company name : tskb real estate investment trust · 9 9 investment strategy •tskb reit's...
TRANSCRIPT
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2
Company Name TSKB REAL ESTATE INVESTMENT TRUST
Date of Establishment 03022006
Share Capital 150000000 TL
Listing Borsa İstanbul
Ticker Symbol TSGYO
Address Meclisi Mebusan Cad Mollabayırı Sk No1
34427 Fındıklı İstanbul
Web-site wwwtskbgyocomtr
e-mail gyotskbcomtr
Phone +90 (212) 334 50 20
Fax +90 (212) 334 50 27
Disclaimer
This presentation must be read with the disclaimer in the Appendix
3
3
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
4
4
Highlights
Aims to achieve sustainable growth ndash leasable area up from 3k sqm to 50k sqm
Asset size grew from TL12m (2006) to TL 376m (1H15)
Strong real estate portfolio with a commercial focus enabling reliable revenues derived from rental income
Income-sharing and joint-venture projects under evaluation
Established in 2006 as a real estate investment and development company
Developer of new projects has demonstrated its ability to ensure profitable project development
TSKB REIT aims to be a leading player in the Turkish real estate sector
5
5
Vision amp Mission
VISION
To be a ldquoreliable business partnerrdquo with a ldquopioneering roleldquo in its sector
MISSION
To establish and maintain a growing and sustainable investment portfolio with high returns
6
6
Shareholder Structure
The Company is one of the subsidiaries established by TSKB in the real estate
market demonstrating the parent companyrsquos commitment to the sector
1 TSKB Real Estate Investment Company
2 TSKB Real Estate Appraisal
Shareholder Stake ()
TSKB 5900
YF Securities 133
TSKB Employees Pension Fund 104
TSKB Real Estate Appraisal 030
Free Float on ISE 3833
Total 10000
Experienced main shareholder Turkeyrsquos oldest and largest investment and
development bank TSKB part of the Is Bank Group
Free Float 38
Other 3
TSKB 59
As of June 30 2015 listed shares were held by TSKB thus the total share of TSKB was 6944 as of the date given
7
7
Management Board
General Manager
Investments Accounting and
Administrative Affairs
bull Accounting
bull Budgeting and Planning
bull Administrative Affairs
Legal Consultant
Tax Consultant
Property Appraiser
Organization
Finance and
Investor Relations
bull Project Development
bull Project Management
bull Asset Management
bull Investor Relations
bull Compliance
bull Finance
Lawyer
8
8
2006 2007 2008 2009 2010 2011-2015
TSKB REIT established in
February
TSKB contributed the Tahir
Han Building as capital in
kind in March
Land for Pendorya Shopping Center
(PSC) purchased in July
Land for Adana hotel project
purchased in 50 partnership in
November
Paid in capital upped from TL10m to
TL75m
Fındıklı Buildings added to the
Companyrsquos portfolio in December
TSKB acquired the construction
permit for PSC in July
TSKB REIT laid the foundation for
PSC in November
Paid in capital was increased to
TL100m
PSC completed and opened
to shoppers in December
TSKB REIT on the ISE in April
Paid in capital was increased to
TL150m
History
Construction on the Adana
hotel (Divan Hotel) project
9
9
Investment Strategy
bull TSKB REITs 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
bull Business and shopping centers tourism facilities logistic warehouses and industrial plants are typical
investment projects that the Company would like to add to its real estate portfolio
bull Residential investments can be another area of attraction as a part of a mixed use project or with respect to their
potential profitability in stand-alone cases
Industrial and Geographical Focus
The Goal of Growth by Project Development
bull TSKB REIT adheres to an investment strategy which seeks to take a project from its initial conception and to
develop it to organize all project-essential activities in the developmental process and to complete the project in
such a way as to ensure its viability
bull By holding onto the investments which are added to its property portfolio on a long-term basis the Companyrsquos
aim is not only to achieve sustainable growth but also to take advantage of the likely appreciation in the
propertiesrsquo value in the long run
Risk Calculation
bull TSKB REIT engages in a painstaking planning process in order to minimize risk factors as much as possible by
verifying a projectrsquos commercial viability before starting it making sure that the financial resources required by
the project will be available and ensuring that the project is in compliance with existing laws and regulations
10
10
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
11
11
Breakdown of Real Estate Portfolio
Breakdown of Total Portfolio
Proportion of Total Portfolio Value
Portfolio Breakdown
Marketable Securities
1
Real Estate 99
As of 30062015 ( TL )
Project 52961580
Adana Hotel Project 52961580
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahirhan Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361746936
Participations -
Marketable Securities 5020005
Total Portfolio Value 366766941
Office Buildings 39
Project 15
Pendorya Shopping Center
46
12
12
Value (TL 000)
Pendorya Shopping Center
Fındıklı Office Buildings
Tahir Han Office Building
Total
168400
124575
15460
348665
Valuations carried out by independent real estate appraisal companies (as of Decemler 31 2014)
Adana Hotel Project 40230
Real Estate Portfolio Summary
13
13
Pendorya Shopping Center
14
14
Location Pendik -
Istanbul
TSKB REIT Stake 100
Operational Date December 2009
Land Area (sqm) 23183
Construction Area (sqm) 80648
Leasable Area (sqm) 30504
Number of Stores 103
Anchor Tenants
Eskidji Bazaar
(8255 sqm)
MediaMarkt
(5500 sqm)
Cinemaximum
(2500 sqm)
Appraisal Value (TLm) 1684
100 of Pendorya is held by TSKB REIT
The center features a 1000-person capacity food court and 1000
vehicle parking lot Annual expected footfall is 6 million
Main Tenants
Pendorya Shopping Center (contd)
15
15
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 Istanbulrsquos main highways and is 8 km distant from
the Sabiha Gokcen (SG) International Airport
The Pendik area on the Asian side of Istanbul has a rapidly growing catchment population of
Grade B income consumers Ongoing boutique residential projects a marina and other nearby
tourism investments increase the attraction of Pendoryarsquos location
The construction of a 4000-person Garanti Bank Operations Center in the neighbouring plot is
ongoing Also located in the vicinity Turkeyrsquos largest state teaching and research hospital (540
beds) was opened at January 2011
Pendik State Teaching
and Research Hospital Turkeyrsquos 3rd-largest
marina
First international fair
facility on Asian side
Recent Developments in Pendik Region Pendik Development Pipeline
16
16
Fındıklı Buildings
Fındıklı Office Buildings
17
17
Location Istanbul
TSKB REIT Stake 100
Land Area (sqm) 1696
Leasable Area (sqm) 7102
Number of Floors 7
Tenant TSKB
Appraisal Value (TLm) 636
TSKB REIT is the 100 owner of the building
The building of some 7102 sqm of covered space was
purchased from TSKB in 2007
Currently it is rented by TSKB and serves as the headquarters
of the bank
The building was renovated in September 2007 and no major
maintenance outlays are expected in the near future
Close proximity to Bosphorus foreshore and mass transit
options also have positive effect on sitersquos exclusivity Galata
Port operations will likely increase the sitersquos future appraisal
value
Fındıklı Office Buildings (contd)
Fındıklı Building I
18
18
Location Istanbul
TSKB REIT Stake 100
Land Area (sqm) 2503
Leasable Area (sqm) 10542
Number of Floors 10
Tenants
TSKB TSKB
Foundation
TSKB RE
Appraisal
Appraisal Value (TLm) 61
TSKB REIT is the 100 owner of the property
The building has 10542 sqm of enclosed area and was
purchased from TSKB in 2007
Currently rented by TSKB and other TSKB Group companies
The building was renovated in September 2007 and no major
maintenance outlays are expected in the near future
Close proximity to Bosphorus foreshore and mass transit
options also have positive effect on sitersquos exclusivity Galata
Port operations will likely increase the sitersquos future appraisal
value
Fındıklı Building II
Fındıklı Office Buildings (contd)
19
19
Tahir Han Office Building
20
20
Location Istanbul
TSKB REIT Stake 74
Land Area (sqm) 607
Leasable Area (sqm) 3198
Number of Floors 8
Tenants Various
Appraisal Value (TLm) 155
TSKB REIT owns 74 of the building Tahir Han is a
seven-story building on 607 sqm plot and has a built up
area of 3198 sqm
Building has full sea views from the third story and up
Tahir Han is located on the border of a major
redevelopment project It is suitable for conversion to more
lucrative activities Galata Port operations will likely
increase the sitersquos future appraisal value
At present the offices are rented out to various companies
and individuals
Tahir Han Office Building (contd)
21
21
Adana Hotel Project (Divan Hotel)
22
22
Location Adana-City
Center
TSKB REIT Stake 50
Acquisition Date November
2007
Appraisal Value ndash Project_Land (TLm) 4023
Land Area (sqm) 3608
Project City Hotel
Construction Start Date 3Q2011
Estimated Operational Date 3Q2015
TSKB REIT acquired a 50 share of a 3608 sqm plot
located in a central area of Adana
Adana is one of Turkeyrsquos main industrial cities with
additional business growth potential due to investments in
the energy and petrochemical sectors
TSKB REIT has started the project in order to build a 5 star
business hotel with about 200 rooms on the plot The
building licence has been obtained and the construction
works has been started The hotel is to be operational in the
third quarter of 2015
For the hotel management an operating agreement has
been signed with Divan Group and the name of the hotel
has been decided as lsquordquoDivan Adanardquo
Adana Hotel Project (contd)
23
23
Divan Adana 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 also lacks alternative places for social activities such as
conferences wedding ceremonies social occasions and MICE
(Meetings Incentives Conferencing Exhibitions) tourism
The land for the city hotel was acquired in 2007 with the intent to
open a city hotel in accordance with local demand The land is
located in Seyhan a central district of Adana
The project is located some 25 km from the airport and 55 km
from the bus terminal
An architectural project was prepared for the site which is already
zoned
Operating Agreement (15-year maturity) was signed between
TSKB REIT and Divan Group
Hotel construction work is in progress
Adana Hotel Project (contd)
24
24
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
25
25
Balance Sheet
Current Assets 34083 7688 35242 20178 26502 32914 11709 9034
Cash and Banks 23845 3745 30218 15154 22073 28794 7601 5020
Financial Investments 489 841 1450 1888 1338 900 1129 1062
Other Current Assets 9749 3102 3573 3136 3091 3220 2979 2952
Non-Current Assets 152327 290663 301937 320386 337872 343275 355083 367328
Investment Property 75580 278976 290261 309835 328080 335460 348665 361747
Fixed Assets 76729 25 39 85 43 24 29 79
Other Non-Current Assets 18 11662 11637 10466 9749 7791 6389 5502
Total Assets 186410 298351 337179 340564 364374 376188 366792 376362
Short-term Liabilities 7113 20431 22977 11636 13096 17466 37351 40847
Bank Debts 2062 12163 20170 10734 11009 16195 35741 39864
Trade Payables 156 4397 988 573 733 716 990 493
Other 4895 3871 1819 329 1354 555 620 490
Long-term Liabilities 70510 113788 93268 110832 116134 149727 118929 137332
Bank Debts 70509 113700 93161 110685 115908 149406 118239 136062
Other 1 88 107 147 226 321 690 1270
Shareholdersrsquo Equity 108787 164133 220934 218096 235144 208995 210513 198182
Paid-in Capital 100000 100000 150000 150000 150000 150000 150000 150000
Share Premium - - 593 593 593 593 593 593
Reserves 43 153 153 153 153 153 153 153
Other Comprehensive
IncomeExpense not to be
Reclassified to Profit or Loss
- - - - - 18 (7) (7)
Retained Earnings 5681 8634 63980 70188 67350 84398 58231 59775
Net Income (Loss) 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Total Liabilities and
Shareholders Equity 186410 298351 337179 340564 364374 376188 366792 376362
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
26
26
Revenues 6048 4723 14381 14734 17794 17476 16634 8450
Operating Costs (-) (3149) (3343)
(1223
0) (8446) (8447) (8544) (9274) (5066)
Net Operating Profit 2899 1380 2151 6288 9347 8932 7360 3384
Income from Other
Operations 6253 52632 5444 15455 7933 469 447 415
Expenses from Other
Operations (-) (114) (41) (249) (70) (51) (5968) (540) (24)
Operating Profit 9038 53971 7346 21673 17229 3433 7267 3775
Financial Income 803 1676 5650 1639 4888 43 312 7
Financial Expenses (-) (6778) (301) (6787) (26150) (5069) (29643) (6036) (16113)
Profit Before Tax 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Tax - - - - - - - -
Net Income 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Income Statement
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
27
27
Total Assets
Key Parameters
Shareholdersrsquo Equity
Real Estate Portfolio Assets
2007 2008 2009 2010 2011 2012 2013 2014
122
186
298 337 341
364 376 367 TL m
2007 2008 2009 2010 2011 2012 2013 2014
81 109
164
221 218 235
209 211 TL m
2007 2008 2009 2010 2011 2012 2013 2014
115
152
279 290 310 328 335 349 TL m
28
28
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
29
29
TSGYO Stock Performance
Performance Performance
311214 300615 280715 311214-300615 300615-280715
BIST 100 Index 85721 82250 78024 -40 -51
BIST REIT Index 37396 39616 37101 59 -63
TSGYO 072 069 067 -42 -29
Performance Performance
311214 300615 280715 311214-300615 300615-280715
TSGYO Market Cap (TL mn) 108 104 101 -42 -29
TSGYO Market Cap (USD mn) 47 39 36 -173 -54
30
30
TSGYO Stock Performance
TSGYO BIST REIT Index and BIST 100 Index Performance
050
060
070
080
090
100
110
120
130
140
150
160
TSGYO BIST REIT Index BIST 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to BIST REIT Index
45
50
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO BIST REIT Index
-399
32
32
Net Asset Value
as of June 30 2015
as of July 28 2015
TSGYO Net Asset Value (NAV) ( TL )
Project 52995927
Adana Hotel Project 52995927
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahir Han Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361781283
Participations -
Marketable Securities 5020005
Total Portfolio Value 366801288
Cash and Banks -
Receivables 1061705
Other Assets 8533303
Payables 178179598
NAV 198216698
Market Cap 100500000
Discount to NAV 49
33
33
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
34
34
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
gt51 of the the portfolio to be invested in real estate
Not allowed to carry out construction
Properties to be valued by independent and CMB licensed appraisal companies
35
35
Public REITs
Akfen REIT
Akiş REIT
Akmerkez REIT
Alarko REIT
Ata REIT
Atakule REIT
Avrasya REIT
Deniz REIT
Doğuş REIT
EGS REIT
Emlak REIT
Halk REIT
İdealist REIT
İş REIT
Kiler REIT
Koumlrfez REIT
Martı REIT
Nurol REIT
Oumlzak REIT
Oumlzderici REIT
Pera REIT
Reysaş REIT
Saf REIT
Servet REIT
Sinpaş REIT
Torunlar REIT
TSKB REIT
Vakıf REIT
Yapı Kredi Koray REIT
Yeni Gimat REIT
Yeşil REIT
36
36
Disclaimer
This presentation does contain forward-looking statements that reflect the Company managementrsquos
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 affected by
a variety of variables and changes in underlying assumptions that could cause actual results to differ
materially
Neither TSKB REIT nor any of its directors managers or employees nor any other person shall have
any liability whatsoever for any loss arising from the use of this presentation
37
37
2
2
Company Name TSKB REAL ESTATE INVESTMENT TRUST
Date of Establishment 03022006
Share Capital 150000000 TL
Listing Borsa İstanbul
Ticker Symbol TSGYO
Address Meclisi Mebusan Cad Mollabayırı Sk No1
34427 Fındıklı İstanbul
Web-site wwwtskbgyocomtr
e-mail gyotskbcomtr
Phone +90 (212) 334 50 20
Fax +90 (212) 334 50 27
Disclaimer
This presentation must be read with the disclaimer in the Appendix
3
3
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
4
4
Highlights
Aims to achieve sustainable growth ndash leasable area up from 3k sqm to 50k sqm
Asset size grew from TL12m (2006) to TL 376m (1H15)
Strong real estate portfolio with a commercial focus enabling reliable revenues derived from rental income
Income-sharing and joint-venture projects under evaluation
Established in 2006 as a real estate investment and development company
Developer of new projects has demonstrated its ability to ensure profitable project development
TSKB REIT aims to be a leading player in the Turkish real estate sector
5
5
Vision amp Mission
VISION
To be a ldquoreliable business partnerrdquo with a ldquopioneering roleldquo in its sector
MISSION
To establish and maintain a growing and sustainable investment portfolio with high returns
6
6
Shareholder Structure
The Company is one of the subsidiaries established by TSKB in the real estate
market demonstrating the parent companyrsquos commitment to the sector
1 TSKB Real Estate Investment Company
2 TSKB Real Estate Appraisal
Shareholder Stake ()
TSKB 5900
YF Securities 133
TSKB Employees Pension Fund 104
TSKB Real Estate Appraisal 030
Free Float on ISE 3833
Total 10000
Experienced main shareholder Turkeyrsquos oldest and largest investment and
development bank TSKB part of the Is Bank Group
Free Float 38
Other 3
TSKB 59
As of June 30 2015 listed shares were held by TSKB thus the total share of TSKB was 6944 as of the date given
7
7
Management Board
General Manager
Investments Accounting and
Administrative Affairs
bull Accounting
bull Budgeting and Planning
bull Administrative Affairs
Legal Consultant
Tax Consultant
Property Appraiser
Organization
Finance and
Investor Relations
bull Project Development
bull Project Management
bull Asset Management
bull Investor Relations
bull Compliance
bull Finance
Lawyer
8
8
2006 2007 2008 2009 2010 2011-2015
TSKB REIT established in
February
TSKB contributed the Tahir
Han Building as capital in
kind in March
Land for Pendorya Shopping Center
(PSC) purchased in July
Land for Adana hotel project
purchased in 50 partnership in
November
Paid in capital upped from TL10m to
TL75m
Fındıklı Buildings added to the
Companyrsquos portfolio in December
TSKB acquired the construction
permit for PSC in July
TSKB REIT laid the foundation for
PSC in November
Paid in capital was increased to
TL100m
PSC completed and opened
to shoppers in December
TSKB REIT on the ISE in April
Paid in capital was increased to
TL150m
History
Construction on the Adana
hotel (Divan Hotel) project
9
9
Investment Strategy
bull TSKB REITs 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
bull Business and shopping centers tourism facilities logistic warehouses and industrial plants are typical
investment projects that the Company would like to add to its real estate portfolio
bull Residential investments can be another area of attraction as a part of a mixed use project or with respect to their
potential profitability in stand-alone cases
Industrial and Geographical Focus
The Goal of Growth by Project Development
bull TSKB REIT adheres to an investment strategy which seeks to take a project from its initial conception and to
develop it to organize all project-essential activities in the developmental process and to complete the project in
such a way as to ensure its viability
bull By holding onto the investments which are added to its property portfolio on a long-term basis the Companyrsquos
aim is not only to achieve sustainable growth but also to take advantage of the likely appreciation in the
propertiesrsquo value in the long run
Risk Calculation
bull TSKB REIT engages in a painstaking planning process in order to minimize risk factors as much as possible by
verifying a projectrsquos commercial viability before starting it making sure that the financial resources required by
the project will be available and ensuring that the project is in compliance with existing laws and regulations
10
10
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
11
11
Breakdown of Real Estate Portfolio
Breakdown of Total Portfolio
Proportion of Total Portfolio Value
Portfolio Breakdown
Marketable Securities
1
Real Estate 99
As of 30062015 ( TL )
Project 52961580
Adana Hotel Project 52961580
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahirhan Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361746936
Participations -
Marketable Securities 5020005
Total Portfolio Value 366766941
Office Buildings 39
Project 15
Pendorya Shopping Center
46
12
12
Value (TL 000)
Pendorya Shopping Center
Fındıklı Office Buildings
Tahir Han Office Building
Total
168400
124575
15460
348665
Valuations carried out by independent real estate appraisal companies (as of Decemler 31 2014)
Adana Hotel Project 40230
Real Estate Portfolio Summary
13
13
Pendorya Shopping Center
14
14
Location Pendik -
Istanbul
TSKB REIT Stake 100
Operational Date December 2009
Land Area (sqm) 23183
Construction Area (sqm) 80648
Leasable Area (sqm) 30504
Number of Stores 103
Anchor Tenants
Eskidji Bazaar
(8255 sqm)
MediaMarkt
(5500 sqm)
Cinemaximum
(2500 sqm)
Appraisal Value (TLm) 1684
100 of Pendorya is held by TSKB REIT
The center features a 1000-person capacity food court and 1000
vehicle parking lot Annual expected footfall is 6 million
Main Tenants
Pendorya Shopping Center (contd)
15
15
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 Istanbulrsquos main highways and is 8 km distant from
the Sabiha Gokcen (SG) International Airport
The Pendik area on the Asian side of Istanbul has a rapidly growing catchment population of
Grade B income consumers Ongoing boutique residential projects a marina and other nearby
tourism investments increase the attraction of Pendoryarsquos location
The construction of a 4000-person Garanti Bank Operations Center in the neighbouring plot is
ongoing Also located in the vicinity Turkeyrsquos largest state teaching and research hospital (540
beds) was opened at January 2011
Pendik State Teaching
and Research Hospital Turkeyrsquos 3rd-largest
marina
First international fair
facility on Asian side
Recent Developments in Pendik Region Pendik Development Pipeline
16
16
Fındıklı Buildings
Fındıklı Office Buildings
17
17
Location Istanbul
TSKB REIT Stake 100
Land Area (sqm) 1696
Leasable Area (sqm) 7102
Number of Floors 7
Tenant TSKB
Appraisal Value (TLm) 636
TSKB REIT is the 100 owner of the building
The building of some 7102 sqm of covered space was
purchased from TSKB in 2007
Currently it is rented by TSKB and serves as the headquarters
of the bank
The building was renovated in September 2007 and no major
maintenance outlays are expected in the near future
Close proximity to Bosphorus foreshore and mass transit
options also have positive effect on sitersquos exclusivity Galata
Port operations will likely increase the sitersquos future appraisal
value
Fındıklı Office Buildings (contd)
Fındıklı Building I
18
18
Location Istanbul
TSKB REIT Stake 100
Land Area (sqm) 2503
Leasable Area (sqm) 10542
Number of Floors 10
Tenants
TSKB TSKB
Foundation
TSKB RE
Appraisal
Appraisal Value (TLm) 61
TSKB REIT is the 100 owner of the property
The building has 10542 sqm of enclosed area and was
purchased from TSKB in 2007
Currently rented by TSKB and other TSKB Group companies
The building was renovated in September 2007 and no major
maintenance outlays are expected in the near future
Close proximity to Bosphorus foreshore and mass transit
options also have positive effect on sitersquos exclusivity Galata
Port operations will likely increase the sitersquos future appraisal
value
Fındıklı Building II
Fındıklı Office Buildings (contd)
19
19
Tahir Han Office Building
20
20
Location Istanbul
TSKB REIT Stake 74
Land Area (sqm) 607
Leasable Area (sqm) 3198
Number of Floors 8
Tenants Various
Appraisal Value (TLm) 155
TSKB REIT owns 74 of the building Tahir Han is a
seven-story building on 607 sqm plot and has a built up
area of 3198 sqm
Building has full sea views from the third story and up
Tahir Han is located on the border of a major
redevelopment project It is suitable for conversion to more
lucrative activities Galata Port operations will likely
increase the sitersquos future appraisal value
At present the offices are rented out to various companies
and individuals
Tahir Han Office Building (contd)
21
21
Adana Hotel Project (Divan Hotel)
22
22
Location Adana-City
Center
TSKB REIT Stake 50
Acquisition Date November
2007
Appraisal Value ndash Project_Land (TLm) 4023
Land Area (sqm) 3608
Project City Hotel
Construction Start Date 3Q2011
Estimated Operational Date 3Q2015
TSKB REIT acquired a 50 share of a 3608 sqm plot
located in a central area of Adana
Adana is one of Turkeyrsquos main industrial cities with
additional business growth potential due to investments in
the energy and petrochemical sectors
TSKB REIT has started the project in order to build a 5 star
business hotel with about 200 rooms on the plot The
building licence has been obtained and the construction
works has been started The hotel is to be operational in the
third quarter of 2015
For the hotel management an operating agreement has
been signed with Divan Group and the name of the hotel
has been decided as lsquordquoDivan Adanardquo
Adana Hotel Project (contd)
23
23
Divan Adana 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 also lacks alternative places for social activities such as
conferences wedding ceremonies social occasions and MICE
(Meetings Incentives Conferencing Exhibitions) tourism
The land for the city hotel was acquired in 2007 with the intent to
open a city hotel in accordance with local demand The land is
located in Seyhan a central district of Adana
The project is located some 25 km from the airport and 55 km
from the bus terminal
An architectural project was prepared for the site which is already
zoned
Operating Agreement (15-year maturity) was signed between
TSKB REIT and Divan Group
Hotel construction work is in progress
Adana Hotel Project (contd)
24
24
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
25
25
Balance Sheet
Current Assets 34083 7688 35242 20178 26502 32914 11709 9034
Cash and Banks 23845 3745 30218 15154 22073 28794 7601 5020
Financial Investments 489 841 1450 1888 1338 900 1129 1062
Other Current Assets 9749 3102 3573 3136 3091 3220 2979 2952
Non-Current Assets 152327 290663 301937 320386 337872 343275 355083 367328
Investment Property 75580 278976 290261 309835 328080 335460 348665 361747
Fixed Assets 76729 25 39 85 43 24 29 79
Other Non-Current Assets 18 11662 11637 10466 9749 7791 6389 5502
Total Assets 186410 298351 337179 340564 364374 376188 366792 376362
Short-term Liabilities 7113 20431 22977 11636 13096 17466 37351 40847
Bank Debts 2062 12163 20170 10734 11009 16195 35741 39864
Trade Payables 156 4397 988 573 733 716 990 493
Other 4895 3871 1819 329 1354 555 620 490
Long-term Liabilities 70510 113788 93268 110832 116134 149727 118929 137332
Bank Debts 70509 113700 93161 110685 115908 149406 118239 136062
Other 1 88 107 147 226 321 690 1270
Shareholdersrsquo Equity 108787 164133 220934 218096 235144 208995 210513 198182
Paid-in Capital 100000 100000 150000 150000 150000 150000 150000 150000
Share Premium - - 593 593 593 593 593 593
Reserves 43 153 153 153 153 153 153 153
Other Comprehensive
IncomeExpense not to be
Reclassified to Profit or Loss
- - - - - 18 (7) (7)
Retained Earnings 5681 8634 63980 70188 67350 84398 58231 59775
Net Income (Loss) 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Total Liabilities and
Shareholders Equity 186410 298351 337179 340564 364374 376188 366792 376362
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
26
26
Revenues 6048 4723 14381 14734 17794 17476 16634 8450
Operating Costs (-) (3149) (3343)
(1223
0) (8446) (8447) (8544) (9274) (5066)
Net Operating Profit 2899 1380 2151 6288 9347 8932 7360 3384
Income from Other
Operations 6253 52632 5444 15455 7933 469 447 415
Expenses from Other
Operations (-) (114) (41) (249) (70) (51) (5968) (540) (24)
Operating Profit 9038 53971 7346 21673 17229 3433 7267 3775
Financial Income 803 1676 5650 1639 4888 43 312 7
Financial Expenses (-) (6778) (301) (6787) (26150) (5069) (29643) (6036) (16113)
Profit Before Tax 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Tax - - - - - - - -
Net Income 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Income Statement
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
27
27
Total Assets
Key Parameters
Shareholdersrsquo Equity
Real Estate Portfolio Assets
2007 2008 2009 2010 2011 2012 2013 2014
122
186
298 337 341
364 376 367 TL m
2007 2008 2009 2010 2011 2012 2013 2014
81 109
164
221 218 235
209 211 TL m
2007 2008 2009 2010 2011 2012 2013 2014
115
152
279 290 310 328 335 349 TL m
28
28
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
29
29
TSGYO Stock Performance
Performance Performance
311214 300615 280715 311214-300615 300615-280715
BIST 100 Index 85721 82250 78024 -40 -51
BIST REIT Index 37396 39616 37101 59 -63
TSGYO 072 069 067 -42 -29
Performance Performance
311214 300615 280715 311214-300615 300615-280715
TSGYO Market Cap (TL mn) 108 104 101 -42 -29
TSGYO Market Cap (USD mn) 47 39 36 -173 -54
30
30
TSGYO Stock Performance
TSGYO BIST REIT Index and BIST 100 Index Performance
050
060
070
080
090
100
110
120
130
140
150
160
TSGYO BIST REIT Index BIST 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to BIST REIT Index
45
50
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO BIST REIT Index
-399
32
32
Net Asset Value
as of June 30 2015
as of July 28 2015
TSGYO Net Asset Value (NAV) ( TL )
Project 52995927
Adana Hotel Project 52995927
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahir Han Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361781283
Participations -
Marketable Securities 5020005
Total Portfolio Value 366801288
Cash and Banks -
Receivables 1061705
Other Assets 8533303
Payables 178179598
NAV 198216698
Market Cap 100500000
Discount to NAV 49
33
33
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
34
34
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
gt51 of the the portfolio to be invested in real estate
Not allowed to carry out construction
Properties to be valued by independent and CMB licensed appraisal companies
35
35
Public REITs
Akfen REIT
Akiş REIT
Akmerkez REIT
Alarko REIT
Ata REIT
Atakule REIT
Avrasya REIT
Deniz REIT
Doğuş REIT
EGS REIT
Emlak REIT
Halk REIT
İdealist REIT
İş REIT
Kiler REIT
Koumlrfez REIT
Martı REIT
Nurol REIT
Oumlzak REIT
Oumlzderici REIT
Pera REIT
Reysaş REIT
Saf REIT
Servet REIT
Sinpaş REIT
Torunlar REIT
TSKB REIT
Vakıf REIT
Yapı Kredi Koray REIT
Yeni Gimat REIT
Yeşil REIT
36
36
Disclaimer
This presentation does contain forward-looking statements that reflect the Company managementrsquos
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 affected by
a variety of variables and changes in underlying assumptions that could cause actual results to differ
materially
Neither TSKB REIT nor any of its directors managers or employees nor any other person shall have
any liability whatsoever for any loss arising from the use of this presentation
37
37
3
3
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
4
4
Highlights
Aims to achieve sustainable growth ndash leasable area up from 3k sqm to 50k sqm
Asset size grew from TL12m (2006) to TL 376m (1H15)
Strong real estate portfolio with a commercial focus enabling reliable revenues derived from rental income
Income-sharing and joint-venture projects under evaluation
Established in 2006 as a real estate investment and development company
Developer of new projects has demonstrated its ability to ensure profitable project development
TSKB REIT aims to be a leading player in the Turkish real estate sector
5
5
Vision amp Mission
VISION
To be a ldquoreliable business partnerrdquo with a ldquopioneering roleldquo in its sector
MISSION
To establish and maintain a growing and sustainable investment portfolio with high returns
6
6
Shareholder Structure
The Company is one of the subsidiaries established by TSKB in the real estate
market demonstrating the parent companyrsquos commitment to the sector
1 TSKB Real Estate Investment Company
2 TSKB Real Estate Appraisal
Shareholder Stake ()
TSKB 5900
YF Securities 133
TSKB Employees Pension Fund 104
TSKB Real Estate Appraisal 030
Free Float on ISE 3833
Total 10000
Experienced main shareholder Turkeyrsquos oldest and largest investment and
development bank TSKB part of the Is Bank Group
Free Float 38
Other 3
TSKB 59
As of June 30 2015 listed shares were held by TSKB thus the total share of TSKB was 6944 as of the date given
7
7
Management Board
General Manager
Investments Accounting and
Administrative Affairs
bull Accounting
bull Budgeting and Planning
bull Administrative Affairs
Legal Consultant
Tax Consultant
Property Appraiser
Organization
Finance and
Investor Relations
bull Project Development
bull Project Management
bull Asset Management
bull Investor Relations
bull Compliance
bull Finance
Lawyer
8
8
2006 2007 2008 2009 2010 2011-2015
TSKB REIT established in
February
TSKB contributed the Tahir
Han Building as capital in
kind in March
Land for Pendorya Shopping Center
(PSC) purchased in July
Land for Adana hotel project
purchased in 50 partnership in
November
Paid in capital upped from TL10m to
TL75m
Fındıklı Buildings added to the
Companyrsquos portfolio in December
TSKB acquired the construction
permit for PSC in July
TSKB REIT laid the foundation for
PSC in November
Paid in capital was increased to
TL100m
PSC completed and opened
to shoppers in December
TSKB REIT on the ISE in April
Paid in capital was increased to
TL150m
History
Construction on the Adana
hotel (Divan Hotel) project
9
9
Investment Strategy
bull TSKB REITs 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
bull Business and shopping centers tourism facilities logistic warehouses and industrial plants are typical
investment projects that the Company would like to add to its real estate portfolio
bull Residential investments can be another area of attraction as a part of a mixed use project or with respect to their
potential profitability in stand-alone cases
Industrial and Geographical Focus
The Goal of Growth by Project Development
bull TSKB REIT adheres to an investment strategy which seeks to take a project from its initial conception and to
develop it to organize all project-essential activities in the developmental process and to complete the project in
such a way as to ensure its viability
bull By holding onto the investments which are added to its property portfolio on a long-term basis the Companyrsquos
aim is not only to achieve sustainable growth but also to take advantage of the likely appreciation in the
propertiesrsquo value in the long run
Risk Calculation
bull TSKB REIT engages in a painstaking planning process in order to minimize risk factors as much as possible by
verifying a projectrsquos commercial viability before starting it making sure that the financial resources required by
the project will be available and ensuring that the project is in compliance with existing laws and regulations
10
10
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
11
11
Breakdown of Real Estate Portfolio
Breakdown of Total Portfolio
Proportion of Total Portfolio Value
Portfolio Breakdown
Marketable Securities
1
