38
1
1
1
2
2
Company Name TSKB REAL ESTATE INVESTMENT TRUST
Date of Establishment 03022006
Share Capital 150000000 TL
Listing Istanbul Stock Exchange
Ticker Symbol TSGYO
Address Meclisi Mebusan Cad Molla Bayırı 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 in 5 years
Asset size grew from TL12m (2006) to TL 324m (9M11)
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 four 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
3 TSKB Real Estate Consultancy Services
4 TSKB Real Estate Brokerage Services
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 September 30 2011 7763100 of the listed shares were held by TSKB thus the total share of TSKB was 6418 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
Executive Vice President
8
8
2006 2007 2008 2009 2010 2011
TSKB REIT established in
February
TSKB contributed the
Tahirhan 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 valuein 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
5
Real Estate 95
As of 30062011 ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Office Buildings 29
Land 4
Pendorya Shopping Center
67
12
12
Value (TL 000)
Pendorya Shopping Center
Fındıklı Office Buildings
Tahirhan Office Building
Total
195290
76980
6265
290261
Valuations carried out by independent real estate appraisal companies
Adana Land
11726
Real Estate Portfolio Summary
13
13
Pendorya Shopping Center
14
14
Location Pendik -
Istanbul
TSKB REIT Stake 95
Operational Date December
2009
Land Area (sqm) 23100
Construction Area (sqm) 80648
Leasable Area (sqm) 30250
Occupancy (sqm) (September
2011) 90
Number of Stores 100
Anchor Tenants
Tesco Kipa
(8400 sqm)
MediaMarkt
(5500 sqm)
AFM (2500
sqm)
Appraisal Value (TLm) 19529
95 of Pendorya is held by TSKB REIT and 5 by the
development consultant the Ataman Group
The center features a 1000-person capacity food court and 1000
vehicle parking lot Annual expected footfall is 6 million
Center management expect a 93 occupancy rate to be achieved
by end-2011
Hypermarket 27
Electronics 18
Stores 37
Food 8
Cinema 8
Other 2 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 3000-person Garanti Bank Operations Center in the neighbouring plot has
started 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) 3839
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) 3859
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
Tahirhan Office Building
20
20
Location Istanbul
TSKB REIT Stake 74
Land Area (sqm) 606
Leasable Area (sqm) 3200
Number of Floors 8
Tenants Various
Appraisal Value (TLm) 627
TSKB REIT owns 74 of the building Tahirhan is a seven-
story building on 600 sqm plot and has a built up area of
3200 sqm
Building has full sea views from the third story and up
Tahirhan is located on the border of a major redevelopment
project It is suitable for conversion to more lucrative
activities The appraisal value of this site could appreciate
considerably
At present the offices are rented out to various companies
and individuals
Tahirhan 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 Land (TLm) 1173
Land Area (sqm) 3608
Planned Project City hotel
Construction Start Date 3Q2011
Planned Construction Completion
Date 1Q2013
Estimated Operational Date 1H 2013
Planned Investment (EURm) 30-34
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
A city hotel project of 200 rooms is under development The
hotel is to be operational in the first half of 2013
Total investment including the cost of the land is estimated
at EUR30m-34m
Adana Hotel Project (contd)
23
23
Project 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
Construction License has been acquired and Operating Agreement
(15-year maturity) was signed between TSKB REIT and Palmira
Turizm (Divan Group)
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
Current Assets 8083 7602 34083 7688 35242 19801
Cash and Banks 2084 3666 23845 3745 30218 15040
Financial Investments 5979 3417 489 841 1450 1706
Other Current Assets 20 519 9749 3102 3573 3055
Non-Current Assets 3655 114584 152327 290663 301937 304568
Investment Property 3651 69245 75580 278976 290261 293612
Fixed Assets 4 45339 76729 25 39 27
Other Non-Current Assets - - 18 11662 11637 10929
Total Assets 11738 122186 186410 298351 337179 324370
Short-term Liabilities 41 12319 7113 20431 22977 10296
Bank Debts - 1343 2062 12163 20170 9469
Trade Payables - 8769 156 4397 988 338
Other 41 2207 4895 3871 1819 489
Long-term Liabilities - 29143 70510 113788 93268 112608
Bank Debts - 29139 70509 113700 93161 112490
Other - 4 1 88 107 118
Shareholdersrsquo Equity 11697 80724 108787 164133 220934 201466
Paid-in Capital 10000 75000 100000 100000 150000 150000
Share Premium - - - - 593 593
Reserves - 32 43 153 153 153
Retained Earnings - 1666 5681 8634 63980 70188
Net Income (Loss) 1697 4026 3063 55346 6208 (19468)
Total Liabilities and Shareholders
Equity 11738 122186 186410 298351 337179 324370
Balance Sheet
(TL 000) 2006 2007 2008 2009 2010 9M11
26
26
Revenues 25 66 6048 4723 14381 10896
Operating Costs (-) (375) (1146) (3149) (3343) (12230) (5855)
Net Operating Profit (350) (1080) 2899 1380 2151 5041
Income from Other Operations 1060 786 6253 52632 5444 209
Expenses from Other Operations (-) (13 ) (177) (114) (41) (249) (34)
Operating Profit 658 (471) 9038 53971 7346 5216
Financial Income 1039 4498 803 1676 5650 1227
Financial Expenses (-) - - (6778) (301) (6787) (25911)
Profit Before Tax 1697 4026 3063 55346 6208 (19468)
Tax - - - - - -
Net Income 1697 4026 3063 55346 6208 (19468)
Income Statement
(TL 000) 2006 2007 2008 2009 2010 9M11
27
27
Total Assets
Real Estate Portfolio Assets
Key Parameters
Shareholdersrsquo Equity
2006 2007 2008 2009 2010 9M11
12
122
186
298 337 324
TL m
2006 2007 2008 2009 2010 9M11
12
81 109
164
221 201
TL m
2006 2007 2008 2009 2010 9M11
4
115
152
279 290 290 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
311210 300911 281011 311210-300911 300911-281011
ISE 100 Index 66004 59693 57042 -96 -44
ISE REIT Index 36063 35941 36563 -03 17
TSGYO 094 064 065 -319 16
Performance Performance
311210 300911 281011 311210-300911 300911-281011
TSGYO Market Cap (TL mn) 141 96 98 -319 16
TSGYO Market Cap (USD mn) 91 59 56 -354 -55
30
30
TSGYO Stock Performance
TSGYO ISE REIT Index and ISE 100 Index Performance
050
060
070
080
090
100
110
120
130
140
TSGYO ISE REIT Index ISE 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to ISE REIT Index
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO ISE REIT Index
-409
32
32
Net Asset Value
as of September 30 2011
as of October 28 2011
TSGYO Net Asset Value (NAV) ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Cash and Banks 1867
Receivables 1731269
