Tskb Gayrimenkul Yatirim Ortakligi Anonim Sirketi · BIST:TSGYO
Tskb Gayrimenkul Yatirim Ortakligi Anonim Sirketi — TSKB Real Estate Investment Trust — Investor Presentation (March 2024)
37 slides from Tskb Gayrimenkul Yatirim Ortakligi Anonim Sirketi's investor presentation, March 2024
Slide 1: March 2024
MARCH 2024 BKBEX GAYRIMENKUL YATIRIM ORTAKLIGI
Slide 2: Company Information
Company Information Company Name : TSKB REAL ESTATE INVESTMENT TRUST Date of Establishment : 03.02.2006 Share Capital : 650.000.000 TL Listing : Borsa Istanbul Ticker Symbol : TSGYO Address : Ömer Avni mah. Karun Çıkmazı sok. No:2 34427 Fındıklı İstanbul Web-site : www.tskbgyo.com.tr e-mail : gyo@ts
Slide 3: Contents
Contents Section I The Company Section II Real Estate Portfolio Section III Financial Data Section IV TSGYO Stock Performance Section V Appendix
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 TL 12 m (2006) to TL 3,4 bn (2023) ➢ Strong real estate portfolio with a commercial focus ena
Slide 5: Vision & Mission
Vision & Mission Vision Mission To be a “reliable business To establish and maintain a partner” with a “pioneering growing and sustainable role“ in its sector investment portfolio with high returns.
Slide 6: Shareholders Structure
Shareholders Structure Experienced main shareholder, Turkey’s oldest and largest investment and development bank TSKB, part of the Is Bank Group Other Shareholders & Free Float 11.26% Shareholders Ratio (%) TSKB 88.74 Other Shareholders & Free Float 11.26 Total 100 TSKB 88.74% * As of October 30,202
Slide 7: Organizational Chart
Organizational Chart Management Board General Manager Lawyer Deputy General Manager Real Estate Asset Management & Finance & Financial Affairs & Business Development Investor Relations • Real Estate Asset Management • Financial Reporting • Business Development • Investor Relations • Operation • Acco
Slide 8: History
History • TSKB REIT established in February(2006) • TSKB contributed the Tahir Han Building as capital in kind in March (2006) • Land for Pendorya Shopping Center (PSC) purchased in July (2007) • Land for Adana hotel project purchased in 50% partnership in November (2007) • Paid in capital upped fro
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: Real Estate Portfolio
Section I The Company Section II Real Estate Portfolio Section III Financial Data Section IV TSGYO Stock Performance Section V Appendix
Slide 11: Portfolio Breakdown
Portfolio Breakdown As of 30.09.2023 ( TL ) Breakdown of Real Estate Portfolio* Hotel 489.350.000 Divan Adana Hotel 489.350.000 2.061.000.000 OFFICE Office Buildings BULDİNGS Fındıklı Buildings 1.840.000.000 63% Tahir Han Building 221.000.000 Shopping Center 720.000.000 SHOPPING HOTEL CENTER Pendory
Slide 12: Real Estate Portfolio Summary
Real Estate Portfolio Summary Value (TL 000)* ◼ Pendorya Shopping Center 720.000 ◼ Fındıklı Office Buildings 1.840.000 ◼ Tahir Han Office Building 221.000 ◼ Divan Adana Hotel 489.350 Total* 3.270.350 • Valuations carried out by independent real estate appraisal companies. It is the value of the shar
Slide 13: Pendorya Shopping Center
Pendorya Shopping Center
Slide 14: Pendorya Shopping Center (contd.)
Pendorya Shopping Center (contd.) Location Pendik - İstanbul TSKB REIT Stake 100% Operational Date December 2009 Land Area (sqm) 23.183 Construction Area (sqm) 80.648 Leasable Area (sqm) 30.573 sqm Eskidji Bazaar (9.561 sqm) MediaMarkt (3.254 sqm) ➢ 100% of Pendorya is held by TSKB REIT. Cinemaximum
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
Slide 17: Fındıklı Office Buildings (contd.) - Building I
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 8 ➢ The building of some 7.102 sqm of covered space was purchased from TSKB in 2007. Tenant TS
Slide 18: Fındıklı Office Buildings (contd.) - Building II
Fındıklı Office Buildings (contd.) Fındıklı Building II Location Istanbul TSKB REIT Stake 100% Land Area (sqm) 2.430 Leasable Area (sqm) 10.724 Number of Floors 10 ➢ TSKB REIT is the 100% owner of the property. TSKB, TSKB ➢ The building has 10.724 sqm of enclosed area and was purchased Foundation, f
Slide 19: Tahir Han Office Building
Tahir Han Office Building Istanbul'Modern Art Museum 4
Slide 20: Tahir Han Office Building (contd.)