Real Estate 99
As of 30062015 ( TL )
Project 52961580
Adana Hotel Project 52961580
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahirhan Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361746936
Participations -
Marketable Securities 5020005
Total Portfolio Value 366766941
Office Buildings 39
Project 15
Pendorya Shopping Center
46
12
12
Value (TL 000)
Pendorya Shopping Center
Fındıklı Office Buildings
Tahir Han Office Building
Total
168400
124575
15460
348665
Valuations carried out by independent real estate appraisal companies (as of Decemler 31 2014)
Adana Hotel Project 40230
Real Estate Portfolio Summary
13
13
Pendorya Shopping Center
14
14
Location Pendik -
Istanbul
TSKB REIT Stake 100
Operational Date December 2009
Land Area (sqm) 23183
Construction Area (sqm) 80648
Leasable Area (sqm) 30504
Number of Stores 103
Anchor Tenants
Eskidji Bazaar
(8255 sqm)
MediaMarkt
(5500 sqm)
Cinemaximum
(2500 sqm)
Appraisal Value (TLm) 1684
100 of Pendorya is held by TSKB REIT
The center features a 1000-person capacity food court and 1000
vehicle parking lot Annual expected footfall is 6 million
Main Tenants
Pendorya Shopping Center (contd)
15
15
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 Istanbulrsquos main highways and is 8 km distant from
the Sabiha Gokcen (SG) International Airport
The Pendik area on the Asian side of Istanbul has a rapidly growing catchment population of
Grade B income consumers Ongoing boutique residential projects a marina and other nearby
tourism investments increase the attraction of Pendoryarsquos location
The construction of a 4000-person Garanti Bank Operations Center in the neighbouring plot is
ongoing Also located in the vicinity Turkeyrsquos largest state teaching and research hospital (540
beds) was opened at January 2011
Pendik State Teaching
and Research Hospital Turkeyrsquos 3rd-largest
marina
First international fair
facility on Asian side
Recent Developments in Pendik Region Pendik Development Pipeline
16
16
Fındıklı Buildings
Fındıklı Office Buildings
17
17
Location Istanbul
TSKB REIT Stake 100
Land Area (sqm) 1696
Leasable Area (sqm) 7102
Number of Floors 7
Tenant TSKB
Appraisal Value (TLm) 636
TSKB REIT is the 100 owner of the building
The building of some 7102 sqm of covered space was
purchased from TSKB in 2007
Currently it is rented by TSKB and serves as the headquarters
of the bank
The building was renovated in September 2007 and no major
maintenance outlays are expected in the near future
Close proximity to Bosphorus foreshore and mass transit
options also have positive effect on sitersquos exclusivity Galata
Port operations will likely increase the sitersquos future appraisal
value
Fındıklı Office Buildings (contd)
Fındıklı Building I
18
18
Location Istanbul
TSKB REIT Stake 100
Land Area (sqm) 2503
Leasable Area (sqm) 10542
Number of Floors 10
Tenants
TSKB TSKB
Foundation
TSKB RE
Appraisal
Appraisal Value (TLm) 61
TSKB REIT is the 100 owner of the property
The building has 10542 sqm of enclosed area and was
purchased from TSKB in 2007
Currently rented by TSKB and other TSKB Group companies
The building was renovated in September 2007 and no major
maintenance outlays are expected in the near future
Close proximity to Bosphorus foreshore and mass transit
options also have positive effect on sitersquos exclusivity Galata
Port operations will likely increase the sitersquos future appraisal
value
Fındıklı Building II
Fındıklı Office Buildings (contd)
19
19
Tahir Han Office Building
20
20
Location Istanbul
TSKB REIT Stake 74
Land Area (sqm) 607
Leasable Area (sqm) 3198
Number of Floors 8
Tenants Various
Appraisal Value (TLm) 155
TSKB REIT owns 74 of the building Tahir Han is a
seven-story building on 607 sqm plot and has a built up
area of 3198 sqm
Building has full sea views from the third story and up
Tahir Han is located on the border of a major
redevelopment project It is suitable for conversion to more
lucrative activities Galata Port operations will likely
increase the sitersquos future appraisal value
At present the offices are rented out to various companies
and individuals
Tahir Han Office Building (contd)
21
21
Adana Hotel Project (Divan Hotel)
22
22
Location Adana-City
Center
TSKB REIT Stake 50
Acquisition Date November
2007
Appraisal Value ndash Project_Land (TLm) 4023
Land Area (sqm) 3608
Project City Hotel
Construction Start Date 3Q2011
Estimated Operational Date 3Q2015
TSKB REIT acquired a 50 share of a 3608 sqm plot
located in a central area of Adana
Adana is one of Turkeyrsquos main industrial cities with
additional business growth potential due to investments in
the energy and petrochemical sectors
TSKB REIT has started the project in order to build a 5 star
business hotel with about 200 rooms on the plot The
building licence has been obtained and the construction
works has been started The hotel is to be operational in the
third quarter of 2015
For the hotel management an operating agreement has
been signed with Divan Group and the name of the hotel
has been decided as lsquordquoDivan Adanardquo
Adana Hotel Project (contd)
23
23
Divan Adana 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 also lacks alternative places for social activities such as
conferences wedding ceremonies social occasions and MICE
(Meetings Incentives Conferencing Exhibitions) tourism
The land for the city hotel was acquired in 2007 with the intent to
open a city hotel in accordance with local demand The land is
located in Seyhan a central district of Adana
The project is located some 25 km from the airport and 55 km
from the bus terminal
An architectural project was prepared for the site which is already
zoned
Operating Agreement (15-year maturity) was signed between
TSKB REIT and Divan Group
Hotel construction work is in progress
Adana Hotel Project (contd)
24
24
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
25
25
Balance Sheet
Current Assets 34083 7688 35242 20178 26502 32914 11709 9034
Cash and Banks 23845 3745 30218 15154 22073 28794 7601 5020
Financial Investments 489 841 1450 1888 1338 900 1129 1062
Other Current Assets 9749 3102 3573 3136 3091 3220 2979 2952
Non-Current Assets 152327 290663 301937 320386 337872 343275 355083 367328
Investment Property 75580 278976 290261 309835 328080 335460 348665 361747
Fixed Assets 76729 25 39 85 43 24 29 79
Other Non-Current Assets 18 11662 11637 10466 9749 7791 6389 5502
Total Assets 186410 298351 337179 340564 364374 376188 366792 376362
Short-term Liabilities 7113 20431 22977 11636 13096 17466 37351 40847
Bank Debts 2062 12163 20170 10734 11009 16195 35741 39864
Trade Payables 156 4397 988 573 733 716 990 493
Other 4895 3871 1819 329 1354 555 620 490
Long-term Liabilities 70510 113788 93268 110832 116134 149727 118929 137332
Bank Debts 70509 113700 93161 110685 115908 149406 118239 136062
Other 1 88 107 147 226 321 690 1270
Shareholdersrsquo Equity 108787 164133 220934 218096 235144 208995 210513 198182
Paid-in Capital 100000 100000 150000 150000 150000 150000 150000 150000
Share Premium - - 593 593 593 593 593 593
Reserves 43 153 153 153 153 153 153 153
Other Comprehensive
IncomeExpense not to be
Reclassified to Profit or Loss
- - - - - 18 (7) (7)
Retained Earnings 5681 8634 63980 70188 67350 84398 58231 59775
Net Income (Loss) 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Total Liabilities and
Shareholders Equity 186410 298351 337179 340564 364374 376188 366792 376362
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
26
26
Revenues 6048 4723 14381 14734 17794 17476 16634 8450
Operating Costs (-) (3149) (3343)
(1223
0) (8446) (8447) (8544) (9274) (5066)
Net Operating Profit 2899 1380 2151 6288 9347 8932 7360 3384
Income from Other
Operations 6253 52632 5444 15455 7933 469 447 415
Expenses from Other
Operations (-) (114) (41) (249) (70) (51) (5968) (540) (24)
Operating Profit 9038 53971 7346 21673 17229 3433 7267 3775
Financial Income 803 1676 5650 1639 4888 43 312 7
Financial Expenses (-) (6778) (301) (6787) (26150) (5069) (29643) (6036) (16113)
Profit Before Tax 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Tax - - - - - - - -
Net Income 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Income Statement
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
27
27
Total Assets
Key Parameters
Shareholdersrsquo Equity
Real Estate Portfolio Assets
2007 2008 2009 2010 2011 2012 2013 2014
122
186
298 337 341
364 376 367 TL m
2007 2008 2009 2010 2011 2012 2013 2014
81 109
164
221 218 235
209 211 TL m
2007 2008 2009 2010 2011 2012 2013 2014
115
152
279 290 310 328 335 349 TL m
28
28
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
29
29
TSGYO Stock Performance
Performance Performance
311214 300615 280715 311214-300615 300615-280715
BIST 100 Index 85721 82250 78024 -40 -51
BIST REIT Index 37396 39616 37101 59 -63
TSGYO 072 069 067 -42 -29
Performance Performance
311214 300615 280715 311214-300615 300615-280715
TSGYO Market Cap (TL mn) 108 104 101 -42 -29
TSGYO Market Cap (USD mn) 47 39 36 -173 -54
30
30
TSGYO Stock Performance
TSGYO BIST REIT Index and BIST 100 Index Performance
050
060
070
080
090
100
110
120
130
140
150
160
TSGYO BIST REIT Index BIST 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to BIST REIT Index
45
50
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO BIST REIT Index
-399
32
32
Net Asset Value
as of June 30 2015
as of July 28 2015
TSGYO Net Asset Value (NAV) ( TL )
Project 52995927
Adana Hotel Project 52995927
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahir Han Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361781283
Participations -
Marketable Securities 5020005
Total Portfolio Value 366801288
Cash and Banks -
Receivables 1061705
Other Assets 8533303
Payables 178179598
NAV 198216698
Market Cap 100500000
Discount to NAV 49
33
33
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
34
34
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
gt51 of the the portfolio to be invested in real estate
Not allowed to carry out construction
Properties to be valued by independent and CMB licensed appraisal companies
35
35
Public REITs
Akfen REIT
Akiş REIT
Akmerkez REIT
Alarko REIT
Ata REIT
Atakule REIT
Avrasya REIT
Deniz REIT
Doğuş REIT
EGS REIT
Emlak REIT
Halk REIT
İdealist REIT
İş REIT
Kiler REIT
Koumlrfez REIT
Martı REIT
Nurol REIT
Oumlzak REIT
Oumlzderici REIT
Pera REIT
Reysaş REIT
Saf REIT
Servet REIT
Sinpaş REIT
Torunlar REIT
TSKB REIT
Vakıf REIT
Yapı Kredi Koray REIT
Yeni Gimat REIT
Yeşil REIT
36
36
Disclaimer
This presentation does contain forward-looking statements that reflect the Company managementrsquos
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 affected by
a variety of variables and changes in underlying assumptions that could cause actual results to differ
materially
Neither TSKB REIT nor any of its directors managers or employees nor any other person shall have
any liability whatsoever for any loss arising from the use of this presentation
37
37
4
4
Highlights
Aims to achieve sustainable growth ndash leasable area up from 3k sqm to 50k sqm
Asset size grew from TL12m (2006) to TL 376m (1H15)
Strong real estate portfolio with a commercial focus enabling reliable revenues derived from rental income
Income-sharing and joint-venture projects under evaluation
Established in 2006 as a real estate investment and development company
Developer of new projects has demonstrated its ability to ensure profitable project development
TSKB REIT aims to be a leading player in the Turkish real estate sector
5
5
Vision amp Mission
VISION
To be a ldquoreliable business partnerrdquo with a ldquopioneering roleldquo in its sector
MISSION
To establish and maintain a growing and sustainable investment portfolio with high returns
6
6
Shareholder Structure
The Company is one of the subsidiaries established by TSKB in the real estate
market demonstrating the parent companyrsquos commitment to the sector
1 TSKB Real Estate Investment Company
2 TSKB Real Estate Appraisal
Shareholder Stake ()
TSKB 5900
YF Securities 133
TSKB Employees Pension Fund 104
TSKB Real Estate Appraisal 030
Free Float on ISE 3833
Total 10000
Experienced main shareholder Turkeyrsquos oldest and largest investment and
development bank TSKB part of the Is Bank Group
Free Float 38
Other 3
TSKB 59
As of June 30 2015 listed shares were held by TSKB thus the total share of TSKB was 6944 as of the date given
7
7
Management Board
General Manager
Investments Accounting and
Administrative Affairs
bull Accounting
bull Budgeting and Planning
bull Administrative Affairs
Legal Consultant
Tax Consultant
Property Appraiser
Organization
Finance and
Investor Relations
bull Project Development
bull Project Management
bull Asset Management
bull Investor Relations
bull Compliance
bull Finance
Lawyer
8
8
2006 2007 2008 2009 2010 2011-2015
TSKB REIT established in
February
TSKB contributed the Tahir
Han Building as capital in
kind in March
Land for Pendorya Shopping Center
(PSC) purchased in July
Land for Adana hotel project
purchased in 50 partnership in
November
Paid in capital upped from TL10m to
TL75m
Fındıklı Buildings added to the
Companyrsquos portfolio in December
TSKB acquired the construction
permit for PSC in July
TSKB REIT laid the foundation for
PSC in November
Paid in capital was increased to
TL100m
PSC completed and opened
to shoppers in December
TSKB REIT on the ISE in April
Paid in capital was increased to
TL150m
History
Construction on the Adana
hotel (Divan Hotel) project
9
9
Investment Strategy
bull TSKB REITs 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
bull Business and shopping centers tourism facilities logistic warehouses and industrial plants are typical
investment projects that the Company would like to add to its real estate portfolio
bull Residential investments can be another area of attraction as a part of a mixed use project or with respect to their
potential profitability in stand-alone cases
Industrial and Geographical Focus
The Goal of Growth by Project Development
bull TSKB REIT adheres to an investment strategy which seeks to take a project from its initial conception and to
develop it to organize all project-essential activities in the developmental process and to complete the project in
such a way as to ensure its viability
bull By holding onto the investments which are added to its property portfolio on a long-term basis the Companyrsquos
aim is not only to achieve sustainable growth but also to take advantage of the likely appreciation in the
propertiesrsquo value in the long run
Risk Calculation
bull TSKB REIT engages in a painstaking planning process in order to minimize risk factors as much as possible by
verifying a projectrsquos commercial viability before starting it making sure that the financial resources required by
the project will be available and ensuring that the project is in compliance with existing laws and regulations
10
10
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
11
11
Breakdown of Real Estate Portfolio
Breakdown of Total Portfolio
Proportion of Total Portfolio Value
Portfolio Breakdown
Marketable Securities
1
Real Estate 99
As of 30062015 ( TL )
Project 52961580
Adana Hotel Project 52961580
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahirhan Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361746936
Participations -
Marketable Securities 5020005
Total Portfolio Value 366766941
Office Buildings 39
Project 15
Pendorya Shopping Center
46
12
12
Value (TL 000)
Pendorya Shopping Center
Fındıklı Office Buildings
Tahir Han Office Building
Total
168400
124575
15460
348665
Valuations carried out by independent real estate appraisal companies (as of Decemler 31 2014)
Adana Hotel Project 40230
Real Estate Portfolio Summary
13
13
Pendorya Shopping Center
14
14
Location Pendik -
Istanbul
TSKB REIT Stake 100
Operational Date December 2009
Land Area (sqm) 23183
Construction Area (sqm) 80648
Leasable Area (sqm) 30504
Number of Stores 103
Anchor Tenants
Eskidji Bazaar
(8255 sqm)
MediaMarkt
(5500 sqm)
Cinemaximum
(2500 sqm)
Appraisal Value (TLm) 1684
100 of Pendorya is held by TSKB REIT
The center features a 1000-person capacity food court and 1000
vehicle parking lot Annual expected footfall is 6 million
Main Tenants
Pendorya Shopping Center (contd)
15
15
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 Istanbulrsquos main highways and is 8 km distant from
the Sabiha Gokcen (SG) International Airport
The Pendik area on the Asian side of Istanbul has a rapidly growing catchment population of
Grade B income consumers Ongoing boutique residential projects a marina and other nearby
tourism investments increase the attraction of Pendoryarsquos location
The construction of a 4000-person Garanti Bank Operations Center in the neighbouring plot is
ongoing Also located in the vicinity Turkeyrsquos largest state teaching and research hospital (540
beds) was opened at January 2011
Pendik State Teaching
and Research Hospital Turkeyrsquos 3rd-largest
marina
First international fair
facility on Asian side
Recent Developments in Pendik Region Pendik Development Pipeline
16
16
Fındıklı Buildings
Fındıklı Office Buildings
17
17
Location Istanbul
TSKB REIT Stake 100
Land Area (sqm) 1696
Leasable Area (sqm) 7102
Number of Floors 7
Tenant TSKB
Appraisal Value (TLm) 636
TSKB REIT is the 100 owner of the building
The building of some 7102 sqm of covered space was
purchased from TSKB in 2007
Currently it is rented by TSKB and serves as the headquarters
of the bank
The building was renovated in September 2007 and no major
maintenance outlays are expected in the near future
Close proximity to Bosphorus foreshore and mass transit
options also have positive effect on sitersquos exclusivity Galata
Port operations will likely increase the sitersquos future appraisal
value
Fındıklı Office Buildings (contd)
Fındıklı Building I
18
18
Location Istanbul
TSKB REIT Stake 100
Land Area (sqm) 2503
Leasable Area (sqm) 10542
Number of Floors 10
Tenants
TSKB TSKB
Foundation
TSKB RE
Appraisal
Appraisal Value (TLm) 61
TSKB REIT is the 100 owner of the property
The building has 10542 sqm of enclosed area and was
purchased from TSKB in 2007
Currently rented by TSKB and other TSKB Group companies
The building was renovated in September 2007 and no major
maintenance outlays are expected in the near future
Close proximity to Bosphorus foreshore and mass transit
options also have positive effect on sitersquos exclusivity Galata
Port operations will likely increase the sitersquos future appraisal
value
Fındıklı Building II
Fındıklı Office Buildings (contd)
19
19
Tahir Han Office Building
20
20
Location Istanbul
TSKB REIT Stake 74
Land Area (sqm) 607
Leasable Area (sqm) 3198
Number of Floors 8
Tenants Various
Appraisal Value (TLm) 155
TSKB REIT owns 74 of the building Tahir Han is a
seven-story building on 607 sqm plot and has a built up
area of 3198 sqm
Building has full sea views from the third story and up
Tahir Han is located on the border of a major
redevelopment project It is suitable for conversion to more
lucrative activities Galata Port operations will likely
increase the sitersquos future appraisal value
At present the offices are rented out to various companies
and individuals
Tahir Han Office Building (contd)
21
21
Adana Hotel Project (Divan Hotel)
22
22
Location Adana-City
Center
TSKB REIT Stake 50
Acquisition Date November
2007
Appraisal Value ndash Project_Land (TLm) 4023
Land Area (sqm) 3608
Project City Hotel
Construction Start Date 3Q2011
Estimated Operational Date 3Q2015
TSKB REIT acquired a 50 share of a 3608 sqm plot
located in a central area of Adana
Adana is one of Turkeyrsquos main industrial cities with
additional business growth potential due to investments in
the energy and petrochemical sectors
TSKB REIT has started the project in order to build a 5 star
business hotel with about 200 rooms on the plot The
building licence has been obtained and the construction
works has been started The hotel is to be operational in the
third quarter of 2015
For the hotel management an operating agreement has
been signed with Divan Group and the name of the hotel
has been decided as lsquordquoDivan Adanardquo
Adana Hotel Project (contd)
23
23
Divan Adana 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 also lacks alternative places for social activities such as
conferences wedding ceremonies social occasions and MICE
(Meetings Incentives Conferencing Exhibitions) tourism
The land for the city hotel was acquired in 2007 with the intent to
open a city hotel in accordance with local demand The land is
located in Seyhan a central district of Adana
The project is located some 25 km from the airport and 55 km
from the bus terminal
An architectural project was prepared for the site which is already
zoned
Operating Agreement (15-year maturity) was signed between
TSKB REIT and Divan Group
Hotel construction work is in progress
Adana Hotel Project (contd)
24
24
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
25
25
Balance Sheet
Current Assets 34083 7688 35242 20178 26502 32914 11709 9034
Cash and Banks 23845 3745 30218 15154 22073 28794 7601 5020
Financial Investments 489 841 1450 1888 1338 900 1129 1062
Other Current Assets 9749 3102 3573 3136 3091 3220 2979 2952
Non-Current Assets 152327 290663 301937 320386 337872 343275 355083 367328
Investment Property 75580 278976 290261 309835 328080 335460 348665 361747
Fixed Assets 76729 25 39 85 43 24 29 79
Other Non-Current Assets 18 11662 11637 10466 9749 7791 6389 5502
Total Assets 186410 298351 337179 340564 364374 376188 366792 376362
Short-term Liabilities 7113 20431 22977 11636 13096 17466 37351 40847
Bank Debts 2062 12163 20170 10734 11009 16195 35741 39864
Trade Payables 156 4397 988 573 733 716 990 493
Other 4895 3871 1819 329 1354 555 620 490
Long-term Liabilities 70510 113788 93268 110832 116134 149727 118929 137332
Bank Debts 70509 113700 93161 110685 115908 149406 118239 136062
Other 1 88 107 147 226 321 690 1270
Shareholdersrsquo Equity 108787 164133 220934 218096 235144 208995 210513 198182
Paid-in Capital 100000 100000 150000 150000 150000 150000 150000 150000
Share Premium - - 593 593 593 593 593 593
Reserves 43 153 153 153 153 153 153 153
Other Comprehensive
IncomeExpense not to be
Reclassified to Profit or Loss
- - - - - 18 (7) (7)
Retained Earnings 5681 8634 63980 70188 67350 84398 58231 59775
Net Income (Loss) 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Total Liabilities and
Shareholders Equity 186410 298351 337179 340564 364374 376188 366792 376362
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
26
26
Revenues 6048 4723 14381 14734 17794 17476 16634 8450
Operating Costs (-) (3149) (3343)
(1223
0) (8446) (8447) (8544) (9274) (5066)
Net Operating Profit 2899 1380 2151 6288 9347 8932 7360 3384
Income from Other
Operations 6253 52632 5444 15455 7933 469 447 415
Expenses from Other
Operations (-) (114) (41) (249) (70) (51) (5968) (540) (24)
Operating Profit 9038 53971 7346 21673 17229 3433 7267 3775
Financial Income 803 1676 5650 1639 4888 43 312 7
Financial Expenses (-) (6778) (301) (6787) (26150) (5069) (29643) (6036) (16113)
Profit Before Tax 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Tax - - - - - - - -
Net Income 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Income Statement
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
27
27
Total Assets
Key Parameters
Shareholdersrsquo Equity
Real Estate Portfolio Assets
2007 2008 2009 2010 2011 2012 2013 2014
122
186
298 337 341
364 376 367 TL m
2007 2008 2009 2010 2011 2012 2013 2014
81 109
164
221 218 235
209 211 TL m
2007 2008 2009 2010 2011 2012 2013 2014
115
152
279 290 310 328 335 349 TL m
28
28
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
29
29
TSGYO Stock Performance
Performance Performance
311214 300615 280715 311214-300615 300615-280715
BIST 100 Index 85721 82250 78024 -40 -51
BIST REIT Index 37396 39616 37101 59 -63
TSGYO 072 069 067 -42 -29
Performance Performance
311214 300615 280715 311214-300615 300615-280715
TSGYO Market Cap (TL mn) 108 104 101 -42 -29
TSGYO Market Cap (USD mn) 47 39 36 -173 -54
30
30
TSGYO Stock Performance
TSGYO BIST REIT Index and BIST 100 Index Performance
050
060
070
080
090
100
110
120
130
140
150
160
TSGYO BIST REIT Index BIST 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to BIST REIT Index
45
50
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO BIST REIT Index
-399
32
32
Net Asset Value
as of June 30 2015
as of July 28 2015
TSGYO Net Asset Value (NAV) ( TL )
Project 52995927
Adana Hotel Project 52995927
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahir Han Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361781283
Participations -
Marketable Securities 5020005
Total Portfolio Value 366801288
Cash and Banks -
Receivables 1061705
Other Assets 8533303
Payables 178179598
NAV 198216698
Market Cap 100500000
Discount to NAV 49
33
33
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
34
34
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
gt51 of the the portfolio to be invested in real estate
Not allowed to carry out construction
Properties to be valued by independent and CMB licensed appraisal companies
35
35
Public REITs
Akfen REIT
Akiş REIT
Akmerkez REIT
Alarko REIT
Ata REIT
Atakule REIT
Avrasya REIT
Deniz REIT
Doğuş REIT
EGS REIT
Emlak REIT
Halk REIT
İdealist REIT
İş REIT
Kiler REIT
Koumlrfez REIT
Martı REIT
Nurol REIT
Oumlzak REIT
Oumlzderici REIT
Pera REIT
Reysaş REIT
Saf REIT
Servet REIT
Sinpaş REIT
Torunlar REIT
TSKB REIT
Vakıf REIT
Yapı Kredi Koray REIT
Yeni Gimat REIT
Yeşil REIT
36
36
Disclaimer
This presentation does contain forward-looking statements that reflect the Company managementrsquos
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 affected by
a variety of variables and changes in underlying assumptions that could cause actual results to differ
materially
Neither TSKB REIT nor any of its directors managers or employees nor any other person shall have
any liability whatsoever for any loss arising from the use of this presentation
37
37
5
5
Vision amp Mission
VISION
To be a ldquoreliable business partnerrdquo with a ldquopioneering roleldquo in its sector
MISSION
To establish and maintain a growing and sustainable investment portfolio with high returns
6
6
Shareholder Structure
The Company is one of the subsidiaries established by TSKB in the real estate
market demonstrating the parent companyrsquos commitment to the sector
1 TSKB Real Estate Investment Company
2 TSKB Real Estate Appraisal
Shareholder Stake ()
TSKB 5900
YF Securities 133
TSKB Employees Pension Fund 104
TSKB Real Estate Appraisal 030
Free Float on ISE 3833
Total 10000
Experienced main shareholder Turkeyrsquos oldest and largest investment and
development bank TSKB part of the Is Bank Group
Free Float 38
Other 3
TSKB 59
As of June 30 2015 listed shares were held by TSKB thus the total share of TSKB was 6944 as of the date given
7
7
Management Board
General Manager
Investments Accounting and
Administrative Affairs
bull Accounting
bull Budgeting and Planning
bull Administrative Affairs
Legal Consultant
Tax Consultant
Property Appraiser
Organization
Finance and
Investor Relations
bull Project Development
bull Project Management
bull Asset Management
bull Investor Relations
bull Compliance
bull Finance
Lawyer
8
8
2006 2007 2008 2009 2010 2011-2015
TSKB REIT established in
February
TSKB contributed the Tahir
Han Building as capital in
kind in March
Land for Pendorya Shopping Center
(PSC) purchased in July
Land for Adana hotel project
purchased in 50 partnership in
November
Paid in capital upped from TL10m to
TL75m
Fındıklı Buildings added to the
Companyrsquos portfolio in December
TSKB acquired the construction
permit for PSC in July
TSKB REIT laid the foundation for
PSC in November
Paid in capital was increased to
TL100m
PSC completed and opened
to shoppers in December
TSKB REIT on the ISE in April
Paid in capital was increased to
TL150m
History
Construction on the Adana
hotel (Divan Hotel) project
9
9
Investment Strategy
bull TSKB REITs 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
bull Business and shopping centers tourism facilities logistic warehouses and industrial plants are typical
investment projects that the Company would like to add to its real estate portfolio
bull Residential investments can be another area of attraction as a part of a mixed use project or with respect to their
potential profitability in stand-alone cases
Industrial and Geographical Focus
The Goal of Growth by Project Development
bull TSKB REIT adheres to an investment strategy which seeks to take a project from its initial conception and to
develop it to organize all project-essential activities in the developmental process and to complete the project in
such a way as to ensure its viability
bull By holding onto the investments which are added to its property portfolio on a long-term basis the Companyrsquos
aim is not only to achieve sustainable growth but also to take advantage of the likely appreciation in the
propertiesrsquo value in the long run
Risk Calculation
bull TSKB REIT engages in a painstaking planning process in order to minimize risk factors as much as possible by
verifying a projectrsquos commercial viability before starting it making sure that the financial resources required by
the project will be available and ensuring that the project is in compliance with existing laws and regulations
10
10
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
11
11
Breakdown of Real Estate Portfolio
Breakdown of Total Portfolio
Proportion of Total Portfolio Value
Portfolio Breakdown
Marketable Securities
1
Real Estate 99
As of 30062015 ( TL )
Project 52961580
Adana Hotel Project 52961580
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahirhan Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361746936
Participations -
Marketable Securities 5020005
Total Portfolio Value 366766941
Office Buildings 39
Project 15
Pendorya Shopping Center
46
12
12
Value (TL 000)
Pendorya Shopping Center
Fındıklı Office Buildings
Tahir Han Office Building
Total
168400
124575
15460
348665
Valuations carried out by independent real estate appraisal companies (as of Decemler 31 2014)
Adana Hotel Project 40230
Real Estate Portfolio Summary
13
13
Pendorya Shopping Center
14
14
Location Pendik -
Istanbul
TSKB REIT Stake 100
Operational Date December 2009
Land Area (sqm) 23183
Construction Area (sqm) 80648
Leasable Area (sqm) 30504
Number of Stores 103
Anchor Tenants
Eskidji Bazaar
(8255 sqm)
MediaMarkt
(5500 sqm)
Cinemaximum
(2500 sqm)
Appraisal Value (TLm) 1684
100 of Pendorya is held by TSKB REIT
The center features a 1000-person capacity food court and 1000
vehicle parking lot Annual expected footfall is 6 million
Main Tenants
Pendorya Shopping Center (contd)
15
15
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 Istanbulrsquos main highways and is 8 km distant from
the Sabiha Gokcen (SG) International Airport
The Pendik area on the Asian side of Istanbul has a rapidly growing catchment population of
Grade B income consumers Ongoing boutique residential projects a marina and other nearby
tourism investments increase the attraction of Pendoryarsquos location
The construction of a 4000-person Garanti Bank Operations Center in the neighbouring plot is
ongoing Also located in the vicinity Turkeyrsquos largest state teaching and research hospital (540
beds) was opened at January 2011
Pendik State Teaching
and Research Hospital Turkeyrsquos 3rd-largest
marina
First international fair
facility on Asian side
Recent Developments in Pendik Region Pendik Development Pipeline
16
16
Fındıklı Buildings
Fındıklı Office Buildings
17
17
Location Istanbul
TSKB REIT Stake 100
Land Area (sqm) 1696
Leasable Area (sqm) 7102
Number of Floors 7
Tenant TSKB
Appraisal Value (TLm) 636
TSKB REIT is the 100 owner of the building
The building of some 7102 sqm of covered space was
purchased from TSKB in 2007
Currently it is rented by TSKB and serves as the headquarters
of the bank
The building was renovated in September 2007 and no major
maintenance outlays are expected in the near future
Close proximity to Bosphorus foreshore and mass transit
options also have positive effect on sitersquos exclusivity Galata
Port operations will likely increase the sitersquos future appraisal
value
Fındıklı Office Buildings (contd)
Fındıklı Building I
18
18
Location Istanbul
TSKB REIT Stake 100
Land Area (sqm) 2503
Leasable Area (sqm) 10542
Number of Floors 10
Tenants
TSKB TSKB
Foundation
TSKB RE
Appraisal
Appraisal Value (TLm) 61
TSKB REIT is the 100 owner of the property
The building has 10542 sqm of enclosed area and was
purchased from TSKB in 2007
Currently rented by TSKB and other TSKB Group companies
The building was renovated in September 2007 and no major
maintenance outlays are expected in the near future
Close proximity to Bosphorus foreshore and mass transit
options also have positive effect on sitersquos exclusivity Galata
Port operations will likely increase the sitersquos future appraisal
value
Fındıklı Building II
Fındıklı Office Buildings (contd)
19
19
Tahir Han Office Building
20
20
Location Istanbul
TSKB REIT Stake 74
Land Area (sqm) 607
Leasable Area (sqm) 3198
Number of Floors 8
Tenants Various
Appraisal Value (TLm) 155
TSKB REIT owns 74 of the building Tahir Han is a
seven-story building on 607 sqm plot and has a built up
area of 3198 sqm
Building has full sea views from the third story and up
Tahir Han is located on the border of a major
redevelopment project It is suitable for conversion to more
lucrative activities Galata Port operations will likely
increase the sitersquos future appraisal value
At present the offices are rented out to various companies
and individuals
Tahir Han Office Building (contd)
21
21
Adana Hotel Project (Divan Hotel)
22
22
Location Adana-City
Center
TSKB REIT Stake 50
Acquisition Date November
2007
Appraisal Value ndash Project_Land (TLm) 4023
Land Area (sqm) 3608
Project City Hotel
Construction Start Date 3Q2011
Estimated Operational Date 3Q2015
TSKB REIT acquired a 50 share of a 3608 sqm plot
located in a central area of Adana
Adana is one of Turkeyrsquos main industrial cities with
additional business growth potential due to investments in
the energy and petrochemical sectors
TSKB REIT has started the project in order to build a 5 star
business hotel with about 200 rooms on the plot The
building licence has been obtained and the construction
works has been started The hotel is to be operational in the
third quarter of 2015
For the hotel management an operating agreement has
been signed with Divan Group and the name of the hotel
has been decided as lsquordquoDivan Adanardquo
Adana Hotel Project (contd)
23
23
Divan Adana 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 also lacks alternative places for social activities such as
conferences wedding ceremonies social occasions and MICE
(Meetings Incentives Conferencing Exhibitions) tourism
The land for the city hotel was acquired in 2007 with the intent to
open a city hotel in accordance with local demand The land is
located in Seyhan a central district of Adana
The project is located some 25 km from the airport and 55 km
from the bus terminal
An architectural project was prepared for the site which is already
zoned
Operating Agreement (15-year maturity) was signed between
TSKB REIT and Divan Group
Hotel construction work is in progress
Adana Hotel Project (contd)
24
24