Other Assets 17337078
Payables 122903597
NAV 201465933
Market Cap 97500000
Discount to NAV 52
33
33
REITs on ISE
as of October 28 2011
as of June 30 2011
Ticker Company Share Price NAV Per Share MCAP NAV Premium to
NAV TL TL TL mn TL mn
EKGYO Emlak REIT 247 227 6175 5674 9
TRGYO Torunlar REIT 493 1128 1104 2527 -56
SNGYO Sinpas REIT 134 271 804 1355 -41
AKMGY Akmerkez REIT 2055 2162 766 806 -5
ISGYO Is REIT 118 234 708 1405 -50
AKFGY Akfen REIT 167 401 307 739 -58
AVGYO Avrasya REIT 409 112 294 80 267
YGYO Yeşil REIT 119 078 280 184 52
KLGYO Kiler REIT 305 1068 267 934 -71
ALGYO Alarko REIT 1970 2563 210 273 -23
RYGYO Reysas REIT 090 197 153 334 -54
DGGYO Doğuş REIT 138 193 129 181 -29
VKGYO Vakıf REIT 135 615 135 135 0
TSGYO TSKB REIT 065 140 97 210 -54
SAGYO Saglam REIT 165 135 95 76 25
OZGYO Ozderici REIT 092 101 92 101 -9
AGYO Atakule REIT 110 252 92 212 -56
MRGYO Martı REIT 075 197 83 217 -62
NUGYO Nurol REIT 718 569 72 57 26
YKGYO Yapı Kredi Koray REIT 170 219 68 87 -22
PEGYO Pera REIT 075 185 67 165 -59
IDGYO Idealist REIT 404 119 40 12 239
EGYO EGS REIT 024 -371 12 -186 ad
TOTAL 12051 15578 -23
34
34
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
35
35
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
gt50 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
Obligation to go public in 3 months after the establishment of the company
13 of the board of directors must be ldquoindependentrdquo
36
36
Public REITS
1 Akfen
2 Akmerkez
3 Alarko
4 Atakule
5 Avrasya
6 Doğuş GE
7 EGS
8 Emlak
9 İdealist
10 İş
11 Kiler
12 Martı
13 Nurol
14 Oumlzderici
15 Pera
16 Reysaş
17 Sağlam
18 Sinpaş
19 Torunlar
20 TSKB
21 Vakıf
22 Yeşil
23 Yapı Kredi Koray
Non-public REITs
1 Albayrak
2 Bayraktar
3 Buumlyuumlkhanlı
4 Halk
5 Kuyaş
6 Oumlzak
7 Tuna
8 Servet
REITs in Turkey
37
37
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
38
38
2
2
Company Name TSKB REAL ESTATE INVESTMENT TRUST
Date of Establishment 03022006
Share Capital 150000000 TL
Listing Istanbul Stock Exchange
Ticker Symbol TSGYO
Address Meclisi Mebusan Cad Molla Bayırı 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 in 5 years
Asset size grew from TL12m (2006) to TL 324m (9M11)
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 four 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
3 TSKB Real Estate Consultancy Services
4 TSKB Real Estate Brokerage Services
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 September 30 2011 7763100 of the listed shares were held by TSKB thus the total share of TSKB was 6418 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
Executive Vice President
8
8
2006 2007 2008 2009 2010 2011
TSKB REIT established in
February
TSKB contributed the
Tahirhan 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 valuein 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
5
Real Estate 95
As of 30062011 ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Office Buildings 29
Land 4
Pendorya Shopping Center
67
12
12
Value (TL 000)
Pendorya Shopping Center
Fındıklı Office Buildings
Tahirhan Office Building
Total
195290
76980
6265
290261
Valuations carried out by independent real estate appraisal companies
Adana Land
11726
Real Estate Portfolio Summary
13
13
Pendorya Shopping Center
14
14
Location Pendik -
Istanbul
TSKB REIT Stake 95
Operational Date December
2009
Land Area (sqm) 23100
Construction Area (sqm) 80648
Leasable Area (sqm) 30250
Occupancy (sqm) (September
2011) 90
Number of Stores 100
Anchor Tenants
Tesco Kipa
(8400 sqm)
MediaMarkt
(5500 sqm)
AFM (2500
sqm)
Appraisal Value (TLm) 19529
95 of Pendorya is held by TSKB REIT and 5 by the
development consultant the Ataman Group
The center features a 1000-person capacity food court and 1000
vehicle parking lot Annual expected footfall is 6 million
Center management expect a 93 occupancy rate to be achieved
by end-2011
Hypermarket 27
Electronics 18
Stores 37
Food 8
Cinema 8
Other 2 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 3000-person Garanti Bank Operations Center in the neighbouring plot has
started 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) 3839
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) 3859
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
Tahirhan Office Building
20
20
Location Istanbul
TSKB REIT Stake 74
Land Area (sqm) 606
Leasable Area (sqm) 3200
Number of Floors 8
Tenants Various
Appraisal Value (TLm) 627
TSKB REIT owns 74 of the building Tahirhan is a seven-
story building on 600 sqm plot and has a built up area of
3200 sqm
Building has full sea views from the third story and up
Tahirhan is located on the border of a major redevelopment
project It is suitable for conversion to more lucrative
activities The appraisal value of this site could appreciate
considerably
At present the offices are rented out to various companies
and individuals
Tahirhan 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 Land (TLm) 1173
Land Area (sqm) 3608
Planned Project City hotel
Construction Start Date 3Q2011
Planned Construction Completion
Date 1Q2013
Estimated Operational Date 1H 2013
Planned Investment (EURm) 30-34
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
A city hotel project of 200 rooms is under development The
hotel is to be operational in the first half of 2013
Total investment including the cost of the land is estimated
at EUR30m-34m
Adana Hotel Project (contd)
23
23
Project 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
Construction License has been acquired and Operating Agreement
(15-year maturity) was signed between TSKB REIT and Palmira
Turizm (Divan Group)
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
Current Assets 8083 7602 34083 7688 35242 19801
Cash and Banks 2084 3666 23845 3745 30218 15040
Financial Investments 5979 3417 489 841 1450 1706
Other Current Assets 20 519 9749 3102 3573 3055
Non-Current Assets 3655 114584 152327 290663 301937 304568
Investment Property 3651 69245 75580 278976 290261 293612
Fixed Assets 4 45339 76729 25 39 27
Other Non-Current Assets - - 18 11662 11637 10929
Total Assets 11738 122186 186410 298351 337179 324370
Short-term Liabilities 41 12319 7113 20431 22977 10296
Bank Debts - 1343 2062 12163 20170 9469
Trade Payables - 8769 156 4397 988 338
Other 41 2207 4895 3871 1819 489
Long-term Liabilities - 29143 70510 113788 93268 112608
Bank Debts - 29139 70509 113700 93161 112490
Other - 4 1 88 107 118
Shareholdersrsquo Equity 11697 80724 108787 164133 220934 201466
Paid-in Capital 10000 75000 100000 100000 150000 150000
Share Premium - - - - 593 593
Reserves - 32 43 153 153 153
Retained Earnings - 1666 5681 8634 63980 70188
Net Income (Loss) 1697 4026 3063 55346 6208 (19468)
