investor presentation

Transcription

INVESTOR PRESENTATION
INVESTOR PRESENTATION
1
REIT Sector
Real Estate Investment Trusts(REITs) are portfolio
management companies that invest in;
• Real estate,
• Rights and capital market instruments backed by real estate,
• Real estate projects and
• Money&capital market instruments.
2
Mcap of the REIT Sector
REITs
Emlak Konut
3
30.06.2014
($ mn)
4.760
Torunlar
808
Doğuş
514
Saf
489
İş
417
Halk
362
Other REITs
2.581
TOTAL
9.931
Regulation Highlights
4
REITs are subject to REIT’s communiqué issued by Capital Markets Board(CMB) of Turkey.
• REITs have to offer their shares to the public equal to at least 25% of their issued capital.
• REITs have to invest at least 51% of their total asset value into real estate, rights and
projects backed by real estate.
• The remainder of REITs’ portfolio may be invested into money&capital market instruments
such as;
–
T-bills, G-bonds, reverse repo, bank deposits
–
Equity participation
–
Mutual funds
Limitations on the type of investments that can be made:
• Investments in; foreign real estate, companies established abroad (operating only in real estate
sector) or foreign securities : 49%
• Lands on which no real estate project has been developed within five years: 20%
5
• REITs can not in any way be involved in construction of real estates and can
not recruit personnel and equipment with this purpose.
• REITs properties must be valued by an independent appraisal company
authorized by the CMB.
• REITs are exempt from corporate taxes and income taxes.
• Turkish REITs are not required to distribute profits.
6
IS REIT
IS REAL ESTATE
INVESTMENT TRUST COMPANY
7
ISGYO
•
ISGYO was established in 1999, by the strategic
partnership of Isbank. (Isbank is Turkey’s biggest
private bank established in 1924)
•
In the same year, ISGYO completed its IPO
and was listed in Borsa Istanbul.
As of 30.06.2014 IS GYO represents;
•
4,2 % of the sector with its $ 417 Mcap.
•
In terms of Mcap, ISGYO ranks the 5th biggest REIT in BIST.
Our Mission is to create desirable spaces for contemporary people and contemporary cities. To
maximize the collective value of our portfolio for our shareholders through stable growth and high
profitability by utilizing our investments and resources effectively..
8
Why ISGYO?
 The most diversified and well-qualified real estate portfolio,
 Financially strong and qualified tenant mix,
 Stable and strong rental income,
 Almost half of the rental income in hard currency,
 Low debt ratio,
 Strong shareholder structure and
 Brand value as a symbol of trust
differentiate ISGYO among its peers.
9
Shareholders Structure by Ownership
According to the Central Registry Agency of Turkey(MKK), as of 30.06.2014, the ratio of the shares in the free float is
44%. Based on this data, foreign holding ratio is 43% of the free float.
10
ISGYO PORTFOLIO
11
Portfolio Breakdown
Total Portfolio
$ mn
%
Real Estate Investments
1.085
94%
63
6%
1.148
100%
Money&Capital Market Instruments
Total Portfolio Value
12
* Projects include Tuzla Projects, Ege Perla Mixed Use Project, IFC Mixed Use Project, Kartal
Mixed Use Project and Topkapı Residential Project.