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
25
25
Balance Sheet
Current Assets 34083 7688 35242 20178 26502 32914 11709 9034
Cash and Banks 23845 3745 30218 15154 22073 28794 7601 5020
Financial Investments 489 841 1450 1888 1338 900 1129 1062
Other Current Assets 9749 3102 3573 3136 3091 3220 2979 2952
Non-Current Assets 152327 290663 301937 320386 337872 343275 355083 367328
Investment Property 75580 278976 290261 309835 328080 335460 348665 361747
Fixed Assets 76729 25 39 85 43 24 29 79
Other Non-Current Assets 18 11662 11637 10466 9749 7791 6389 5502
Total Assets 186410 298351 337179 340564 364374 376188 366792 376362
Short-term Liabilities 7113 20431 22977 11636 13096 17466 37351 40847
Bank Debts 2062 12163 20170 10734 11009 16195 35741 39864
Trade Payables 156 4397 988 573 733 716 990 493
Other 4895 3871 1819 329 1354 555 620 490
Long-term Liabilities 70510 113788 93268 110832 116134 149727 118929 137332
Bank Debts 70509 113700 93161 110685 115908 149406 118239 136062
Other 1 88 107 147 226 321 690 1270
Shareholdersrsquo Equity 108787 164133 220934 218096 235144 208995 210513 198182
Paid-in Capital 100000 100000 150000 150000 150000 150000 150000 150000
Share Premium - - 593 593 593 593 593 593
Reserves 43 153 153 153 153 153 153 153
Other Comprehensive
IncomeExpense not to be
Reclassified to Profit or Loss
- - - - - 18 (7) (7)
Retained Earnings 5681 8634 63980 70188 67350 84398 58231 59775
Net Income (Loss) 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Total Liabilities and
Shareholders Equity 186410 298351 337179 340564 364374 376188 366792 376362
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
26
26
Revenues 6048 4723 14381 14734 17794 17476 16634 8450
Operating Costs (-) (3149) (3343)
(1223
0) (8446) (8447) (8544) (9274) (5066)
Net Operating Profit 2899 1380 2151 6288 9347 8932 7360 3384
Income from Other
Operations 6253 52632 5444 15455 7933 469 447 415
Expenses from Other
Operations (-) (114) (41) (249) (70) (51) (5968) (540) (24)
Operating Profit 9038 53971 7346 21673 17229 3433 7267 3775
Financial Income 803 1676 5650 1639 4888 43 312 7
Financial Expenses (-) (6778) (301) (6787) (26150) (5069) (29643) (6036) (16113)
Profit Before Tax 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Tax - - - - - - - -
Net Income 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Income Statement
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
27
27
Total Assets
Key Parameters
Shareholdersrsquo Equity
Real Estate Portfolio Assets
2007 2008 2009 2010 2011 2012 2013 2014
122
186
298 337 341
364 376 367 TL m
2007 2008 2009 2010 2011 2012 2013 2014
81 109
164
221 218 235
209 211 TL m
2007 2008 2009 2010 2011 2012 2013 2014
115
152
279 290 310 328 335 349 TL m
28
28
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
29
29
TSGYO Stock Performance
Performance Performance
311214 300615 280715 311214-300615 300615-280715
BIST 100 Index 85721 82250 78024 -40 -51
BIST REIT Index 37396 39616 37101 59 -63
TSGYO 072 069 067 -42 -29
Performance Performance
311214 300615 280715 311214-300615 300615-280715
TSGYO Market Cap (TL mn) 108 104 101 -42 -29
TSGYO Market Cap (USD mn) 47 39 36 -173 -54
30
30
TSGYO Stock Performance
TSGYO BIST REIT Index and BIST 100 Index Performance
050
060
070
080
090
100
110
120
130
140
150
160
TSGYO BIST REIT Index BIST 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to BIST REIT Index
45
50
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO BIST REIT Index
-399
32
32
Net Asset Value
as of June 30 2015
as of July 28 2015
TSGYO Net Asset Value (NAV) ( TL )
Project 52995927
Adana Hotel Project 52995927
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahir Han Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361781283
Participations -
Marketable Securities 5020005
Total Portfolio Value 366801288
Cash and Banks -
Receivables 1061705
Other Assets 8533303
Payables 178179598
NAV 198216698
Market Cap 100500000
Discount to NAV 49
33
33
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
34
34
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
gt51 of the the portfolio to be invested in real estate
Not allowed to carry out construction
Properties to be valued by independent and CMB licensed appraisal companies
35
35
Public REITs
Akfen REIT
Akiş REIT
Akmerkez REIT
Alarko REIT
Ata REIT
Atakule REIT
Avrasya REIT
Deniz REIT
Doğuş REIT
EGS REIT
Emlak REIT
Halk REIT
İdealist REIT
İş REIT
Kiler REIT
Koumlrfez REIT
Martı REIT
Nurol REIT
Oumlzak REIT
Oumlzderici REIT
Pera REIT
Reysaş REIT
Saf REIT
Servet REIT
Sinpaş REIT
Torunlar REIT
TSKB REIT
Vakıf REIT
Yapı Kredi Koray REIT
Yeni Gimat REIT
Yeşil REIT
36
36
Disclaimer
This presentation does contain forward-looking statements that reflect the Company managementrsquos
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 affected by
a variety of variables and changes in underlying assumptions that could cause actual results to differ
materially
Neither TSKB REIT nor any of its directors managers or employees nor any other person shall have
any liability whatsoever for any loss arising from the use of this presentation
37
37
6
6
Shareholder Structure
The Company is one of the subsidiaries established by TSKB in the real estate
market demonstrating the parent companyrsquos commitment to the sector
1 TSKB Real Estate Investment Company
2 TSKB Real Estate Appraisal
Shareholder Stake ()
TSKB 5900
YF Securities 133
TSKB Employees Pension Fund 104
TSKB Real Estate Appraisal 030
Free Float on ISE 3833
Total 10000
Experienced main shareholder Turkeyrsquos oldest and largest investment and
development bank TSKB part of the Is Bank Group
Free Float 38
Other 3
TSKB 59
As of June 30 2015 listed shares were held by TSKB thus the total share of TSKB was 6944 as of the date given
7
7
Management Board
General Manager
Investments Accounting and
Administrative Affairs
bull Accounting
bull Budgeting and Planning
bull Administrative Affairs
Legal Consultant
Tax Consultant
Property Appraiser
Organization
Finance and
Investor Relations
bull Project Development
bull Project Management
bull Asset Management
bull Investor Relations
bull Compliance
bull Finance
Lawyer
8
8
2006 2007 2008 2009 2010 2011-2015
TSKB REIT established in
February
TSKB contributed the Tahir
Han Building as capital in
kind in March
Land for Pendorya Shopping Center
(PSC) purchased in July
Land for Adana hotel project
purchased in 50 partnership in
November
Paid in capital upped from TL10m to
TL75m
Fındıklı Buildings added to the
Companyrsquos portfolio in December
TSKB acquired the construction
permit for PSC in July
TSKB REIT laid the foundation for
PSC in November
Paid in capital was increased to
TL100m
PSC completed and opened
to shoppers in December
TSKB REIT on the ISE in April
Paid in capital was increased to
TL150m
History
Construction on the Adana
hotel (Divan Hotel) project
9
9
Investment Strategy
bull TSKB REITs 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
bull Business and shopping centers tourism facilities logistic warehouses and industrial plants are typical
investment projects that the Company would like to add to its real estate portfolio
bull Residential investments can be another area of attraction as a part of a mixed use project or with respect to their
potential profitability in stand-alone cases
Industrial and Geographical Focus
The Goal of Growth by Project Development
bull TSKB REIT adheres to an investment strategy which seeks to take a project from its initial conception and to
develop it to organize all project-essential activities in the developmental process and to complete the project in
such a way as to ensure its viability
bull By holding onto the investments which are added to its property portfolio on a long-term basis the Companyrsquos
aim is not only to achieve sustainable growth but also to take advantage of the likely appreciation in the
propertiesrsquo value in the long run
Risk Calculation
bull TSKB REIT engages in a painstaking planning process in order to minimize risk factors as much as possible by
verifying a projectrsquos commercial viability before starting it making sure that the financial resources required by
the project will be available and ensuring that the project is in compliance with existing laws and regulations
10
10
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
11
11
Breakdown of Real Estate Portfolio
Breakdown of Total Portfolio
Proportion of Total Portfolio Value
Portfolio Breakdown
Marketable Securities
1
Real Estate 99
As of 30062015 ( TL )
Project 52961580
Adana Hotel Project 52961580
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahirhan Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361746936
Participations -
Marketable Securities 5020005
Total Portfolio Value 366766941
Office Buildings 39
Project 15
Pendorya Shopping Center
46
12
12
Value (TL 000)
Pendorya Shopping Center
Fındıklı Office Buildings
Tahir Han Office Building
Total
168400
124575
15460
348665
Valuations carried out by independent real estate appraisal companies (as of Decemler 31 2014)
Adana Hotel Project 40230
Real Estate Portfolio Summary
13
13
Pendorya Shopping Center
14
14
Location Pendik -
Istanbul
TSKB REIT Stake 100
Operational Date December 2009
Land Area (sqm) 23183
Construction Area (sqm) 80648
Leasable Area (sqm) 30504
Number of Stores 103
Anchor Tenants
Eskidji Bazaar
(8255 sqm)
MediaMarkt
(5500 sqm)
Cinemaximum
(2500 sqm)
Appraisal Value (TLm) 1684
100 of Pendorya is held by TSKB REIT
The center features a 1000-person capacity food court and 1000
vehicle parking lot Annual expected footfall is 6 million
Main Tenants
Pendorya Shopping Center (contd)
15
15
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 Istanbulrsquos main highways and is 8 km distant from
the Sabiha Gokcen (SG) International Airport
The Pendik area on the Asian side of Istanbul has a rapidly growing catchment population of
Grade B income consumers Ongoing boutique residential projects a marina and other nearby
tourism investments increase the attraction of Pendoryarsquos location
The construction of a 4000-person Garanti Bank Operations Center in the neighbouring plot is
ongoing Also located in the vicinity Turkeyrsquos largest state teaching and research hospital (540
beds) was opened at January 2011
Pendik State Teaching
and Research Hospital Turkeyrsquos 3rd-largest
marina
First international fair
facility on Asian side
Recent Developments in Pendik Region Pendik Development Pipeline
16
16
Fındıklı Buildings
Fındıklı Office Buildings
17
17
Location Istanbul
TSKB REIT Stake 100
Land Area (sqm) 1696
Leasable Area (sqm) 7102
Number of Floors 7
Tenant TSKB
Appraisal Value (TLm) 636
TSKB REIT is the 100 owner of the building
The building of some 7102 sqm of covered space was
purchased from TSKB in 2007
Currently it is rented by TSKB and serves as the headquarters
of the bank
The building was renovated in September 2007 and no major
maintenance outlays are expected in the near future
Close proximity to Bosphorus foreshore and mass transit
options also have positive effect on sitersquos exclusivity Galata
Port operations will likely increase the sitersquos future appraisal
value
Fındıklı Office Buildings (contd)
Fındıklı Building I
18
18
Location Istanbul
TSKB REIT Stake 100
Land Area (sqm) 2503
Leasable Area (sqm) 10542
Number of Floors 10
Tenants
TSKB TSKB
Foundation
TSKB RE
Appraisal
Appraisal Value (TLm) 61
TSKB REIT is the 100 owner of the property
The building has 10542 sqm of enclosed area and was
purchased from TSKB in 2007
Currently rented by TSKB and other TSKB Group companies
The building was renovated in September 2007 and no major
maintenance outlays are expected in the near future
Close proximity to Bosphorus foreshore and mass transit
options also have positive effect on sitersquos exclusivity Galata
Port operations will likely increase the sitersquos future appraisal
value
Fındıklı Building II
Fındıklı Office Buildings (contd)
19
19
Tahir Han Office Building
20
20
Location Istanbul
TSKB REIT Stake 74
Land Area (sqm) 607
Leasable Area (sqm) 3198
Number of Floors 8
Tenants Various
Appraisal Value (TLm) 155
TSKB REIT owns 74 of the building Tahir Han is a
seven-story building on 607 sqm plot and has a built up
area of 3198 sqm
Building has full sea views from the third story and up
Tahir Han is located on the border of a major
redevelopment project It is suitable for conversion to more
lucrative activities Galata Port operations will likely
increase the sitersquos future appraisal value
At present the offices are rented out to various companies
and individuals
Tahir Han Office Building (contd)
21
21
Adana Hotel Project (Divan Hotel)
22
22
Location Adana-City
Center
TSKB REIT Stake 50
Acquisition Date November
2007
Appraisal Value ndash Project_Land (TLm) 4023
Land Area (sqm) 3608
Project City Hotel
Construction Start Date 3Q2011
Estimated Operational Date 3Q2015
TSKB REIT acquired a 50 share of a 3608 sqm plot
located in a central area of Adana
Adana is one of Turkeyrsquos main industrial cities with
additional business growth potential due to investments in
the energy and petrochemical sectors
TSKB REIT has started the project in order to build a 5 star
business hotel with about 200 rooms on the plot The
building licence has been obtained and the construction
works has been started The hotel is to be operational in the
third quarter of 2015
For the hotel management an operating agreement has
been signed with Divan Group and the name of the hotel
has been decided as lsquordquoDivan Adanardquo
Adana Hotel Project (contd)
23
23
Divan Adana 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 also lacks alternative places for social activities such as
conferences wedding ceremonies social occasions and MICE
(Meetings Incentives Conferencing Exhibitions) tourism
The land for the city hotel was acquired in 2007 with the intent to
open a city hotel in accordance with local demand The land is
located in Seyhan a central district of Adana
The project is located some 25 km from the airport and 55 km
from the bus terminal
An architectural project was prepared for the site which is already
zoned
Operating Agreement (15-year maturity) was signed between
TSKB REIT and Divan Group
Hotel construction work is in progress
Adana Hotel Project (contd)
24
24
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
25
25
Balance Sheet
Current Assets 34083 7688 35242 20178 26502 32914 11709 9034
Cash and Banks 23845 3745 30218 15154 22073 28794 7601 5020
Financial Investments 489 841 1450 1888 1338 900 1129 1062
Other Current Assets 9749 3102 3573 3136 3091 3220 2979 2952
Non-Current Assets 152327 290663 301937 320386 337872 343275 355083 367328
Investment Property 75580 278976 290261 309835 328080 335460 348665 361747
Fixed Assets 76729 25 39 85 43 24 29 79
Other Non-Current Assets 18 11662 11637 10466 9749 7791 6389 5502
Total Assets 186410 298351 337179 340564 364374 376188 366792 376362
Short-term Liabilities 7113 20431 22977 11636 13096 17466 37351 40847
Bank Debts 2062 12163 20170 10734 11009 16195 35741 39864
Trade Payables 156 4397 988 573 733 716 990 493
Other 4895 3871 1819 329 1354 555 620 490
Long-term Liabilities 70510 113788 93268 110832 116134 149727 118929 137332
Bank Debts 70509 113700 93161 110685 115908 149406 118239 136062
Other 1 88 107 147 226 321 690 1270
Shareholdersrsquo Equity 108787 164133 220934 218096 235144 208995 210513 198182
Paid-in Capital 100000 100000 150000 150000 150000 150000 150000 150000
Share Premium - - 593 593 593 593 593 593
Reserves 43 153 153 153 153 153 153 153
Other Comprehensive
IncomeExpense not to be
Reclassified to Profit or Loss
- - - - - 18 (7) (7)
Retained Earnings 5681 8634 63980 70188 67350 84398 58231 59775
Net Income (Loss) 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Total Liabilities and
Shareholders Equity 186410 298351 337179 340564 364374 376188 366792 376362
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
26
26
Revenues 6048 4723 14381 14734 17794 17476 16634 8450
Operating Costs (-) (3149) (3343)
(1223
0) (8446) (8447) (8544) (9274) (5066)
Net Operating Profit 2899 1380 2151 6288 9347 8932 7360 3384
Income from Other
Operations 6253 52632 5444 15455 7933 469 447 415
Expenses from Other
Operations (-) (114) (41) (249) (70) (51) (5968) (540) (24)
Operating Profit 9038 53971 7346 21673 17229 3433 7267 3775
Financial Income 803 1676 5650 1639 4888 43 312 7
Financial Expenses (-) (6778) (301) (6787) (26150) (5069) (29643) (6036) (16113)
Profit Before Tax 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Tax - - - - - - - -
Net Income 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Income Statement
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
27
27
Total Assets
Key Parameters
Shareholdersrsquo Equity
Real Estate Portfolio Assets
2007 2008 2009 2010 2011 2012 2013 2014
122
186
298 337 341
364 376 367 TL m
2007 2008 2009 2010 2011 2012 2013 2014
81 109
164
221 218 235
209 211 TL m
2007 2008 2009 2010 2011 2012 2013 2014
115
152
279 290 310 328 335 349 TL m
28
28
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
29
29
TSGYO Stock Performance
Performance Performance
311214 300615 280715 311214-300615 300615-280715
BIST 100 Index 85721 82250 78024 -40 -51
BIST REIT Index 37396 39616 37101 59 -63
TSGYO 072 069 067 -42 -29
Performance Performance
311214 300615 280715 311214-300615 300615-280715
TSGYO Market Cap (TL mn) 108 104 101 -42 -29
TSGYO Market Cap (USD mn) 47 39 36 -173 -54
30
30
TSGYO Stock Performance
TSGYO BIST REIT Index and BIST 100 Index Performance
050
060
070
080
090
100
110
120
130
140
150
160
TSGYO BIST REIT Index BIST 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to BIST REIT Index
45
50
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO BIST REIT Index
-399
32
32
Net Asset Value
as of June 30 2015
as of July 28 2015
TSGYO Net Asset Value (NAV) ( TL )
Project 52995927
Adana Hotel Project 52995927
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahir Han Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361781283
Participations -
Marketable Securities 5020005
Total Portfolio Value 366801288
Cash and Banks -
Receivables 1061705
Other Assets 8533303
Payables 178179598
NAV 198216698
Market Cap 100500000
Discount to NAV 49
33
33
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
34
34
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
gt51 of the the portfolio to be invested in real estate
Not allowed to carry out construction
Properties to be valued by independent and CMB licensed appraisal companies
35
35
Public REITs
Akfen REIT
Akiş REIT
Akmerkez REIT
Alarko REIT
Ata REIT
Atakule REIT
Avrasya REIT
Deniz REIT
Doğuş REIT
EGS REIT
Emlak REIT
Halk REIT
İdealist REIT
İş REIT
Kiler REIT
Koumlrfez REIT
Martı REIT
Nurol REIT
Oumlzak REIT
Oumlzderici REIT
Pera REIT
Reysaş REIT
Saf REIT
Servet REIT
Sinpaş REIT
Torunlar REIT
TSKB REIT
Vakıf REIT
Yapı Kredi Koray REIT
Yeni Gimat REIT
Yeşil REIT
36
36
Disclaimer
This presentation does contain forward-looking statements that reflect the Company managementrsquos
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 affected by
a variety of variables and changes in underlying assumptions that could cause actual results to differ
materially
Neither TSKB REIT nor any of its directors managers or employees nor any other person shall have
any liability whatsoever for any loss arising from the use of this presentation
37
37
7
7
Management Board
General Manager
Investments Accounting and
Administrative Affairs
bull Accounting
bull Budgeting and Planning
bull Administrative Affairs
Legal Consultant
Tax Consultant
Property Appraiser
Organization
Finance and
Investor Relations
bull Project Development
bull Project Management
bull Asset Management
bull Investor Relations
bull Compliance
bull Finance
Lawyer
8
8
2006 2007 2008 2009 2010 2011-2015
TSKB REIT established in
February
TSKB contributed the Tahir
Han Building as capital in
kind in March
Land for Pendorya Shopping Center
(PSC) purchased in July
Land for Adana hotel project
purchased in 50 partnership in
November
Paid in capital upped from TL10m to
TL75m
Fındıklı Buildings added to the
Companyrsquos portfolio in December
TSKB acquired the construction
permit for PSC in July
TSKB REIT laid the foundation for
PSC in November
Paid in capital was increased to
TL100m
PSC completed and opened
to shoppers in December
TSKB REIT on the ISE in April
Paid in capital was increased to
TL150m
History
Construction on the Adana
hotel (Divan Hotel) project
9
9
Investment Strategy
bull TSKB REITs 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
bull Business and shopping centers tourism facilities logistic warehouses and industrial plants are typical
investment projects that the Company would like to add to its real estate portfolio
bull Residential investments can be another area of attraction as a part of a mixed use project or with respect to their
potential profitability in stand-alone cases
Industrial and Geographical Focus
The Goal of Growth by Project Development
bull TSKB REIT adheres to an investment strategy which seeks to take a project from its initial conception and to
develop it to organize all project-essential activities in the developmental process and to complete the project in
such a way as to ensure its viability
bull By holding onto the investments which are added to its property portfolio on a long-term basis the Companyrsquos
aim is not only to achieve sustainable growth but also to take advantage of the likely appreciation in the
propertiesrsquo value in the long run
Risk Calculation
bull TSKB REIT engages in a painstaking planning process in order to minimize risk factors as much as possible by
verifying a projectrsquos commercial viability before starting it making sure that the financial resources required by
the project will be available and ensuring that the project is in compliance with existing laws and regulations
10
10
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
11
11
Breakdown of Real Estate Portfolio
Breakdown of Total Portfolio
Proportion of Total Portfolio Value
Portfolio Breakdown
Marketable Securities
1
Real Estate 99
As of 30062015 ( TL )
Project 52961580
Adana Hotel Project 52961580
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahirhan Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361746936
Participations -
Marketable Securities 5020005
Total Portfolio Value 366766941
Office Buildings 39
Project 15
Pendorya Shopping Center
46
12
12
Value (TL 000)
Pendorya Shopping Center
Fındıklı Office Buildings
Tahir Han Office Building
Total
168400
124575
15460
348665
Valuations carried out by independent real estate appraisal companies (as of Decemler 31 2014)
Adana Hotel Project 40230
Real Estate Portfolio Summary
13
13
Pendorya Shopping Center
14
14
Location Pendik -
Istanbul
TSKB REIT Stake 100
Operational Date December 2009
Land Area (sqm) 23183
Construction Area (sqm) 80648
Leasable Area (sqm) 30504
Number of Stores 103
Anchor Tenants
Eskidji Bazaar
(8255 sqm)
MediaMarkt
(5500 sqm)
Cinemaximum
(2500 sqm)
Appraisal Value (TLm) 1684
100 of Pendorya is held by TSKB REIT
The center features a 1000-person capacity food court and 1000
vehicle parking lot Annual expected footfall is 6 million
Main Tenants
Pendorya Shopping Center (contd)
15
15
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 Istanbulrsquos main highways and is 8 km distant from
the Sabiha Gokcen (SG) International Airport
The Pendik area on the Asian side of Istanbul has a rapidly growing catchment population of
Grade B income consumers Ongoing boutique residential projects a marina and other nearby
tourism investments increase the attraction of Pendoryarsquos location
The construction of a 4000-person Garanti Bank Operations Center in the neighbouring plot is
ongoing Also located in the vicinity Turkeyrsquos largest state teaching and research hospital (540
beds) was opened at January 2011
Pendik State Teaching
and Research Hospital Turkeyrsquos 3rd-largest
marina
First international fair
facility on Asian side
Recent Developments in Pendik Region Pendik Development Pipeline
16
16
Fındıklı Buildings
Fındıklı Office Buildings
17
17
Location Istanbul
TSKB REIT Stake 100
Land Area (sqm) 1696
Leasable Area (sqm) 7102
Number of Floors 7
Tenant TSKB
Appraisal Value (TLm) 636
TSKB REIT is the 100 owner of the building
The building of some 7102 sqm of covered space was
purchased from TSKB in 2007
Currently it is rented by TSKB and serves as the headquarters
of the bank
The building was renovated in September 2007 and no major
maintenance outlays are expected in the near future
Close proximity to Bosphorus foreshore and mass transit
options also have positive effect on sitersquos exclusivity Galata
Port operations will likely increase the sitersquos future appraisal
value
Fındıklı Office Buildings (contd)
Fındıklı Building I
18
18
Location Istanbul
TSKB REIT Stake 100
Land Area (sqm) 2503
Leasable Area (sqm) 10542
Number of Floors 10
Tenants
TSKB TSKB
Foundation
TSKB RE
Appraisal
Appraisal Value (TLm) 61
TSKB REIT is the 100 owner of the property
The building has 10542 sqm of enclosed area and was
purchased from TSKB in 2007
Currently rented by TSKB and other TSKB Group companies
The building was renovated in September 2007 and no major
maintenance outlays are expected in the near future
Close proximity to Bosphorus foreshore and mass transit
options also have positive effect on sitersquos exclusivity Galata
Port operations will likely increase the sitersquos future appraisal
value
Fındıklı Building II
Fındıklı Office Buildings (contd)
19
19
Tahir Han Office Building
20
20
Location Istanbul
TSKB REIT Stake 74
Land Area (sqm) 607
Leasable Area (sqm) 3198
Number of Floors 8
Tenants Various
Appraisal Value (TLm) 155
TSKB REIT owns 74 of the building Tahir Han is a
seven-story building on 607 sqm plot and has a built up
area of 3198 sqm
Building has full sea views from the third story and up
Tahir Han is located on the border of a major
redevelopment project It is suitable for conversion to more
lucrative activities Galata Port operations will likely
increase the sitersquos future appraisal value
At present the offices are rented out to various companies
and individuals
Tahir Han Office Building (contd)
21
21
Adana Hotel Project (Divan Hotel)
22
22
Location Adana-City
Center
TSKB REIT Stake 50
Acquisition Date November
2007
Appraisal Value ndash Project_Land (TLm) 4023
Land Area (sqm) 3608
Project City Hotel
Construction Start Date 3Q2011
Estimated Operational Date 3Q2015
TSKB REIT acquired a 50 share of a 3608 sqm plot
located in a central area of Adana
Adana is one of Turkeyrsquos main industrial cities with
additional business growth potential due to investments in
the energy and petrochemical sectors
TSKB REIT has started the project in order to build a 5 star
business hotel with about 200 rooms on the plot The
building licence has been obtained and the construction
works has been started The hotel is to be operational in the
third quarter of 2015
For the hotel management an operating agreement has
been signed with Divan Group and the name of the hotel
has been decided as lsquordquoDivan Adanardquo
Adana Hotel Project (contd)
23
23
Divan Adana 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 also lacks alternative places for social activities such as
conferences wedding ceremonies social occasions and MICE
(Meetings Incentives Conferencing Exhibitions) tourism
The land for the city hotel was acquired in 2007 with the intent to
open a city hotel in accordance with local demand The land is
located in Seyhan a central district of Adana
The project is located some 25 km from the airport and 55 km
from the bus terminal
An architectural project was prepared for the site which is already
zoned
Operating Agreement (15-year maturity) was signed between
TSKB REIT and Divan Group
Hotel construction work is in progress
Adana Hotel Project (contd)
24
24
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
25
25
Balance Sheet
Current Assets 34083 7688 35242 20178 26502 32914 11709 9034
Cash and Banks 23845 3745 30218 15154 22073 28794 7601 5020
Financial Investments 489 841 1450 1888 1338 900 1129 1062
Other Current Assets 9749 3102 3573 3136 3091 3220 2979 2952
Non-Current Assets 152327 290663 301937 320386 337872 343275 355083 367328
Investment Property 75580 278976 290261 309835 328080 335460 348665 361747
Fixed Assets 76729 25 39 85 43 24 29 79
Other Non-Current Assets 18 11662 11637 10466 9749 7791 6389 5502
Total Assets 186410 298351 337179 340564 364374 376188 366792 376362
Short-term Liabilities 7113 20431 22977 11636 13096 17466 37351 40847
Bank Debts 2062 12163 20170 10734 11009 16195 35741 39864
Trade Payables 156 4397 988 573 733 716 990 493
Other 4895 3871 1819 329 1354 555 620 490
Long-term Liabilities 70510 113788 93268 110832 116134 149727 118929 137332
Bank Debts 70509 113700 93161 110685 115908 149406 118239 136062
Other 1 88 107 147 226 321 690 1270
Shareholdersrsquo Equity 108787 164133 220934 218096 235144 208995 210513 198182
Paid-in Capital 100000 100000 150000 150000 150000 150000 150000 150000
Share Premium - - 593 593 593 593 593 593
Reserves 43 153 153 153 153 153 153 153
Other Comprehensive
IncomeExpense not to be
Reclassified to Profit or Loss
- - - - - 18 (7) (7)
Retained Earnings 5681 8634 63980 70188 67350 84398 58231 59775
Net Income (Loss) 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Total Liabilities and
Shareholders Equity 186410 298351 337179 340564 364374 376188 366792 376362
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
26
26
Revenues 6048 4723 14381 14734 17794 17476 16634 8450
Operating Costs (-) (3149) (3343)
(1223
0) (8446) (8447) (8544) (9274) (5066)
Net Operating Profit 2899 1380 2151 6288 9347 8932 7360 3384
Income from Other
Operations 6253 52632 5444 15455 7933 469 447 415
Expenses from Other
Operations (-) (114) (41) (249) (70) (51) (5968) (540) (24)
Operating Profit 9038 53971 7346 21673 17229 3433 7267 3775
Financial Income 803 1676 5650 1639 4888 43 312 7
Financial Expenses (-) (6778) (301) (6787) (26150) (5069) (29643) (6036) (16113)
Profit Before Tax 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Tax - - - - - - - -
Net Income 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Income Statement
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
27
27
Total Assets
Key Parameters
Shareholdersrsquo Equity
Real Estate Portfolio Assets
2007 2008 2009 2010 2011 2012 2013 2014
122
186
298 337 341
364 376 367 TL m
2007 2008 2009 2010 2011 2012 2013 2014
81 109
164
221 218 235
209 211 TL m
2007 2008 2009 2010 2011 2012 2013 2014
115
152
279 290 310 328 335 349 TL m
28
28
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
29
29
TSGYO Stock Performance
Performance Performance
311214 300615 280715 311214-300615 300615-280715
BIST 100 Index 85721 82250 78024 -40 -51
BIST REIT Index 37396 39616 37101 59 -63
TSGYO 072 069 067 -42 -29
Performance Performance
311214 300615 280715 311214-300615 300615-280715
TSGYO Market Cap (TL mn) 108 104 101 -42 -29
TSGYO Market Cap (USD mn) 47 39 36 -173 -54
30
30
TSGYO Stock Performance
TSGYO BIST REIT Index and BIST 100 Index Performance
050
060
070
080
090
100
110
120
130
140
150
160
TSGYO BIST REIT Index BIST 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to BIST REIT Index
45
50
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO BIST REIT Index
-399
32
32
Net Asset Value
as of June 30 2015
as of July 28 2015
TSGYO Net Asset Value (NAV) ( TL )
Project 52995927
Adana Hotel Project 52995927
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahir Han Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361781283
Participations -
Marketable Securities 5020005
Total Portfolio Value 366801288
Cash and Banks -
Receivables 1061705
Other Assets 8533303
Payables 178179598
NAV 198216698
Market Cap 100500000
Discount to NAV 49
33
33
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
34
34
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
gt51 of the the portfolio to be invested in real estate
Not allowed to carry out construction
Properties to be valued by independent and CMB licensed appraisal companies
35
35
Public REITs
Akfen REIT
Akiş REIT
Akmerkez REIT
Alarko REIT
Ata REIT
Atakule REIT
Avrasya REIT
Deniz REIT
Doğuş REIT
EGS REIT
Emlak REIT
Halk REIT
İdealist REIT
İş REIT
Kiler REIT
Koumlrfez REIT
Martı REIT
Nurol REIT
Oumlzak REIT
Oumlzderici REIT
Pera REIT
Reysaş REIT
Saf REIT
Servet REIT
Sinpaş REIT
Torunlar REIT
TSKB REIT
Vakıf REIT
Yapı Kredi Koray REIT
Yeni Gimat REIT
Yeşil REIT
36
36
Disclaimer
This presentation does contain forward-looking statements that reflect the Company managementrsquos
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 affected by
a variety of variables and changes in underlying assumptions that could cause actual results to differ
materially
Neither TSKB REIT nor any of its directors managers or employees nor any other person shall have
any liability whatsoever for any loss arising from the use of this presentation
37
37
8
8
2006 2007 2008 2009 2010 2011-2015
TSKB REIT established in
February
TSKB contributed the Tahir
Han Building as capital in
kind in March
Land for Pendorya Shopping Center
(PSC) purchased in July
Land for Adana hotel project
purchased in 50 partnership in
November
Paid in capital upped from TL10m to
TL75m
Fındıklı Buildings added to the
Companyrsquos portfolio in December
TSKB acquired the construction
permit for PSC in July
TSKB REIT laid the foundation for
PSC in November
Paid in capital was increased to
TL100m
PSC completed and opened
to shoppers in December
TSKB REIT on the ISE in April
Paid in capital was increased to
TL150m
History
Construction on the Adana
hotel (Divan Hotel) project
9
9
Investment Strategy
bull TSKB REITs 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
bull Business and shopping centers tourism facilities logistic warehouses and industrial plants are typical
investment projects that the Company would like to add to its real estate portfolio
bull Residential investments can be another area of attraction as a part of a mixed use project or with respect to their
potential profitability in stand-alone cases
Industrial and Geographical Focus
The Goal of Growth by Project Development
bull TSKB REIT adheres to an investment strategy which seeks to take a project from its initial conception and to
develop it to organize all project-essential activities in the developmental process and to complete the project in
such a way as to ensure its viability
bull By holding onto the investments which are added to its property portfolio on a long-term basis the Companyrsquos
aim is not only to achieve sustainable growth but also to take advantage of the likely appreciation in the
propertiesrsquo value in the long run
Risk Calculation
bull TSKB REIT engages in a painstaking planning process in order to minimize risk factors as much as possible by
verifying a projectrsquos commercial viability before starting it making sure that the financial resources required by
the project will be available and ensuring that the project is in compliance with existing laws and regulations
10
10
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
11
11
Breakdown of Real Estate Portfolio
Breakdown of Total Portfolio
Proportion of Total Portfolio Value
Portfolio Breakdown
Marketable Securities
1
Real Estate 99