Total Liabilities and Shareholders
Equity 11738 122186 186410 298351 337179 324370
Balance Sheet
(TL 000) 2006 2007 2008 2009 2010 9M11
26
26
Revenues 25 66 6048 4723 14381 10896
Operating Costs (-) (375) (1146) (3149) (3343) (12230) (5855)
Net Operating Profit (350) (1080) 2899 1380 2151 5041
Income from Other Operations 1060 786 6253 52632 5444 209
Expenses from Other Operations (-) (13 ) (177) (114) (41) (249) (34)
Operating Profit 658 (471) 9038 53971 7346 5216
Financial Income 1039 4498 803 1676 5650 1227
Financial Expenses (-) - - (6778) (301) (6787) (25911)
Profit Before Tax 1697 4026 3063 55346 6208 (19468)
Tax - - - - - -
Net Income 1697 4026 3063 55346 6208 (19468)
Income Statement
(TL 000) 2006 2007 2008 2009 2010 9M11
27
27
Total Assets
Real Estate Portfolio Assets
Key Parameters
Shareholdersrsquo Equity
2006 2007 2008 2009 2010 9M11
12
122
186
298 337 324
TL m
2006 2007 2008 2009 2010 9M11
12
81 109
164
221 201
TL m
2006 2007 2008 2009 2010 9M11
4
115
152
279 290 290 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
311210 300911 281011 311210-300911 300911-281011
ISE 100 Index 66004 59693 57042 -96 -44
ISE REIT Index 36063 35941 36563 -03 17
TSGYO 094 064 065 -319 16
Performance Performance
311210 300911 281011 311210-300911 300911-281011
TSGYO Market Cap (TL mn) 141 96 98 -319 16
TSGYO Market Cap (USD mn) 91 59 56 -354 -55
30
30
TSGYO Stock Performance
TSGYO ISE REIT Index and ISE 100 Index Performance
050
060
070
080
090
100
110
120
130
140
TSGYO ISE REIT Index ISE 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to ISE REIT Index
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO ISE REIT Index
-409
32
32
Net Asset Value
as of September 30 2011
as of October 28 2011
TSGYO Net Asset Value (NAV) ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Cash and Banks 1867
Receivables 1731269
Other Assets 17337078
Payables 122903597
NAV 201465933
Market Cap 97500000
Discount to NAV 52
33
33
REITs on ISE
as of October 28 2011
as of June 30 2011
Ticker Company Share Price NAV Per Share MCAP NAV Premium to
NAV TL TL TL mn TL mn
EKGYO Emlak REIT 247 227 6175 5674 9
TRGYO Torunlar REIT 493 1128 1104 2527 -56
SNGYO Sinpas REIT 134 271 804 1355 -41
AKMGY Akmerkez REIT 2055 2162 766 806 -5
ISGYO Is REIT 118 234 708 1405 -50
AKFGY Akfen REIT 167 401 307 739 -58
AVGYO Avrasya REIT 409 112 294 80 267
YGYO Yeşil REIT 119 078 280 184 52
KLGYO Kiler REIT 305 1068 267 934 -71
ALGYO Alarko REIT 1970 2563 210 273 -23
RYGYO Reysas REIT 090 197 153 334 -54
DGGYO Doğuş REIT 138 193 129 181 -29
VKGYO Vakıf REIT 135 615 135 135 0
TSGYO TSKB REIT 065 140 97 210 -54
SAGYO Saglam REIT 165 135 95 76 25
OZGYO Ozderici REIT 092 101 92 101 -9
AGYO Atakule REIT 110 252 92 212 -56
MRGYO Martı REIT 075 197 83 217 -62
NUGYO Nurol REIT 718 569 72 57 26
YKGYO Yapı Kredi Koray REIT 170 219 68 87 -22
PEGYO Pera REIT 075 185 67 165 -59
IDGYO Idealist REIT 404 119 40 12 239
EGYO EGS REIT 024 -371 12 -186 ad
TOTAL 12051 15578 -23
34
34
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
35
35
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
gt50 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
Obligation to go public in 3 months after the establishment of the company
13 of the board of directors must be ldquoindependentrdquo
36
36
Public REITS
1 Akfen
2 Akmerkez
3 Alarko
4 Atakule
5 Avrasya
6 Doğuş GE
7 EGS
8 Emlak
9 İdealist
10 İş
11 Kiler
12 Martı
13 Nurol
14 Oumlzderici
15 Pera
16 Reysaş
17 Sağlam
18 Sinpaş
19 Torunlar
20 TSKB
21 Vakıf
22 Yeşil
23 Yapı Kredi Koray
Non-public REITs
1 Albayrak
2 Bayraktar
3 Buumlyuumlkhanlı
4 Halk
5 Kuyaş
6 Oumlzak
7 Tuna
8 Servet
REITs in Turkey
37
37
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
38
38
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 in 5 years
Asset size grew from TL12m (2006) to TL 324m (9M11)
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 four 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
3 TSKB Real Estate Consultancy Services
4 TSKB Real Estate Brokerage Services
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 September 30 2011 7763100 of the listed shares were held by TSKB thus the total share of TSKB was 6418 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
Executive Vice President
8
8
2006 2007 2008 2009 2010 2011
TSKB REIT established in
February
TSKB contributed the
Tahirhan 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 valuein 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
5
Real Estate 95
As of 30062011 ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Office Buildings 29
Land 4
Pendorya Shopping Center
67
12
12
Value (TL 000)
Pendorya Shopping Center
Fındıklı Office Buildings
Tahirhan Office Building
Total
195290
76980
6265
290261
Valuations carried out by independent real estate appraisal companies
Adana Land
11726
Real Estate Portfolio Summary
13
13
Pendorya Shopping Center
14
14
Location Pendik -
Istanbul
TSKB REIT Stake 95
Operational Date December
2009
Land Area (sqm) 23100
Construction Area (sqm) 80648
Leasable Area (sqm) 30250
Occupancy (sqm) (September
2011) 90
Number of Stores 100
Anchor Tenants
Tesco Kipa
(8400 sqm)
MediaMarkt
(5500 sqm)
AFM (2500
sqm)
Appraisal Value (TLm) 19529
95 of Pendorya is held by TSKB REIT and 5 by the
development consultant the Ataman Group
The center features a 1000-person capacity food court and 1000
vehicle parking lot Annual expected footfall is 6 million
Center management expect a 93 occupancy rate to be achieved
by end-2011
Hypermarket 27
Electronics 18
Stores 37
Food 8
Cinema 8
Other 2 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 3000-person Garanti Bank Operations Center in the neighbouring plot has
started 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) 3839
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) 3859
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
Tahirhan Office Building
20
20
Location Istanbul
TSKB REIT Stake 74
Land Area (sqm) 606
Leasable Area (sqm) 3200
Number of Floors 8
Tenants Various
Appraisal Value (TLm) 627
TSKB REIT owns 74 of the building Tahirhan is a seven-
story building on 600 sqm plot and has a built up area of
3200 sqm
Building has full sea views from the third story and up
Tahirhan is located on the border of a major redevelopment
project It is suitable for conversion to more lucrative
activities The appraisal value of this site could appreciate
considerably
At present the offices are rented out to various companies
and individuals
Tahirhan 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 Land (TLm) 1173
Land Area (sqm) 3608
Planned Project City hotel
Construction Start Date 3Q2011
Planned Construction Completion
