (1,3,4) (TL m) (TL m) € 154.6m € 2.6b € 3.2b € 110.7m € 2.2b € 1.6b € 89.1m € 73.8m 6.293 122.271 123.088 5.249 93.762 106.284 3.701 4.356 2021 2022 2023 2024 2021 202
Slide 9: Content
Content 1. RGY Overview 2. Operations 3. Financials & Strategy 4. Sustainability 5. Appendices
Slide 10: Footfall & Tenant Sales Performance
Operations Footfall & Tenant Sales Performance Our portfolio consistently outperforms the market, driving footfall and tenant sales above sector averages While the market(2) experienced an average increase of approximately Over the past 12 months, RGY tenants have increased their turnovers 15% in fo
Slide 11: Occupancy and Number of Shopping Malls in Turkey
Operations Occupancy and Number of Shopping Mall in Turkey Consistent outperformance driven by effective management and diminishing competency in market In recent years, the total number of shopping malls has decreased As of December 2024, majority of the shopping malls in the portfolio are due to f
Slide 12: Contract Structure & Unexpired Lease Terms
Operations Contract Structure & Unexpired Lease Terms Increasing turnover rent income and shortening unexpired lease terms Although long-term and stable relationships have been established with Almost all of the contracts include turnover rent clauses, providing RGY tenants, the inflationary environ
Slide 13: Portfolio OCR and Peer Comparison
Operations Portfolio OCR(1) and Peer Comparison OCR is below sector averages and offers upside potential in terms of RGY Considering that the sustainable OCR in the retail sector is approximately Due to the increase in tenant turnovers above inflation, the Portfolio 12-15%, the current rent amounts
Slide 14: 2024 Releasing Activities
Operations 2024 Releasing Activities Although being fully occupied, in 2024, almost a new shopping center was leased through releasing activities 40,466 m2 98.7% Releasing 152 openings Occupancy Rate (+0.4% YoY) (+28.1% YoY) Newly Opened Stores Coming Soon 14
Slide 15: MaltepePark SC Enhancement & Renovation
Operations MaltepePark SC Enhancement & Renovation Leasing and Extension Operations: MaltepePark grows with our strength MaltepePark underwent a significant enhancement operation to increase its revenues. In this context, new tenants have been secured to improve tenant mix while larger spaces occupi
Slide 16: Office Portfolio and Office Market in İstanbul
Operations Office Portfolio and Office Market in İstanbul Almost fully occupied office portfolio due to increasing office demand 13,830 m² of available saleable area remained in M.Piazza. Considering While office supply has remained stable in the Istanbul office market, the recent sales prices excee
Slide 17: Content
Content 1. RGY Overview 2. Operations 3. Financials & Strategy 4. Sustainability 5. Appendices
Slide 18: Net Financial Debt
Financials Net Financial Debt Due to RGY’s consistent deleveraging strategy, Fitch Ratings upgraded the company's Rating from "B" to "B+ Strong NOI figures, IPO proceeds, the sale of non-core assets, and As a result of RGY’s consistent track record of deleveraging strategy, Fitch successful financia
Slide 19: Net Debt and Leverage Ratios
Financials Net Debt and Leverage Ratios Robust Financial Discipline Driving Lower Debt and Stronger Liquidity While the median Net Debt/EBITDA for international retail investors stand Due to the success of the financial strategy pursued by the company in at 7.5x in 2023 YE, our current(1) Net Debt/E
Slide 20: Adjusted EPRA NAV and Adjusted GAV
Financials Adjusted EPRA NAV and Adjusted GAV Robust assets with steadily increasing value year over year Adjusted Gross Asset Value reached to TL 123 mia as of 31.12.2024 Adjusted Net Asset Value increased by 16% above inflation to TL through increased operational revenues. 103.7 billion thanks to
Slide 21: MaltepePark Residential Project
Strategy 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 proj
Slide 22: Plots of Land Suitable for Project Development
Strategy 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 project
Slide 23: Key Takeaways Investment Theme
Key Takeaways Investment Theme Solid Real Return Strong Position in Market Free Cash Flow Generation Opportunity Market leader in Low OCR ratio demonstrates Excess cash generation commercial real estate real growth potential above c. EUR 120m after (Shopping Center) capital expenditures and Turnover
Slide 24: Content
Content 1. RGY Overview 2. Operations 3. Financials & Strategy 4. Sustainability 5. Appendices
Slide 25: Sustainability Focus
Sustainability Sustainability Focus RGY, Türkiye’s Leading Green Real Estate Investor 15 2 BREEAM LEED ‘Outstanding’ ‘Platinum’ Principle of Sustainable Development Certificate(1) Certificate RGY adopts the principle of sustainable development from the beginning of the architectural design process t
Slide 26: Content
Content 1. RGY Overview 2. Operations 3. Financials & Strategy 4. Sustainability 5. Appendices
Slide 27: Overview of Real Estate Properties
Appendices Overview of Real Estate Properties Since 2021, the gross asset value of the company has increased from EUR 1.6 bn to approximately EUR 3.2 bn. GLA(1)/Land Area 31 December 2024 Value(2) # Asset Partner Location Opening Date Asset Type (k m2) (TL m) 1 Karşıyaka Hilltown - İzmir October 201
Slide 28: Türkiye's Largest Shopping Mall Investor
Appendices 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 2017 Par
Slide 29: Türkiye's Largest Shopping Mall Investor
Appendices 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 Apri
Slide 30: Türkiye's Largest Shopping Mall Investor
Appendices 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 Partne
Slide 31: Türkiye's Largest Shopping Mall Investor
Appendices 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 /Ankara Opening April 2011 Opening October 2004 Partner - Pa
Slide 32: Türkiye's Largest Shopping Mall Investor
Appendices 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 - Par
Slide 33: Türkiye's Largest Shopping Mall Investor
Appendices 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 - DS
Slide 34: Office Portfolio
Appendices 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 15k m2, the young and dynamic Maltepe t
Slide 35: Office Portfolio
Appendices 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. 11k m2, is lo
Slide 36: Contact: Investor Relations
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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