As of 30062015 ( TL )
Project 52961580
Adana Hotel Project 52961580
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahirhan Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361746936
Participations -
Marketable Securities 5020005
Total Portfolio Value 366766941
Office Buildings 39
Project 15
Pendorya Shopping Center
46
12
12
Value (TL 000)
Pendorya Shopping Center
Fındıklı Office Buildings
Tahir Han Office Building
Total
168400
124575
15460
348665
Valuations carried out by independent real estate appraisal companies (as of Decemler 31 2014)
Adana Hotel Project 40230
Real Estate Portfolio Summary
13
13
Pendorya Shopping Center
14
14
Location Pendik -
Istanbul
TSKB REIT Stake 100
Operational Date December 2009
Land Area (sqm) 23183
Construction Area (sqm) 80648
Leasable Area (sqm) 30504
Number of Stores 103
Anchor Tenants
Eskidji Bazaar
(8255 sqm)
MediaMarkt
(5500 sqm)
Cinemaximum
(2500 sqm)
Appraisal Value (TLm) 1684
100 of Pendorya is held by TSKB REIT
The center features a 1000-person capacity food court and 1000
vehicle parking lot Annual expected footfall is 6 million
Main Tenants
Pendorya Shopping Center (contd)
15
15
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 Istanbulrsquos main highways and is 8 km distant from
the Sabiha Gokcen (SG) International Airport
The Pendik area on the Asian side of Istanbul has a rapidly growing catchment population of
Grade B income consumers Ongoing boutique residential projects a marina and other nearby
tourism investments increase the attraction of Pendoryarsquos location
The construction of a 4000-person Garanti Bank Operations Center in the neighbouring plot is
ongoing Also located in the vicinity Turkeyrsquos largest state teaching and research hospital (540
beds) was opened at January 2011
Pendik State Teaching
and Research Hospital Turkeyrsquos 3rd-largest
marina
First international fair
facility on Asian side
Recent Developments in Pendik Region Pendik Development Pipeline
16
16
Fındıklı Buildings
Fındıklı Office Buildings
17
17
Location Istanbul
TSKB REIT Stake 100
Land Area (sqm) 1696
Leasable Area (sqm) 7102
Number of Floors 7
Tenant TSKB
Appraisal Value (TLm) 636
TSKB REIT is the 100 owner of the building
The building of some 7102 sqm of covered space was
purchased from TSKB in 2007
Currently it is rented by TSKB and serves as the headquarters
of the bank
The building was renovated in September 2007 and no major
maintenance outlays are expected in the near future
Close proximity to Bosphorus foreshore and mass transit
options also have positive effect on sitersquos exclusivity Galata
Port operations will likely increase the sitersquos future appraisal
value
Fındıklı Office Buildings (contd)
Fındıklı Building I
18
18
Location Istanbul
TSKB REIT Stake 100
Land Area (sqm) 2503
Leasable Area (sqm) 10542
Number of Floors 10
Tenants
TSKB TSKB
Foundation
TSKB RE
Appraisal
Appraisal Value (TLm) 61
TSKB REIT is the 100 owner of the property
The building has 10542 sqm of enclosed area and was
purchased from TSKB in 2007
Currently rented by TSKB and other TSKB Group companies
The building was renovated in September 2007 and no major
maintenance outlays are expected in the near future
Close proximity to Bosphorus foreshore and mass transit
options also have positive effect on sitersquos exclusivity Galata
Port operations will likely increase the sitersquos future appraisal
value
Fındıklı Building II
Fındıklı Office Buildings (contd)
19
19
Tahir Han Office Building
20
20
Location Istanbul
TSKB REIT Stake 74
Land Area (sqm) 607
Leasable Area (sqm) 3198
Number of Floors 8
Tenants Various
Appraisal Value (TLm) 155
TSKB REIT owns 74 of the building Tahir Han is a
seven-story building on 607 sqm plot and has a built up
area of 3198 sqm
Building has full sea views from the third story and up
Tahir Han is located on the border of a major
redevelopment project It is suitable for conversion to more
lucrative activities Galata Port operations will likely
increase the sitersquos future appraisal value
At present the offices are rented out to various companies
and individuals
Tahir Han Office Building (contd)
21
21
Adana Hotel Project (Divan Hotel)
22
22
Location Adana-City
Center
TSKB REIT Stake 50
Acquisition Date November
2007
Appraisal Value ndash Project_Land (TLm) 4023
Land Area (sqm) 3608
Project City Hotel
Construction Start Date 3Q2011
Estimated Operational Date 3Q2015
TSKB REIT acquired a 50 share of a 3608 sqm plot
located in a central area of Adana
Adana is one of Turkeyrsquos main industrial cities with
additional business growth potential due to investments in
the energy and petrochemical sectors
TSKB REIT has started the project in order to build a 5 star
business hotel with about 200 rooms on the plot The
building licence has been obtained and the construction
works has been started The hotel is to be operational in the
third quarter of 2015
For the hotel management an operating agreement has
been signed with Divan Group and the name of the hotel
has been decided as lsquordquoDivan Adanardquo
Adana Hotel Project (contd)
23
23
Divan Adana 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 also lacks alternative places for social activities such as
conferences wedding ceremonies social occasions and MICE
(Meetings Incentives Conferencing Exhibitions) tourism
The land for the city hotel was acquired in 2007 with the intent to
open a city hotel in accordance with local demand The land is
located in Seyhan a central district of Adana
The project is located some 25 km from the airport and 55 km
from the bus terminal
An architectural project was prepared for the site which is already
zoned
Operating Agreement (15-year maturity) was signed between
TSKB REIT and Divan Group
Hotel construction work is in progress
Adana Hotel Project (contd)
24
24
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
25
25
Balance Sheet
Current Assets 34083 7688 35242 20178 26502 32914 11709 9034
Cash and Banks 23845 3745 30218 15154 22073 28794 7601 5020
Financial Investments 489 841 1450 1888 1338 900 1129 1062
Other Current Assets 9749 3102 3573 3136 3091 3220 2979 2952
Non-Current Assets 152327 290663 301937 320386 337872 343275 355083 367328
Investment Property 75580 278976 290261 309835 328080 335460 348665 361747
Fixed Assets 76729 25 39 85 43 24 29 79
Other Non-Current Assets 18 11662 11637 10466 9749 7791 6389 5502
Total Assets 186410 298351 337179 340564 364374 376188 366792 376362
Short-term Liabilities 7113 20431 22977 11636 13096 17466 37351 40847
Bank Debts 2062 12163 20170 10734 11009 16195 35741 39864
Trade Payables 156 4397 988 573 733 716 990 493
Other 4895 3871 1819 329 1354 555 620 490
Long-term Liabilities 70510 113788 93268 110832 116134 149727 118929 137332
Bank Debts 70509 113700 93161 110685 115908 149406 118239 136062
Other 1 88 107 147 226 321 690 1270
Shareholdersrsquo Equity 108787 164133 220934 218096 235144 208995 210513 198182
Paid-in Capital 100000 100000 150000 150000 150000 150000 150000 150000
Share Premium - - 593 593 593 593 593 593
Reserves 43 153 153 153 153 153 153 153
Other Comprehensive
IncomeExpense not to be
Reclassified to Profit or Loss
- - - - - 18 (7) (7)
Retained Earnings 5681 8634 63980 70188 67350 84398 58231 59775
Net Income (Loss) 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Total Liabilities and
Shareholders Equity 186410 298351 337179 340564 364374 376188 366792 376362
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
26
26
Revenues 6048 4723 14381 14734 17794 17476 16634 8450
Operating Costs (-) (3149) (3343)
(1223
0) (8446) (8447) (8544) (9274) (5066)
Net Operating Profit 2899 1380 2151 6288 9347 8932 7360 3384
Income from Other
Operations 6253 52632 5444 15455 7933 469 447 415
Expenses from Other
Operations (-) (114) (41) (249) (70) (51) (5968) (540) (24)
Operating Profit 9038 53971 7346 21673 17229 3433 7267 3775
Financial Income 803 1676 5650 1639 4888 43 312 7
Financial Expenses (-) (6778) (301) (6787) (26150) (5069) (29643) (6036) (16113)
Profit Before Tax 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Tax - - - - - - - -
Net Income 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Income Statement
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
27
27
Total Assets
Key Parameters
Shareholdersrsquo Equity
Real Estate Portfolio Assets
2007 2008 2009 2010 2011 2012 2013 2014
122
186
298 337 341
364 376 367 TL m
2007 2008 2009 2010 2011 2012 2013 2014
81 109
164
221 218 235
209 211 TL m
2007 2008 2009 2010 2011 2012 2013 2014
115
152
279 290 310 328 335 349 TL m
28
28
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
29
29
TSGYO Stock Performance
Performance Performance
311214 300615 280715 311214-300615 300615-280715
BIST 100 Index 85721 82250 78024 -40 -51
BIST REIT Index 37396 39616 37101 59 -63
TSGYO 072 069 067 -42 -29
Performance Performance
311214 300615 280715 311214-300615 300615-280715
TSGYO Market Cap (TL mn) 108 104 101 -42 -29
TSGYO Market Cap (USD mn) 47 39 36 -173 -54
30
30
TSGYO Stock Performance
TSGYO BIST REIT Index and BIST 100 Index Performance
050
060
070
080
090
100
110
120
130
140
150
160
TSGYO BIST REIT Index BIST 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to BIST REIT Index
45
50
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO BIST REIT Index
-399
32
32
Net Asset Value
as of June 30 2015
as of July 28 2015
TSGYO Net Asset Value (NAV) ( TL )
Project 52995927
Adana Hotel Project 52995927
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahir Han Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361781283
Participations -
Marketable Securities 5020005
Total Portfolio Value 366801288
Cash and Banks -
Receivables 1061705
Other Assets 8533303
Payables 178179598
NAV 198216698
Market Cap 100500000
Discount to NAV 49
33
33
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
34
34
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
gt51 of the the portfolio to be invested in real estate
Not allowed to carry out construction
Properties to be valued by independent and CMB licensed appraisal companies
35
35
Public REITs
Akfen REIT
Akiş REIT
Akmerkez REIT
Alarko REIT
Ata REIT
Atakule REIT
Avrasya REIT
Deniz REIT
Doğuş REIT
EGS REIT
Emlak REIT
Halk REIT
İdealist REIT
İş REIT
Kiler REIT
Koumlrfez REIT
Martı REIT
Nurol REIT
Oumlzak REIT
Oumlzderici REIT
Pera REIT
Reysaş REIT
Saf REIT
Servet REIT
Sinpaş REIT
Torunlar REIT
TSKB REIT
Vakıf REIT
Yapı Kredi Koray REIT
Yeni Gimat REIT
Yeşil REIT
36
36
Disclaimer
This presentation does contain forward-looking statements that reflect the Company managementrsquos
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 affected by
a variety of variables and changes in underlying assumptions that could cause actual results to differ
materially
Neither TSKB REIT nor any of its directors managers or employees nor any other person shall have
any liability whatsoever for any loss arising from the use of this presentation
37
37
9
9
Investment Strategy
bull TSKB REITs 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
bull Business and shopping centers tourism facilities logistic warehouses and industrial plants are typical
investment projects that the Company would like to add to its real estate portfolio
bull Residential investments can be another area of attraction as a part of a mixed use project or with respect to their
potential profitability in stand-alone cases
Industrial and Geographical Focus
The Goal of Growth by Project Development
bull TSKB REIT adheres to an investment strategy which seeks to take a project from its initial conception and to
develop it to organize all project-essential activities in the developmental process and to complete the project in
such a way as to ensure its viability
bull By holding onto the investments which are added to its property portfolio on a long-term basis the Companyrsquos
aim is not only to achieve sustainable growth but also to take advantage of the likely appreciation in the
propertiesrsquo value in the long run
Risk Calculation
bull TSKB REIT engages in a painstaking planning process in order to minimize risk factors as much as possible by
verifying a projectrsquos commercial viability before starting it making sure that the financial resources required by
the project will be available and ensuring that the project is in compliance with existing laws and regulations
10
10
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
11
11
Breakdown of Real Estate Portfolio
Breakdown of Total Portfolio
Proportion of Total Portfolio Value
Portfolio Breakdown
Marketable Securities
1
Real Estate 99
As of 30062015 ( TL )
Project 52961580
Adana Hotel Project 52961580
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahirhan Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361746936
Participations -
Marketable Securities 5020005
Total Portfolio Value 366766941
Office Buildings 39
Project 15
Pendorya Shopping Center
46
12
12
Value (TL 000)
Pendorya Shopping Center
Fındıklı Office Buildings
Tahir Han Office Building
Total
168400
124575
15460
348665
Valuations carried out by independent real estate appraisal companies (as of Decemler 31 2014)
Adana Hotel Project 40230
Real Estate Portfolio Summary
13
13
Pendorya Shopping Center
14
14
Location Pendik -
Istanbul
TSKB REIT Stake 100
Operational Date December 2009
Land Area (sqm) 23183
Construction Area (sqm) 80648
Leasable Area (sqm) 30504
Number of Stores 103
Anchor Tenants
Eskidji Bazaar
(8255 sqm)
MediaMarkt
(5500 sqm)
Cinemaximum
(2500 sqm)
Appraisal Value (TLm) 1684
100 of Pendorya is held by TSKB REIT
The center features a 1000-person capacity food court and 1000
vehicle parking lot Annual expected footfall is 6 million
Main Tenants
Pendorya Shopping Center (contd)
15
15
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 Istanbulrsquos main highways and is 8 km distant from
the Sabiha Gokcen (SG) International Airport
The Pendik area on the Asian side of Istanbul has a rapidly growing catchment population of
Grade B income consumers Ongoing boutique residential projects a marina and other nearby
tourism investments increase the attraction of Pendoryarsquos location
The construction of a 4000-person Garanti Bank Operations Center in the neighbouring plot is
ongoing Also located in the vicinity Turkeyrsquos largest state teaching and research hospital (540
beds) was opened at January 2011
Pendik State Teaching
and Research Hospital Turkeyrsquos 3rd-largest
marina
First international fair
facility on Asian side
Recent Developments in Pendik Region Pendik Development Pipeline
16
16
Fındıklı Buildings
Fındıklı Office Buildings
17
17
Location Istanbul
TSKB REIT Stake 100
Land Area (sqm) 1696
Leasable Area (sqm) 7102
Number of Floors 7
Tenant TSKB
Appraisal Value (TLm) 636
TSKB REIT is the 100 owner of the building
The building of some 7102 sqm of covered space was
purchased from TSKB in 2007
Currently it is rented by TSKB and serves as the headquarters
of the bank
The building was renovated in September 2007 and no major
maintenance outlays are expected in the near future
Close proximity to Bosphorus foreshore and mass transit
options also have positive effect on sitersquos exclusivity Galata
Port operations will likely increase the sitersquos future appraisal
value
Fındıklı Office Buildings (contd)
Fındıklı Building I
18
18
Location Istanbul
TSKB REIT Stake 100
Land Area (sqm) 2503
Leasable Area (sqm) 10542
Number of Floors 10
Tenants
TSKB TSKB
Foundation
TSKB RE
Appraisal
Appraisal Value (TLm) 61
TSKB REIT is the 100 owner of the property
The building has 10542 sqm of enclosed area and was
purchased from TSKB in 2007
Currently rented by TSKB and other TSKB Group companies
The building was renovated in September 2007 and no major
maintenance outlays are expected in the near future
Close proximity to Bosphorus foreshore and mass transit
options also have positive effect on sitersquos exclusivity Galata
Port operations will likely increase the sitersquos future appraisal
value
Fındıklı Building II
Fındıklı Office Buildings (contd)
19
19
Tahir Han Office Building
20
20
Location Istanbul
TSKB REIT Stake 74
Land Area (sqm) 607
Leasable Area (sqm) 3198
Number of Floors 8
Tenants Various
Appraisal Value (TLm) 155
TSKB REIT owns 74 of the building Tahir Han is a
seven-story building on 607 sqm plot and has a built up
area of 3198 sqm
Building has full sea views from the third story and up
Tahir Han is located on the border of a major
redevelopment project It is suitable for conversion to more
lucrative activities Galata Port operations will likely
increase the sitersquos future appraisal value
At present the offices are rented out to various companies
and individuals
Tahir Han Office Building (contd)
21
21
Adana Hotel Project (Divan Hotel)
22
22
Location Adana-City
Center
TSKB REIT Stake 50
Acquisition Date November
2007
Appraisal Value ndash Project_Land (TLm) 4023
Land Area (sqm) 3608
Project City Hotel
Construction Start Date 3Q2011
Estimated Operational Date 3Q2015
TSKB REIT acquired a 50 share of a 3608 sqm plot
located in a central area of Adana
Adana is one of Turkeyrsquos main industrial cities with
additional business growth potential due to investments in
the energy and petrochemical sectors
TSKB REIT has started the project in order to build a 5 star
business hotel with about 200 rooms on the plot The
building licence has been obtained and the construction
works has been started The hotel is to be operational in the
third quarter of 2015
For the hotel management an operating agreement has
been signed with Divan Group and the name of the hotel
has been decided as lsquordquoDivan Adanardquo
Adana Hotel Project (contd)
23
23
Divan Adana 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 also lacks alternative places for social activities such as
conferences wedding ceremonies social occasions and MICE
(Meetings Incentives Conferencing Exhibitions) tourism
The land for the city hotel was acquired in 2007 with the intent to
open a city hotel in accordance with local demand The land is
located in Seyhan a central district of Adana
The project is located some 25 km from the airport and 55 km
from the bus terminal
An architectural project was prepared for the site which is already
zoned
Operating Agreement (15-year maturity) was signed between
TSKB REIT and Divan Group
Hotel construction work is in progress
Adana Hotel Project (contd)
24
24
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
25
25
Balance Sheet
Current Assets 34083 7688 35242 20178 26502 32914 11709 9034
Cash and Banks 23845 3745 30218 15154 22073 28794 7601 5020
Financial Investments 489 841 1450 1888 1338 900 1129 1062
Other Current Assets 9749 3102 3573 3136 3091 3220 2979 2952
Non-Current Assets 152327 290663 301937 320386 337872 343275 355083 367328
Investment Property 75580 278976 290261 309835 328080 335460 348665 361747
Fixed Assets 76729 25 39 85 43 24 29 79
Other Non-Current Assets 18 11662 11637 10466 9749 7791 6389 5502
Total Assets 186410 298351 337179 340564 364374 376188 366792 376362
Short-term Liabilities 7113 20431 22977 11636 13096 17466 37351 40847
Bank Debts 2062 12163 20170 10734 11009 16195 35741 39864
Trade Payables 156 4397 988 573 733 716 990 493
Other 4895 3871 1819 329 1354 555 620 490
Long-term Liabilities 70510 113788 93268 110832 116134 149727 118929 137332
Bank Debts 70509 113700 93161 110685 115908 149406 118239 136062
Other 1 88 107 147 226 321 690 1270
Shareholdersrsquo Equity 108787 164133 220934 218096 235144 208995 210513 198182
Paid-in Capital 100000 100000 150000 150000 150000 150000 150000 150000
Share Premium - - 593 593 593 593 593 593
Reserves 43 153 153 153 153 153 153 153
Other Comprehensive
IncomeExpense not to be
Reclassified to Profit or Loss
- - - - - 18 (7) (7)
Retained Earnings 5681 8634 63980 70188 67350 84398 58231 59775
Net Income (Loss) 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Total Liabilities and
Shareholders Equity 186410 298351 337179 340564 364374 376188 366792 376362
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
26
26
Revenues 6048 4723 14381 14734 17794 17476 16634 8450
Operating Costs (-) (3149) (3343)
(1223
0) (8446) (8447) (8544) (9274) (5066)
Net Operating Profit 2899 1380 2151 6288 9347 8932 7360 3384
Income from Other
Operations 6253 52632 5444 15455 7933 469 447 415
Expenses from Other
Operations (-) (114) (41) (249) (70) (51) (5968) (540) (24)
Operating Profit 9038 53971 7346 21673 17229 3433 7267 3775
Financial Income 803 1676 5650 1639 4888 43 312 7
Financial Expenses (-) (6778) (301) (6787) (26150) (5069) (29643) (6036) (16113)
Profit Before Tax 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Tax - - - - - - - -
Net Income 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Income Statement
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
27
27
Total Assets
Key Parameters
Shareholdersrsquo Equity
Real Estate Portfolio Assets
2007 2008 2009 2010 2011 2012 2013 2014
122
186
298 337 341
364 376 367 TL m
2007 2008 2009 2010 2011 2012 2013 2014
81 109
164
221 218 235
209 211 TL m
2007 2008 2009 2010 2011 2012 2013 2014
115
152
279 290 310 328 335 349 TL m
28
28
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
29
29
TSGYO Stock Performance
Performance Performance
311214 300615 280715 311214-300615 300615-280715
BIST 100 Index 85721 82250 78024 -40 -51
BIST REIT Index 37396 39616 37101 59 -63
TSGYO 072 069 067 -42 -29
Performance Performance
311214 300615 280715 311214-300615 300615-280715
TSGYO Market Cap (TL mn) 108 104 101 -42 -29
TSGYO Market Cap (USD mn) 47 39 36 -173 -54
30
30
TSGYO Stock Performance
TSGYO BIST REIT Index and BIST 100 Index Performance
050
060
070
080
090
100
110
120
130
140
150
160
TSGYO BIST REIT Index BIST 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to BIST REIT Index
45
50
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO BIST REIT Index
-399
32
32
Net Asset Value
as of June 30 2015
as of July 28 2015
TSGYO Net Asset Value (NAV) ( TL )
Project 52995927
Adana Hotel Project 52995927
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahir Han Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361781283
Participations -
Marketable Securities 5020005
Total Portfolio Value 366801288
Cash and Banks -
Receivables 1061705
Other Assets 8533303
Payables 178179598
NAV 198216698
Market Cap 100500000
Discount to NAV 49
33
33
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
34
34
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
gt51 of the the portfolio to be invested in real estate
Not allowed to carry out construction
Properties to be valued by independent and CMB licensed appraisal companies
35
35
Public REITs
Akfen REIT
Akiş REIT
Akmerkez REIT
Alarko REIT
Ata REIT
Atakule REIT
Avrasya REIT
Deniz REIT
Doğuş REIT
EGS REIT
Emlak REIT
Halk REIT
İdealist REIT
İş REIT
Kiler REIT
Koumlrfez REIT
Martı REIT
Nurol REIT
Oumlzak REIT
Oumlzderici REIT
Pera REIT
Reysaş REIT
Saf REIT
Servet REIT
Sinpaş REIT
Torunlar REIT
TSKB REIT
Vakıf REIT
Yapı Kredi Koray REIT
Yeni Gimat REIT
Yeşil REIT
36
36
Disclaimer
This presentation does contain forward-looking statements that reflect the Company managementrsquos
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 affected by
a variety of variables and changes in underlying assumptions that could cause actual results to differ
materially
Neither TSKB REIT nor any of its directors managers or employees nor any other person shall have
any liability whatsoever for any loss arising from the use of this presentation
37
37
10
10
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
11
11
Breakdown of Real Estate Portfolio
Breakdown of Total Portfolio
Proportion of Total Portfolio Value
Portfolio Breakdown
Marketable Securities
1
Real Estate 99
As of 30062015 ( TL )
Project 52961580
Adana Hotel Project 52961580
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahirhan Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361746936
Participations -
Marketable Securities 5020005
Total Portfolio Value 366766941
Office Buildings 39
Project 15
Pendorya Shopping Center
46
12
12
Value (TL 000)
Pendorya Shopping Center
Fındıklı Office Buildings
Tahir Han Office Building
Total
168400
124575
15460
348665
Valuations carried out by independent real estate appraisal companies (as of Decemler 31 2014)
Adana Hotel Project 40230
Real Estate Portfolio Summary
13
13
Pendorya Shopping Center
14
14
Location Pendik -
Istanbul
TSKB REIT Stake 100
Operational Date December 2009
Land Area (sqm) 23183
Construction Area (sqm) 80648
Leasable Area (sqm) 30504
Number of Stores 103
Anchor Tenants
Eskidji Bazaar
(8255 sqm)
MediaMarkt
(5500 sqm)
Cinemaximum
(2500 sqm)
Appraisal Value (TLm) 1684
100 of Pendorya is held by TSKB REIT
The center features a 1000-person capacity food court and 1000
vehicle parking lot Annual expected footfall is 6 million
Main Tenants
Pendorya Shopping Center (contd)
15
15
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 Istanbulrsquos main highways and is 8 km distant from
the Sabiha Gokcen (SG) International Airport
The Pendik area on the Asian side of Istanbul has a rapidly growing catchment population of
Grade B income consumers Ongoing boutique residential projects a marina and other nearby
tourism investments increase the attraction of Pendoryarsquos location
The construction of a 4000-person Garanti Bank Operations Center in the neighbouring plot is
ongoing Also located in the vicinity Turkeyrsquos largest state teaching and research hospital (540
beds) was opened at January 2011
Pendik State Teaching
and Research Hospital Turkeyrsquos 3rd-largest
marina
First international fair
facility on Asian side
Recent Developments in Pendik Region Pendik Development Pipeline
16
16
Fındıklı Buildings
Fındıklı Office Buildings
17
17
Location Istanbul
TSKB REIT Stake 100
Land Area (sqm) 1696
Leasable Area (sqm) 7102
Number of Floors 7
Tenant TSKB
Appraisal Value (TLm) 636
TSKB REIT is the 100 owner of the building
The building of some 7102 sqm of covered space was
purchased from TSKB in 2007
Currently it is rented by TSKB and serves as the headquarters
of the bank
The building was renovated in September 2007 and no major
maintenance outlays are expected in the near future
Close proximity to Bosphorus foreshore and mass transit
options also have positive effect on sitersquos exclusivity Galata
Port operations will likely increase the sitersquos future appraisal
value
Fındıklı Office Buildings (contd)
Fındıklı Building I
18
18
Location Istanbul
TSKB REIT Stake 100
Land Area (sqm) 2503
Leasable Area (sqm) 10542
Number of Floors 10
Tenants
TSKB TSKB
Foundation
TSKB RE
Appraisal
Appraisal Value (TLm) 61
TSKB REIT is the 100 owner of the property
The building has 10542 sqm of enclosed area and was
purchased from TSKB in 2007
Currently rented by TSKB and other TSKB Group companies
The building was renovated in September 2007 and no major
maintenance outlays are expected in the near future
Close proximity to Bosphorus foreshore and mass transit
options also have positive effect on sitersquos exclusivity Galata
Port operations will likely increase the sitersquos future appraisal
value
Fındıklı Building II
Fındıklı Office Buildings (contd)
19
19
Tahir Han Office Building
20
20
Location Istanbul
TSKB REIT Stake 74
Land Area (sqm) 607
Leasable Area (sqm) 3198
Number of Floors 8
Tenants Various
Appraisal Value (TLm) 155
TSKB REIT owns 74 of the building Tahir Han is a
seven-story building on 607 sqm plot and has a built up
area of 3198 sqm
Building has full sea views from the third story and up
Tahir Han is located on the border of a major
redevelopment project It is suitable for conversion to more
lucrative activities Galata Port operations will likely
increase the sitersquos future appraisal value
At present the offices are rented out to various companies
and individuals
Tahir Han Office Building (contd)
21
21
Adana Hotel Project (Divan Hotel)
22
22
Location Adana-City
Center
TSKB REIT Stake 50
Acquisition Date November
2007
Appraisal Value ndash Project_Land (TLm) 4023
Land Area (sqm) 3608
Project City Hotel
Construction Start Date 3Q2011
Estimated Operational Date 3Q2015
TSKB REIT acquired a 50 share of a 3608 sqm plot
located in a central area of Adana
Adana is one of Turkeyrsquos main industrial cities with
additional business growth potential due to investments in
the energy and petrochemical sectors
TSKB REIT has started the project in order to build a 5 star
business hotel with about 200 rooms on the plot The
building licence has been obtained and the construction
works has been started The hotel is to be operational in the
third quarter of 2015
For the hotel management an operating agreement has
been signed with Divan Group and the name of the hotel
has been decided as lsquordquoDivan Adanardquo
Adana Hotel Project (contd)
23
23
Divan Adana 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 also lacks alternative places for social activities such as
conferences wedding ceremonies social occasions and MICE
(Meetings Incentives Conferencing Exhibitions) tourism
The land for the city hotel was acquired in 2007 with the intent to
open a city hotel in accordance with local demand The land is
located in Seyhan a central district of Adana
The project is located some 25 km from the airport and 55 km
from the bus terminal
An architectural project was prepared for the site which is already
zoned
Operating Agreement (15-year maturity) was signed between
TSKB REIT and Divan Group
Hotel construction work is in progress
Adana Hotel Project (contd)
24
24
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
25
25
Balance Sheet
Current Assets 34083 7688 35242 20178 26502 32914 11709 9034
Cash and Banks 23845 3745 30218 15154 22073 28794 7601 5020
Financial Investments 489 841 1450 1888 1338 900 1129 1062
Other Current Assets 9749 3102 3573 3136 3091 3220 2979 2952
Non-Current Assets 152327 290663 301937 320386 337872 343275 355083 367328
Investment Property 75580 278976 290261 309835 328080 335460 348665 361747
Fixed Assets 76729 25 39 85 43 24 29 79
Other Non-Current Assets 18 11662 11637 10466 9749 7791 6389 5502
Total Assets 186410 298351 337179 340564 364374 376188 366792 376362
Short-term Liabilities 7113 20431 22977 11636 13096 17466 37351 40847
Bank Debts 2062 12163 20170 10734 11009 16195 35741 39864
Trade Payables 156 4397 988 573 733 716 990 493
Other 4895 3871 1819 329 1354 555 620 490
Long-term Liabilities 70510 113788 93268 110832 116134 149727 118929 137332
Bank Debts 70509 113700 93161 110685 115908 149406 118239 136062
Other 1 88 107 147 226 321 690 1270
Shareholdersrsquo Equity 108787 164133 220934 218096 235144 208995 210513 198182
Paid-in Capital 100000 100000 150000 150000 150000 150000 150000 150000
Share Premium - - 593 593 593 593 593 593
Reserves 43 153 153 153 153 153 153 153
Other Comprehensive
IncomeExpense not to be
Reclassified to Profit or Loss
- - - - - 18 (7) (7)
Retained Earnings 5681 8634 63980 70188 67350 84398 58231 59775
Net Income (Loss) 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Total Liabilities and
Shareholders Equity 186410 298351 337179 340564 364374 376188 366792 376362
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
26
26
Revenues 6048 4723 14381 14734 17794 17476 16634 8450
Operating Costs (-) (3149) (3343)
(1223
0) (8446) (8447) (8544) (9274) (5066)
Net Operating Profit 2899 1380 2151 6288 9347 8932 7360 3384
Income from Other
Operations 6253 52632 5444 15455 7933 469 447 415
Expenses from Other
Operations (-) (114) (41) (249) (70) (51) (5968) (540) (24)
Operating Profit 9038 53971 7346 21673 17229 3433 7267 3775
Financial Income 803 1676 5650 1639 4888 43 312 7
Financial Expenses (-) (6778) (301) (6787) (26150) (5069) (29643) (6036) (16113)
Profit Before Tax 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Tax - - - - - - - -
Net Income 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Income Statement
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
27
27
Total Assets
Key Parameters
Shareholdersrsquo Equity
Real Estate Portfolio Assets
2007 2008 2009 2010 2011 2012 2013 2014
122
186
298 337 341
364 376 367 TL m
2007 2008 2009 2010 2011 2012 2013 2014
81 109
164
221 218 235
209 211 TL m
2007 2008 2009 2010 2011 2012 2013 2014
115
152
279 290 310 328 335 349 TL m
28
28
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
29
29
TSGYO Stock Performance
Performance Performance
311214 300615 280715 311214-300615 300615-280715
BIST 100 Index 85721 82250 78024 -40 -51
BIST REIT Index 37396 39616 37101 59 -63
TSGYO 072 069 067 -42 -29
Performance Performance
311214 300615 280715 311214-300615 300615-280715
TSGYO Market Cap (TL mn) 108 104 101 -42 -29
TSGYO Market Cap (USD mn) 47 39 36 -173 -54
30
30
TSGYO Stock Performance
TSGYO BIST REIT Index and BIST 100 Index Performance
050
060
070
080
090
100
110
120
130
140
150
160
TSGYO BIST REIT Index BIST 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to BIST REIT Index
45
50
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO BIST REIT Index
-399
32
32
Net Asset Value
as of June 30 2015
as of July 28 2015
TSGYO Net Asset Value (NAV) ( TL )
Project 52995927
Adana Hotel Project 52995927
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahir Han Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361781283
Participations -
Marketable Securities 5020005
Total Portfolio Value 366801288
Cash and Banks -
Receivables 1061705
Other Assets 8533303
Payables 178179598
NAV 198216698
Market Cap 100500000
Discount to NAV 49
33
33
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
34
34
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
gt51 of the the portfolio to be invested in real estate
Not allowed to carry out construction
Properties to be valued by independent and CMB licensed appraisal companies
35
35
Public REITs
Akfen REIT
Akiş REIT
Akmerkez REIT
Alarko REIT
Ata REIT
Atakule REIT
Avrasya REIT
Deniz REIT
Doğuş REIT
EGS REIT
Emlak REIT
Halk REIT
İdealist REIT
İş REIT
Kiler REIT
Koumlrfez REIT
Martı REIT
Nurol REIT
Oumlzak REIT
Oumlzderici REIT
Pera REIT
Reysaş REIT
Saf REIT
Servet REIT
Sinpaş REIT
Torunlar REIT
TSKB REIT
Vakıf REIT
Yapı Kredi Koray REIT
Yeni Gimat REIT
Yeşil REIT
36
36
Disclaimer
This presentation does contain forward-looking statements that reflect the Company managementrsquos
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 affected by
a variety of variables and changes in underlying assumptions that could cause actual results to differ
materially
Neither TSKB REIT nor any of its directors managers or employees nor any other person shall have
any liability whatsoever for any loss arising from the use of this presentation
37
37
11
11
Breakdown of Real Estate Portfolio
Breakdown of Total Portfolio
Proportion of Total Portfolio Value
Portfolio Breakdown
Marketable Securities
1
Real Estate 99
As of 30062015 ( TL )
Project 52961580
Adana Hotel Project 52961580
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahirhan Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361746936
Participations -
Marketable Securities 5020005
Total Portfolio Value 366766941
Office Buildings 39
Project 15
Pendorya Shopping Center
46
12
12
Value (TL 000)
Pendorya Shopping Center
Fındıklı Office Buildings
Tahir Han Office Building
Total
168400
124575
15460
348665
Valuations carried out by independent real estate appraisal companies (as of Decemler 31 2014)
Adana Hotel Project 40230
Real Estate Portfolio Summary
13
13
Pendorya Shopping Center