Date 1Q2013
Estimated Operational Date 1H 2013
Planned Investment (EURm) 30-34
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
A city hotel project of 200 rooms is under development The
hotel is to be operational in the first half of 2013
Total investment including the cost of the land is estimated
at EUR30m-34m
Adana Hotel Project (contd)
23
23
Project 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
Construction License has been acquired and Operating Agreement
(15-year maturity) was signed between TSKB REIT and Palmira
Turizm (Divan Group)
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
Current Assets 8083 7602 34083 7688 35242 19801
Cash and Banks 2084 3666 23845 3745 30218 15040
Financial Investments 5979 3417 489 841 1450 1706
Other Current Assets 20 519 9749 3102 3573 3055
Non-Current Assets 3655 114584 152327 290663 301937 304568
Investment Property 3651 69245 75580 278976 290261 293612
Fixed Assets 4 45339 76729 25 39 27
Other Non-Current Assets - - 18 11662 11637 10929
Total Assets 11738 122186 186410 298351 337179 324370
Short-term Liabilities 41 12319 7113 20431 22977 10296
Bank Debts - 1343 2062 12163 20170 9469
Trade Payables - 8769 156 4397 988 338
Other 41 2207 4895 3871 1819 489
Long-term Liabilities - 29143 70510 113788 93268 112608
Bank Debts - 29139 70509 113700 93161 112490
Other - 4 1 88 107 118
Shareholdersrsquo Equity 11697 80724 108787 164133 220934 201466
Paid-in Capital 10000 75000 100000 100000 150000 150000
Share Premium - - - - 593 593
Reserves - 32 43 153 153 153
Retained Earnings - 1666 5681 8634 63980 70188
Net Income (Loss) 1697 4026 3063 55346 6208 (19468)
Total Liabilities and Shareholders
Equity 11738 122186 186410 298351 337179 324370
Balance Sheet
(TL 000) 2006 2007 2008 2009 2010 9M11
26
26
Revenues 25 66 6048 4723 14381 10896
Operating Costs (-) (375) (1146) (3149) (3343) (12230) (5855)
Net Operating Profit (350) (1080) 2899 1380 2151 5041
Income from Other Operations 1060 786 6253 52632 5444 209
Expenses from Other Operations (-) (13 ) (177) (114) (41) (249) (34)
Operating Profit 658 (471) 9038 53971 7346 5216
Financial Income 1039 4498 803 1676 5650 1227
Financial Expenses (-) - - (6778) (301) (6787) (25911)
Profit Before Tax 1697 4026 3063 55346 6208 (19468)
Tax - - - - - -
Net Income 1697 4026 3063 55346 6208 (19468)
Income Statement
(TL 000) 2006 2007 2008 2009 2010 9M11
27
27
Total Assets
Real Estate Portfolio Assets
Key Parameters
Shareholdersrsquo Equity
2006 2007 2008 2009 2010 9M11
12
122
186
298 337 324
TL m
2006 2007 2008 2009 2010 9M11
12
81 109
164
221 201
TL m
2006 2007 2008 2009 2010 9M11
4
115
152
279 290 290 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
311210 300911 281011 311210-300911 300911-281011
ISE 100 Index 66004 59693 57042 -96 -44
ISE REIT Index 36063 35941 36563 -03 17
TSGYO 094 064 065 -319 16
Performance Performance
311210 300911 281011 311210-300911 300911-281011
TSGYO Market Cap (TL mn) 141 96 98 -319 16
TSGYO Market Cap (USD mn) 91 59 56 -354 -55
30
30
TSGYO Stock Performance
TSGYO ISE REIT Index and ISE 100 Index Performance
050
060
070
080
090
100
110
120
130
140
TSGYO ISE REIT Index ISE 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to ISE REIT Index
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO ISE REIT Index
-409
32
32
Net Asset Value
as of September 30 2011
as of October 28 2011
TSGYO Net Asset Value (NAV) ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Cash and Banks 1867
Receivables 1731269
Other Assets 17337078
Payables 122903597
NAV 201465933
Market Cap 97500000
Discount to NAV 52
33
33
REITs on ISE
as of October 28 2011
as of June 30 2011
Ticker Company Share Price NAV Per Share MCAP NAV Premium to
NAV TL TL TL mn TL mn
EKGYO Emlak REIT 247 227 6175 5674 9
TRGYO Torunlar REIT 493 1128 1104 2527 -56
SNGYO Sinpas REIT 134 271 804 1355 -41
AKMGY Akmerkez REIT 2055 2162 766 806 -5
ISGYO Is REIT 118 234 708 1405 -50
AKFGY Akfen REIT 167 401 307 739 -58
AVGYO Avrasya REIT 409 112 294 80 267
YGYO Yeşil REIT 119 078 280 184 52
KLGYO Kiler REIT 305 1068 267 934 -71
ALGYO Alarko REIT 1970 2563 210 273 -23
RYGYO Reysas REIT 090 197 153 334 -54
DGGYO Doğuş REIT 138 193 129 181 -29
VKGYO Vakıf REIT 135 615 135 135 0
TSGYO TSKB REIT 065 140 97 210 -54
SAGYO Saglam REIT 165 135 95 76 25
OZGYO Ozderici REIT 092 101 92 101 -9
AGYO Atakule REIT 110 252 92 212 -56
MRGYO Martı REIT 075 197 83 217 -62
NUGYO Nurol REIT 718 569 72 57 26
YKGYO Yapı Kredi Koray REIT 170 219 68 87 -22
PEGYO Pera REIT 075 185 67 165 -59
IDGYO Idealist REIT 404 119 40 12 239
EGYO EGS REIT 024 -371 12 -186 ad
TOTAL 12051 15578 -23
34
34
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
35
35
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
gt50 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
Obligation to go public in 3 months after the establishment of the company
13 of the board of directors must be ldquoindependentrdquo
36
36
Public REITS
1 Akfen
2 Akmerkez
3 Alarko
4 Atakule
5 Avrasya
6 Doğuş GE
7 EGS
8 Emlak
9 İdealist
10 İş
11 Kiler
12 Martı
13 Nurol
14 Oumlzderici
15 Pera
16 Reysaş
17 Sağlam
18 Sinpaş
19 Torunlar
20 TSKB
21 Vakıf
22 Yeşil
23 Yapı Kredi Koray
Non-public REITs
1 Albayrak
2 Bayraktar
3 Buumlyuumlkhanlı
4 Halk
5 Kuyaş
6 Oumlzak
7 Tuna
8 Servet
REITs in Turkey
37
37
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
38
38
4
4
Highlights
Aims to achieve sustainable growth ndash leasable area up from 3k sqm to 50k sqm in 5 years
Asset size grew from TL12m (2006) to TL 324m (9M11)
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 four 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
3 TSKB Real Estate Consultancy Services
4 TSKB Real Estate Brokerage Services
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 September 30 2011 7763100 of the listed shares were held by TSKB thus the total share of TSKB was 6418 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
Executive Vice President
8
8
2006 2007 2008 2009 2010 2011
TSKB REIT established in
February
TSKB contributed the
Tahirhan 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 valuein 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
5
Real Estate 95
As of 30062011 ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Office Buildings 29
Land 4
Pendorya Shopping Center
67
12
12
Value (TL 000)
Pendorya Shopping Center
Fındıklı Office Buildings
Tahirhan Office Building
Total
195290
76980
6265
290261
Valuations carried out by independent real estate appraisal companies
Adana Land
11726
Real Estate Portfolio Summary
13
13
Pendorya Shopping Center
14
14
Location Pendik -
Istanbul
TSKB REIT Stake 95
Operational Date December
2009