Real Estate Portfolio Breakdown
Real Estate Portfolio
Office
400
Projects
375
Retail
284
Land
12
Hotel
9
Residential
TOTAL
13
($ mn)
5
1.085
ISGYO- Properties Map
14
REAL ESTATE PORTFOLIO
GENERATING RENTAL INCOME
15
OFFICE INVESTMENTS
16
Is Towers
Is Towers (Tower II&III)
“A class” office buildings located in the central
business district of the city
Location : Istanbul
GLA : 54.770 sqm
Occupancy : 94%
Annual Rent : $16,1 mn
Completion Date : 2000
Development Cost : $139,6 mn
Accumulated rent as of 2013 : $194,5 mn
17
Ankara Is Tower
Ankara Is Tower
Office building composed of 3 blocks
and 29 storeys in the most important
location of Ankara, Ataturk Boulevard
Location : Ankara
GLA : 26.488 sqm
Occupancy : 100%
Acquisition Date : 1999
Acquisition Cost : $70 mn
Accumulated rent as of
2013 : $57,8 mn
18
Maslak Office Building
Maslak Building
12 storey office building located in
the central business district of
the city
Location : Istanbul
GLA : 12.904 sqm
Occupancy : 100%
Acquisition Cost : $21,5 mn
2013 : $25 mn
19
Other Office Buildings
Ankara Ulus Office Building
Location : Ankara
GLA : 6.194 sqm
Ankara Kizilay Office Building
Location : Ankara
GLA : 5.175 sqm
Sirkeci Office Building
Location : Istanbul
GLA : 4.170 sqm
20
Antalya Office Building
Location : Antalya
GLA: 3.353 sqm
Gunesli Office Building
Location : Istanbul
GLA : 20.805 sqm
Office Lamartine
Location : Taksim Square, Istanbul
Development Cost : $13 mn (inc.
land cost)
Completion Date: 2Q 2013
GLA: 3.890 sqm
Occupancy: 65%
Current Annual Rent: $0,8 mn
Estimated Annual Rent*: $1,3 mn
* With the aasumption of 100% occupancy.
21
RETAIL INVESTMENTS
22
Kanyon Shopping Center
Kanyon Shopping
Center
•
Open air shopping center in
the central business district.
•
Part of Kanyon Complex which
comprises also residential units and
an office building.
Location : Istanbul
Total GLA : 38.940 sqm
Occupancy : 100%
Annual Income : $11,8 mn
23
Accumulated rent as of 2013: $ 96 mn
(*) ISGYO sold its 50% share in the residential part and the office building but still has 50%
share in the shopping center part.
Kule Carsi Shopping Center
The shopping center under Is Towers.
Location : Istanbul
GLA : 3.618 sqm
Occupancy : 95%
2013 : $21,9 mn
24
Real Hypermarket Building
Hypermarket building located in one
of the developed areas of
the city surrounded by residentials.
Location : Istanbul
GLA : 16.500 sqm
Occupancy : 100%
Annual Rent : $2,5 mn(1)
2013: $ 16,1 mn
(1) Minimum contractual rent: € 1,58 mn from
Real Hypermarket + rental income from small
shops inside Hypermarket.
25
(*)Real Hypermarket Building was totally developed by ISGYO.
Marmara Park Shopping Center
Location : Istanbul-Esenyurt
Investment model : Built-OperateTransfer(BOT)
Developer : ECE&DWS*
The building rights of the project land has
been transferred to ECE&DWS for 72 years .
(in June 2009)
At the end of this period, the shopping center
will be transferred to ISGYO.
(*) DWS is an integral part of the Asset Management division
of Deutsche Bank.
26
Opening Date : Oct. 2012
Agreed annual rent for the first decade : $ 2,9
million (fixed annual rent + turnover rent)
Fixed annual rent : $ 2,5 million (It will be subject to
increase for each decade and reach up to $7 mn at
the end of the 60th year)
Turnover rent : 33% of the annual turnover rent
(minimum $ 0,4 million)
27
Galaxy Themed Shopping Center
HOTEL INVESTMENT
28
Kapadokya Lodge Hotel
“Four-star” hotel in the famous touristic
destination, Kapadokya
Location : Nevsehir
GLA : 11.422 sqm
Annual Rent : $0,3 mn*
Acquisition Cost : $9,6 mn
2013 : $2,8 mn
*$0,3 mn is the minimum base rent. The annual rent
will be determined by deducting 3% of the annual
revenue from the net profit of the hotel.
29
REAL ESTATE PROJECTS
30
Projects Under Development
Pipeline Projects
Technology&Operation Center Project
İstanbul Finance Center Project
Tuzla Mixed Use Project
Kartal Mixed Use Project
Ege Perla Mixed Use Project
Topkapı Residential Project
Completed Project
Çınarlı Bahçe Residential Project
31
32
$ Mn
%
$250-275
49%
$95-110
19%
$165-175
32%
Total
$510-560
100%
Tuzla Technology&Operation Center
33
Tuzla Projects
34
Tuzla Projects
35
Acquisition
Date
Project Name
Parcel no 1
Dec. 2010
Technology and Operation Center Project
Under development
3Q 2015
Parcel no 2
Dec. 2010
Under development
3Q 2015
Tuzla is one of the developing transformation
areas on the Asian side of Istanbul.