14
14
Location Pendik -
Istanbul
TSKB REIT Stake 100
Operational Date December 2009
Land Area (sqm) 23183
Construction Area (sqm) 80648
Leasable Area (sqm) 30504
Number of Stores 103
Anchor Tenants
Eskidji Bazaar
(8255 sqm)
MediaMarkt
(5500 sqm)
Cinemaximum
(2500 sqm)
Appraisal Value (TLm) 1684
100 of Pendorya is held by TSKB REIT
The center features a 1000-person capacity food court and 1000
vehicle parking lot Annual expected footfall is 6 million
Main Tenants
Pendorya Shopping Center (contd)
15
15
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 Istanbulrsquos main highways and is 8 km distant from
the Sabiha Gokcen (SG) International Airport
The Pendik area on the Asian side of Istanbul has a rapidly growing catchment population of
Grade B income consumers Ongoing boutique residential projects a marina and other nearby
tourism investments increase the attraction of Pendoryarsquos location
The construction of a 4000-person Garanti Bank Operations Center in the neighbouring plot is
ongoing Also located in the vicinity Turkeyrsquos largest state teaching and research hospital (540
beds) was opened at January 2011
Pendik State Teaching
and Research Hospital Turkeyrsquos 3rd-largest
marina
First international fair
facility on Asian side
Recent Developments in Pendik Region Pendik Development Pipeline
16
16
Fındıklı Buildings
Fındıklı Office Buildings
17
17
Location Istanbul
TSKB REIT Stake 100
Land Area (sqm) 1696
Leasable Area (sqm) 7102
Number of Floors 7
Tenant TSKB
Appraisal Value (TLm) 636
TSKB REIT is the 100 owner of the building
The building of some 7102 sqm of covered space was
purchased from TSKB in 2007
Currently it is rented by TSKB and serves as the headquarters
of the bank
The building was renovated in September 2007 and no major
maintenance outlays are expected in the near future
Close proximity to Bosphorus foreshore and mass transit
options also have positive effect on sitersquos exclusivity Galata
Port operations will likely increase the sitersquos future appraisal
value
Fındıklı Office Buildings (contd)
Fındıklı Building I
18
18
Location Istanbul
TSKB REIT Stake 100
Land Area (sqm) 2503
Leasable Area (sqm) 10542
Number of Floors 10
Tenants
TSKB TSKB
Foundation
TSKB RE
Appraisal
Appraisal Value (TLm) 61
TSKB REIT is the 100 owner of the property
The building has 10542 sqm of enclosed area and was
purchased from TSKB in 2007
Currently rented by TSKB and other TSKB Group companies
The building was renovated in September 2007 and no major
maintenance outlays are expected in the near future
Close proximity to Bosphorus foreshore and mass transit
options also have positive effect on sitersquos exclusivity Galata
Port operations will likely increase the sitersquos future appraisal
value
Fındıklı Building II
Fındıklı Office Buildings (contd)
19
19
Tahir Han Office Building
20
20
Location Istanbul
TSKB REIT Stake 74
Land Area (sqm) 607
Leasable Area (sqm) 3198
Number of Floors 8
Tenants Various
Appraisal Value (TLm) 155
TSKB REIT owns 74 of the building Tahir Han is a
seven-story building on 607 sqm plot and has a built up
area of 3198 sqm
Building has full sea views from the third story and up
Tahir Han is located on the border of a major
redevelopment project It is suitable for conversion to more
lucrative activities Galata Port operations will likely
increase the sitersquos future appraisal value
At present the offices are rented out to various companies
and individuals
Tahir Han Office Building (contd)
21
21
Adana Hotel Project (Divan Hotel)
22
22
Location Adana-City
Center
TSKB REIT Stake 50
Acquisition Date November
2007
Appraisal Value ndash Project_Land (TLm) 4023
Land Area (sqm) 3608
Project City Hotel
Construction Start Date 3Q2011
Estimated Operational Date 3Q2015
TSKB REIT acquired a 50 share of a 3608 sqm plot
located in a central area of Adana
Adana is one of Turkeyrsquos main industrial cities with
additional business growth potential due to investments in
the energy and petrochemical sectors
TSKB REIT has started the project in order to build a 5 star
business hotel with about 200 rooms on the plot The
building licence has been obtained and the construction
works has been started The hotel is to be operational in the
third quarter of 2015
For the hotel management an operating agreement has
been signed with Divan Group and the name of the hotel
has been decided as lsquordquoDivan Adanardquo
Adana Hotel Project (contd)
23
23
Divan Adana 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 also lacks alternative places for social activities such as
conferences wedding ceremonies social occasions and MICE
(Meetings Incentives Conferencing Exhibitions) tourism
The land for the city hotel was acquired in 2007 with the intent to
open a city hotel in accordance with local demand The land is
located in Seyhan a central district of Adana
The project is located some 25 km from the airport and 55 km
from the bus terminal
An architectural project was prepared for the site which is already
zoned
Operating Agreement (15-year maturity) was signed between
TSKB REIT and Divan Group
Hotel construction work is in progress
Adana Hotel Project (contd)
24
24
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
25
25
Balance Sheet
Current Assets 34083 7688 35242 20178 26502 32914 11709 9034
Cash and Banks 23845 3745 30218 15154 22073 28794 7601 5020
Financial Investments 489 841 1450 1888 1338 900 1129 1062
Other Current Assets 9749 3102 3573 3136 3091 3220 2979 2952
Non-Current Assets 152327 290663 301937 320386 337872 343275 355083 367328
Investment Property 75580 278976 290261 309835 328080 335460 348665 361747
Fixed Assets 76729 25 39 85 43 24 29 79
Other Non-Current Assets 18 11662 11637 10466 9749 7791 6389 5502
Total Assets 186410 298351 337179 340564 364374 376188 366792 376362
Short-term Liabilities 7113 20431 22977 11636 13096 17466 37351 40847
Bank Debts 2062 12163 20170 10734 11009 16195 35741 39864
Trade Payables 156 4397 988 573 733 716 990 493
Other 4895 3871 1819 329 1354 555 620 490
Long-term Liabilities 70510 113788 93268 110832 116134 149727 118929 137332
Bank Debts 70509 113700 93161 110685 115908 149406 118239 136062
Other 1 88 107 147 226 321 690 1270
Shareholdersrsquo Equity 108787 164133 220934 218096 235144 208995 210513 198182
Paid-in Capital 100000 100000 150000 150000 150000 150000 150000 150000
Share Premium - - 593 593 593 593 593 593
Reserves 43 153 153 153 153 153 153 153
Other Comprehensive
IncomeExpense not to be
Reclassified to Profit or Loss
- - - - - 18 (7) (7)
Retained Earnings 5681 8634 63980 70188 67350 84398 58231 59775
Net Income (Loss) 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Total Liabilities and
Shareholders Equity 186410 298351 337179 340564 364374 376188 366792 376362
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
26
26
Revenues 6048 4723 14381 14734 17794 17476 16634 8450
Operating Costs (-) (3149) (3343)
(1223
0) (8446) (8447) (8544) (9274) (5066)
Net Operating Profit 2899 1380 2151 6288 9347 8932 7360 3384
Income from Other
Operations 6253 52632 5444 15455 7933 469 447 415
Expenses from Other
Operations (-) (114) (41) (249) (70) (51) (5968) (540) (24)
Operating Profit 9038 53971 7346 21673 17229 3433 7267 3775
Financial Income 803 1676 5650 1639 4888 43 312 7
Financial Expenses (-) (6778) (301) (6787) (26150) (5069) (29643) (6036) (16113)
Profit Before Tax 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Tax - - - - - - - -
Net Income 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Income Statement
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
27
27
Total Assets
Key Parameters
Shareholdersrsquo Equity
Real Estate Portfolio Assets
2007 2008 2009 2010 2011 2012 2013 2014
122
186
298 337 341
364 376 367 TL m
2007 2008 2009 2010 2011 2012 2013 2014
81 109
164
221 218 235
209 211 TL m
2007 2008 2009 2010 2011 2012 2013 2014
115
152
279 290 310 328 335 349 TL m
28
28
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
29
29
TSGYO Stock Performance
Performance Performance
311214 300615 280715 311214-300615 300615-280715
BIST 100 Index 85721 82250 78024 -40 -51
BIST REIT Index 37396 39616 37101 59 -63
TSGYO 072 069 067 -42 -29
Performance Performance
311214 300615 280715 311214-300615 300615-280715
TSGYO Market Cap (TL mn) 108 104 101 -42 -29
TSGYO Market Cap (USD mn) 47 39 36 -173 -54
30
30
TSGYO Stock Performance
TSGYO BIST REIT Index and BIST 100 Index Performance
050
060
070
080
090
100
110
120
130
140
150
160
TSGYO BIST REIT Index BIST 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to BIST REIT Index
45
50
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO BIST REIT Index
-399
32
32
Net Asset Value
as of June 30 2015
as of July 28 2015
TSGYO Net Asset Value (NAV) ( TL )
Project 52995927
Adana Hotel Project 52995927
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahir Han Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361781283
Participations -
Marketable Securities 5020005
Total Portfolio Value 366801288
Cash and Banks -
Receivables 1061705
Other Assets 8533303
Payables 178179598
NAV 198216698
Market Cap 100500000
Discount to NAV 49
33
33
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
34
34
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
gt51 of the the portfolio to be invested in real estate
Not allowed to carry out construction
Properties to be valued by independent and CMB licensed appraisal companies
35
35
Public REITs
Akfen REIT
Akiş REIT
Akmerkez REIT
Alarko REIT
Ata REIT
Atakule REIT
Avrasya REIT
Deniz REIT
Doğuş REIT
EGS REIT
Emlak REIT
Halk REIT
İdealist REIT
İş REIT
Kiler REIT
Koumlrfez REIT
Martı REIT
Nurol REIT
Oumlzak REIT
Oumlzderici REIT
Pera REIT
Reysaş REIT
Saf REIT
Servet REIT
Sinpaş REIT
Torunlar REIT
TSKB REIT
Vakıf REIT
Yapı Kredi Koray REIT
Yeni Gimat REIT
Yeşil REIT
36
36
Disclaimer
This presentation does contain forward-looking statements that reflect the Company managementrsquos
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 affected by
a variety of variables and changes in underlying assumptions that could cause actual results to differ
materially
Neither TSKB REIT nor any of its directors managers or employees nor any other person shall have
any liability whatsoever for any loss arising from the use of this presentation
37
37
12
12
Value (TL 000)
Pendorya Shopping Center
Fındıklı Office Buildings
Tahir Han Office Building
Total
168400
124575
15460
348665
Valuations carried out by independent real estate appraisal companies (as of Decemler 31 2014)
Adana Hotel Project 40230
Real Estate Portfolio Summary
13
13
Pendorya Shopping Center
14
14
Location Pendik -
Istanbul
TSKB REIT Stake 100
Operational Date December 2009
Land Area (sqm) 23183
Construction Area (sqm) 80648
Leasable Area (sqm) 30504
Number of Stores 103
Anchor Tenants
Eskidji Bazaar
(8255 sqm)
MediaMarkt
(5500 sqm)
Cinemaximum
(2500 sqm)
Appraisal Value (TLm) 1684
100 of Pendorya is held by TSKB REIT
The center features a 1000-person capacity food court and 1000
vehicle parking lot Annual expected footfall is 6 million
Main Tenants
Pendorya Shopping Center (contd)
15
15
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 Istanbulrsquos main highways and is 8 km distant from
the Sabiha Gokcen (SG) International Airport
The Pendik area on the Asian side of Istanbul has a rapidly growing catchment population of
Grade B income consumers Ongoing boutique residential projects a marina and other nearby
tourism investments increase the attraction of Pendoryarsquos location
The construction of a 4000-person Garanti Bank Operations Center in the neighbouring plot is
ongoing Also located in the vicinity Turkeyrsquos largest state teaching and research hospital (540
beds) was opened at January 2011
Pendik State Teaching
and Research Hospital Turkeyrsquos 3rd-largest
marina
First international fair
facility on Asian side
Recent Developments in Pendik Region Pendik Development Pipeline
16
16
Fındıklı Buildings
Fındıklı Office Buildings
17
17
Location Istanbul
TSKB REIT Stake 100
Land Area (sqm) 1696
Leasable Area (sqm) 7102
Number of Floors 7
Tenant TSKB
Appraisal Value (TLm) 636
TSKB REIT is the 100 owner of the building
The building of some 7102 sqm of covered space was
purchased from TSKB in 2007
Currently it is rented by TSKB and serves as the headquarters
of the bank
The building was renovated in September 2007 and no major
maintenance outlays are expected in the near future
Close proximity to Bosphorus foreshore and mass transit
options also have positive effect on sitersquos exclusivity Galata
Port operations will likely increase the sitersquos future appraisal
value
Fındıklı Office Buildings (contd)
Fındıklı Building I
18
18
Location Istanbul
TSKB REIT Stake 100
Land Area (sqm) 2503
Leasable Area (sqm) 10542
Number of Floors 10
Tenants
TSKB TSKB
Foundation
TSKB RE
Appraisal
Appraisal Value (TLm) 61
TSKB REIT is the 100 owner of the property
The building has 10542 sqm of enclosed area and was
purchased from TSKB in 2007
Currently rented by TSKB and other TSKB Group companies
The building was renovated in September 2007 and no major
maintenance outlays are expected in the near future
Close proximity to Bosphorus foreshore and mass transit
options also have positive effect on sitersquos exclusivity Galata
Port operations will likely increase the sitersquos future appraisal
value
Fındıklı Building II
Fındıklı Office Buildings (contd)
19
19
Tahir Han Office Building
20
20
Location Istanbul
TSKB REIT Stake 74
Land Area (sqm) 607
Leasable Area (sqm) 3198
Number of Floors 8
Tenants Various
Appraisal Value (TLm) 155
TSKB REIT owns 74 of the building Tahir Han is a
seven-story building on 607 sqm plot and has a built up
area of 3198 sqm
Building has full sea views from the third story and up
Tahir Han is located on the border of a major
redevelopment project It is suitable for conversion to more
lucrative activities Galata Port operations will likely
increase the sitersquos future appraisal value
At present the offices are rented out to various companies
and individuals
Tahir Han Office Building (contd)
21
21
Adana Hotel Project (Divan Hotel)
22
22
Location Adana-City
Center
TSKB REIT Stake 50
Acquisition Date November
2007
Appraisal Value ndash Project_Land (TLm) 4023
Land Area (sqm) 3608
Project City Hotel
Construction Start Date 3Q2011
Estimated Operational Date 3Q2015
TSKB REIT acquired a 50 share of a 3608 sqm plot
located in a central area of Adana
Adana is one of Turkeyrsquos main industrial cities with
additional business growth potential due to investments in
the energy and petrochemical sectors
TSKB REIT has started the project in order to build a 5 star
business hotel with about 200 rooms on the plot The
building licence has been obtained and the construction
works has been started The hotel is to be operational in the
third quarter of 2015
For the hotel management an operating agreement has
been signed with Divan Group and the name of the hotel
has been decided as lsquordquoDivan Adanardquo
Adana Hotel Project (contd)
23
23
Divan Adana 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 also lacks alternative places for social activities such as
conferences wedding ceremonies social occasions and MICE
(Meetings Incentives Conferencing Exhibitions) tourism
The land for the city hotel was acquired in 2007 with the intent to
open a city hotel in accordance with local demand The land is
located in Seyhan a central district of Adana
The project is located some 25 km from the airport and 55 km
from the bus terminal
An architectural project was prepared for the site which is already
zoned
Operating Agreement (15-year maturity) was signed between
TSKB REIT and Divan Group
Hotel construction work is in progress
Adana Hotel Project (contd)
24
24
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
25
25
Balance Sheet
Current Assets 34083 7688 35242 20178 26502 32914 11709 9034
Cash and Banks 23845 3745 30218 15154 22073 28794 7601 5020
Financial Investments 489 841 1450 1888 1338 900 1129 1062
Other Current Assets 9749 3102 3573 3136 3091 3220 2979 2952
Non-Current Assets 152327 290663 301937 320386 337872 343275 355083 367328
Investment Property 75580 278976 290261 309835 328080 335460 348665 361747
Fixed Assets 76729 25 39 85 43 24 29 79
Other Non-Current Assets 18 11662 11637 10466 9749 7791 6389 5502
Total Assets 186410 298351 337179 340564 364374 376188 366792 376362
Short-term Liabilities 7113 20431 22977 11636 13096 17466 37351 40847
Bank Debts 2062 12163 20170 10734 11009 16195 35741 39864
Trade Payables 156 4397 988 573 733 716 990 493
Other 4895 3871 1819 329 1354 555 620 490
Long-term Liabilities 70510 113788 93268 110832 116134 149727 118929 137332
Bank Debts 70509 113700 93161 110685 115908 149406 118239 136062
Other 1 88 107 147 226 321 690 1270
Shareholdersrsquo Equity 108787 164133 220934 218096 235144 208995 210513 198182
Paid-in Capital 100000 100000 150000 150000 150000 150000 150000 150000
Share Premium - - 593 593 593 593 593 593
Reserves 43 153 153 153 153 153 153 153
Other Comprehensive
IncomeExpense not to be
Reclassified to Profit or Loss
- - - - - 18 (7) (7)
Retained Earnings 5681 8634 63980 70188 67350 84398 58231 59775
Net Income (Loss) 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Total Liabilities and
Shareholders Equity 186410 298351 337179 340564 364374 376188 366792 376362
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
26
26
Revenues 6048 4723 14381 14734 17794 17476 16634 8450
Operating Costs (-) (3149) (3343)
(1223
0) (8446) (8447) (8544) (9274) (5066)
Net Operating Profit 2899 1380 2151 6288 9347 8932 7360 3384
Income from Other
Operations 6253 52632 5444 15455 7933 469 447 415
Expenses from Other
Operations (-) (114) (41) (249) (70) (51) (5968) (540) (24)
Operating Profit 9038 53971 7346 21673 17229 3433 7267 3775
Financial Income 803 1676 5650 1639 4888 43 312 7
Financial Expenses (-) (6778) (301) (6787) (26150) (5069) (29643) (6036) (16113)
Profit Before Tax 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Tax - - - - - - - -
Net Income 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Income Statement
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
27
27
Total Assets
Key Parameters
Shareholdersrsquo Equity
Real Estate Portfolio Assets
2007 2008 2009 2010 2011 2012 2013 2014
122
186
298 337 341
364 376 367 TL m
2007 2008 2009 2010 2011 2012 2013 2014
81 109
164
221 218 235
209 211 TL m
2007 2008 2009 2010 2011 2012 2013 2014
115
152
279 290 310 328 335 349 TL m
28
28
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
29
29
TSGYO Stock Performance
Performance Performance
311214 300615 280715 311214-300615 300615-280715
BIST 100 Index 85721 82250 78024 -40 -51
BIST REIT Index 37396 39616 37101 59 -63
TSGYO 072 069 067 -42 -29
Performance Performance
311214 300615 280715 311214-300615 300615-280715
TSGYO Market Cap (TL mn) 108 104 101 -42 -29
TSGYO Market Cap (USD mn) 47 39 36 -173 -54
30
30
TSGYO Stock Performance
TSGYO BIST REIT Index and BIST 100 Index Performance
050
060
070
080
090
100
110
120
130
140
150
160
TSGYO BIST REIT Index BIST 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to BIST REIT Index
45
50
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO BIST REIT Index
-399
32
32
Net Asset Value
as of June 30 2015
as of July 28 2015
TSGYO Net Asset Value (NAV) ( TL )
Project 52995927
Adana Hotel Project 52995927
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahir Han Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361781283
Participations -
Marketable Securities 5020005
Total Portfolio Value 366801288
Cash and Banks -
Receivables 1061705
Other Assets 8533303
Payables 178179598
NAV 198216698
Market Cap 100500000
Discount to NAV 49
33
33
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
34
34
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
gt51 of the the portfolio to be invested in real estate
Not allowed to carry out construction
Properties to be valued by independent and CMB licensed appraisal companies
35
35
Public REITs
Akfen REIT
Akiş REIT
Akmerkez REIT
Alarko REIT
Ata REIT
Atakule REIT
Avrasya REIT
Deniz REIT
Doğuş REIT
EGS REIT
Emlak REIT
Halk REIT
İdealist REIT
İş REIT
Kiler REIT
Koumlrfez REIT
Martı REIT
Nurol REIT
Oumlzak REIT
Oumlzderici REIT
Pera REIT
Reysaş REIT
Saf REIT
Servet REIT
Sinpaş REIT
Torunlar REIT
TSKB REIT
Vakıf REIT
Yapı Kredi Koray REIT
Yeni Gimat REIT
Yeşil REIT
36
36
Disclaimer
This presentation does contain forward-looking statements that reflect the Company managementrsquos
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 affected by
a variety of variables and changes in underlying assumptions that could cause actual results to differ
materially
Neither TSKB REIT nor any of its directors managers or employees nor any other person shall have
any liability whatsoever for any loss arising from the use of this presentation
37
37
13
13
Pendorya Shopping Center
14
14
Location Pendik -
Istanbul
TSKB REIT Stake 100
Operational Date December 2009
Land Area (sqm) 23183
Construction Area (sqm) 80648
Leasable Area (sqm) 30504
Number of Stores 103
Anchor Tenants
Eskidji Bazaar
(8255 sqm)
MediaMarkt
(5500 sqm)
Cinemaximum
(2500 sqm)
Appraisal Value (TLm) 1684
100 of Pendorya is held by TSKB REIT
The center features a 1000-person capacity food court and 1000
vehicle parking lot Annual expected footfall is 6 million
Main Tenants
Pendorya Shopping Center (contd)
15
15
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 Istanbulrsquos main highways and is 8 km distant from
the Sabiha Gokcen (SG) International Airport
The Pendik area on the Asian side of Istanbul has a rapidly growing catchment population of
Grade B income consumers Ongoing boutique residential projects a marina and other nearby
tourism investments increase the attraction of Pendoryarsquos location
The construction of a 4000-person Garanti Bank Operations Center in the neighbouring plot is
ongoing Also located in the vicinity Turkeyrsquos largest state teaching and research hospital (540
beds) was opened at January 2011
Pendik State Teaching
and Research Hospital Turkeyrsquos 3rd-largest
marina
First international fair
facility on Asian side
Recent Developments in Pendik Region Pendik Development Pipeline
16
16
Fındıklı Buildings
Fındıklı Office Buildings
17
17
Location Istanbul
TSKB REIT Stake 100
Land Area (sqm) 1696
Leasable Area (sqm) 7102
Number of Floors 7
Tenant TSKB
Appraisal Value (TLm) 636
TSKB REIT is the 100 owner of the building
The building of some 7102 sqm of covered space was
purchased from TSKB in 2007
Currently it is rented by TSKB and serves as the headquarters
of the bank
The building was renovated in September 2007 and no major
maintenance outlays are expected in the near future
Close proximity to Bosphorus foreshore and mass transit
options also have positive effect on sitersquos exclusivity Galata
Port operations will likely increase the sitersquos future appraisal
value
Fındıklı Office Buildings (contd)
Fındıklı Building I
18
18
Location Istanbul
TSKB REIT Stake 100
Land Area (sqm) 2503
Leasable Area (sqm) 10542
Number of Floors 10
Tenants
TSKB TSKB
Foundation
TSKB RE
Appraisal
Appraisal Value (TLm) 61
TSKB REIT is the 100 owner of the property
The building has 10542 sqm of enclosed area and was
purchased from TSKB in 2007
Currently rented by TSKB and other TSKB Group companies
The building was renovated in September 2007 and no major
maintenance outlays are expected in the near future
Close proximity to Bosphorus foreshore and mass transit
options also have positive effect on sitersquos exclusivity Galata
Port operations will likely increase the sitersquos future appraisal
value
Fındıklı Building II
Fındıklı Office Buildings (contd)
19
19
Tahir Han Office Building
20
20
Location Istanbul
TSKB REIT Stake 74
Land Area (sqm) 607
Leasable Area (sqm) 3198
Number of Floors 8
Tenants Various
Appraisal Value (TLm) 155
TSKB REIT owns 74 of the building Tahir Han is a
seven-story building on 607 sqm plot and has a built up
area of 3198 sqm
Building has full sea views from the third story and up
Tahir Han is located on the border of a major
redevelopment project It is suitable for conversion to more
lucrative activities Galata Port operations will likely
increase the sitersquos future appraisal value
At present the offices are rented out to various companies
and individuals
Tahir Han Office Building (contd)
21
21
Adana Hotel Project (Divan Hotel)
22
22
Location Adana-City
Center
TSKB REIT Stake 50
Acquisition Date November
2007
Appraisal Value ndash Project_Land (TLm) 4023
Land Area (sqm) 3608
Project City Hotel
Construction Start Date 3Q2011
Estimated Operational Date 3Q2015
TSKB REIT acquired a 50 share of a 3608 sqm plot
located in a central area of Adana
Adana is one of Turkeyrsquos main industrial cities with
additional business growth potential due to investments in
the energy and petrochemical sectors
TSKB REIT has started the project in order to build a 5 star
business hotel with about 200 rooms on the plot The
building licence has been obtained and the construction
works has been started The hotel is to be operational in the
third quarter of 2015
For the hotel management an operating agreement has
been signed with Divan Group and the name of the hotel
has been decided as lsquordquoDivan Adanardquo
Adana Hotel Project (contd)
23
23
Divan Adana 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 also lacks alternative places for social activities such as
conferences wedding ceremonies social occasions and MICE
(Meetings Incentives Conferencing Exhibitions) tourism
The land for the city hotel was acquired in 2007 with the intent to
open a city hotel in accordance with local demand The land is
located in Seyhan a central district of Adana
The project is located some 25 km from the airport and 55 km
from the bus terminal
An architectural project was prepared for the site which is already
zoned
Operating Agreement (15-year maturity) was signed between
TSKB REIT and Divan Group
Hotel construction work is in progress
Adana Hotel Project (contd)
24
24
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
25
25
Balance Sheet
Current Assets 34083 7688 35242 20178 26502 32914 11709 9034
Cash and Banks 23845 3745 30218 15154 22073 28794 7601 5020
Financial Investments 489 841 1450 1888 1338 900 1129 1062
Other Current Assets 9749 3102 3573 3136 3091 3220 2979 2952
Non-Current Assets 152327 290663 301937 320386 337872 343275 355083 367328
Investment Property 75580 278976 290261 309835 328080 335460 348665 361747
Fixed Assets 76729 25 39 85 43 24 29 79
Other Non-Current Assets 18 11662 11637 10466 9749 7791 6389 5502
Total Assets 186410 298351 337179 340564 364374 376188 366792 376362
Short-term Liabilities 7113 20431 22977 11636 13096 17466 37351 40847
Bank Debts 2062 12163 20170 10734 11009 16195 35741 39864
Trade Payables 156 4397 988 573 733 716 990 493
Other 4895 3871 1819 329 1354 555 620 490
Long-term Liabilities 70510 113788 93268 110832 116134 149727 118929 137332
Bank Debts 70509 113700 93161 110685 115908 149406 118239 136062
Other 1 88 107 147 226 321 690 1270
Shareholdersrsquo Equity 108787 164133 220934 218096 235144 208995 210513 198182
Paid-in Capital 100000 100000 150000 150000 150000 150000 150000 150000
Share Premium - - 593 593 593 593 593 593
Reserves 43 153 153 153 153 153 153 153
Other Comprehensive
IncomeExpense not to be
Reclassified to Profit or Loss
- - - - - 18 (7) (7)
Retained Earnings 5681 8634 63980 70188 67350 84398 58231 59775
Net Income (Loss) 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Total Liabilities and
Shareholders Equity 186410 298351 337179 340564 364374 376188 366792 376362
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
26
26
Revenues 6048 4723 14381 14734 17794 17476 16634 8450
Operating Costs (-) (3149) (3343)
(1223
0) (8446) (8447) (8544) (9274) (5066)
Net Operating Profit 2899 1380 2151 6288 9347 8932 7360 3384
Income from Other
Operations 6253 52632 5444 15455 7933 469 447 415
Expenses from Other
Operations (-) (114) (41) (249) (70) (51) (5968) (540) (24)
Operating Profit 9038 53971 7346 21673 17229 3433 7267 3775
Financial Income 803 1676 5650 1639 4888 43 312 7
Financial Expenses (-) (6778) (301) (6787) (26150) (5069) (29643) (6036) (16113)
Profit Before Tax 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Tax - - - - - - - -
Net Income 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Income Statement
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
27
27
Total Assets
Key Parameters
Shareholdersrsquo Equity
Real Estate Portfolio Assets
2007 2008 2009 2010 2011 2012 2013 2014
122
186
298 337 341
364 376 367 TL m
2007 2008 2009 2010 2011 2012 2013 2014
81 109
164
221 218 235
209 211 TL m
2007 2008 2009 2010 2011 2012 2013 2014
115
152
279 290 310 328 335 349 TL m
28
28
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
29
29
TSGYO Stock Performance
Performance Performance
311214 300615 280715 311214-300615 300615-280715
BIST 100 Index 85721 82250 78024 -40 -51
BIST REIT Index 37396 39616 37101 59 -63
TSGYO 072 069 067 -42 -29
Performance Performance
311214 300615 280715 311214-300615 300615-280715
TSGYO Market Cap (TL mn) 108 104 101 -42 -29
TSGYO Market Cap (USD mn) 47 39 36 -173 -54
30
30
TSGYO Stock Performance
TSGYO BIST REIT Index and BIST 100 Index Performance
050
060
070
080
090
100
110
120
130
140
150
160
TSGYO BIST REIT Index BIST 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to BIST REIT Index
45
50
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO BIST REIT Index
-399
32
32
Net Asset Value
as of June 30 2015
as of July 28 2015
TSGYO Net Asset Value (NAV) ( TL )
Project 52995927
Adana Hotel Project 52995927
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahir Han Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361781283
Participations -
Marketable Securities 5020005
Total Portfolio Value 366801288
Cash and Banks -
Receivables 1061705
Other Assets 8533303
Payables 178179598
NAV 198216698
Market Cap 100500000
Discount to NAV 49
33
33
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
34
34
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
gt51 of the the portfolio to be invested in real estate
Not allowed to carry out construction
Properties to be valued by independent and CMB licensed appraisal companies
35
35
Public REITs
Akfen REIT
Akiş REIT
Akmerkez REIT
Alarko REIT
Ata REIT
Atakule REIT
Avrasya REIT
Deniz REIT
Doğuş REIT
EGS REIT
Emlak REIT
Halk REIT
İdealist REIT
İş REIT
Kiler REIT
Koumlrfez REIT
Martı REIT
Nurol REIT
Oumlzak REIT
Oumlzderici REIT
Pera REIT
Reysaş REIT
Saf REIT
Servet REIT
Sinpaş REIT
Torunlar REIT
TSKB REIT
Vakıf REIT
Yapı Kredi Koray REIT
Yeni Gimat REIT
Yeşil REIT
36
36
Disclaimer
This presentation does contain forward-looking statements that reflect the Company managementrsquos
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 affected by
a variety of variables and changes in underlying assumptions that could cause actual results to differ
materially
Neither TSKB REIT nor any of its directors managers or employees nor any other person shall have
any liability whatsoever for any loss arising from the use of this presentation
37
37
14
14
Location Pendik -
Istanbul
TSKB REIT Stake 100
Operational Date December 2009
Land Area (sqm) 23183
Construction Area (sqm) 80648
Leasable Area (sqm) 30504
Number of Stores 103
Anchor Tenants
Eskidji Bazaar
(8255 sqm)
MediaMarkt
(5500 sqm)
Cinemaximum
(2500 sqm)
Appraisal Value (TLm) 1684
100 of Pendorya is held by TSKB REIT
The center features a 1000-person capacity food court and 1000
vehicle parking lot Annual expected footfall is 6 million
Main Tenants
Pendorya Shopping Center (contd)
15
15
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 Istanbulrsquos main highways and is 8 km distant from
the Sabiha Gokcen (SG) International Airport
The Pendik area on the Asian side of Istanbul has a rapidly growing catchment population of
Grade B income consumers Ongoing boutique residential projects a marina and other nearby
tourism investments increase the attraction of Pendoryarsquos location
The construction of a 4000-person Garanti Bank Operations Center in the neighbouring plot is
ongoing Also located in the vicinity Turkeyrsquos largest state teaching and research hospital (540
beds) was opened at January 2011
Pendik State Teaching
and Research Hospital Turkeyrsquos 3rd-largest
marina
First international fair
facility on Asian side
Recent Developments in Pendik Region Pendik Development Pipeline
16
16
Fındıklı Buildings
Fındıklı Office Buildings
17
17
Location Istanbul
TSKB REIT Stake 100
Land Area (sqm) 1696
Leasable Area (sqm) 7102
Number of Floors 7
Tenant TSKB
Appraisal Value (TLm) 636
TSKB REIT is the 100 owner of the building
The building of some 7102 sqm of covered space was
purchased from TSKB in 2007
Currently it is rented by TSKB and serves as the headquarters
of the bank
The building was renovated in September 2007 and no major
maintenance outlays are expected in the near future
Close proximity to Bosphorus foreshore and mass transit
options also have positive effect on sitersquos exclusivity Galata
Port operations will likely increase the sitersquos future appraisal
value
Fındıklı Office Buildings (contd)
Fındıklı Building I
18
18
Location Istanbul
TSKB REIT Stake 100
Land Area (sqm) 2503
Leasable Area (sqm) 10542
Number of Floors 10
Tenants
TSKB TSKB
Foundation
TSKB RE
Appraisal
Appraisal Value (TLm) 61
TSKB REIT is the 100 owner of the property
The building has 10542 sqm of enclosed area and was
purchased from TSKB in 2007
Currently rented by TSKB and other TSKB Group companies
The building was renovated in September 2007 and no major
maintenance outlays are expected in the near future
Close proximity to Bosphorus foreshore and mass transit
options also have positive effect on sitersquos exclusivity Galata
Port operations will likely increase the sitersquos future appraisal
value
Fındıklı Building II
Fındıklı Office Buildings (contd)
19
19
Tahir Han Office Building
20
20
Location Istanbul
TSKB REIT Stake 74
Land Area (sqm) 607
Leasable Area (sqm) 3198
Number of Floors 8
Tenants Various
Appraisal Value (TLm) 155
TSKB REIT owns 74 of the building Tahir Han is a
seven-story building on 607 sqm plot and has a built up
area of 3198 sqm
Building has full sea views from the third story and up
Tahir Han is located on the border of a major
redevelopment project It is suitable for conversion to more
lucrative activities Galata Port operations will likely
increase the sitersquos future appraisal value
At present the offices are rented out to various companies
and individuals
Tahir Han Office Building (contd)
21
21
Adana Hotel Project (Divan Hotel)
22
22
Location Adana-City
Center
TSKB REIT Stake 50
Acquisition Date November
2007
Appraisal Value ndash Project_Land (TLm) 4023
Land Area (sqm) 3608
Project City Hotel
Construction Start Date 3Q2011
Estimated Operational Date 3Q2015
TSKB REIT acquired a 50 share of a 3608 sqm plot
located in a central area of Adana
Adana is one of Turkeyrsquos main industrial cities with
additional business growth potential due to investments in
the energy and petrochemical sectors
TSKB REIT has started the project in order to build a 5 star
business hotel with about 200 rooms on the plot The
building licence has been obtained and the construction
works has been started The hotel is to be operational in the
third quarter of 2015