Land Area (sqm) 23100
Construction Area (sqm) 80648
Leasable Area (sqm) 30250
Occupancy (sqm) (September
2011) 90
Number of Stores 100
Anchor Tenants
Tesco Kipa
(8400 sqm)
MediaMarkt
(5500 sqm)
AFM (2500
sqm)
Appraisal Value (TLm) 19529
95 of Pendorya is held by TSKB REIT and 5 by the
development consultant the Ataman Group
The center features a 1000-person capacity food court and 1000
vehicle parking lot Annual expected footfall is 6 million
Center management expect a 93 occupancy rate to be achieved
by end-2011
Hypermarket 27
Electronics 18
Stores 37
Food 8
Cinema 8
Other 2 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 3000-person Garanti Bank Operations Center in the neighbouring plot has
started 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) 3839
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) 3859
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
Tahirhan Office Building
20
20
Location Istanbul
TSKB REIT Stake 74
Land Area (sqm) 606
Leasable Area (sqm) 3200
Number of Floors 8
Tenants Various
Appraisal Value (TLm) 627
TSKB REIT owns 74 of the building Tahirhan is a seven-
story building on 600 sqm plot and has a built up area of
3200 sqm
Building has full sea views from the third story and up
Tahirhan is located on the border of a major redevelopment
project It is suitable for conversion to more lucrative
activities The appraisal value of this site could appreciate
considerably
At present the offices are rented out to various companies
and individuals
Tahirhan 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 Land (TLm) 1173
Land Area (sqm) 3608
Planned Project City hotel
Construction Start Date 3Q2011
Planned Construction Completion
Date 1Q2013
Estimated Operational Date 1H 2013
Planned Investment (EURm) 30-34
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
A city hotel project of 200 rooms is under development The
hotel is to be operational in the first half of 2013
Total investment including the cost of the land is estimated
at EUR30m-34m
Adana Hotel Project (contd)
23
23
Project 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
Construction License has been acquired and Operating Agreement
(15-year maturity) was signed between TSKB REIT and Palmira
Turizm (Divan Group)
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
Current Assets 8083 7602 34083 7688 35242 19801
Cash and Banks 2084 3666 23845 3745 30218 15040
Financial Investments 5979 3417 489 841 1450 1706
Other Current Assets 20 519 9749 3102 3573 3055
Non-Current Assets 3655 114584 152327 290663 301937 304568
Investment Property 3651 69245 75580 278976 290261 293612
Fixed Assets 4 45339 76729 25 39 27
Other Non-Current Assets - - 18 11662 11637 10929
Total Assets 11738 122186 186410 298351 337179 324370
Short-term Liabilities 41 12319 7113 20431 22977 10296
Bank Debts - 1343 2062 12163 20170 9469
Trade Payables - 8769 156 4397 988 338
Other 41 2207 4895 3871 1819 489
Long-term Liabilities - 29143 70510 113788 93268 112608
Bank Debts - 29139 70509 113700 93161 112490
Other - 4 1 88 107 118
Shareholdersrsquo Equity 11697 80724 108787 164133 220934 201466
Paid-in Capital 10000 75000 100000 100000 150000 150000
Share Premium - - - - 593 593
Reserves - 32 43 153 153 153
Retained Earnings - 1666 5681 8634 63980 70188
Net Income (Loss) 1697 4026 3063 55346 6208 (19468)
Total Liabilities and Shareholders
Equity 11738 122186 186410 298351 337179 324370
Balance Sheet
(TL 000) 2006 2007 2008 2009 2010 9M11
26
26
Revenues 25 66 6048 4723 14381 10896
Operating Costs (-) (375) (1146) (3149) (3343) (12230) (5855)
Net Operating Profit (350) (1080) 2899 1380 2151 5041
Income from Other Operations 1060 786 6253 52632 5444 209
Expenses from Other Operations (-) (13 ) (177) (114) (41) (249) (34)
Operating Profit 658 (471) 9038 53971 7346 5216
Financial Income 1039 4498 803 1676 5650 1227
Financial Expenses (-) - - (6778) (301) (6787) (25911)
Profit Before Tax 1697 4026 3063 55346 6208 (19468)
Tax - - - - - -
Net Income 1697 4026 3063 55346 6208 (19468)
Income Statement
(TL 000) 2006 2007 2008 2009 2010 9M11
27
27
Total Assets
Real Estate Portfolio Assets
Key Parameters
Shareholdersrsquo Equity
2006 2007 2008 2009 2010 9M11
12
122
186
298 337 324
TL m
2006 2007 2008 2009 2010 9M11
12
81 109
164
221 201
TL m
2006 2007 2008 2009 2010 9M11
4
115
152
279 290 290 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
311210 300911 281011 311210-300911 300911-281011
ISE 100 Index 66004 59693 57042 -96 -44
ISE REIT Index 36063 35941 36563 -03 17
TSGYO 094 064 065 -319 16
Performance Performance
311210 300911 281011 311210-300911 300911-281011
TSGYO Market Cap (TL mn) 141 96 98 -319 16
TSGYO Market Cap (USD mn) 91 59 56 -354 -55
30
30
TSGYO Stock Performance
TSGYO ISE REIT Index and ISE 100 Index Performance
050
060
070
080
090
100
110
120
130
140
TSGYO ISE REIT Index ISE 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to ISE REIT Index
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO ISE REIT Index
-409
32
32
Net Asset Value
as of September 30 2011
as of October 28 2011
TSGYO Net Asset Value (NAV) ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Cash and Banks 1867
Receivables 1731269
Other Assets 17337078
Payables 122903597
NAV 201465933
Market Cap 97500000
Discount to NAV 52
33
33
REITs on ISE
as of October 28 2011
as of June 30 2011
Ticker Company Share Price NAV Per Share MCAP NAV Premium to
NAV TL TL TL mn TL mn
EKGYO Emlak REIT 247 227 6175 5674 9
TRGYO Torunlar REIT 493 1128 1104 2527 -56
SNGYO Sinpas REIT 134 271 804 1355 -41
AKMGY Akmerkez REIT 2055 2162 766 806 -5
ISGYO Is REIT 118 234 708 1405 -50
AKFGY Akfen REIT 167 401 307 739 -58
AVGYO Avrasya REIT 409 112 294 80 267
YGYO Yeşil REIT 119 078 280 184 52
KLGYO Kiler REIT 305 1068 267 934 -71
ALGYO Alarko REIT 1970 2563 210 273 -23
RYGYO Reysas REIT 090 197 153 334 -54
DGGYO Doğuş REIT 138 193 129 181 -29
VKGYO Vakıf REIT 135 615 135 135 0
TSGYO TSKB REIT 065 140 97 210 -54
SAGYO Saglam REIT 165 135 95 76 25
OZGYO Ozderici REIT 092 101 92 101 -9
AGYO Atakule REIT 110 252 92 212 -56
MRGYO Martı REIT 075 197 83 217 -62
NUGYO Nurol REIT 718 569 72 57 26
YKGYO Yapı Kredi Koray REIT 170 219 68 87 -22
PEGYO Pera REIT 075 185 67 165 -59
IDGYO Idealist REIT 404 119 40 12 239
EGYO EGS REIT 024 -371 12 -186 ad
TOTAL 12051 15578 -23
34
34
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
35
35
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
gt50 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
Obligation to go public in 3 months after the establishment of the company
13 of the board of directors must be ldquoindependentrdquo
36
36
Public REITS
1 Akfen
2 Akmerkez
3 Alarko