Tahir Han Office Building (contd.) Location Istanbul ➢ TSKB REIT owns 74% of the building. Tahir Han is a seven-storey building on 607 sqm plot and has a built up area of 3.198 sqm. TSKB REIT Stake 74% ➢ Building has full sea views from the third storey and up. Land Area (sqm) 607 ➢ Tahir Han is loc
Slide 21: Divan Adana Hotel
Divan Adana Hotel De mwas /
Slide 22: Divan Adana Hotel (contd.)
Divan Adana Hotel (contd.) Location Adana-City Center TSKB REIT Stake 50% Operational Date September 2015 Appraisal Value (TLm) 489,4* Rooms 180 ➢ TSKB REIT acquired a 50% share of hotel located in a central Ballroom 516 sqm / 450 people area of Adana. Bar 340 sqm / 120 people ➢ 5-star, 180 room Hot
Slide 23: Divan Adana Hotel (contd.)
Divan Adana Hotel (contd.) Divan Adana fills need for a comfortable city hotel... ➢ Adana is one of Turkey’s main industrial cities, with additional business growth potential due to investments in the energy and petrochemical sectors. ➢ The occupancy rate of the existing 5-star hotels has increased
Slide 24: Financial Data
Section I The Company Section II Real Estate Portfolio Section III Financial Data Section IV TSGYO Stock Performance Section V Appendix
Slide 25: Balance Sheet
Balance Sheet (TL 000) 2022 2023 Current Assets 51.770 81.757 Cash and Banks 44.165 66.789 Trade Receivables 2.230 2.528 Other Current Assets 5.375 12.441 Non-Current Assets 2.953.552 3.289.581 Investment Valued by Equity Method 18.109 16.377 Investment Property 2.932.810 3.270.350 Fixed Assets 1.65
Slide 26: Income Statement
Income Statement (TL 000) 2022 2023 Revenues 93.598 123.649 Operating Costs (-) (66.477) (84.163) Net Operating Profit 27.121 39.486 Income from Other Operations 961.193 339.110 Expenses from Other Operations (-) (585) (416) Operating Profit 987.730 378.180 Profit Share from Investment Valued by Equ
Slide 27: Key Parameters
Key Parameters 3,371 3,350 3,270 3,005 2,992 2,933 Assets Shareholder's Equity Real Estate Portfolio Assets 2022 2023
Slide 28: TSGYO Stock Performance
Section I The Company Section II Real Estate Portfolio Section III Financial Data Section IV TSGYO Stock Performance Section V Appendix
Slide 29: TSGYO Stock Performance
TSGYO Stock Performance Performance Performance 31.12.2022 - 31.12.2023- 31.12.2022 31.12.2023 05.03.2024 31.12.2023 05.03.2024 BIST 100 Index 5.509 7.470 8.861 36% 19% BIST REIT Index 2.099 2.449 3.123 17% 28% TSGYO 5.16 6.01 9.18 16% 53% TSGYO Market Cap (TL mn) 3.354 3.907 5.967 TSGYO Market Cap
Slide 30: TSGYO Stock Performance
TSGYO Stock Performance TSGYO, BIST GYO Index ve BIST 100 Index Performance
Slide 31: TSGYO Stock Performance
TSGYO Stock Performance TSGYO - Relative Performance to BIST REIT Index %20
Slide 32: Net Asset Value
Net Asset Value TSGYO Net Asset Value (NAV) ( TL ) Hotel 489.350.000 Divan Adana Hotel 489.350.000 Office Buildings 2.061.000.000 Fındıklı Buildings 1.840.000.000 Tahir Han Building 221.000.000 Shopping Center 720.000.000 Pendorya Shopping Center 720.000.000 Total Real Estate Value 3.270.350.000 Par
Slide 33: Appendix
Section I The Company Section II Real Estate Portfolio Section III Financial Data Section IV TSGYO Stock Performance Section V Appendix
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 ❑ Adra REIT ❑ Kızılbük REIT ❑ Torunlar REIT ❑ Akfen REIT ❑ Kiler REIT ❑ Trend REIT ❑ Akiş REIT ❑ Körfez REIT ❑ TSKB REIT ❑ Akmerkez REIT ❑ Kuzu REIT ❑ Vakıf REIT ❑ Alarko REIT ❑ Martı REIT ❑ Vera Konsept REIT ❑ ASCE REIT ❑ MHR REIT ❑ Yap Kredi Koray REIT ❑ Ata REIT ❑ Mistral REIT ❑ Yeni
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: BKBEO
BKBEO REAL ESTATE INVESTMENT TRUST
TSKB Real Estate Investment Trust — Investor Presentation (March 2024) on 6ix