For the hotel management an operating agreement has
been signed with Divan Group and the name of the hotel
has been decided as lsquordquoDivan Adanardquo
Adana Hotel Project (contd)
23
23
Divan Adana 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 also lacks alternative places for social activities such as
conferences wedding ceremonies social occasions and MICE
(Meetings Incentives Conferencing Exhibitions) tourism
The land for the city hotel was acquired in 2007 with the intent to
open a city hotel in accordance with local demand The land is
located in Seyhan a central district of Adana
The project is located some 25 km from the airport and 55 km
from the bus terminal
An architectural project was prepared for the site which is already
zoned
Operating Agreement (15-year maturity) was signed between
TSKB REIT and Divan Group
Hotel construction work is in progress
Adana Hotel Project (contd)
24
24
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
25
25
Balance Sheet
Current Assets 34083 7688 35242 20178 26502 32914 11709 9034
Cash and Banks 23845 3745 30218 15154 22073 28794 7601 5020
Financial Investments 489 841 1450 1888 1338 900 1129 1062
Other Current Assets 9749 3102 3573 3136 3091 3220 2979 2952
Non-Current Assets 152327 290663 301937 320386 337872 343275 355083 367328
Investment Property 75580 278976 290261 309835 328080 335460 348665 361747
Fixed Assets 76729 25 39 85 43 24 29 79
Other Non-Current Assets 18 11662 11637 10466 9749 7791 6389 5502
Total Assets 186410 298351 337179 340564 364374 376188 366792 376362
Short-term Liabilities 7113 20431 22977 11636 13096 17466 37351 40847
Bank Debts 2062 12163 20170 10734 11009 16195 35741 39864
Trade Payables 156 4397 988 573 733 716 990 493
Other 4895 3871 1819 329 1354 555 620 490
Long-term Liabilities 70510 113788 93268 110832 116134 149727 118929 137332
Bank Debts 70509 113700 93161 110685 115908 149406 118239 136062
Other 1 88 107 147 226 321 690 1270
Shareholdersrsquo Equity 108787 164133 220934 218096 235144 208995 210513 198182
Paid-in Capital 100000 100000 150000 150000 150000 150000 150000 150000
Share Premium - - 593 593 593 593 593 593
Reserves 43 153 153 153 153 153 153 153
Other Comprehensive
IncomeExpense not to be
Reclassified to Profit or Loss
- - - - - 18 (7) (7)
Retained Earnings 5681 8634 63980 70188 67350 84398 58231 59775
Net Income (Loss) 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Total Liabilities and
Shareholders Equity 186410 298351 337179 340564 364374 376188 366792 376362
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
26
26
Revenues 6048 4723 14381 14734 17794 17476 16634 8450
Operating Costs (-) (3149) (3343)
(1223
0) (8446) (8447) (8544) (9274) (5066)
Net Operating Profit 2899 1380 2151 6288 9347 8932 7360 3384
Income from Other
Operations 6253 52632 5444 15455 7933 469 447 415
Expenses from Other
Operations (-) (114) (41) (249) (70) (51) (5968) (540) (24)
Operating Profit 9038 53971 7346 21673 17229 3433 7267 3775
Financial Income 803 1676 5650 1639 4888 43 312 7
Financial Expenses (-) (6778) (301) (6787) (26150) (5069) (29643) (6036) (16113)
Profit Before Tax 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Tax - - - - - - - -
Net Income 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Income Statement
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
27
27
Total Assets
Key Parameters
Shareholdersrsquo Equity
Real Estate Portfolio Assets
2007 2008 2009 2010 2011 2012 2013 2014
122
186
298 337 341
364 376 367 TL m
2007 2008 2009 2010 2011 2012 2013 2014
81 109
164
221 218 235
209 211 TL m
2007 2008 2009 2010 2011 2012 2013 2014
115
152
279 290 310 328 335 349 TL m
28
28
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
29
29
TSGYO Stock Performance
Performance Performance
311214 300615 280715 311214-300615 300615-280715
BIST 100 Index 85721 82250 78024 -40 -51
BIST REIT Index 37396 39616 37101 59 -63
TSGYO 072 069 067 -42 -29
Performance Performance
311214 300615 280715 311214-300615 300615-280715
TSGYO Market Cap (TL mn) 108 104 101 -42 -29
TSGYO Market Cap (USD mn) 47 39 36 -173 -54
30
30
TSGYO Stock Performance
TSGYO BIST REIT Index and BIST 100 Index Performance
050
060
070
080
090
100
110
120
130
140
150
160
TSGYO BIST REIT Index BIST 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to BIST REIT Index
45
50
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO BIST REIT Index
-399
32
32
Net Asset Value
as of June 30 2015
as of July 28 2015
TSGYO Net Asset Value (NAV) ( TL )
Project 52995927
Adana Hotel Project 52995927
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahir Han Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361781283
Participations -
Marketable Securities 5020005
Total Portfolio Value 366801288
Cash and Banks -
Receivables 1061705
Other Assets 8533303
Payables 178179598
NAV 198216698
Market Cap 100500000
Discount to NAV 49
33
33
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
34
34
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
gt51 of the the portfolio to be invested in real estate
Not allowed to carry out construction
Properties to be valued by independent and CMB licensed appraisal companies
35
35
Public REITs
Akfen REIT
Akiş REIT
Akmerkez REIT
Alarko REIT
Ata REIT
Atakule REIT
Avrasya REIT
Deniz REIT
Doğuş REIT
EGS REIT
Emlak REIT
Halk REIT
İdealist REIT
İş REIT
Kiler REIT
Koumlrfez REIT
Martı REIT
Nurol REIT
Oumlzak REIT
Oumlzderici REIT
Pera REIT
Reysaş REIT
Saf REIT
Servet REIT
Sinpaş REIT
Torunlar REIT
TSKB REIT
Vakıf REIT
Yapı Kredi Koray REIT
Yeni Gimat REIT
Yeşil REIT
36
36
Disclaimer
This presentation does contain forward-looking statements that reflect the Company managementrsquos
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 affected by
a variety of variables and changes in underlying assumptions that could cause actual results to differ
materially
Neither TSKB REIT nor any of its directors managers or employees nor any other person shall have
any liability whatsoever for any loss arising from the use of this presentation
37
37
15
15
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 Istanbulrsquos main highways and is 8 km distant from
the Sabiha Gokcen (SG) International Airport
The Pendik area on the Asian side of Istanbul has a rapidly growing catchment population of
Grade B income consumers Ongoing boutique residential projects a marina and other nearby
tourism investments increase the attraction of Pendoryarsquos location
The construction of a 4000-person Garanti Bank Operations Center in the neighbouring plot is
ongoing Also located in the vicinity Turkeyrsquos largest state teaching and research hospital (540
beds) was opened at January 2011
Pendik State Teaching
and Research Hospital Turkeyrsquos 3rd-largest
marina
First international fair
facility on Asian side
Recent Developments in Pendik Region Pendik Development Pipeline
16
16
Fındıklı Buildings
Fındıklı Office Buildings
17
17
Location Istanbul
TSKB REIT Stake 100
Land Area (sqm) 1696
Leasable Area (sqm) 7102
Number of Floors 7
Tenant TSKB
Appraisal Value (TLm) 636
TSKB REIT is the 100 owner of the building
The building of some 7102 sqm of covered space was
purchased from TSKB in 2007
Currently it is rented by TSKB and serves as the headquarters
of the bank
The building was renovated in September 2007 and no major
maintenance outlays are expected in the near future
Close proximity to Bosphorus foreshore and mass transit
options also have positive effect on sitersquos exclusivity Galata
Port operations will likely increase the sitersquos future appraisal
value
Fındıklı Office Buildings (contd)
Fındıklı Building I
18
18
Location Istanbul
TSKB REIT Stake 100
Land Area (sqm) 2503
Leasable Area (sqm) 10542
Number of Floors 10
Tenants
TSKB TSKB
Foundation
TSKB RE
Appraisal
Appraisal Value (TLm) 61
TSKB REIT is the 100 owner of the property
The building has 10542 sqm of enclosed area and was
purchased from TSKB in 2007
Currently rented by TSKB and other TSKB Group companies
The building was renovated in September 2007 and no major
maintenance outlays are expected in the near future
Close proximity to Bosphorus foreshore and mass transit
options also have positive effect on sitersquos exclusivity Galata
Port operations will likely increase the sitersquos future appraisal
value
Fındıklı Building II
Fındıklı Office Buildings (contd)
19
19
Tahir Han Office Building
20
20
Location Istanbul
TSKB REIT Stake 74
Land Area (sqm) 607
Leasable Area (sqm) 3198
Number of Floors 8
Tenants Various
Appraisal Value (TLm) 155
TSKB REIT owns 74 of the building Tahir Han is a
seven-story building on 607 sqm plot and has a built up
area of 3198 sqm
Building has full sea views from the third story and up
Tahir Han is located on the border of a major
redevelopment project It is suitable for conversion to more
lucrative activities Galata Port operations will likely
increase the sitersquos future appraisal value
At present the offices are rented out to various companies
and individuals
Tahir Han Office Building (contd)
21
21
Adana Hotel Project (Divan Hotel)
22
22
Location Adana-City
Center
TSKB REIT Stake 50
Acquisition Date November
2007
Appraisal Value ndash Project_Land (TLm) 4023
Land Area (sqm) 3608
Project City Hotel
Construction Start Date 3Q2011
Estimated Operational Date 3Q2015
TSKB REIT acquired a 50 share of a 3608 sqm plot
located in a central area of Adana
Adana is one of Turkeyrsquos main industrial cities with
additional business growth potential due to investments in
the energy and petrochemical sectors
TSKB REIT has started the project in order to build a 5 star
business hotel with about 200 rooms on the plot The
building licence has been obtained and the construction
works has been started The hotel is to be operational in the
third quarter of 2015
For the hotel management an operating agreement has
been signed with Divan Group and the name of the hotel
has been decided as lsquordquoDivan Adanardquo
Adana Hotel Project (contd)
23
23
Divan Adana 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 also lacks alternative places for social activities such as
conferences wedding ceremonies social occasions and MICE
(Meetings Incentives Conferencing Exhibitions) tourism
The land for the city hotel was acquired in 2007 with the intent to
open a city hotel in accordance with local demand The land is
located in Seyhan a central district of Adana
The project is located some 25 km from the airport and 55 km
from the bus terminal
An architectural project was prepared for the site which is already
zoned
Operating Agreement (15-year maturity) was signed between
TSKB REIT and Divan Group
Hotel construction work is in progress
Adana Hotel Project (contd)
24
24
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
25
25
Balance Sheet
Current Assets 34083 7688 35242 20178 26502 32914 11709 9034
Cash and Banks 23845 3745 30218 15154 22073 28794 7601 5020
Financial Investments 489 841 1450 1888 1338 900 1129 1062
Other Current Assets 9749 3102 3573 3136 3091 3220 2979 2952
Non-Current Assets 152327 290663 301937 320386 337872 343275 355083 367328
Investment Property 75580 278976 290261 309835 328080 335460 348665 361747
Fixed Assets 76729 25 39 85 43 24 29 79
Other Non-Current Assets 18 11662 11637 10466 9749 7791 6389 5502
Total Assets 186410 298351 337179 340564 364374 376188 366792 376362
Short-term Liabilities 7113 20431 22977 11636 13096 17466 37351 40847
Bank Debts 2062 12163 20170 10734 11009 16195 35741 39864
Trade Payables 156 4397 988 573 733 716 990 493
Other 4895 3871 1819 329 1354 555 620 490
Long-term Liabilities 70510 113788 93268 110832 116134 149727 118929 137332
Bank Debts 70509 113700 93161 110685 115908 149406 118239 136062
Other 1 88 107 147 226 321 690 1270
Shareholdersrsquo Equity 108787 164133 220934 218096 235144 208995 210513 198182
Paid-in Capital 100000 100000 150000 150000 150000 150000 150000 150000
Share Premium - - 593 593 593 593 593 593
Reserves 43 153 153 153 153 153 153 153
Other Comprehensive
IncomeExpense not to be
Reclassified to Profit or Loss
- - - - - 18 (7) (7)
Retained Earnings 5681 8634 63980 70188 67350 84398 58231 59775
Net Income (Loss) 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Total Liabilities and
Shareholders Equity 186410 298351 337179 340564 364374 376188 366792 376362
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
26
26
Revenues 6048 4723 14381 14734 17794 17476 16634 8450
Operating Costs (-) (3149) (3343)
(1223
0) (8446) (8447) (8544) (9274) (5066)
Net Operating Profit 2899 1380 2151 6288 9347 8932 7360 3384
Income from Other
Operations 6253 52632 5444 15455 7933 469 447 415
Expenses from Other
Operations (-) (114) (41) (249) (70) (51) (5968) (540) (24)
Operating Profit 9038 53971 7346 21673 17229 3433 7267 3775
Financial Income 803 1676 5650 1639 4888 43 312 7
Financial Expenses (-) (6778) (301) (6787) (26150) (5069) (29643) (6036) (16113)
Profit Before Tax 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Tax - - - - - - - -
Net Income 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Income Statement
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
27
27
Total Assets
Key Parameters
Shareholdersrsquo Equity
Real Estate Portfolio Assets
2007 2008 2009 2010 2011 2012 2013 2014
122
186
298 337 341
364 376 367 TL m
2007 2008 2009 2010 2011 2012 2013 2014
81 109
164
221 218 235
209 211 TL m
2007 2008 2009 2010 2011 2012 2013 2014
115
152
279 290 310 328 335 349 TL m
28
28
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
29
29
TSGYO Stock Performance
Performance Performance
311214 300615 280715 311214-300615 300615-280715
BIST 100 Index 85721 82250 78024 -40 -51
BIST REIT Index 37396 39616 37101 59 -63
TSGYO 072 069 067 -42 -29
Performance Performance
311214 300615 280715 311214-300615 300615-280715
TSGYO Market Cap (TL mn) 108 104 101 -42 -29
TSGYO Market Cap (USD mn) 47 39 36 -173 -54
30
30
TSGYO Stock Performance
TSGYO BIST REIT Index and BIST 100 Index Performance
050
060
070
080
090
100
110
120
130
140
150
160
TSGYO BIST REIT Index BIST 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to BIST REIT Index
45
50
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO BIST REIT Index
-399
32
32
Net Asset Value
as of June 30 2015
as of July 28 2015
TSGYO Net Asset Value (NAV) ( TL )
Project 52995927
Adana Hotel Project 52995927
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahir Han Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361781283
Participations -
Marketable Securities 5020005
Total Portfolio Value 366801288
Cash and Banks -
Receivables 1061705
Other Assets 8533303
Payables 178179598
NAV 198216698
Market Cap 100500000
Discount to NAV 49
33
33
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
34
34
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
gt51 of the the portfolio to be invested in real estate
Not allowed to carry out construction
Properties to be valued by independent and CMB licensed appraisal companies
35
35
Public REITs
Akfen REIT
Akiş REIT
Akmerkez REIT
Alarko REIT
Ata REIT
Atakule REIT
Avrasya REIT
Deniz REIT
Doğuş REIT
EGS REIT
Emlak REIT
Halk REIT
İdealist REIT
İş REIT
Kiler REIT
Koumlrfez REIT
Martı REIT
Nurol REIT
Oumlzak REIT
Oumlzderici REIT
Pera REIT
Reysaş REIT
Saf REIT
Servet REIT
Sinpaş REIT
Torunlar REIT
TSKB REIT
Vakıf REIT
Yapı Kredi Koray REIT
Yeni Gimat REIT
Yeşil REIT
36
36
Disclaimer
This presentation does contain forward-looking statements that reflect the Company managementrsquos
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 affected by
a variety of variables and changes in underlying assumptions that could cause actual results to differ
materially
Neither TSKB REIT nor any of its directors managers or employees nor any other person shall have
any liability whatsoever for any loss arising from the use of this presentation
37
37
16
16
Fındıklı Buildings
Fındıklı Office Buildings
17
17
Location Istanbul
TSKB REIT Stake 100
Land Area (sqm) 1696
Leasable Area (sqm) 7102
Number of Floors 7
Tenant TSKB
Appraisal Value (TLm) 636
TSKB REIT is the 100 owner of the building
The building of some 7102 sqm of covered space was
purchased from TSKB in 2007
Currently it is rented by TSKB and serves as the headquarters
of the bank
The building was renovated in September 2007 and no major
maintenance outlays are expected in the near future
Close proximity to Bosphorus foreshore and mass transit
options also have positive effect on sitersquos exclusivity Galata
Port operations will likely increase the sitersquos future appraisal
value
Fındıklı Office Buildings (contd)
Fındıklı Building I
18
18
Location Istanbul
TSKB REIT Stake 100
Land Area (sqm) 2503
Leasable Area (sqm) 10542
Number of Floors 10
Tenants
TSKB TSKB
Foundation
TSKB RE
Appraisal
Appraisal Value (TLm) 61
TSKB REIT is the 100 owner of the property
The building has 10542 sqm of enclosed area and was
purchased from TSKB in 2007
Currently rented by TSKB and other TSKB Group companies
The building was renovated in September 2007 and no major
maintenance outlays are expected in the near future
Close proximity to Bosphorus foreshore and mass transit
options also have positive effect on sitersquos exclusivity Galata
Port operations will likely increase the sitersquos future appraisal
value
Fındıklı Building II
Fındıklı Office Buildings (contd)
19
19
Tahir Han Office Building
20
20
Location Istanbul
TSKB REIT Stake 74
Land Area (sqm) 607
Leasable Area (sqm) 3198
Number of Floors 8
Tenants Various
Appraisal Value (TLm) 155
TSKB REIT owns 74 of the building Tahir Han is a
seven-story building on 607 sqm plot and has a built up
area of 3198 sqm
Building has full sea views from the third story and up
Tahir Han is located on the border of a major
redevelopment project It is suitable for conversion to more
lucrative activities Galata Port operations will likely
increase the sitersquos future appraisal value
At present the offices are rented out to various companies
and individuals
Tahir Han Office Building (contd)
21
21
Adana Hotel Project (Divan Hotel)
22
22
Location Adana-City
Center
TSKB REIT Stake 50
Acquisition Date November
2007
Appraisal Value ndash Project_Land (TLm) 4023
Land Area (sqm) 3608
Project City Hotel
Construction Start Date 3Q2011
Estimated Operational Date 3Q2015
TSKB REIT acquired a 50 share of a 3608 sqm plot
located in a central area of Adana
Adana is one of Turkeyrsquos main industrial cities with
additional business growth potential due to investments in
the energy and petrochemical sectors
TSKB REIT has started the project in order to build a 5 star
business hotel with about 200 rooms on the plot The
building licence has been obtained and the construction
works has been started The hotel is to be operational in the
third quarter of 2015
For the hotel management an operating agreement has
been signed with Divan Group and the name of the hotel
has been decided as lsquordquoDivan Adanardquo
Adana Hotel Project (contd)
23
23
Divan Adana 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 also lacks alternative places for social activities such as
conferences wedding ceremonies social occasions and MICE
(Meetings Incentives Conferencing Exhibitions) tourism
The land for the city hotel was acquired in 2007 with the intent to
open a city hotel in accordance with local demand The land is
located in Seyhan a central district of Adana
The project is located some 25 km from the airport and 55 km
from the bus terminal
An architectural project was prepared for the site which is already
zoned
Operating Agreement (15-year maturity) was signed between
TSKB REIT and Divan Group
Hotel construction work is in progress
Adana Hotel Project (contd)
24
24
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
25
25
Balance Sheet
Current Assets 34083 7688 35242 20178 26502 32914 11709 9034
Cash and Banks 23845 3745 30218 15154 22073 28794 7601 5020
Financial Investments 489 841 1450 1888 1338 900 1129 1062
Other Current Assets 9749 3102 3573 3136 3091 3220 2979 2952
Non-Current Assets 152327 290663 301937 320386 337872 343275 355083 367328
Investment Property 75580 278976 290261 309835 328080 335460 348665 361747
Fixed Assets 76729 25 39 85 43 24 29 79
Other Non-Current Assets 18 11662 11637 10466 9749 7791 6389 5502
Total Assets 186410 298351 337179 340564 364374 376188 366792 376362
Short-term Liabilities 7113 20431 22977 11636 13096 17466 37351 40847
Bank Debts 2062 12163 20170 10734 11009 16195 35741 39864
Trade Payables 156 4397 988 573 733 716 990 493
Other 4895 3871 1819 329 1354 555 620 490
Long-term Liabilities 70510 113788 93268 110832 116134 149727 118929 137332
Bank Debts 70509 113700 93161 110685 115908 149406 118239 136062
Other 1 88 107 147 226 321 690 1270
Shareholdersrsquo Equity 108787 164133 220934 218096 235144 208995 210513 198182
Paid-in Capital 100000 100000 150000 150000 150000 150000 150000 150000
Share Premium - - 593 593 593 593 593 593
Reserves 43 153 153 153 153 153 153 153
Other Comprehensive
IncomeExpense not to be
Reclassified to Profit or Loss
- - - - - 18 (7) (7)
Retained Earnings 5681 8634 63980 70188 67350 84398 58231 59775
Net Income (Loss) 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Total Liabilities and
Shareholders Equity 186410 298351 337179 340564 364374 376188 366792 376362
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
26
26
Revenues 6048 4723 14381 14734 17794 17476 16634 8450
Operating Costs (-) (3149) (3343)
(1223
0) (8446) (8447) (8544) (9274) (5066)
Net Operating Profit 2899 1380 2151 6288 9347 8932 7360 3384
Income from Other
Operations 6253 52632 5444 15455 7933 469 447 415
Expenses from Other
Operations (-) (114) (41) (249) (70) (51) (5968) (540) (24)
Operating Profit 9038 53971 7346 21673 17229 3433 7267 3775
Financial Income 803 1676 5650 1639 4888 43 312 7
Financial Expenses (-) (6778) (301) (6787) (26150) (5069) (29643) (6036) (16113)
Profit Before Tax 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Tax - - - - - - - -
Net Income 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Income Statement
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
27
27
Total Assets
Key Parameters
Shareholdersrsquo Equity
Real Estate Portfolio Assets
2007 2008 2009 2010 2011 2012 2013 2014
122
186
298 337 341
364 376 367 TL m
2007 2008 2009 2010 2011 2012 2013 2014
81 109
164
221 218 235
209 211 TL m
2007 2008 2009 2010 2011 2012 2013 2014
115
152
279 290 310 328 335 349 TL m
28
28
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
29
29
TSGYO Stock Performance
Performance Performance
311214 300615 280715 311214-300615 300615-280715
BIST 100 Index 85721 82250 78024 -40 -51
BIST REIT Index 37396 39616 37101 59 -63
TSGYO 072 069 067 -42 -29
Performance Performance
311214 300615 280715 311214-300615 300615-280715
TSGYO Market Cap (TL mn) 108 104 101 -42 -29
TSGYO Market Cap (USD mn) 47 39 36 -173 -54
30
30
TSGYO Stock Performance
TSGYO BIST REIT Index and BIST 100 Index Performance
050
060
070
080
090
100
110
120
130
140
150
160
TSGYO BIST REIT Index BIST 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to BIST REIT Index
45
50
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO BIST REIT Index
-399
32
32
Net Asset Value
as of June 30 2015
as of July 28 2015
TSGYO Net Asset Value (NAV) ( TL )
Project 52995927
Adana Hotel Project 52995927
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahir Han Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361781283
Participations -
Marketable Securities 5020005
Total Portfolio Value 366801288
Cash and Banks -
Receivables 1061705
Other Assets 8533303
Payables 178179598
NAV 198216698
Market Cap 100500000
Discount to NAV 49
33
33
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
34
34
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
gt51 of the the portfolio to be invested in real estate
Not allowed to carry out construction
Properties to be valued by independent and CMB licensed appraisal companies
35
35
Public REITs
Akfen REIT
Akiş REIT
Akmerkez REIT
Alarko REIT
Ata REIT
Atakule REIT
Avrasya REIT
Deniz REIT
Doğuş REIT
EGS REIT
Emlak REIT
Halk REIT
İdealist REIT
İş REIT
Kiler REIT
Koumlrfez REIT
Martı REIT
Nurol REIT
Oumlzak REIT
Oumlzderici REIT
Pera REIT
Reysaş REIT
Saf REIT
Servet REIT
Sinpaş REIT
Torunlar REIT
TSKB REIT
Vakıf REIT
Yapı Kredi Koray REIT
Yeni Gimat REIT
Yeşil REIT
36
36
Disclaimer
This presentation does contain forward-looking statements that reflect the Company managementrsquos
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 affected by
a variety of variables and changes in underlying assumptions that could cause actual results to differ
materially
Neither TSKB REIT nor any of its directors managers or employees nor any other person shall have
any liability whatsoever for any loss arising from the use of this presentation
37
37
17
17
Location Istanbul
TSKB REIT Stake 100
Land Area (sqm) 1696
Leasable Area (sqm) 7102
Number of Floors 7
Tenant TSKB
Appraisal Value (TLm) 636
TSKB REIT is the 100 owner of the building
The building of some 7102 sqm of covered space was
purchased from TSKB in 2007
Currently it is rented by TSKB and serves as the headquarters
of the bank
The building was renovated in September 2007 and no major
maintenance outlays are expected in the near future
Close proximity to Bosphorus foreshore and mass transit
options also have positive effect on sitersquos exclusivity Galata
Port operations will likely increase the sitersquos future appraisal
value
Fındıklı Office Buildings (contd)
Fındıklı Building I
18
18
Location Istanbul
TSKB REIT Stake 100
Land Area (sqm) 2503
Leasable Area (sqm) 10542
Number of Floors 10
Tenants
TSKB TSKB
Foundation
TSKB RE
Appraisal
Appraisal Value (TLm) 61
TSKB REIT is the 100 owner of the property
The building has 10542 sqm of enclosed area and was
purchased from TSKB in 2007
Currently rented by TSKB and other TSKB Group companies
The building was renovated in September 2007 and no major
maintenance outlays are expected in the near future
Close proximity to Bosphorus foreshore and mass transit
options also have positive effect on sitersquos exclusivity Galata
Port operations will likely increase the sitersquos future appraisal
value
Fındıklı Building II
Fındıklı Office Buildings (contd)
19
19
Tahir Han Office Building
20
20
Location Istanbul
TSKB REIT Stake 74
Land Area (sqm) 607
Leasable Area (sqm) 3198
Number of Floors 8
Tenants Various
Appraisal Value (TLm) 155
TSKB REIT owns 74 of the building Tahir Han is a
seven-story building on 607 sqm plot and has a built up
area of 3198 sqm
Building has full sea views from the third story and up
Tahir Han is located on the border of a major
redevelopment project It is suitable for conversion to more
lucrative activities Galata Port operations will likely
increase the sitersquos future appraisal value
At present the offices are rented out to various companies
and individuals
Tahir Han Office Building (contd)
21
21
Adana Hotel Project (Divan Hotel)
22
22
Location Adana-City
Center
TSKB REIT Stake 50
Acquisition Date November
2007
Appraisal Value ndash Project_Land (TLm) 4023
Land Area (sqm) 3608
Project City Hotel
Construction Start Date 3Q2011
Estimated Operational Date 3Q2015
TSKB REIT acquired a 50 share of a 3608 sqm plot
located in a central area of Adana
Adana is one of Turkeyrsquos main industrial cities with
additional business growth potential due to investments in
the energy and petrochemical sectors
TSKB REIT has started the project in order to build a 5 star
business hotel with about 200 rooms on the plot The
building licence has been obtained and the construction
works has been started The hotel is to be operational in the
third quarter of 2015
For the hotel management an operating agreement has
been signed with Divan Group and the name of the hotel
has been decided as lsquordquoDivan Adanardquo
Adana Hotel Project (contd)
23
23
Divan Adana 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 also lacks alternative places for social activities such as
conferences wedding ceremonies social occasions and MICE
(Meetings Incentives Conferencing Exhibitions) tourism
The land for the city hotel was acquired in 2007 with the intent to
open a city hotel in accordance with local demand The land is
located in Seyhan a central district of Adana
The project is located some 25 km from the airport and 55 km
from the bus terminal
An architectural project was prepared for the site which is already
zoned
Operating Agreement (15-year maturity) was signed between
TSKB REIT and Divan Group
Hotel construction work is in progress
Adana Hotel Project (contd)
24
24
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
25
25
Balance Sheet
Current Assets 34083 7688 35242 20178 26502 32914 11709 9034
Cash and Banks 23845 3745 30218 15154 22073 28794 7601 5020
Financial Investments 489 841 1450 1888 1338 900 1129 1062
Other Current Assets 9749 3102 3573 3136 3091 3220 2979 2952
Non-Current Assets 152327 290663 301937 320386 337872 343275 355083 367328
Investment Property 75580 278976 290261 309835 328080 335460 348665 361747
Fixed Assets 76729 25 39 85 43 24 29 79
Other Non-Current Assets 18 11662 11637 10466 9749 7791 6389 5502
Total Assets 186410 298351 337179 340564 364374 376188 366792 376362
Short-term Liabilities 7113 20431 22977 11636 13096 17466 37351 40847
Bank Debts 2062 12163 20170 10734 11009 16195 35741 39864
Trade Payables 156 4397 988 573 733 716 990 493
Other 4895 3871 1819 329 1354 555 620 490
Long-term Liabilities 70510 113788 93268 110832 116134 149727 118929 137332
Bank Debts 70509 113700 93161 110685 115908 149406 118239 136062
Other 1 88 107 147 226 321 690 1270
Shareholdersrsquo Equity 108787 164133 220934 218096 235144 208995 210513 198182
Paid-in Capital 100000 100000 150000 150000 150000 150000 150000 150000
Share Premium - - 593 593 593 593 593 593
Reserves 43 153 153 153 153 153 153 153
Other Comprehensive
IncomeExpense not to be
Reclassified to Profit or Loss
- - - - - 18 (7) (7)
Retained Earnings 5681 8634 63980 70188 67350 84398 58231 59775
Net Income (Loss) 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Total Liabilities and
Shareholders Equity 186410 298351 337179 340564 364374 376188 366792 376362
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
26
26
Revenues 6048 4723 14381 14734 17794 17476 16634 8450
Operating Costs (-) (3149) (3343)
(1223
0) (8446) (8447) (8544) (9274) (5066)
Net Operating Profit 2899 1380 2151 6288 9347 8932 7360 3384
Income from Other
Operations 6253 52632 5444 15455 7933 469 447 415
Expenses from Other
Operations (-) (114) (41) (249) (70) (51) (5968) (540) (24)
Operating Profit 9038 53971 7346 21673 17229 3433 7267 3775
Financial Income 803 1676 5650 1639 4888 43 312 7
Financial Expenses (-) (6778) (301) (6787) (26150) (5069) (29643) (6036) (16113)
Profit Before Tax 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Tax - - - - - - - -
Net Income 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Income Statement
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
27
27
Total Assets
Key Parameters
Shareholdersrsquo Equity
Real Estate Portfolio Assets
2007 2008 2009 2010 2011 2012 2013 2014
122
186
298 337 341
364 376 367 TL m
2007 2008 2009 2010 2011 2012 2013 2014
81 109
164
221 218 235
209 211 TL m
2007 2008 2009 2010 2011 2012 2013 2014
115
152
279 290 310 328 335 349 TL m
28
28
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
29
29
TSGYO Stock Performance
Performance Performance
311214 300615 280715 311214-300615 300615-280715
BIST 100 Index 85721 82250 78024 -40 -51
BIST REIT Index 37396 39616 37101 59 -63
TSGYO 072 069 067 -42 -29
Performance Performance
311214 300615 280715 311214-300615 300615-280715
TSGYO Market Cap (TL mn) 108 104 101 -42 -29
TSGYO Market Cap (USD mn) 47 39 36 -173 -54
30
30
TSGYO Stock Performance
TSGYO BIST REIT Index and BIST 100 Index Performance
050
060
070
080
090
100
110
120
130
140
150
160
TSGYO BIST REIT Index BIST 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to BIST REIT Index
45
50
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO BIST REIT Index
-399
32
32
Net Asset Value
as of June 30 2015
as of July 28 2015
TSGYO Net Asset Value (NAV) ( TL )
Project 52995927
Adana Hotel Project 52995927
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahir Han Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361781283
Participations -
Marketable Securities 5020005
Total Portfolio Value 366801288
Cash and Banks -
Receivables 1061705
Other Assets 8533303
Payables 178179598
NAV 198216698
Market Cap 100500000
Discount to NAV 49
33
33
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
34
34
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
gt51 of the the portfolio to be invested in real estate
Not allowed to carry out construction
Properties to be valued by independent and CMB licensed appraisal companies
35
35
Public REITs
Akfen REIT
Akiş REIT
Akmerkez REIT
Alarko REIT
Ata REIT
Atakule REIT
Avrasya REIT
Deniz REIT
Doğuş REIT
EGS REIT
Emlak REIT
Halk REIT
İdealist REIT
İş REIT
Kiler REIT
Koumlrfez REIT
Martı REIT
Nurol REIT
Oumlzak REIT
Oumlzderici REIT
Pera REIT
Reysaş REIT
Saf REIT
Servet REIT
Sinpaş REIT
Torunlar REIT
TSKB REIT
Vakıf REIT
Yapı Kredi Koray REIT
Yeni Gimat REIT
Yeşil REIT
36
36
Disclaimer
This presentation does contain forward-looking statements that reflect the Company managementrsquos
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 affected by
a variety of variables and changes in underlying assumptions that could cause actual results to differ
materially
Neither TSKB REIT nor any of its directors managers or employees nor any other person shall have
any liability whatsoever for any loss arising from the use of this presentation
37
37
18
18
Location Istanbul
TSKB REIT Stake 100
Land Area (sqm) 2503
Leasable Area (sqm) 10542
Number of Floors 10
Tenants
TSKB TSKB
Foundation
TSKB RE
Appraisal
Appraisal Value (TLm) 61
TSKB REIT is the 100 owner of the property
The building has 10542 sqm of enclosed area and was
purchased from TSKB in 2007
Currently rented by TSKB and other TSKB Group companies
The building was renovated in September 2007 and no major
maintenance outlays are expected in the near future
Close proximity to Bosphorus foreshore and mass transit
options also have positive effect on sitersquos exclusivity Galata
Port operations will likely increase the sitersquos future appraisal
value
Fındıklı Building II
Fındıklı Office Buildings (contd)
19
19
Tahir Han Office Building
20
20
Location Istanbul
TSKB REIT Stake 74
Land Area (sqm) 607
Leasable Area (sqm) 3198
Number of Floors 8
Tenants Various
Appraisal Value (TLm) 155
TSKB REIT owns 74 of the building Tahir Han is a
seven-story building on 607 sqm plot and has a built up
area of 3198 sqm
Building has full sea views from the third story and up
Tahir Han is located on the border of a major
redevelopment project It is suitable for conversion to more
lucrative activities Galata Port operations will likely
increase the sitersquos future appraisal value
At present the offices are rented out to various companies
and individuals
Tahir Han Office Building (contd)
21
21
Adana Hotel Project (Divan Hotel)
22
22
Location Adana-City
Center
TSKB REIT Stake 50
Acquisition Date November
2007
Appraisal Value ndash Project_Land (TLm) 4023
Land Area (sqm) 3608
Project City Hotel
Construction Start Date 3Q2011
Estimated Operational Date 3Q2015
TSKB REIT acquired a 50 share of a 3608 sqm plot
located in a central area of Adana