4 Atakule
5 Avrasya
6 Doğuş GE
7 EGS
8 Emlak
9 İdealist
10 İş
11 Kiler
12 Martı
13 Nurol
14 Oumlzderici
15 Pera
16 Reysaş
17 Sağlam
18 Sinpaş
19 Torunlar
20 TSKB
21 Vakıf
22 Yeşil
23 Yapı Kredi Koray
Non-public REITs
1 Albayrak
2 Bayraktar
3 Buumlyuumlkhanlı
4 Halk
5 Kuyaş
6 Oumlzak
7 Tuna
8 Servet
REITs in Turkey
37
37
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
38
38
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 four 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
3 TSKB Real Estate Consultancy Services
4 TSKB Real Estate Brokerage Services
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 September 30 2011 7763100 of the listed shares were held by TSKB thus the total share of TSKB was 6418 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
Executive Vice President
8
8
2006 2007 2008 2009 2010 2011
TSKB REIT established in
February
TSKB contributed the
Tahirhan 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 valuein 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
5
Real Estate 95
As of 30062011 ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Office Buildings 29
Land 4
Pendorya Shopping Center
67
12
12
Value (TL 000)
Pendorya Shopping Center
Fındıklı Office Buildings
Tahirhan Office Building
Total
195290
76980
6265
290261
Valuations carried out by independent real estate appraisal companies
Adana Land
11726
Real Estate Portfolio Summary
13
13
Pendorya Shopping Center
14
14
Location Pendik -
Istanbul
TSKB REIT Stake 95
Operational Date December
2009
Land Area (sqm) 23100
Construction Area (sqm) 80648
Leasable Area (sqm) 30250
Occupancy (sqm) (September
2011) 90
Number of Stores 100
Anchor Tenants
Tesco Kipa
(8400 sqm)
MediaMarkt
(5500 sqm)
AFM (2500
sqm)
Appraisal Value (TLm) 19529
95 of Pendorya is held by TSKB REIT and 5 by the
development consultant the Ataman Group
The center features a 1000-person capacity food court and 1000
vehicle parking lot Annual expected footfall is 6 million
Center management expect a 93 occupancy rate to be achieved
by end-2011
Hypermarket 27
Electronics 18
Stores 37
Food 8
Cinema 8
Other 2 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 3000-person Garanti Bank Operations Center in the neighbouring plot has
started 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) 3839
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) 3859
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
Tahirhan Office Building
20
20
Location Istanbul
TSKB REIT Stake 74
Land Area (sqm) 606
Leasable Area (sqm) 3200
Number of Floors 8
Tenants Various
Appraisal Value (TLm) 627
TSKB REIT owns 74 of the building Tahirhan is a seven-
story building on 600 sqm plot and has a built up area of
3200 sqm
Building has full sea views from the third story and up
Tahirhan is located on the border of a major redevelopment
project It is suitable for conversion to more lucrative
activities The appraisal value of this site could appreciate
considerably
At present the offices are rented out to various companies
and individuals
Tahirhan 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 Land (TLm) 1173
Land Area (sqm) 3608
Planned Project City hotel
Construction Start Date 3Q2011
Planned Construction Completion
Date 1Q2013
Estimated Operational Date 1H 2013
Planned Investment (EURm) 30-34
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
A city hotel project of 200 rooms is under development The
hotel is to be operational in the first half of 2013
Total investment including the cost of the land is estimated
at EUR30m-34m
Adana Hotel Project (contd)
23
23
Project 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
Construction License has been acquired and Operating Agreement
(15-year maturity) was signed between TSKB REIT and Palmira
Turizm (Divan Group)
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
Current Assets 8083 7602 34083 7688 35242 19801
Cash and Banks 2084 3666 23845 3745 30218 15040
Financial Investments 5979 3417 489 841 1450 1706
Other Current Assets 20 519 9749 3102 3573 3055
Non-Current Assets 3655 114584 152327 290663 301937 304568
Investment Property 3651 69245 75580 278976 290261 293612
Fixed Assets 4 45339 76729 25 39 27
Other Non-Current Assets - - 18 11662 11637 10929
Total Assets 11738 122186 186410 298351 337179 324370
Short-term Liabilities 41 12319 7113 20431 22977 10296
Bank Debts - 1343 2062 12163 20170 9469
Trade Payables - 8769 156 4397 988 338
Other 41 2207 4895 3871 1819 489
Long-term Liabilities - 29143 70510 113788 93268 112608
Bank Debts - 29139 70509 113700 93161 112490
Other - 4 1 88 107 118
Shareholdersrsquo Equity 11697 80724 108787 164133 220934 201466
Paid-in Capital 10000 75000 100000 100000 150000 150000
Share Premium - - - - 593 593
Reserves - 32 43 153 153 153
Retained Earnings - 1666 5681 8634 63980 70188
Net Income (Loss) 1697 4026 3063 55346 6208 (19468)
Total Liabilities and Shareholders
Equity 11738 122186 186410 298351 337179 324370
Balance Sheet
(TL 000) 2006 2007 2008 2009 2010 9M11
26
26
Revenues 25 66 6048 4723 14381 10896
Operating Costs (-) (375) (1146) (3149) (3343) (12230) (5855)
Net Operating Profit (350) (1080) 2899 1380 2151 5041
Income from Other Operations 1060 786 6253 52632 5444 209
Expenses from Other Operations (-) (13 ) (177) (114) (41) (249) (34)
Operating Profit 658 (471) 9038 53971 7346 5216
Financial Income 1039 4498 803 1676 5650 1227
Financial Expenses (-) - - (6778) (301) (6787) (25911)
Profit Before Tax 1697 4026 3063 55346 6208 (19468)
Tax - - - - - -
Net Income 1697 4026 3063 55346 6208 (19468)
Income Statement
(TL 000) 2006 2007 2008 2009 2010 9M11
27
27
Total Assets
Real Estate Portfolio Assets
Key Parameters
Shareholdersrsquo Equity
2006 2007 2008 2009 2010 9M11
12
122
186
298 337 324
TL m
2006 2007 2008 2009 2010 9M11
12
81 109
164
221 201
TL m
2006 2007 2008 2009 2010 9M11
4
115
152
279 290 290 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
311210 300911 281011 311210-300911 300911-281011
ISE 100 Index 66004 59693 57042 -96 -44
ISE REIT Index 36063 35941 36563 -03 17
TSGYO 094 064 065 -319 16
Performance Performance
311210 300911 281011 311210-300911 300911-281011
TSGYO Market Cap (TL mn) 141 96 98 -319 16
TSGYO Market Cap (USD mn) 91 59 56 -354 -55
30
30
TSGYO Stock Performance
TSGYO ISE REIT Index and ISE 100 Index Performance
050
060
070
080
090
100
110
120
130
140
TSGYO ISE REIT Index ISE 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to ISE REIT Index
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO ISE REIT Index
-409
32
32
Net Asset Value
as of September 30 2011
as of October 28 2011
TSGYO Net Asset Value (NAV) ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Cash and Banks 1867