Status Completion Date
Tuzla Projects
36
Technology & Operation Center - Mixed Used Project
37
Tuzla Technology & Operation Center Project
Location : Tuzla, Istanbul
Land Area : 44.395 sqm
Land Acquisition Date : 2010
Cost of Land : $26,8 mn
Investment Model: Turnkey Project
 It has been leased to Isbank for 25
years.
Projections: (1)
Cost of the project (inc. land): $250-275 mn(2)
GLA of the center: 184.500 sqm
Annual rental income: $20-25 mn
38
(1)
Estimated figures.
Tuzla Mixed Use
Land Acquisition Date : 2010
Cost of Land : $12,8 mn
Projections: (1)
.
A mixed use project comprising office units and a
commercial area.
Annual rental income: $6-9 mn
Leasable area for office: 24.500 sqm
Leasable area for commercial: 8.000 sqm
.
Cost of the project (inc. land): $95-110 mn
39
(1) Estimated figures
40
41
Ege Perla Mixed Use
Project
42
Location : Konak, Izmir
43
44
Estimated project development
cost (including land) : $165-175 mn
Project type : Mixed use project
comprising residentials, offices
45
and a shopping center
Projections(1) :
Shopping Center:
Leasable area : 25.600 sqm
Rental income : $9 mn
Rental yield on cost : 11%
Residentials&Offices:
Total saleable area(2) : 33.000 sqm
Total net profit for the unit sales(3) : $10-15 mn
(1)
(2)
(3)
46
The estimated figures.
The presales activity started in Nov. 2012.
In return for the land, 50% of the net profit from the unit sales will be transferred to Isbank.
47
48
Pipeline Projects
49
Pipeline Projects
Pipeline Projects
$ Mn
%
Finance Center Project (IFC)
$110-120
15%
$300-320
40%
Topkapı Residential Project*
$335-360
45%
Total
$745-800
100%
*Represents ISGYO's 75% share in the project.
In terms of Type
20%
7%
73%
Office
50
Commercial
Residential
Mixed Use Project in Istanbul
International Financial Center
(IFC Project)
51
IFC Project
Location : Atasehir, Istanbul
Project type : A mixed use project
comprising offices and commercial area.
Estimated project development cost
(including land) : $110-120 mn
Estimated saleable/leasable area : 29.000 sqm
Estimated Rental Income : $9-12 mn
52
IFC Project
53
IFC Project
54
55
Location : Kartal, Istanbul
Acquisition Date : June, 2008
Investment Model: Revenue sharing model.
In return for the project land, revenues of the
project will be shared with the ex-land owner.
Project Type : Mixed use project
Projections 1:
Total Development Cost (excluding land) : $300-320 mn
Total Saleable Area for residential : 145.000 sqm
Total Leasable Area : 55.000 sqm
(1) The estimated figures.
56
Kartal Mixed Use Project - Projections
Strategy : To sell the residentials and keep the offices & commercial units in the portfolio.
 Total development cost of the project : $300-320 mn

After selling the residential units and sharing the revenues;
 Remaining cost for offices and commercial: $85 mn
 Rental income of the offices and commercial area: $9 mn
 Rental yield over cost : 11%
 Pay back period : 9 years
57
58
59
Location : Topkapı, Istanbul
Acquisition Date : December, 2013
Total Development Cost* : 450-480 mn $
Total saleable area * : 280.000 sqm
*Total figures. ISGYO has 75% share in the project.
Investment Model: A joint venture between
İş GYO and NEF with 75% and 25% shares
respectively.
60
Topkapı Residential Project - Projections
Project Figures for ISGYO share*
 Development cost : $340-360 mn
 Sales revenues : $490-525 mn
 Net profit of the project : $150-165 mn
 Profit margin : 30%
61
*ISGYO has 75% share in the project.