Adana is one of Turkeyrsquos main industrial cities with
additional business growth potential due to investments in
the energy and petrochemical sectors
TSKB REIT has started the project in order to build a 5 star
business hotel with about 200 rooms on the plot The
building licence has been obtained and the construction
works has been started The hotel is to be operational in the
third quarter of 2015
For the hotel management an operating agreement has
been signed with Divan Group and the name of the hotel
has been decided as lsquordquoDivan Adanardquo
Adana Hotel Project (contd)
23
23
Divan Adana 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 also lacks alternative places for social activities such as
conferences wedding ceremonies social occasions and MICE
(Meetings Incentives Conferencing Exhibitions) tourism
The land for the city hotel was acquired in 2007 with the intent to
open a city hotel in accordance with local demand The land is
located in Seyhan a central district of Adana
The project is located some 25 km from the airport and 55 km
from the bus terminal
An architectural project was prepared for the site which is already
zoned
Operating Agreement (15-year maturity) was signed between
TSKB REIT and Divan Group
Hotel construction work is in progress
Adana Hotel Project (contd)
24
24
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
25
25
Balance Sheet
Current Assets 34083 7688 35242 20178 26502 32914 11709 9034
Cash and Banks 23845 3745 30218 15154 22073 28794 7601 5020
Financial Investments 489 841 1450 1888 1338 900 1129 1062
Other Current Assets 9749 3102 3573 3136 3091 3220 2979 2952
Non-Current Assets 152327 290663 301937 320386 337872 343275 355083 367328
Investment Property 75580 278976 290261 309835 328080 335460 348665 361747
Fixed Assets 76729 25 39 85 43 24 29 79
Other Non-Current Assets 18 11662 11637 10466 9749 7791 6389 5502
Total Assets 186410 298351 337179 340564 364374 376188 366792 376362
Short-term Liabilities 7113 20431 22977 11636 13096 17466 37351 40847
Bank Debts 2062 12163 20170 10734 11009 16195 35741 39864
Trade Payables 156 4397 988 573 733 716 990 493
Other 4895 3871 1819 329 1354 555 620 490
Long-term Liabilities 70510 113788 93268 110832 116134 149727 118929 137332
Bank Debts 70509 113700 93161 110685 115908 149406 118239 136062
Other 1 88 107 147 226 321 690 1270
Shareholdersrsquo Equity 108787 164133 220934 218096 235144 208995 210513 198182
Paid-in Capital 100000 100000 150000 150000 150000 150000 150000 150000
Share Premium - - 593 593 593 593 593 593
Reserves 43 153 153 153 153 153 153 153
Other Comprehensive
IncomeExpense not to be
Reclassified to Profit or Loss
- - - - - 18 (7) (7)
Retained Earnings 5681 8634 63980 70188 67350 84398 58231 59775
Net Income (Loss) 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Total Liabilities and
Shareholders Equity 186410 298351 337179 340564 364374 376188 366792 376362
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
26
26
Revenues 6048 4723 14381 14734 17794 17476 16634 8450
Operating Costs (-) (3149) (3343)
(1223
0) (8446) (8447) (8544) (9274) (5066)
Net Operating Profit 2899 1380 2151 6288 9347 8932 7360 3384
Income from Other
Operations 6253 52632 5444 15455 7933 469 447 415
Expenses from Other
Operations (-) (114) (41) (249) (70) (51) (5968) (540) (24)
Operating Profit 9038 53971 7346 21673 17229 3433 7267 3775
Financial Income 803 1676 5650 1639 4888 43 312 7
Financial Expenses (-) (6778) (301) (6787) (26150) (5069) (29643) (6036) (16113)
Profit Before Tax 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Tax - - - - - - - -
Net Income 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Income Statement
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
27
27
Total Assets
Key Parameters
Shareholdersrsquo Equity
Real Estate Portfolio Assets
2007 2008 2009 2010 2011 2012 2013 2014
122
186
298 337 341
364 376 367 TL m
2007 2008 2009 2010 2011 2012 2013 2014
81 109
164
221 218 235
209 211 TL m
2007 2008 2009 2010 2011 2012 2013 2014
115
152
279 290 310 328 335 349 TL m
28
28
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
29
29
TSGYO Stock Performance
Performance Performance
311214 300615 280715 311214-300615 300615-280715
BIST 100 Index 85721 82250 78024 -40 -51
BIST REIT Index 37396 39616 37101 59 -63
TSGYO 072 069 067 -42 -29
Performance Performance
311214 300615 280715 311214-300615 300615-280715
TSGYO Market Cap (TL mn) 108 104 101 -42 -29
TSGYO Market Cap (USD mn) 47 39 36 -173 -54
30
30
TSGYO Stock Performance
TSGYO BIST REIT Index and BIST 100 Index Performance
050
060
070
080
090
100
110
120
130
140
150
160
TSGYO BIST REIT Index BIST 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to BIST REIT Index
45
50
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO BIST REIT Index
-399
32
32
Net Asset Value
as of June 30 2015
as of July 28 2015
TSGYO Net Asset Value (NAV) ( TL )
Project 52995927
Adana Hotel Project 52995927
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahir Han Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361781283
Participations -
Marketable Securities 5020005
Total Portfolio Value 366801288
Cash and Banks -
Receivables 1061705
Other Assets 8533303
Payables 178179598
NAV 198216698
Market Cap 100500000
Discount to NAV 49
33
33
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
34
34
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
gt51 of the the portfolio to be invested in real estate
Not allowed to carry out construction
Properties to be valued by independent and CMB licensed appraisal companies
35
35
Public REITs
Akfen REIT
Akiş REIT
Akmerkez REIT
Alarko REIT
Ata REIT
Atakule REIT
Avrasya REIT
Deniz REIT
Doğuş REIT
EGS REIT
Emlak REIT
Halk REIT
İdealist REIT
İş REIT
Kiler REIT
Koumlrfez REIT
Martı REIT
Nurol REIT
Oumlzak REIT
Oumlzderici REIT
Pera REIT
Reysaş REIT
Saf REIT
Servet REIT
Sinpaş REIT
Torunlar REIT
TSKB REIT
Vakıf REIT
Yapı Kredi Koray REIT
Yeni Gimat REIT
Yeşil REIT
36
36
Disclaimer
This presentation does contain forward-looking statements that reflect the Company managementrsquos
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 affected by
a variety of variables and changes in underlying assumptions that could cause actual results to differ
materially
Neither TSKB REIT nor any of its directors managers or employees nor any other person shall have
any liability whatsoever for any loss arising from the use of this presentation
37
37
19
19
Tahir Han Office Building
20
20
Location Istanbul
TSKB REIT Stake 74
Land Area (sqm) 607
Leasable Area (sqm) 3198
Number of Floors 8
Tenants Various
Appraisal Value (TLm) 155
TSKB REIT owns 74 of the building Tahir Han is a
seven-story building on 607 sqm plot and has a built up
area of 3198 sqm
Building has full sea views from the third story and up
Tahir Han is located on the border of a major
redevelopment project It is suitable for conversion to more
lucrative activities Galata Port operations will likely
increase the sitersquos future appraisal value
At present the offices are rented out to various companies
and individuals
Tahir Han Office Building (contd)
21
21
Adana Hotel Project (Divan Hotel)
22
22
Location Adana-City
Center
TSKB REIT Stake 50
Acquisition Date November
2007
Appraisal Value ndash Project_Land (TLm) 4023
Land Area (sqm) 3608
Project City Hotel
Construction Start Date 3Q2011
Estimated Operational Date 3Q2015
TSKB REIT acquired a 50 share of a 3608 sqm plot
located in a central area of Adana
Adana is one of Turkeyrsquos main industrial cities with
additional business growth potential due to investments in
the energy and petrochemical sectors
TSKB REIT has started the project in order to build a 5 star
business hotel with about 200 rooms on the plot The
building licence has been obtained and the construction
works has been started The hotel is to be operational in the
third quarter of 2015
For the hotel management an operating agreement has
been signed with Divan Group and the name of the hotel
has been decided as lsquordquoDivan Adanardquo
Adana Hotel Project (contd)
23
23
Divan Adana 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 also lacks alternative places for social activities such as
conferences wedding ceremonies social occasions and MICE
(Meetings Incentives Conferencing Exhibitions) tourism
The land for the city hotel was acquired in 2007 with the intent to
open a city hotel in accordance with local demand The land is
located in Seyhan a central district of Adana
The project is located some 25 km from the airport and 55 km
from the bus terminal
An architectural project was prepared for the site which is already
zoned
Operating Agreement (15-year maturity) was signed between
TSKB REIT and Divan Group
Hotel construction work is in progress
Adana Hotel Project (contd)
24
24
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
25
25
Balance Sheet
Current Assets 34083 7688 35242 20178 26502 32914 11709 9034
Cash and Banks 23845 3745 30218 15154 22073 28794 7601 5020
Financial Investments 489 841 1450 1888 1338 900 1129 1062
Other Current Assets 9749 3102 3573 3136 3091 3220 2979 2952
Non-Current Assets 152327 290663 301937 320386 337872 343275 355083 367328
Investment Property 75580 278976 290261 309835 328080 335460 348665 361747
Fixed Assets 76729 25 39 85 43 24 29 79
Other Non-Current Assets 18 11662 11637 10466 9749 7791 6389 5502
Total Assets 186410 298351 337179 340564 364374 376188 366792 376362
Short-term Liabilities 7113 20431 22977 11636 13096 17466 37351 40847
Bank Debts 2062 12163 20170 10734 11009 16195 35741 39864
Trade Payables 156 4397 988 573 733 716 990 493
Other 4895 3871 1819 329 1354 555 620 490
Long-term Liabilities 70510 113788 93268 110832 116134 149727 118929 137332
Bank Debts 70509 113700 93161 110685 115908 149406 118239 136062
Other 1 88 107 147 226 321 690 1270
Shareholdersrsquo Equity 108787 164133 220934 218096 235144 208995 210513 198182
Paid-in Capital 100000 100000 150000 150000 150000 150000 150000 150000
Share Premium - - 593 593 593 593 593 593
Reserves 43 153 153 153 153 153 153 153
Other Comprehensive
IncomeExpense not to be
Reclassified to Profit or Loss
- - - - - 18 (7) (7)
Retained Earnings 5681 8634 63980 70188 67350 84398 58231 59775
Net Income (Loss) 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Total Liabilities and
Shareholders Equity 186410 298351 337179 340564 364374 376188 366792 376362
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
26
26
Revenues 6048 4723 14381 14734 17794 17476 16634 8450
Operating Costs (-) (3149) (3343)
(1223
0) (8446) (8447) (8544) (9274) (5066)
Net Operating Profit 2899 1380 2151 6288 9347 8932 7360 3384
Income from Other
Operations 6253 52632 5444 15455 7933 469 447 415
Expenses from Other
Operations (-) (114) (41) (249) (70) (51) (5968) (540) (24)
Operating Profit 9038 53971 7346 21673 17229 3433 7267 3775
Financial Income 803 1676 5650 1639 4888 43 312 7
Financial Expenses (-) (6778) (301) (6787) (26150) (5069) (29643) (6036) (16113)
Profit Before Tax 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Tax - - - - - - - -
Net Income 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Income Statement
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
27
27
Total Assets
Key Parameters
Shareholdersrsquo Equity
Real Estate Portfolio Assets
2007 2008 2009 2010 2011 2012 2013 2014
122
186
298 337 341
364 376 367 TL m
2007 2008 2009 2010 2011 2012 2013 2014
81 109
164
221 218 235
209 211 TL m
2007 2008 2009 2010 2011 2012 2013 2014
115
152
279 290 310 328 335 349 TL m
28
28
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
29
29
TSGYO Stock Performance
Performance Performance
311214 300615 280715 311214-300615 300615-280715
BIST 100 Index 85721 82250 78024 -40 -51
BIST REIT Index 37396 39616 37101 59 -63
TSGYO 072 069 067 -42 -29
Performance Performance
311214 300615 280715 311214-300615 300615-280715
TSGYO Market Cap (TL mn) 108 104 101 -42 -29
TSGYO Market Cap (USD mn) 47 39 36 -173 -54
30
30
TSGYO Stock Performance
TSGYO BIST REIT Index and BIST 100 Index Performance
050
060
070
080
090
100
110
120
130
140
150
160
TSGYO BIST REIT Index BIST 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to BIST REIT Index
45
50
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO BIST REIT Index
-399
32
32
Net Asset Value
as of June 30 2015
as of July 28 2015
TSGYO Net Asset Value (NAV) ( TL )
Project 52995927
Adana Hotel Project 52995927
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahir Han Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361781283
Participations -
Marketable Securities 5020005
Total Portfolio Value 366801288
Cash and Banks -
Receivables 1061705
Other Assets 8533303
Payables 178179598
NAV 198216698
Market Cap 100500000
Discount to NAV 49
33
33
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
34
34
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
gt51 of the the portfolio to be invested in real estate
Not allowed to carry out construction
Properties to be valued by independent and CMB licensed appraisal companies
35
35
Public REITs
Akfen REIT
Akiş REIT
Akmerkez REIT
Alarko REIT
Ata REIT
Atakule REIT
Avrasya REIT
Deniz REIT
Doğuş REIT
EGS REIT
Emlak REIT
Halk REIT
İdealist REIT
İş REIT
Kiler REIT
Koumlrfez REIT
Martı REIT
Nurol REIT
Oumlzak REIT
Oumlzderici REIT
Pera REIT
Reysaş REIT
Saf REIT
Servet REIT
Sinpaş REIT
Torunlar REIT
TSKB REIT
Vakıf REIT
Yapı Kredi Koray REIT
Yeni Gimat REIT
Yeşil REIT
36
36
Disclaimer
This presentation does contain forward-looking statements that reflect the Company managementrsquos
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 affected by
a variety of variables and changes in underlying assumptions that could cause actual results to differ
materially
Neither TSKB REIT nor any of its directors managers or employees nor any other person shall have
any liability whatsoever for any loss arising from the use of this presentation
37
37
20
20
Location Istanbul
TSKB REIT Stake 74
Land Area (sqm) 607
Leasable Area (sqm) 3198
Number of Floors 8
Tenants Various
Appraisal Value (TLm) 155
TSKB REIT owns 74 of the building Tahir Han is a
seven-story building on 607 sqm plot and has a built up
area of 3198 sqm
Building has full sea views from the third story and up
Tahir Han is located on the border of a major
redevelopment project It is suitable for conversion to more
lucrative activities Galata Port operations will likely
increase the sitersquos future appraisal value
At present the offices are rented out to various companies
and individuals
Tahir Han Office Building (contd)
21
21
Adana Hotel Project (Divan Hotel)
22
22
Location Adana-City
Center
TSKB REIT Stake 50
Acquisition Date November
2007
Appraisal Value ndash Project_Land (TLm) 4023
Land Area (sqm) 3608
Project City Hotel
Construction Start Date 3Q2011
Estimated Operational Date 3Q2015
TSKB REIT acquired a 50 share of a 3608 sqm plot
located in a central area of Adana
Adana is one of Turkeyrsquos main industrial cities with
additional business growth potential due to investments in
the energy and petrochemical sectors
TSKB REIT has started the project in order to build a 5 star
business hotel with about 200 rooms on the plot The
building licence has been obtained and the construction
works has been started The hotel is to be operational in the
third quarter of 2015
For the hotel management an operating agreement has
been signed with Divan Group and the name of the hotel
has been decided as lsquordquoDivan Adanardquo
Adana Hotel Project (contd)
23
23
Divan Adana 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 also lacks alternative places for social activities such as
conferences wedding ceremonies social occasions and MICE
(Meetings Incentives Conferencing Exhibitions) tourism
The land for the city hotel was acquired in 2007 with the intent to
open a city hotel in accordance with local demand The land is
located in Seyhan a central district of Adana
The project is located some 25 km from the airport and 55 km
from the bus terminal
An architectural project was prepared for the site which is already
zoned
Operating Agreement (15-year maturity) was signed between
TSKB REIT and Divan Group
Hotel construction work is in progress
Adana Hotel Project (contd)
24
24
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
25
25
Balance Sheet
Current Assets 34083 7688 35242 20178 26502 32914 11709 9034
Cash and Banks 23845 3745 30218 15154 22073 28794 7601 5020
Financial Investments 489 841 1450 1888 1338 900 1129 1062
Other Current Assets 9749 3102 3573 3136 3091 3220 2979 2952
Non-Current Assets 152327 290663 301937 320386 337872 343275 355083 367328
Investment Property 75580 278976 290261 309835 328080 335460 348665 361747
Fixed Assets 76729 25 39 85 43 24 29 79
Other Non-Current Assets 18 11662 11637 10466 9749 7791 6389 5502
Total Assets 186410 298351 337179 340564 364374 376188 366792 376362
Short-term Liabilities 7113 20431 22977 11636 13096 17466 37351 40847
Bank Debts 2062 12163 20170 10734 11009 16195 35741 39864
Trade Payables 156 4397 988 573 733 716 990 493
Other 4895 3871 1819 329 1354 555 620 490
Long-term Liabilities 70510 113788 93268 110832 116134 149727 118929 137332
Bank Debts 70509 113700 93161 110685 115908 149406 118239 136062
Other 1 88 107 147 226 321 690 1270
Shareholdersrsquo Equity 108787 164133 220934 218096 235144 208995 210513 198182
Paid-in Capital 100000 100000 150000 150000 150000 150000 150000 150000
Share Premium - - 593 593 593 593 593 593
Reserves 43 153 153 153 153 153 153 153
Other Comprehensive
IncomeExpense not to be
Reclassified to Profit or Loss
- - - - - 18 (7) (7)
Retained Earnings 5681 8634 63980 70188 67350 84398 58231 59775
Net Income (Loss) 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Total Liabilities and
Shareholders Equity 186410 298351 337179 340564 364374 376188 366792 376362
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
26
26
Revenues 6048 4723 14381 14734 17794 17476 16634 8450
Operating Costs (-) (3149) (3343)
(1223
0) (8446) (8447) (8544) (9274) (5066)
Net Operating Profit 2899 1380 2151 6288 9347 8932 7360 3384
Income from Other
Operations 6253 52632 5444 15455 7933 469 447 415
Expenses from Other
Operations (-) (114) (41) (249) (70) (51) (5968) (540) (24)
Operating Profit 9038 53971 7346 21673 17229 3433 7267 3775
Financial Income 803 1676 5650 1639 4888 43 312 7
Financial Expenses (-) (6778) (301) (6787) (26150) (5069) (29643) (6036) (16113)
Profit Before Tax 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Tax - - - - - - - -
Net Income 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Income Statement
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
27
27
Total Assets
Key Parameters
Shareholdersrsquo Equity
Real Estate Portfolio Assets
2007 2008 2009 2010 2011 2012 2013 2014
122
186
298 337 341
364 376 367 TL m
2007 2008 2009 2010 2011 2012 2013 2014
81 109
164
221 218 235
209 211 TL m
2007 2008 2009 2010 2011 2012 2013 2014
115
152
279 290 310 328 335 349 TL m
28
28
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
29
29
TSGYO Stock Performance
Performance Performance
311214 300615 280715 311214-300615 300615-280715
BIST 100 Index 85721 82250 78024 -40 -51
BIST REIT Index 37396 39616 37101 59 -63
TSGYO 072 069 067 -42 -29
Performance Performance
311214 300615 280715 311214-300615 300615-280715
TSGYO Market Cap (TL mn) 108 104 101 -42 -29
TSGYO Market Cap (USD mn) 47 39 36 -173 -54
30
30
TSGYO Stock Performance
TSGYO BIST REIT Index and BIST 100 Index Performance
050
060
070
080
090
100
110
120
130
140
150
160
TSGYO BIST REIT Index BIST 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to BIST REIT Index
45
50
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO BIST REIT Index
-399
32
32
Net Asset Value
as of June 30 2015
as of July 28 2015
TSGYO Net Asset Value (NAV) ( TL )
Project 52995927
Adana Hotel Project 52995927
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahir Han Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361781283
Participations -
Marketable Securities 5020005
Total Portfolio Value 366801288
Cash and Banks -
Receivables 1061705
Other Assets 8533303
Payables 178179598
NAV 198216698
Market Cap 100500000
Discount to NAV 49
33
33
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
34
34
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
gt51 of the the portfolio to be invested in real estate
Not allowed to carry out construction
Properties to be valued by independent and CMB licensed appraisal companies
35
35
Public REITs
Akfen REIT
Akiş REIT
Akmerkez REIT
Alarko REIT
Ata REIT
Atakule REIT
Avrasya REIT
Deniz REIT
Doğuş REIT
EGS REIT
Emlak REIT
Halk REIT
İdealist REIT
İş REIT
Kiler REIT
Koumlrfez REIT
Martı REIT
Nurol REIT
Oumlzak REIT
Oumlzderici REIT
Pera REIT
Reysaş REIT
Saf REIT
Servet REIT
Sinpaş REIT
Torunlar REIT
TSKB REIT
Vakıf REIT
Yapı Kredi Koray REIT
Yeni Gimat REIT
Yeşil REIT
36
36
Disclaimer
This presentation does contain forward-looking statements that reflect the Company managementrsquos
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 affected by
a variety of variables and changes in underlying assumptions that could cause actual results to differ
materially
Neither TSKB REIT nor any of its directors managers or employees nor any other person shall have
any liability whatsoever for any loss arising from the use of this presentation
37
37
21
21
Adana Hotel Project (Divan Hotel)
22
22
Location Adana-City
Center
TSKB REIT Stake 50
Acquisition Date November
2007
Appraisal Value ndash Project_Land (TLm) 4023
Land Area (sqm) 3608
Project City Hotel
Construction Start Date 3Q2011
Estimated Operational Date 3Q2015
TSKB REIT acquired a 50 share of a 3608 sqm plot
located in a central area of Adana
Adana is one of Turkeyrsquos main industrial cities with
additional business growth potential due to investments in
the energy and petrochemical sectors
TSKB REIT has started the project in order to build a 5 star
business hotel with about 200 rooms on the plot The
building licence has been obtained and the construction
works has been started The hotel is to be operational in the
third quarter of 2015
For the hotel management an operating agreement has
been signed with Divan Group and the name of the hotel
has been decided as lsquordquoDivan Adanardquo
Adana Hotel Project (contd)
23
23
Divan Adana 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 also lacks alternative places for social activities such as
conferences wedding ceremonies social occasions and MICE
(Meetings Incentives Conferencing Exhibitions) tourism
The land for the city hotel was acquired in 2007 with the intent to
open a city hotel in accordance with local demand The land is
located in Seyhan a central district of Adana
The project is located some 25 km from the airport and 55 km
from the bus terminal
An architectural project was prepared for the site which is already
zoned
Operating Agreement (15-year maturity) was signed between
TSKB REIT and Divan Group
Hotel construction work is in progress
Adana Hotel Project (contd)
24
24
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
25
25
Balance Sheet
Current Assets 34083 7688 35242 20178 26502 32914 11709 9034
Cash and Banks 23845 3745 30218 15154 22073 28794 7601 5020
Financial Investments 489 841 1450 1888 1338 900 1129 1062
Other Current Assets 9749 3102 3573 3136 3091 3220 2979 2952
Non-Current Assets 152327 290663 301937 320386 337872 343275 355083 367328
Investment Property 75580 278976 290261 309835 328080 335460 348665 361747
Fixed Assets 76729 25 39 85 43 24 29 79
Other Non-Current Assets 18 11662 11637 10466 9749 7791 6389 5502
Total Assets 186410 298351 337179 340564 364374 376188 366792 376362
Short-term Liabilities 7113 20431 22977 11636 13096 17466 37351 40847
Bank Debts 2062 12163 20170 10734 11009 16195 35741 39864
Trade Payables 156 4397 988 573 733 716 990 493
Other 4895 3871 1819 329 1354 555 620 490
Long-term Liabilities 70510 113788 93268 110832 116134 149727 118929 137332
Bank Debts 70509 113700 93161 110685 115908 149406 118239 136062
Other 1 88 107 147 226 321 690 1270
Shareholdersrsquo Equity 108787 164133 220934 218096 235144 208995 210513 198182
Paid-in Capital 100000 100000 150000 150000 150000 150000 150000 150000
Share Premium - - 593 593 593 593 593 593
Reserves 43 153 153 153 153 153 153 153
Other Comprehensive
IncomeExpense not to be
Reclassified to Profit or Loss
- - - - - 18 (7) (7)
Retained Earnings 5681 8634 63980 70188 67350 84398 58231 59775
Net Income (Loss) 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Total Liabilities and
Shareholders Equity 186410 298351 337179 340564 364374 376188 366792 376362
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
26
26
Revenues 6048 4723 14381 14734 17794 17476 16634 8450
Operating Costs (-) (3149) (3343)
(1223
0) (8446) (8447) (8544) (9274) (5066)
Net Operating Profit 2899 1380 2151 6288 9347 8932 7360 3384
Income from Other
Operations 6253 52632 5444 15455 7933 469 447 415
Expenses from Other
Operations (-) (114) (41) (249) (70) (51) (5968) (540) (24)
Operating Profit 9038 53971 7346 21673 17229 3433 7267 3775
Financial Income 803 1676 5650 1639 4888 43 312 7
Financial Expenses (-) (6778) (301) (6787) (26150) (5069) (29643) (6036) (16113)
Profit Before Tax 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Tax - - - - - - - -
Net Income 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Income Statement
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
27
27
Total Assets
Key Parameters
Shareholdersrsquo Equity
Real Estate Portfolio Assets
2007 2008 2009 2010 2011 2012 2013 2014
122
186
298 337 341
364 376 367 TL m
2007 2008 2009 2010 2011 2012 2013 2014
81 109
164
221 218 235
209 211 TL m
2007 2008 2009 2010 2011 2012 2013 2014
115
152
279 290 310 328 335 349 TL m
28
28
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
29
29
TSGYO Stock Performance
Performance Performance
311214 300615 280715 311214-300615 300615-280715
BIST 100 Index 85721 82250 78024 -40 -51
BIST REIT Index 37396 39616 37101 59 -63
TSGYO 072 069 067 -42 -29
Performance Performance
311214 300615 280715 311214-300615 300615-280715
TSGYO Market Cap (TL mn) 108 104 101 -42 -29
TSGYO Market Cap (USD mn) 47 39 36 -173 -54
30
30
TSGYO Stock Performance
TSGYO BIST REIT Index and BIST 100 Index Performance
050
060
070
080
090
100
110
120
130
140
150
160
TSGYO BIST REIT Index BIST 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to BIST REIT Index
45
50
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO BIST REIT Index
-399
32
32
Net Asset Value
as of June 30 2015
as of July 28 2015
TSGYO Net Asset Value (NAV) ( TL )
Project 52995927
Adana Hotel Project 52995927
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahir Han Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361781283
Participations -
Marketable Securities 5020005
Total Portfolio Value 366801288
Cash and Banks -
Receivables 1061705
Other Assets 8533303
Payables 178179598
NAV 198216698
Market Cap 100500000
Discount to NAV 49
33
33
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
34
34
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
gt51 of the the portfolio to be invested in real estate
Not allowed to carry out construction
Properties to be valued by independent and CMB licensed appraisal companies
35
35
Public REITs
Akfen REIT
Akiş REIT
Akmerkez REIT
Alarko REIT
Ata REIT
Atakule REIT
Avrasya REIT
Deniz REIT
Doğuş REIT
EGS REIT
Emlak REIT
Halk REIT
İdealist REIT
İş REIT
Kiler REIT
Koumlrfez REIT
Martı REIT
Nurol REIT
Oumlzak REIT
Oumlzderici REIT
Pera REIT
Reysaş REIT
Saf REIT
Servet REIT
Sinpaş REIT
Torunlar REIT
TSKB REIT
Vakıf REIT
Yapı Kredi Koray REIT
Yeni Gimat REIT
Yeşil REIT
36
36
Disclaimer
This presentation does contain forward-looking statements that reflect the Company managementrsquos
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 affected by
a variety of variables and changes in underlying assumptions that could cause actual results to differ
materially
Neither TSKB REIT nor any of its directors managers or employees nor any other person shall have
any liability whatsoever for any loss arising from the use of this presentation
37
37
22
22
Location Adana-City
Center
TSKB REIT Stake 50
Acquisition Date November
2007
Appraisal Value ndash Project_Land (TLm) 4023
Land Area (sqm) 3608
Project City Hotel
Construction Start Date 3Q2011
Estimated Operational Date 3Q2015
TSKB REIT acquired a 50 share of a 3608 sqm plot
located in a central area of Adana
Adana is one of Turkeyrsquos main industrial cities with
additional business growth potential due to investments in
the energy and petrochemical sectors
TSKB REIT has started the project in order to build a 5 star
business hotel with about 200 rooms on the plot The
building licence has been obtained and the construction
works has been started The hotel is to be operational in the
third quarter of 2015
For the hotel management an operating agreement has
been signed with Divan Group and the name of the hotel
has been decided as lsquordquoDivan Adanardquo
Adana Hotel Project (contd)
23
23
Divan Adana 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 also lacks alternative places for social activities such as
conferences wedding ceremonies social occasions and MICE
(Meetings Incentives Conferencing Exhibitions) tourism
The land for the city hotel was acquired in 2007 with the intent to
open a city hotel in accordance with local demand The land is
located in Seyhan a central district of Adana
The project is located some 25 km from the airport and 55 km
from the bus terminal
An architectural project was prepared for the site which is already
zoned
Operating Agreement (15-year maturity) was signed between
TSKB REIT and Divan Group
Hotel construction work is in progress
Adana Hotel Project (contd)
24
24
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
25
25
Balance Sheet
Current Assets 34083 7688 35242 20178 26502 32914 11709 9034
Cash and Banks 23845 3745 30218 15154 22073 28794 7601 5020
Financial Investments 489 841 1450 1888 1338 900 1129 1062
Other Current Assets 9749 3102 3573 3136 3091 3220 2979 2952
Non-Current Assets 152327 290663 301937 320386 337872 343275 355083 367328
Investment Property 75580 278976 290261 309835 328080 335460 348665 361747
Fixed Assets 76729 25 39 85 43 24 29 79
Other Non-Current Assets 18 11662 11637 10466 9749 7791 6389 5502
Total Assets 186410 298351 337179 340564 364374 376188 366792 376362
Short-term Liabilities 7113 20431 22977 11636 13096 17466 37351 40847
Bank Debts 2062 12163 20170 10734 11009 16195 35741 39864
Trade Payables 156 4397 988 573 733 716 990 493
Other 4895 3871 1819 329 1354 555 620 490
Long-term Liabilities 70510 113788 93268 110832 116134 149727 118929 137332
Bank Debts 70509 113700 93161 110685 115908 149406 118239 136062
Other 1 88 107 147 226 321 690 1270
Shareholdersrsquo Equity 108787 164133 220934 218096 235144 208995 210513 198182
Paid-in Capital 100000 100000 150000 150000 150000 150000 150000 150000
Share Premium - - 593 593 593 593 593 593
Reserves 43 153 153 153 153 153 153 153
Other Comprehensive
IncomeExpense not to be
Reclassified to Profit or Loss
- - - - - 18 (7) (7)
Retained Earnings 5681 8634 63980 70188 67350 84398 58231 59775
Net Income (Loss) 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Total Liabilities and
Shareholders Equity 186410 298351 337179 340564 364374 376188 366792 376362
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
26
26
Revenues 6048 4723 14381 14734 17794 17476 16634 8450
Operating Costs (-) (3149) (3343)
(1223
0) (8446) (8447) (8544) (9274) (5066)
Net Operating Profit 2899 1380 2151 6288 9347 8932 7360 3384
Income from Other
Operations 6253 52632 5444 15455 7933 469 447 415
Expenses from Other
Operations (-) (114) (41) (249) (70) (51) (5968) (540) (24)
Operating Profit 9038 53971 7346 21673 17229 3433 7267 3775
Financial Income 803 1676 5650 1639 4888 43 312 7
Financial Expenses (-) (6778) (301) (6787) (26150) (5069) (29643) (6036) (16113)
Profit Before Tax 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Tax - - - - - - - -
Net Income 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Income Statement
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
27
27
Total Assets
Key Parameters
Shareholdersrsquo Equity
Real Estate Portfolio Assets
2007 2008 2009 2010 2011 2012 2013 2014
122
186
298 337 341
364 376 367 TL m
2007 2008 2009 2010 2011 2012 2013 2014
81 109
164
221 218 235
209 211 TL m
2007 2008 2009 2010 2011 2012 2013 2014
115
152
279 290 310 328 335 349 TL m
28
28
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
29
29
TSGYO Stock Performance
Performance Performance
311214 300615 280715 311214-300615 300615-280715
BIST 100 Index 85721 82250 78024 -40 -51
BIST REIT Index 37396 39616 37101 59 -63
TSGYO 072 069 067 -42 -29
Performance Performance
311214 300615 280715 311214-300615 300615-280715
TSGYO Market Cap (TL mn) 108 104 101 -42 -29
TSGYO Market Cap (USD mn) 47 39 36 -173 -54
30
30
TSGYO Stock Performance
TSGYO BIST REIT Index and BIST 100 Index Performance
050
060
070
080
090
100
110
120
130
140
150
160
TSGYO BIST REIT Index BIST 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to BIST REIT Index
45
50
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO BIST REIT Index
-399
32
32
Net Asset Value
as of June 30 2015
as of July 28 2015
TSGYO Net Asset Value (NAV) ( TL )
Project 52995927
Adana Hotel Project 52995927
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahir Han Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361781283
Participations -
Marketable Securities 5020005
Total Portfolio Value 366801288
Cash and Banks -
Receivables 1061705
Other Assets 8533303
Payables 178179598
NAV 198216698
Market Cap 100500000
Discount to NAV 49
33
33
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
34
34
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
gt51 of the the portfolio to be invested in real estate
Not allowed to carry out construction
Properties to be valued by independent and CMB licensed appraisal companies
35
35
Public REITs
Akfen REIT
Akiş REIT
Akmerkez REIT
Alarko REIT
Ata REIT
Atakule REIT
Avrasya REIT
Deniz REIT
Doğuş REIT
EGS REIT
Emlak REIT
Halk REIT
İdealist REIT
İş REIT
Kiler REIT
Koumlrfez REIT
Martı REIT
Nurol REIT
Oumlzak REIT
Oumlzderici REIT
Pera REIT
Reysaş REIT
Saf REIT
Servet REIT
Sinpaş REIT
Torunlar REIT
TSKB REIT
Vakıf REIT
Yapı Kredi Koray REIT
Yeni Gimat REIT
Yeşil REIT
36
36
Disclaimer
This presentation does contain forward-looking statements that reflect the Company managementrsquos
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 affected by
a variety of variables and changes in underlying assumptions that could cause actual results to differ
materially
Neither TSKB REIT nor any of its directors managers or employees nor any other person shall have
any liability whatsoever for any loss arising from the use of this presentation
37
37
23
23
Divan Adana 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 also lacks alternative places for social activities such as
conferences wedding ceremonies social occasions and MICE
(Meetings Incentives Conferencing Exhibitions) tourism
The land for the city hotel was acquired in 2007 with the intent to
open a city hotel in accordance with local demand The land is
located in Seyhan a central district of Adana
The project is located some 25 km from the airport and 55 km
from the bus terminal