Receivables 1731269
Other Assets 17337078
Payables 122903597
NAV 201465933
Market Cap 97500000
Discount to NAV 52
33
33
REITs on ISE
as of October 28 2011
as of June 30 2011
Ticker Company Share Price NAV Per Share MCAP NAV Premium to
NAV TL TL TL mn TL mn
EKGYO Emlak REIT 247 227 6175 5674 9
TRGYO Torunlar REIT 493 1128 1104 2527 -56
SNGYO Sinpas REIT 134 271 804 1355 -41
AKMGY Akmerkez REIT 2055 2162 766 806 -5
ISGYO Is REIT 118 234 708 1405 -50
AKFGY Akfen REIT 167 401 307 739 -58
AVGYO Avrasya REIT 409 112 294 80 267
YGYO Yeşil REIT 119 078 280 184 52
KLGYO Kiler REIT 305 1068 267 934 -71
ALGYO Alarko REIT 1970 2563 210 273 -23
RYGYO Reysas REIT 090 197 153 334 -54
DGGYO Doğuş REIT 138 193 129 181 -29
VKGYO Vakıf REIT 135 615 135 135 0
TSGYO TSKB REIT 065 140 97 210 -54
SAGYO Saglam REIT 165 135 95 76 25
OZGYO Ozderici REIT 092 101 92 101 -9
AGYO Atakule REIT 110 252 92 212 -56
MRGYO Martı REIT 075 197 83 217 -62
NUGYO Nurol REIT 718 569 72 57 26
YKGYO Yapı Kredi Koray REIT 170 219 68 87 -22
PEGYO Pera REIT 075 185 67 165 -59
IDGYO Idealist REIT 404 119 40 12 239
EGYO EGS REIT 024 -371 12 -186 ad
TOTAL 12051 15578 -23
34
34
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
35
35
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
gt50 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
Obligation to go public in 3 months after the establishment of the company
13 of the board of directors must be ldquoindependentrdquo
36
36
Public REITS
1 Akfen
2 Akmerkez
3 Alarko
4 Atakule
5 Avrasya
6 Doğuş GE
7 EGS
8 Emlak
9 İdealist
10 İş
11 Kiler
12 Martı
13 Nurol
14 Oumlzderici
15 Pera
16 Reysaş
17 Sağlam
18 Sinpaş
19 Torunlar
20 TSKB
21 Vakıf
22 Yeşil
23 Yapı Kredi Koray
Non-public REITs
1 Albayrak
2 Bayraktar
3 Buumlyuumlkhanlı
4 Halk
5 Kuyaş
6 Oumlzak
7 Tuna
8 Servet
REITs in Turkey
37
37
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
38
38
6
6
Shareholder Structure
The Company is one of four 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
3 TSKB Real Estate Consultancy Services
4 TSKB Real Estate Brokerage Services
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 September 30 2011 7763100 of the listed shares were held by TSKB thus the total share of TSKB was 6418 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
Executive Vice President
8
8
2006 2007 2008 2009 2010 2011
TSKB REIT established in
February
TSKB contributed the
Tahirhan 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 valuein 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
5
Real Estate 95
As of 30062011 ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Office Buildings 29
Land 4
Pendorya Shopping Center
67
12
12
Value (TL 000)
Pendorya Shopping Center
Fındıklı Office Buildings
Tahirhan Office Building
Total
195290
76980
6265
290261
Valuations carried out by independent real estate appraisal companies
Adana Land
11726
Real Estate Portfolio Summary
13
13
Pendorya Shopping Center
14
14
Location Pendik -
Istanbul
TSKB REIT Stake 95
Operational Date December
2009
Land Area (sqm) 23100
Construction Area (sqm) 80648
Leasable Area (sqm) 30250
Occupancy (sqm) (September
2011) 90
Number of Stores 100
Anchor Tenants
Tesco Kipa
(8400 sqm)
MediaMarkt
(5500 sqm)
AFM (2500
sqm)
Appraisal Value (TLm) 19529
95 of Pendorya is held by TSKB REIT and 5 by the
development consultant the Ataman Group
The center features a 1000-person capacity food court and 1000
vehicle parking lot Annual expected footfall is 6 million
Center management expect a 93 occupancy rate to be achieved
by end-2011
Hypermarket 27
Electronics 18
Stores 37
Food 8
Cinema 8
Other 2 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 3000-person Garanti Bank Operations Center in the neighbouring plot has
started 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) 3839
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) 3859
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
Tahirhan Office Building
20
20
Location Istanbul
TSKB REIT Stake 74
Land Area (sqm) 606
Leasable Area (sqm) 3200
Number of Floors 8
Tenants Various
Appraisal Value (TLm) 627
TSKB REIT owns 74 of the building Tahirhan is a seven-
story building on 600 sqm plot and has a built up area of
3200 sqm
Building has full sea views from the third story and up
Tahirhan is located on the border of a major redevelopment
project It is suitable for conversion to more lucrative
activities The appraisal value of this site could appreciate
considerably
At present the offices are rented out to various companies
and individuals
Tahirhan 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 Land (TLm) 1173
Land Area (sqm) 3608
Planned Project City hotel
Construction Start Date 3Q2011
Planned Construction Completion
Date 1Q2013
Estimated Operational Date 1H 2013
Planned Investment (EURm) 30-34
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
A city hotel project of 200 rooms is under development The
hotel is to be operational in the first half of 2013
Total investment including the cost of the land is estimated
at EUR30m-34m
Adana Hotel Project (contd)
23
23
Project 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
Construction License has been acquired and Operating Agreement
(15-year maturity) was signed between TSKB REIT and Palmira
Turizm (Divan Group)
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
Current Assets 8083 7602 34083 7688 35242 19801
Cash and Banks 2084 3666 23845 3745 30218 15040
Financial Investments 5979 3417 489 841 1450 1706
Other Current Assets 20 519 9749 3102 3573 3055
Non-Current Assets 3655 114584 152327 290663 301937 304568
Investment Property 3651 69245 75580 278976 290261 293612
Fixed Assets 4 45339 76729 25 39 27
Other Non-Current Assets - - 18 11662 11637 10929
Total Assets 11738 122186 186410 298351 337179 324370
Short-term Liabilities 41 12319 7113 20431 22977 10296
Bank Debts - 1343 2062 12163 20170 9469
Trade Payables - 8769 156 4397 988 338
Other 41 2207 4895 3871 1819 489
Long-term Liabilities - 29143 70510 113788 93268 112608
Bank Debts - 29139 70509 113700 93161 112490
Other - 4 1 88 107 118
Shareholdersrsquo Equity 11697 80724 108787 164133 220934 201466
Paid-in Capital 10000 75000 100000 100000 150000 150000
Share Premium - - - - 593 593
Reserves - 32 43 153 153 153
Retained Earnings - 1666 5681 8634 63980 70188
Net Income (Loss) 1697 4026 3063 55346 6208 (19468)
Total Liabilities and Shareholders
Equity 11738 122186 186410 298351 337179 324370
Balance Sheet
(TL 000) 2006 2007 2008 2009 2010 9M11
26
26
Revenues 25 66 6048 4723 14381 10896
Operating Costs (-) (375) (1146) (3149) (3343) (12230) (5855)
Net Operating Profit (350) (1080) 2899 1380 2151 5041