Completed Projects
62
Çınarlı Bahçe
Completion Date: August 2013
Cost of Land : TL 22,5 mn
Cost of the project (inc. land): TL 120 mn
Saleable area for residential: 56.484 sqm
Number of units : 476
Number of units sold : 447
Net Profit*: TL 24 mn
*Net profit of delivered units as of 31.12.2013.
63
Çınarlı Bahçe
64
Portfolio and Rental
Income
65
Rental Income Projection
After Projects Under Development
$ mn
Rental Income
Current
2016
$53
$80-85
*Including Technology and Operation Center, Tuzla Mixed Use and
Ege Perla Shopping Center.
** Partial rent is taken for Ege Perla Shopping Center, since it is
estimated to be fully operational in 2017.
After Pipeline Projects
$ mn
Rental Income
Current
2018
$53
$100-105
*Including IFC Project and commercial units in Kartal Mixed Use
Project.
**With the assumption that half of the offices in IFC will be sold.
*** Partial rent is taken for Kartal Mixed Use, since it is estimated to
be fully operational in 2019.
66
Appraisal Value of the Real Estate Portfolio
Property Name
Real Estate Projects
Appraisal
Value ($ mn)
374,5
%
34,5%
233,9
171,9
21,6%
15,8%
47,1
4,3%
45,5
4,2%
37,4
3,5%
Maslak Building
34,2
25,1
3,2%
2,3%
20,3
1,9%
Office Lamartine
19,3
1,8%
Ankara-Ulus Office Building
15,1
12,0
1,4%
1,1%
Lands
11,5
1,1%
Ankara-Kızılay Office Building
11,4
8,9
1,1%
0,8%
6,9
0,6%
Çınarlı Bahçe Residentials
5,2
0,5%
4,3
1.085
0,4%
100%
Is Towers II&III
Ankara Is Tower
Mallmarine Shopping Center
Total
Total Property Value : $ 1.097 mn (June 30,2014 1$=TRY 2,1234)
67
Rental Income
Annual Rent $ mn
(without VAT)
16,1
11,8
5,0
4,3
%
30,5%
22,3%
9,5%
8,1%
2,6
5,0%
Maslak Office Building
Ankara- Ulus Office Building
2,5
2,0
1,8
4,7%
3,7%
3,3%
Ankara-Kızılay Office Building
1,6
1,5
1,5
3,1%
2,9%
2,8%
Office Lamartine
0,8
0,8
0,3
1,6%
1,5%
0,5%
0,2
52,7
0,4%
100%
Property Name
Is Towers II & III
Ankara İş Kulesi
Mallmarine Shopping Center
Total
Total Annual Rent Including VAT : $ 62 mn (June 30, 2014 1$ = TRY 2,1234)
*The currency breakdown of the lease agreements;
40% $, 5% Euro and 55% TL.
68
Dividend Payout
69
Dividend Payout
70
•
Concerning the distribution of profits, REITs are subject to same regulations like all other
companies listed in BIST.
•
In ISGYO’s dividend policy dividend is determined as “ not less than 30% of the total
distributable income”. The dividend may be distributed in the form of cash and/or bonus
shares.
•
Up until now, ISGYO distributed higher than the ratio determined in the dividend policy.
TL, mn
2007
2008
2009
2010
2011
2012
2013
Period Income
54,9
53,1
60,3
60,9
67,0
65,4
116,2
Distributable Income
50,7
50,3
46,6
44,7
64,1
62,2
111,2
Cash Dividend
22,5
22,5
22,5
22,5
30,0
30,0
31,5
Cash Dividend/Dist.
Income
44%
45%
48%
50%
47%
48%
28%
Type of the Dividend
Cash
Cash
Cash
Cash
Cash
Cash&
Bonus
Cash&
Bonus
FINANCIALS
71
Growth of the Real Estate Portfolio
Aggregate value of the real estate portfolio of ISGYO
increased 108 % within five years.