An architectural project was prepared for the site which is already
zoned
Operating Agreement (15-year maturity) was signed between
TSKB REIT and Divan Group
Hotel construction work is in progress
Adana Hotel Project (contd)
24
24
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
25
25
Balance Sheet
Current Assets 34083 7688 35242 20178 26502 32914 11709 9034
Cash and Banks 23845 3745 30218 15154 22073 28794 7601 5020
Financial Investments 489 841 1450 1888 1338 900 1129 1062
Other Current Assets 9749 3102 3573 3136 3091 3220 2979 2952
Non-Current Assets 152327 290663 301937 320386 337872 343275 355083 367328
Investment Property 75580 278976 290261 309835 328080 335460 348665 361747
Fixed Assets 76729 25 39 85 43 24 29 79
Other Non-Current Assets 18 11662 11637 10466 9749 7791 6389 5502
Total Assets 186410 298351 337179 340564 364374 376188 366792 376362
Short-term Liabilities 7113 20431 22977 11636 13096 17466 37351 40847
Bank Debts 2062 12163 20170 10734 11009 16195 35741 39864
Trade Payables 156 4397 988 573 733 716 990 493
Other 4895 3871 1819 329 1354 555 620 490
Long-term Liabilities 70510 113788 93268 110832 116134 149727 118929 137332
Bank Debts 70509 113700 93161 110685 115908 149406 118239 136062
Other 1 88 107 147 226 321 690 1270
Shareholdersrsquo Equity 108787 164133 220934 218096 235144 208995 210513 198182
Paid-in Capital 100000 100000 150000 150000 150000 150000 150000 150000
Share Premium - - 593 593 593 593 593 593
Reserves 43 153 153 153 153 153 153 153
Other Comprehensive
IncomeExpense not to be
Reclassified to Profit or Loss
- - - - - 18 (7) (7)
Retained Earnings 5681 8634 63980 70188 67350 84398 58231 59775
Net Income (Loss) 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Total Liabilities and
Shareholders Equity 186410 298351 337179 340564 364374 376188 366792 376362
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
26
26
Revenues 6048 4723 14381 14734 17794 17476 16634 8450
Operating Costs (-) (3149) (3343)
(1223
0) (8446) (8447) (8544) (9274) (5066)
Net Operating Profit 2899 1380 2151 6288 9347 8932 7360 3384
Income from Other
Operations 6253 52632 5444 15455 7933 469 447 415
Expenses from Other
Operations (-) (114) (41) (249) (70) (51) (5968) (540) (24)
Operating Profit 9038 53971 7346 21673 17229 3433 7267 3775
Financial Income 803 1676 5650 1639 4888 43 312 7
Financial Expenses (-) (6778) (301) (6787) (26150) (5069) (29643) (6036) (16113)
Profit Before Tax 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Tax - - - - - - - -
Net Income 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Income Statement
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
27
27
Total Assets
Key Parameters
Shareholdersrsquo Equity
Real Estate Portfolio Assets
2007 2008 2009 2010 2011 2012 2013 2014
122
186
298 337 341
364 376 367 TL m
2007 2008 2009 2010 2011 2012 2013 2014
81 109
164
221 218 235
209 211 TL m
2007 2008 2009 2010 2011 2012 2013 2014
115
152
279 290 310 328 335 349 TL m
28
28
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
29
29
TSGYO Stock Performance
Performance Performance
311214 300615 280715 311214-300615 300615-280715
BIST 100 Index 85721 82250 78024 -40 -51
BIST REIT Index 37396 39616 37101 59 -63
TSGYO 072 069 067 -42 -29
Performance Performance
311214 300615 280715 311214-300615 300615-280715
TSGYO Market Cap (TL mn) 108 104 101 -42 -29
TSGYO Market Cap (USD mn) 47 39 36 -173 -54
30
30
TSGYO Stock Performance
TSGYO BIST REIT Index and BIST 100 Index Performance
050
060
070
080
090
100
110
120
130
140
150
160
TSGYO BIST REIT Index BIST 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to BIST REIT Index
45
50
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO BIST REIT Index
-399
32
32
Net Asset Value
as of June 30 2015
as of July 28 2015
TSGYO Net Asset Value (NAV) ( TL )
Project 52995927
Adana Hotel Project 52995927
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahir Han Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361781283
Participations -
Marketable Securities 5020005
Total Portfolio Value 366801288
Cash and Banks -
Receivables 1061705
Other Assets 8533303
Payables 178179598
NAV 198216698
Market Cap 100500000
Discount to NAV 49
33
33
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
34
34
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
gt51 of the the portfolio to be invested in real estate
Not allowed to carry out construction
Properties to be valued by independent and CMB licensed appraisal companies
35
35
Public REITs
Akfen REIT
Akiş REIT
Akmerkez REIT
Alarko REIT
Ata REIT
Atakule REIT
Avrasya REIT
Deniz REIT
Doğuş REIT
EGS REIT
Emlak REIT
Halk REIT
İdealist REIT
İş REIT
Kiler REIT
Koumlrfez REIT
Martı REIT
Nurol REIT
Oumlzak REIT
Oumlzderici REIT
Pera REIT
Reysaş REIT
Saf REIT
Servet REIT
Sinpaş REIT
Torunlar REIT
TSKB REIT
Vakıf REIT
Yapı Kredi Koray REIT
Yeni Gimat REIT
Yeşil REIT
36
36
Disclaimer
This presentation does contain forward-looking statements that reflect the Company managementrsquos
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 affected by
a variety of variables and changes in underlying assumptions that could cause actual results to differ
materially
Neither TSKB REIT nor any of its directors managers or employees nor any other person shall have
any liability whatsoever for any loss arising from the use of this presentation
37
37
24
24
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
25
25
Balance Sheet
Current Assets 34083 7688 35242 20178 26502 32914 11709 9034
Cash and Banks 23845 3745 30218 15154 22073 28794 7601 5020
Financial Investments 489 841 1450 1888 1338 900 1129 1062
Other Current Assets 9749 3102 3573 3136 3091 3220 2979 2952
Non-Current Assets 152327 290663 301937 320386 337872 343275 355083 367328
Investment Property 75580 278976 290261 309835 328080 335460 348665 361747
Fixed Assets 76729 25 39 85 43 24 29 79
Other Non-Current Assets 18 11662 11637 10466 9749 7791 6389 5502
Total Assets 186410 298351 337179 340564 364374 376188 366792 376362
Short-term Liabilities 7113 20431 22977 11636 13096 17466 37351 40847
Bank Debts 2062 12163 20170 10734 11009 16195 35741 39864
Trade Payables 156 4397 988 573 733 716 990 493
Other 4895 3871 1819 329 1354 555 620 490
Long-term Liabilities 70510 113788 93268 110832 116134 149727 118929 137332
Bank Debts 70509 113700 93161 110685 115908 149406 118239 136062
Other 1 88 107 147 226 321 690 1270
Shareholdersrsquo Equity 108787 164133 220934 218096 235144 208995 210513 198182
Paid-in Capital 100000 100000 150000 150000 150000 150000 150000 150000
Share Premium - - 593 593 593 593 593 593
Reserves 43 153 153 153 153 153 153 153
Other Comprehensive
IncomeExpense not to be
Reclassified to Profit or Loss
- - - - - 18 (7) (7)
Retained Earnings 5681 8634 63980 70188 67350 84398 58231 59775
Net Income (Loss) 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Total Liabilities and
Shareholders Equity 186410 298351 337179 340564 364374 376188 366792 376362
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
26
26
Revenues 6048 4723 14381 14734 17794 17476 16634 8450
Operating Costs (-) (3149) (3343)
(1223
0) (8446) (8447) (8544) (9274) (5066)
Net Operating Profit 2899 1380 2151 6288 9347 8932 7360 3384
Income from Other
Operations 6253 52632 5444 15455 7933 469 447 415
Expenses from Other
Operations (-) (114) (41) (249) (70) (51) (5968) (540) (24)
Operating Profit 9038 53971 7346 21673 17229 3433 7267 3775
Financial Income 803 1676 5650 1639 4888 43 312 7
Financial Expenses (-) (6778) (301) (6787) (26150) (5069) (29643) (6036) (16113)
Profit Before Tax 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Tax - - - - - - - -
Net Income 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Income Statement
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
27
27
Total Assets
Key Parameters
Shareholdersrsquo Equity
Real Estate Portfolio Assets
2007 2008 2009 2010 2011 2012 2013 2014
122
186
298 337 341
364 376 367 TL m
2007 2008 2009 2010 2011 2012 2013 2014
81 109
164
221 218 235
209 211 TL m
2007 2008 2009 2010 2011 2012 2013 2014
115
152
279 290 310 328 335 349 TL m
28
28
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
29
29
TSGYO Stock Performance
Performance Performance
311214 300615 280715 311214-300615 300615-280715
BIST 100 Index 85721 82250 78024 -40 -51
BIST REIT Index 37396 39616 37101 59 -63
TSGYO 072 069 067 -42 -29
Performance Performance
311214 300615 280715 311214-300615 300615-280715
TSGYO Market Cap (TL mn) 108 104 101 -42 -29
TSGYO Market Cap (USD mn) 47 39 36 -173 -54
30
30
TSGYO Stock Performance
TSGYO BIST REIT Index and BIST 100 Index Performance
050
060
070
080
090
100
110
120
130
140
150
160
TSGYO BIST REIT Index BIST 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to BIST REIT Index
45
50
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO BIST REIT Index
-399
32
32
Net Asset Value
as of June 30 2015
as of July 28 2015
TSGYO Net Asset Value (NAV) ( TL )
Project 52995927
Adana Hotel Project 52995927
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahir Han Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361781283
Participations -
Marketable Securities 5020005
Total Portfolio Value 366801288
Cash and Banks -
Receivables 1061705
Other Assets 8533303
Payables 178179598
NAV 198216698
Market Cap 100500000
Discount to NAV 49
33
33
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
34
34
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
gt51 of the the portfolio to be invested in real estate
Not allowed to carry out construction
Properties to be valued by independent and CMB licensed appraisal companies
35
35
Public REITs
Akfen REIT
Akiş REIT
Akmerkez REIT
Alarko REIT
Ata REIT
Atakule REIT
Avrasya REIT
Deniz REIT
Doğuş REIT
EGS REIT
Emlak REIT
Halk REIT
İdealist REIT
İş REIT
Kiler REIT
Koumlrfez REIT
Martı REIT
Nurol REIT
Oumlzak REIT
Oumlzderici REIT
Pera REIT
Reysaş REIT
Saf REIT
Servet REIT
Sinpaş REIT
Torunlar REIT
TSKB REIT
Vakıf REIT
Yapı Kredi Koray REIT
Yeni Gimat REIT
Yeşil REIT
36
36
Disclaimer
This presentation does contain forward-looking statements that reflect the Company managementrsquos
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 affected by
a variety of variables and changes in underlying assumptions that could cause actual results to differ
materially
Neither TSKB REIT nor any of its directors managers or employees nor any other person shall have
any liability whatsoever for any loss arising from the use of this presentation
37
37
25
25
Balance Sheet
Current Assets 34083 7688 35242 20178 26502 32914 11709 9034
Cash and Banks 23845 3745 30218 15154 22073 28794 7601 5020
Financial Investments 489 841 1450 1888 1338 900 1129 1062
Other Current Assets 9749 3102 3573 3136 3091 3220 2979 2952
Non-Current Assets 152327 290663 301937 320386 337872 343275 355083 367328
Investment Property 75580 278976 290261 309835 328080 335460 348665 361747
Fixed Assets 76729 25 39 85 43 24 29 79
Other Non-Current Assets 18 11662 11637 10466 9749 7791 6389 5502
Total Assets 186410 298351 337179 340564 364374 376188 366792 376362
Short-term Liabilities 7113 20431 22977 11636 13096 17466 37351 40847
Bank Debts 2062 12163 20170 10734 11009 16195 35741 39864
Trade Payables 156 4397 988 573 733 716 990 493
Other 4895 3871 1819 329 1354 555 620 490
Long-term Liabilities 70510 113788 93268 110832 116134 149727 118929 137332
Bank Debts 70509 113700 93161 110685 115908 149406 118239 136062
Other 1 88 107 147 226 321 690 1270
Shareholdersrsquo Equity 108787 164133 220934 218096 235144 208995 210513 198182
Paid-in Capital 100000 100000 150000 150000 150000 150000 150000 150000
Share Premium - - 593 593 593 593 593 593
Reserves 43 153 153 153 153 153 153 153
Other Comprehensive
IncomeExpense not to be
Reclassified to Profit or Loss
- - - - - 18 (7) (7)
Retained Earnings 5681 8634 63980 70188 67350 84398 58231 59775
Net Income (Loss) 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Total Liabilities and
Shareholders Equity 186410 298351 337179 340564 364374 376188 366792 376362
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
26
26
Revenues 6048 4723 14381 14734 17794 17476 16634 8450
Operating Costs (-) (3149) (3343)
(1223
0) (8446) (8447) (8544) (9274) (5066)
Net Operating Profit 2899 1380 2151 6288 9347 8932 7360 3384
Income from Other
Operations 6253 52632 5444 15455 7933 469 447 415
Expenses from Other
Operations (-) (114) (41) (249) (70) (51) (5968) (540) (24)
Operating Profit 9038 53971 7346 21673 17229 3433 7267 3775
Financial Income 803 1676 5650 1639 4888 43 312 7
Financial Expenses (-) (6778) (301) (6787) (26150) (5069) (29643) (6036) (16113)
Profit Before Tax 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Tax - - - - - - - -
Net Income 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Income Statement
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
27
27
Total Assets
Key Parameters
Shareholdersrsquo Equity
Real Estate Portfolio Assets
2007 2008 2009 2010 2011 2012 2013 2014
122
186
298 337 341
364 376 367 TL m
2007 2008 2009 2010 2011 2012 2013 2014
81 109
164
221 218 235
209 211 TL m
2007 2008 2009 2010 2011 2012 2013 2014
115
152
279 290 310 328 335 349 TL m
28
28
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
29
29
TSGYO Stock Performance
Performance Performance
311214 300615 280715 311214-300615 300615-280715
BIST 100 Index 85721 82250 78024 -40 -51
BIST REIT Index 37396 39616 37101 59 -63
TSGYO 072 069 067 -42 -29
Performance Performance
311214 300615 280715 311214-300615 300615-280715
TSGYO Market Cap (TL mn) 108 104 101 -42 -29
TSGYO Market Cap (USD mn) 47 39 36 -173 -54
30
30
TSGYO Stock Performance
TSGYO BIST REIT Index and BIST 100 Index Performance
050
060
070
080
090
100
110
120
130
140
150
160
TSGYO BIST REIT Index BIST 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to BIST REIT Index
45
50
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO BIST REIT Index
-399
32
32
Net Asset Value
as of June 30 2015
as of July 28 2015
TSGYO Net Asset Value (NAV) ( TL )
Project 52995927
Adana Hotel Project 52995927
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahir Han Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361781283
Participations -
Marketable Securities 5020005
Total Portfolio Value 366801288
Cash and Banks -
Receivables 1061705
Other Assets 8533303
Payables 178179598
NAV 198216698
Market Cap 100500000
Discount to NAV 49
33
33
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
34
34
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
gt51 of the the portfolio to be invested in real estate
Not allowed to carry out construction
Properties to be valued by independent and CMB licensed appraisal companies
35
35
Public REITs
Akfen REIT
Akiş REIT
Akmerkez REIT
Alarko REIT
Ata REIT
Atakule REIT
Avrasya REIT
Deniz REIT
Doğuş REIT
EGS REIT
Emlak REIT
Halk REIT
İdealist REIT
İş REIT
Kiler REIT
Koumlrfez REIT
Martı REIT
Nurol REIT
Oumlzak REIT
Oumlzderici REIT
Pera REIT
Reysaş REIT
Saf REIT
Servet REIT
Sinpaş REIT
Torunlar REIT
TSKB REIT
Vakıf REIT
Yapı Kredi Koray REIT
Yeni Gimat REIT
Yeşil REIT
36
36
Disclaimer
This presentation does contain forward-looking statements that reflect the Company managementrsquos
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 affected by
a variety of variables and changes in underlying assumptions that could cause actual results to differ
materially
Neither TSKB REIT nor any of its directors managers or employees nor any other person shall have
any liability whatsoever for any loss arising from the use of this presentation
37
37
26
26
Revenues 6048 4723 14381 14734 17794 17476 16634 8450
Operating Costs (-) (3149) (3343)
(1223
0) (8446) (8447) (8544) (9274) (5066)
Net Operating Profit 2899 1380 2151 6288 9347 8932 7360 3384
Income from Other
Operations 6253 52632 5444 15455 7933 469 447 415
Expenses from Other
Operations (-) (114) (41) (249) (70) (51) (5968) (540) (24)
Operating Profit 9038 53971 7346 21673 17229 3433 7267 3775
Financial Income 803 1676 5650 1639 4888 43 312 7
Financial Expenses (-) (6778) (301) (6787) (26150) (5069) (29643) (6036) (16113)
Profit Before Tax 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Tax - - - - - - - -
Net Income 3063 55346 6208 (2838) 17048 (26167) 1543 (12331)
Income Statement
(TL 000) 2008 2009 2010 2011 2012 2013 2014 1H15
27
27
Total Assets
Key Parameters
Shareholdersrsquo Equity
Real Estate Portfolio Assets
2007 2008 2009 2010 2011 2012 2013 2014
122
186
298 337 341
364 376 367 TL m
2007 2008 2009 2010 2011 2012 2013 2014
81 109
164
221 218 235
209 211 TL m
2007 2008 2009 2010 2011 2012 2013 2014
115
152
279 290 310 328 335 349 TL m
28
28
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
29
29
TSGYO Stock Performance
Performance Performance
311214 300615 280715 311214-300615 300615-280715
BIST 100 Index 85721 82250 78024 -40 -51
BIST REIT Index 37396 39616 37101 59 -63
TSGYO 072 069 067 -42 -29
Performance Performance
311214 300615 280715 311214-300615 300615-280715
TSGYO Market Cap (TL mn) 108 104 101 -42 -29
TSGYO Market Cap (USD mn) 47 39 36 -173 -54
30
30
TSGYO Stock Performance
TSGYO BIST REIT Index and BIST 100 Index Performance
050
060
070
080
090
100
110
120
130
140
150
160
TSGYO BIST REIT Index BIST 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to BIST REIT Index
45
50
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO BIST REIT Index
-399
32
32
Net Asset Value
as of June 30 2015
as of July 28 2015
TSGYO Net Asset Value (NAV) ( TL )
Project 52995927
Adana Hotel Project 52995927
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahir Han Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361781283
Participations -
Marketable Securities 5020005
Total Portfolio Value 366801288
Cash and Banks -
Receivables 1061705
Other Assets 8533303
Payables 178179598
NAV 198216698
Market Cap 100500000
Discount to NAV 49
33
33
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
34
34
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
gt51 of the the portfolio to be invested in real estate
Not allowed to carry out construction
Properties to be valued by independent and CMB licensed appraisal companies
35
35
Public REITs
Akfen REIT
Akiş REIT
Akmerkez REIT
Alarko REIT
Ata REIT
Atakule REIT
Avrasya REIT
Deniz REIT
Doğuş REIT
EGS REIT
Emlak REIT
Halk REIT
İdealist REIT
İş REIT
Kiler REIT
Koumlrfez REIT
Martı REIT
Nurol REIT
Oumlzak REIT
Oumlzderici REIT
Pera REIT
Reysaş REIT
Saf REIT
Servet REIT
Sinpaş REIT
Torunlar REIT
TSKB REIT
Vakıf REIT
Yapı Kredi Koray REIT
Yeni Gimat REIT
Yeşil REIT
36
36
Disclaimer
This presentation does contain forward-looking statements that reflect the Company managementrsquos
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 affected by
a variety of variables and changes in underlying assumptions that could cause actual results to differ
materially
Neither TSKB REIT nor any of its directors managers or employees nor any other person shall have
any liability whatsoever for any loss arising from the use of this presentation
37
37
27
27
Total Assets
Key Parameters
Shareholdersrsquo Equity
Real Estate Portfolio Assets
2007 2008 2009 2010 2011 2012 2013 2014
122
186
298 337 341
364 376 367 TL m
2007 2008 2009 2010 2011 2012 2013 2014
81 109
164
221 218 235
209 211 TL m
2007 2008 2009 2010 2011 2012 2013 2014
115
152
279 290 310 328 335 349 TL m
28
28
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
29
29
TSGYO Stock Performance
Performance Performance
311214 300615 280715 311214-300615 300615-280715
BIST 100 Index 85721 82250 78024 -40 -51
BIST REIT Index 37396 39616 37101 59 -63
TSGYO 072 069 067 -42 -29
Performance Performance
311214 300615 280715 311214-300615 300615-280715
TSGYO Market Cap (TL mn) 108 104 101 -42 -29
TSGYO Market Cap (USD mn) 47 39 36 -173 -54
30
30
TSGYO Stock Performance
TSGYO BIST REIT Index and BIST 100 Index Performance
050
060
070
080
090
100
110
120
130
140
150
160
TSGYO BIST REIT Index BIST 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to BIST REIT Index
45
50
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO BIST REIT Index
-399
32
32
Net Asset Value
as of June 30 2015
as of July 28 2015
TSGYO Net Asset Value (NAV) ( TL )
Project 52995927
Adana Hotel Project 52995927
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahir Han Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361781283
Participations -
Marketable Securities 5020005
Total Portfolio Value 366801288
Cash and Banks -
Receivables 1061705
Other Assets 8533303
Payables 178179598
NAV 198216698
Market Cap 100500000
Discount to NAV 49
33
33
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
34
34
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
gt51 of the the portfolio to be invested in real estate
Not allowed to carry out construction
Properties to be valued by independent and CMB licensed appraisal companies
35
35
Public REITs
Akfen REIT
Akiş REIT
Akmerkez REIT
Alarko REIT
Ata REIT
Atakule REIT
Avrasya REIT
Deniz REIT
Doğuş REIT
EGS REIT
Emlak REIT
Halk REIT
İdealist REIT
İş REIT
Kiler REIT
Koumlrfez REIT
Martı REIT
Nurol REIT
Oumlzak REIT
Oumlzderici REIT
Pera REIT
Reysaş REIT
Saf REIT
Servet REIT
Sinpaş REIT
Torunlar REIT
TSKB REIT
Vakıf REIT
Yapı Kredi Koray REIT
Yeni Gimat REIT
Yeşil REIT
36
36
Disclaimer
This presentation does contain forward-looking statements that reflect the Company managementrsquos
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 affected by
a variety of variables and changes in underlying assumptions that could cause actual results to differ
materially
Neither TSKB REIT nor any of its directors managers or employees nor any other person shall have
any liability whatsoever for any loss arising from the use of this presentation
37
37
28
28
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
29
29
TSGYO Stock Performance
Performance Performance
311214 300615 280715 311214-300615 300615-280715
BIST 100 Index 85721 82250 78024 -40 -51
BIST REIT Index 37396 39616 37101 59 -63
TSGYO 072 069 067 -42 -29
Performance Performance
311214 300615 280715 311214-300615 300615-280715
TSGYO Market Cap (TL mn) 108 104 101 -42 -29
TSGYO Market Cap (USD mn) 47 39 36 -173 -54
30
30
TSGYO Stock Performance
TSGYO BIST REIT Index and BIST 100 Index Performance
050
060
070
080
090
100
110
120
130
140
150
160
TSGYO BIST REIT Index BIST 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to BIST REIT Index
45
50
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO BIST REIT Index
-399
32
32
Net Asset Value
as of June 30 2015
as of July 28 2015
TSGYO Net Asset Value (NAV) ( TL )
Project 52995927
Adana Hotel Project 52995927
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahir Han Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361781283
Participations -
Marketable Securities 5020005
Total Portfolio Value 366801288
Cash and Banks -
Receivables 1061705
Other Assets 8533303
Payables 178179598
NAV 198216698
Market Cap 100500000
Discount to NAV 49
33
33
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
34
34
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
gt51 of the the portfolio to be invested in real estate
Not allowed to carry out construction
Properties to be valued by independent and CMB licensed appraisal companies
35
35
Public REITs
Akfen REIT
Akiş REIT
Akmerkez REIT
Alarko REIT
Ata REIT
Atakule REIT
Avrasya REIT
Deniz REIT
Doğuş REIT
EGS REIT
Emlak REIT
Halk REIT
İdealist REIT
İş REIT
Kiler REIT
Koumlrfez REIT
Martı REIT
Nurol REIT
Oumlzak REIT
Oumlzderici REIT
Pera REIT
Reysaş REIT
Saf REIT
Servet REIT
Sinpaş REIT
Torunlar REIT
TSKB REIT
Vakıf REIT
Yapı Kredi Koray REIT
Yeni Gimat REIT
Yeşil REIT
36
36
Disclaimer
This presentation does contain forward-looking statements that reflect the Company managementrsquos
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 affected by
a variety of variables and changes in underlying assumptions that could cause actual results to differ
materially
Neither TSKB REIT nor any of its directors managers or employees nor any other person shall have
any liability whatsoever for any loss arising from the use of this presentation
37
37
29
29
TSGYO Stock Performance
Performance Performance
311214 300615 280715 311214-300615 300615-280715
BIST 100 Index 85721 82250 78024 -40 -51
BIST REIT Index 37396 39616 37101 59 -63
TSGYO 072 069 067 -42 -29
Performance Performance
311214 300615 280715 311214-300615 300615-280715
TSGYO Market Cap (TL mn) 108 104 101 -42 -29
TSGYO Market Cap (USD mn) 47 39 36 -173 -54
30
30
TSGYO Stock Performance
TSGYO BIST REIT Index and BIST 100 Index Performance
050
060
070
080
090
100
110
120
130
140
150
160
TSGYO BIST REIT Index BIST 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to BIST REIT Index
45
50
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO BIST REIT Index
-399
32
32
Net Asset Value
as of June 30 2015
as of July 28 2015
TSGYO Net Asset Value (NAV) ( TL )
Project 52995927
Adana Hotel Project 52995927
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahir Han Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361781283
Participations -
Marketable Securities 5020005
Total Portfolio Value 366801288
Cash and Banks -
Receivables 1061705
Other Assets 8533303
Payables 178179598
NAV 198216698
Market Cap 100500000
Discount to NAV 49
33
33
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
34
34
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
gt51 of the the portfolio to be invested in real estate
Not allowed to carry out construction
Properties to be valued by independent and CMB licensed appraisal companies
35
35
Public REITs
Akfen REIT
Akiş REIT
Akmerkez REIT
Alarko REIT
Ata REIT
Atakule REIT
Avrasya REIT
Deniz REIT
Doğuş REIT
EGS REIT
Emlak REIT
Halk REIT
İdealist REIT
İş REIT
Kiler REIT
Koumlrfez REIT
Martı REIT
Nurol REIT
Oumlzak REIT
Oumlzderici REIT
Pera REIT
Reysaş REIT
Saf REIT
Servet REIT
Sinpaş REIT
Torunlar REIT
TSKB REIT
Vakıf REIT
Yapı Kredi Koray REIT
Yeni Gimat REIT
Yeşil REIT
36
36
Disclaimer
This presentation does contain forward-looking statements that reflect the Company managementrsquos
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 affected by
a variety of variables and changes in underlying assumptions that could cause actual results to differ
materially
Neither TSKB REIT nor any of its directors managers or employees nor any other person shall have
any liability whatsoever for any loss arising from the use of this presentation
37
37
30
30
TSGYO Stock Performance
TSGYO BIST REIT Index and BIST 100 Index Performance
050
060
070
080
090
100
110
120
130
140
150
160
TSGYO BIST REIT Index BIST 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to BIST REIT Index
45
50
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO BIST REIT Index
-399
32
32
Net Asset Value
as of June 30 2015
as of July 28 2015
TSGYO Net Asset Value (NAV) ( TL )
Project 52995927
Adana Hotel Project 52995927
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahir Han Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361781283
Participations -
Marketable Securities 5020005
Total Portfolio Value 366801288
Cash and Banks -
Receivables 1061705
Other Assets 8533303
Payables 178179598
NAV 198216698
Market Cap 100500000
Discount to NAV 49
33
33
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
34
34
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
gt51 of the the portfolio to be invested in real estate
Not allowed to carry out construction
Properties to be valued by independent and CMB licensed appraisal companies
35
35
Public REITs
Akfen REIT
Akiş REIT
Akmerkez REIT
Alarko REIT
Ata REIT
Atakule REIT
Avrasya REIT
Deniz REIT
Doğuş REIT
EGS REIT
Emlak REIT
Halk REIT
İdealist REIT
İş REIT
Kiler REIT
Koumlrfez REIT
Martı REIT
Nurol REIT
Oumlzak REIT
Oumlzderici REIT
Pera REIT
Reysaş REIT
Saf REIT
Servet REIT
Sinpaş REIT
Torunlar REIT
TSKB REIT
Vakıf REIT
Yapı Kredi Koray REIT
Yeni Gimat REIT
Yeşil REIT
36
36
Disclaimer
This presentation does contain forward-looking statements that reflect the Company managementrsquos
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 affected by
a variety of variables and changes in underlying assumptions that could cause actual results to differ
materially
Neither TSKB REIT nor any of its directors managers or employees nor any other person shall have
any liability whatsoever for any loss arising from the use of this presentation
37
37
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to BIST REIT Index
45
50
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO BIST REIT Index
-399
32
32
Net Asset Value
as of June 30 2015
as of July 28 2015
TSGYO Net Asset Value (NAV) ( TL )
Project 52995927
Adana Hotel Project 52995927
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahir Han Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361781283
Participations -
Marketable Securities 5020005
Total Portfolio Value 366801288
Cash and Banks -
Receivables 1061705
Other Assets 8533303
Payables 178179598
NAV 198216698
Market Cap 100500000
Discount to NAV 49
33
33
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
34
34
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
gt51 of the the portfolio to be invested in real estate
Not allowed to carry out construction
Properties to be valued by independent and CMB licensed appraisal companies
35
35
Public REITs
Akfen REIT
Akiş REIT
Akmerkez REIT
Alarko REIT
Ata REIT
Atakule REIT
Avrasya REIT
Deniz REIT
Doğuş REIT
EGS REIT
Emlak REIT
Halk REIT
İdealist REIT
İş REIT
Kiler REIT
Koumlrfez REIT
Martı REIT
Nurol REIT
Oumlzak REIT
Oumlzderici REIT
Pera REIT
Reysaş REIT
Saf REIT
Servet REIT
Sinpaş REIT
Torunlar REIT
TSKB REIT
Vakıf REIT
Yapı Kredi Koray REIT
Yeni Gimat REIT
Yeşil REIT
36
36
Disclaimer
This presentation does contain forward-looking statements that reflect the Company managementrsquos
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 affected by
a variety of variables and changes in underlying assumptions that could cause actual results to differ
materially
Neither TSKB REIT nor any of its directors managers or employees nor any other person shall have
any liability whatsoever for any loss arising from the use of this presentation
37
37
32
32
Net Asset Value
as of June 30 2015
as of July 28 2015
TSGYO Net Asset Value (NAV) ( TL )
Project 52995927
Adana Hotel Project 52995927
Office Buildings 140036740
Fındıklı Buildings 124576740
Tahir Han Building 15460000
Shopping Center 168748616
Pendorya Shopping Center 168748616
Total Real Estate Value 361781283
Participations -
Marketable Securities 5020005
Total Portfolio Value 366801288
Cash and Banks -
Receivables 1061705
Other Assets 8533303
Payables 178179598
NAV 198216698
Market Cap 100500000
Discount to NAV 49
33
33
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
34
34
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
gt51 of the the portfolio to be invested in real estate
Not allowed to carry out construction
Properties to be valued by independent and CMB licensed appraisal companies
35
35
Public REITs
Akfen REIT
Akiş REIT
Akmerkez REIT
Alarko REIT
Ata REIT
Atakule REIT
Avrasya REIT
Deniz REIT
Doğuş REIT
EGS REIT
Emlak REIT
Halk REIT
İdealist REIT
İş REIT
Kiler REIT
Koumlrfez REIT
Martı REIT
Nurol REIT
Oumlzak REIT
Oumlzderici REIT
Pera REIT
Reysaş REIT
Saf REIT
Servet REIT
Sinpaş REIT
Torunlar REIT
TSKB REIT
Vakıf REIT
Yapı Kredi Koray REIT
Yeni Gimat REIT
Yeşil REIT
36
36
Disclaimer
This presentation does contain forward-looking statements that reflect the Company managementrsquos
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 affected by
a variety of variables and changes in underlying assumptions that could cause actual results to differ
materially
Neither TSKB REIT nor any of its directors managers or employees nor any other person shall have
any liability whatsoever for any loss arising from the use of this presentation
37
37
33
33
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
34
34
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
gt51 of the the portfolio to be invested in real estate
Not allowed to carry out construction
Properties to be valued by independent and CMB licensed appraisal companies
35
35
Public REITs
Akfen REIT
Akiş REIT
Akmerkez REIT
Alarko REIT
Ata REIT
Atakule REIT
Avrasya REIT
Deniz REIT
Doğuş REIT
EGS REIT
Emlak REIT
Halk REIT
İdealist REIT
İş REIT
Kiler REIT
Koumlrfez REIT
Martı REIT
Nurol REIT
Oumlzak REIT
Oumlzderici REIT
Pera REIT
Reysaş REIT
Saf REIT
Servet REIT
Sinpaş REIT
Torunlar REIT
TSKB REIT
Vakıf REIT
Yapı Kredi Koray REIT
Yeni Gimat REIT
Yeşil REIT
36
36
Disclaimer
This presentation does contain forward-looking statements that reflect the Company managementrsquos
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 affected by
a variety of variables and changes in underlying assumptions that could cause actual results to differ
materially
Neither TSKB REIT nor any of its directors managers or employees nor any other person shall have
any liability whatsoever for any loss arising from the use of this presentation
37
37
34
34
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
gt51 of the the portfolio to be invested in real estate
Not allowed to carry out construction
Properties to be valued by independent and CMB licensed appraisal companies
35
35
Public REITs
Akfen REIT
Akiş REIT
Akmerkez REIT
Alarko REIT
Ata REIT
Atakule REIT
Avrasya REIT
Deniz REIT
Doğuş REIT
EGS REIT
Emlak REIT
Halk REIT
İdealist REIT
İş REIT
Kiler REIT
Koumlrfez REIT
Martı REIT
Nurol REIT
Oumlzak REIT
Oumlzderici REIT
Pera REIT
Reysaş REIT
Saf REIT
Servet REIT
Sinpaş REIT
Torunlar REIT
TSKB REIT
Vakıf REIT
Yapı Kredi Koray REIT
Yeni Gimat REIT
Yeşil REIT
36
36
Disclaimer
This presentation does contain forward-looking statements that reflect the Company managementrsquos
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 affected by
a variety of variables and changes in underlying assumptions that could cause actual results to differ
materially
Neither TSKB REIT nor any of its directors managers or employees nor any other person shall have
any liability whatsoever for any loss arising from the use of this presentation
37
37
35
35
Public REITs
Akfen REIT
Akiş REIT
Akmerkez REIT
Alarko REIT
Ata REIT
Atakule REIT
Avrasya REIT
Deniz REIT
Doğuş REIT
EGS REIT
Emlak REIT
Halk REIT
İdealist REIT
İş REIT
Kiler REIT
Koumlrfez REIT
Martı REIT
Nurol REIT
Oumlzak REIT
Oumlzderici REIT
Pera REIT
Reysaş REIT
Saf REIT
Servet REIT
Sinpaş REIT
Torunlar REIT
TSKB REIT
Vakıf REIT
Yapı Kredi Koray REIT
Yeni Gimat REIT
Yeşil REIT
36
36
Disclaimer
This presentation does contain forward-looking statements that reflect the Company managementrsquos
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 affected by
a variety of variables and changes in underlying assumptions that could cause actual results to differ
materially
Neither TSKB REIT nor any of its directors managers or employees nor any other person shall have
any liability whatsoever for any loss arising from the use of this presentation
37
37
36
36
Disclaimer
This presentation does contain forward-looking statements that reflect the Company managementrsquos
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 affected by
a variety of variables and changes in underlying assumptions that could cause actual results to differ
materially
Neither TSKB REIT nor any of its directors managers or employees nor any other person shall have
any liability whatsoever for any loss arising from the use of this presentation
37
37
37
37