Tskb Gayrimenkul Yatirim Ortakligi Anonim Sirketi · BIST:TSGYO
Tskb Gayrimenkul Yatirim Ortakligi Anonim Sirketi — TSKB Real Estate Investment Trust — Investor Presentation (January 2020)
37 slides from Tskb Gayrimenkul Yatirim Ortakligi Anonim Sirketi's investor presentation, January 2020
Slide 1: TSKB Real Estate Investment Trust
IBEX REAL ESTATE INVESTMENT TRUST REAL ESTATE INVESTMENT TRUST
Slide 2: Company Information
Company Name : TSKB REAL ESTATE INVESTMENT TRUST Date of Establishment : 03.02.2006 Share Capital : 300,000,000 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@tskb.com.tr Phone : +9
Slide 3: The Company, Real Estate Portfolio, Financial Data
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 TL12 m (2006) to TL 575 m (Year end) ➢ Strong real estate portfolio with a commercial focus e
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: Shareholders Structure
Shareholders Structure ✓ Experienced main shareholder, Turkey’s oldest and largest investment and development bank TSKB, part of the Is Bank Group. Shareholders Ratio (%) Free Float TSKB 60.33 %38,33 YF Securities 0.67 TSKB Employees Pension Fund 0.38 TSKB Real Estate Appraisal 0.15 TSKB Fund 0,13 F
Slide 7: Organizasyon Şeması
Organizasyon Şeması Management Board General Manager Lawyer Deputy General Manager Real Estate Asset Financial Reporting & Management & Business Accounting & Finance Investor Relations Development • Real Estate Asset Management • Financial Reporting • Accounting • Business Development • Investor Rel
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 ➢ Construction on the PSC in November. Adana hotel (Divan Han Building as capital in Adana) project. kind in March. ➢ Paid in capital
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: The Company, Real Estate Portfolio, Financial Data
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 As of 31.12.2019 ( TL ) Breakdown of Real Estate Portfolio* Hotel 81.402.500 Office 81.402.500 Buildings Divan Adana Hotel 58% Office Buildings 325.740.000 Fındıklı Buildings 288.780.000 Tahirhan Building 36.960.000 Shopping Center 155.555.000 Pendorya Shopping Center 155.555.000
Slide 12: Real Estate Portfolio Summary
Real Estate Portfolio Summary Value (TL 000)* ◼ Pendorya Shopping Center 155.555 ◼ Fındıklı Office Buildings 288.780 ◼ Tahir Han Office Building 36.960 ◼ Divan Adana Hotel 81.403 Total 562.698 * Valuations carried out by independent real estate appraisal companies. (as of Decemler 31, 2019) 12 12
Slide 13: Pendorya Shopping Center
Pendorya Shopping Center 13 13
Slide 14: Pendorya Shopping Center (contd.)
Pendorya Shopping Center (contd.) Location Pendik - Istanbul TSKB REIT Stake 100% Operational Date December 2009 Land Area (sqm) 23,183 Construction Area 80,648 (sqm) Leasable Area (sqm) 31.794 sqm Number of Stores 89 ➢ 100% of Pendorya is held by TSKB REIT. Eskidji Bazaar (8.255 sqm) ➢ The center f
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 purchased from TSKB in 2007. Tenant TS
Slide 18: Fındıklı Office Buildings (contd.)
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 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-storey building on 607 sqm plot and has a built up Appraisal Value (TLm) 36,9 area of 3
Slide 21: Divan Adana Hotel
Divan Adana Hotel th hone a eS Ve ijt’ Bee Tether" Sy 0 is SS a = ———— I 21 TI B REAL ESTATE INVESTMENT TRUST
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) 81,4 Rooms 180 ➢ TSKB REIT acquired a 50% share of hotel located in a Ballroom 516 sqm / 450 people central area of Adana. Bar 340 sqm / 120 people ➢ 5-star, 180 room Hotel
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: The Company, Real Estate Portfolio, 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) 2012 2013 2014 2015 2016 2017 2018 2019 Current Assets 26,502 32,914 11,709 8,458 13,419 16,966 20,382 10.537 Cash and Banks 22,073 28,794 7,601 4,365 8,973 12,188 14,616 5.876 Financial Investments 1,338 900 1,129 924 918 727 632 495 Other Current Assets 3,091 3,220 2,979 3,1
Slide 26: Income Statement
Income Statement (TL 000) 2012 2013 2014 2015 2016 2017 2018 2019 Revenues 17,794 17,476 16,634 16,590 17,631 19,588 24,667 25.482 Operating Costs (-) (8,447) (8,544) (9,274) (9,838) (10,268) (10,674) (13,297) (16.246) Net Operating Profit 9,347 8,932 7,360 6,752 7,363 8,914 11,370 9.238 Income from
Slide 27: Key Parameters
Key Parameters Total Assets Shareholders’ Equity 575 TL m TL m 310 509 466 258 422 438 376 367 221 218 235 209 211 220 337 341 364 193 298 164 170 Real Estate Portfolio Assets TL m 563 487 445 404 417 328 335 349 279 290 310 27 27
Slide 28: The Company, Real Estate Portfolio, Financial Data
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 31.12.2018 31.12.2019 29.01.2020 31.12.18-31.12.19 31.12.19-29.01.20 BIST 100 Index 91,270 114,425 119,689 25% 5% BIST REIT Index 28,491 40,481 45,345 42% 12% TSGYO 0.82 1.34 1.69 63% 26% Performance Performance 31.12.2018 31.12.2019 29.01.2020 31.12.1
Slide 30: TSGYO Stock Performance
TSGYO Stock Performance TSGYO, BIST REIT Index and BIST 100 Index Performance 1,90 1,80 1,70 1,60 1,50 1,40 1,30 1,20 1,10 1,00 0,90 0,80 0,70 0,60 0,50 TSKB REIT BIST REIT Index BIST 100 Index 30 30
Slide 31: TSGYO Stock Performance
TSGYO Stock Performance TSGYO - Relative Performance to BIST REIT Index 150 140 130 120 30.8% 110 100 90 80 TSKB REIT BIST REIT Index 31 31
Slide 32: Net Asset Value
Net Asset Value TSGYO Net Asset Value (NAV) ( TL ) Hotel 81,402,500 Divan Adana Hotel* 81,402,500 Office Buildings 325,740,000 Fındıklı Buildings* 288,780,000 Tahir Han Building* 36,960,000 Shopping Center 155,555,000 Pendorya Shopping Center* 155,555,000 Total Real Estate Value 562,697,500 Particip
Slide 33: The Company, Real Estate Portfolio, Financial Data
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 ❑ Mistral REIT ❑ Akiş REIT ❑ Nurol REIT ❑ Akmerkez REIT ❑ Özak REIT ❑ Alarko REIT ❑ Özderici REIT ❑ Ata REIT ❑ Peker REIT ❑ Atakule REIT ❑ Pera REIT ❑ Avrasya REIT ❑ Reysaş REIT ❑ Deniz REIT ❑ Servet REIT ❑ Doğuş REIT ❑ Sinpaş REIT ❑ Emlak Konut REIT ❑ Torunlar REIT ❑ Halk
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: Thank You
IBEX REAL ESTATE INVESTMENT TRUST Thank You.. CR EE EY g OCTOBER 2019 REAL ESTATE INVESTMENT TRUST
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