72
Bank Loans & Cash Position
Type of the loan
Original
Amount mn
Date of the Loan
Cost
Maturity
Outstanding
Loan Amount mn
Total Loan
$ mn
Loan for hotels
€ 24,2
Dec. 2010
Euribor+350 bps
10 year
€ 16,98
$23,1
Murabaha Syndication
$50,0
Aug. 2012
Libor+250 bps
2 year
$50,0
$50,0
Loan for Operation Center
$24,6*
Oct. 2013
Libor +425 bps
10 year
$24,6
$24,6
Loan for Topkapı Land
180,0 TL
Dec. 2013
11,90%
4 year
180,0 TL
$84,8
Bond (First Issue)
100,0 TL
April 2014
Benchmark+225 bps
2 year
100,0 TL
$47,1
Bond (Second Issue)
100,0 TL
July 2014
Benchmark+200 bps
2 year
100,0 TL
$47,1
* A credit line amounting USD 110 mn has been opened by İşbank for the financing of Technology and Operating Center Project. Out of the $110 mn
credit line; $24,6 mn is used.
Cash
Total Financial Debt
Net Debt
73
$63
$277
-$213
Balance Sheet
TL, mn
30.06.2014
31.12.2013
% Change
1.803,9
1.668,7
8,1%
262,6
233,0
12,7%
Long-term Assets
1.541,3
1.435,7
7,4%
LIABILITIES
1.803,9
1.668,7
8,1%
Short-term Liabilities
169,2
162,0
4,4%
Long-term Liabilities
468,7
350,6
33,7%
Shareholders' Equity
1.166,0
1.156,1
0,9%
ASSETS
Current Assets
Of the total Liabilities (Short&Long Term);
• the amount regarding the bank loans constitutes the 77%,
• the amount regarding advances received from presales of the units in Ege Perla Mixed Use
Project constitutes the 15%,
•the amount regarding the purchase of Kartal Land (TRY 36 mn) constitutes the 6%.
74
Income Statement
TL, mn
Jan.-June 2014
Jan.-June 2013
68,3
59,8
-20,9
-18,7
Gross Profit/Loss
47,4
41,1
General Administrative
Expenses
-7,2
-5,5
Other Operating Income
15,5
11,5
-14,4
-8,3
41,3
38,7
Share of Profit of EquityAccounted Investees
0,4
0,3
Finance Income
1,8
-
-2,1
-11,9
41,5
27,1
-
-
41,5
27,1
Sales Revenue
Cost of Sales
Other Operating Expense
Operating Profit/Loss
Finance Expense
Operating Profit Before
Tax
Tax Expense
75
Net Profit for the Period
Income Statement
Financials (TL, mn)
30.06.2014
30.06.2013
68,3
59,8
-20,9
-18,7
Gross Profit/Losses
47,4
41,1
Operating Expenses
-7,2
-5,5
Other Operating Income
15,5
11,5
Other Operating Expense
-14,4
-8,3
EBIT
41,3
38,7
EBITDA
50,5
49,5
Net Period Income
41,5
27,1
Gross Margin
69%
69%
EBIT Margin
60%
65%
EBITDA Margin
74%
83%
Net Margin
61%
45%
Sales Revenue
Cost of Sales
76
STOCK PERFORMANCE
77
Trade Volume
Average Daily Trade
Volume
Price change in TL
terms
2013
$ 1,6 mn
1%
2014
$ 1,1 mn
5%
ISGYO
78
Stock Price vs. Index Performance
% change
79
ISGYO REIT Index
ISE 100
2013
1%
-26%
-13%
2014
5%
16%
16%
Investor Relations
Investor Relations
Ayşegül Şahin Kocameşe
Head
Investor Relations
Phone : +90 0212 325 23 63
E-mail : [email protected]
Mine Kurt Yıldırım
Assistant Manager
Investor Relations
Phone : +90 0212 325 23 50 Extension:270
E-mail : [email protected]
This presentation has been prepared in order to inform
investors.
Since the presentation has been prepared regarding the
previous period, the data in it may not reflect the current
situation. The estimations regarding projects are given in
accordance with feasibility studies prepared on basis of
certain assumptions and may be updated any time.
ISGYO management and employees can not be held
responsible for any damages or losses arising from the
direct/indirect use of content in this presentation.
For more information : [email protected]
END
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