Income from Other Operations 1060 786 6253 52632 5444 209
Expenses from Other Operations (-) (13 ) (177) (114) (41) (249) (34)
Operating Profit 658 (471) 9038 53971 7346 5216
Financial Income 1039 4498 803 1676 5650 1227
Financial Expenses (-) - - (6778) (301) (6787) (25911)
Profit Before Tax 1697 4026 3063 55346 6208 (19468)
Tax - - - - - -
Net Income 1697 4026 3063 55346 6208 (19468)
Income Statement
(TL 000) 2006 2007 2008 2009 2010 9M11
27
27
Total Assets
Real Estate Portfolio Assets
Key Parameters
Shareholdersrsquo Equity
2006 2007 2008 2009 2010 9M11
12
122
186
298 337 324
TL m
2006 2007 2008 2009 2010 9M11
12
81 109
164
221 201
TL m
2006 2007 2008 2009 2010 9M11
4
115
152
279 290 290 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
311210 300911 281011 311210-300911 300911-281011
ISE 100 Index 66004 59693 57042 -96 -44
ISE REIT Index 36063 35941 36563 -03 17
TSGYO 094 064 065 -319 16
Performance Performance
311210 300911 281011 311210-300911 300911-281011
TSGYO Market Cap (TL mn) 141 96 98 -319 16
TSGYO Market Cap (USD mn) 91 59 56 -354 -55
30
30
TSGYO Stock Performance
TSGYO ISE REIT Index and ISE 100 Index Performance
050
060
070
080
090
100
110
120
130
140
TSGYO ISE REIT Index ISE 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to ISE REIT Index
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO ISE REIT Index
-409
32
32
Net Asset Value
as of September 30 2011
as of October 28 2011
TSGYO Net Asset Value (NAV) ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Cash and Banks 1867
Receivables 1731269
Other Assets 17337078
Payables 122903597
NAV 201465933
Market Cap 97500000
Discount to NAV 52
33
33
REITs on ISE
as of October 28 2011
as of June 30 2011
Ticker Company Share Price NAV Per Share MCAP NAV Premium to
NAV TL TL TL mn TL mn
EKGYO Emlak REIT 247 227 6175 5674 9
TRGYO Torunlar REIT 493 1128 1104 2527 -56
SNGYO Sinpas REIT 134 271 804 1355 -41
AKMGY Akmerkez REIT 2055 2162 766 806 -5
ISGYO Is REIT 118 234 708 1405 -50
AKFGY Akfen REIT 167 401 307 739 -58
AVGYO Avrasya REIT 409 112 294 80 267
YGYO Yeşil REIT 119 078 280 184 52
KLGYO Kiler REIT 305 1068 267 934 -71
ALGYO Alarko REIT 1970 2563 210 273 -23
RYGYO Reysas REIT 090 197 153 334 -54
DGGYO Doğuş REIT 138 193 129 181 -29
VKGYO Vakıf REIT 135 615 135 135 0
TSGYO TSKB REIT 065 140 97 210 -54
SAGYO Saglam REIT 165 135 95 76 25
OZGYO Ozderici REIT 092 101 92 101 -9
AGYO Atakule REIT 110 252 92 212 -56
MRGYO Martı REIT 075 197 83 217 -62
NUGYO Nurol REIT 718 569 72 57 26
YKGYO Yapı Kredi Koray REIT 170 219 68 87 -22
PEGYO Pera REIT 075 185 67 165 -59
IDGYO Idealist REIT 404 119 40 12 239
EGYO EGS REIT 024 -371 12 -186 ad
TOTAL 12051 15578 -23
34
34
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
35
35
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
gt50 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
Obligation to go public in 3 months after the establishment of the company
13 of the board of directors must be ldquoindependentrdquo
36
36
Public REITS
1 Akfen
2 Akmerkez
3 Alarko
4 Atakule
5 Avrasya
6 Doğuş GE
7 EGS
8 Emlak
9 İdealist
10 İş
11 Kiler
12 Martı
13 Nurol
14 Oumlzderici
15 Pera
16 Reysaş
17 Sağlam
18 Sinpaş
19 Torunlar
20 TSKB
21 Vakıf
22 Yeşil
23 Yapı Kredi Koray
Non-public REITs
1 Albayrak
2 Bayraktar
3 Buumlyuumlkhanlı
4 Halk
5 Kuyaş
6 Oumlzak
7 Tuna
8 Servet
REITs in Turkey
37
37
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
38
38
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
Executive Vice President
8
8
2006 2007 2008 2009 2010 2011
TSKB REIT established in
February
TSKB contributed the
Tahirhan 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 valuein 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
5
Real Estate 95
As of 30062011 ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Office Buildings 29
Land 4
Pendorya Shopping Center
67
12
12
Value (TL 000)
Pendorya Shopping Center
Fındıklı Office Buildings
Tahirhan Office Building
Total
195290
76980
6265
290261
Valuations carried out by independent real estate appraisal companies
Adana Land
11726
Real Estate Portfolio Summary
13
13
Pendorya Shopping Center
14
14
Location Pendik -
Istanbul
TSKB REIT Stake 95
Operational Date December
2009
Land Area (sqm) 23100
Construction Area (sqm) 80648
Leasable Area (sqm) 30250
Occupancy (sqm) (September
2011) 90
Number of Stores 100
Anchor Tenants
Tesco Kipa
(8400 sqm)
MediaMarkt
(5500 sqm)
AFM (2500
sqm)
Appraisal Value (TLm) 19529
95 of Pendorya is held by TSKB REIT and 5 by the
development consultant the Ataman Group
The center features a 1000-person capacity food court and 1000
vehicle parking lot Annual expected footfall is 6 million
Center management expect a 93 occupancy rate to be achieved
by end-2011
Hypermarket 27
Electronics 18
Stores 37
Food 8
Cinema 8
Other 2 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 3000-person Garanti Bank Operations Center in the neighbouring plot has
started 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) 3839
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) 3859
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
Tahirhan Office Building
20
20
Location Istanbul
TSKB REIT Stake 74
Land Area (sqm) 606
Leasable Area (sqm) 3200
Number of Floors 8
Tenants Various
Appraisal Value (TLm) 627
TSKB REIT owns 74 of the building Tahirhan is a seven-
story building on 600 sqm plot and has a built up area of
3200 sqm
Building has full sea views from the third story and up
Tahirhan is located on the border of a major redevelopment
project It is suitable for conversion to more lucrative
activities The appraisal value of this site could appreciate
considerably
At present the offices are rented out to various companies
and individuals
Tahirhan 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 Land (TLm) 1173
Land Area (sqm) 3608
Planned Project City hotel
Construction Start Date 3Q2011
Planned Construction Completion
Date 1Q2013
Estimated Operational Date 1H 2013
Planned Investment (EURm) 30-34
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
A city hotel project of 200 rooms is under development The
hotel is to be operational in the first half of 2013
Total investment including the cost of the land is estimated
at EUR30m-34m
Adana Hotel Project (contd)
23
23
Project 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
Construction License has been acquired and Operating Agreement
(15-year maturity) was signed between TSKB REIT and Palmira
Turizm (Divan Group)
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
Current Assets 8083 7602 34083 7688 35242 19801
Cash and Banks 2084 3666 23845 3745 30218 15040
Financial Investments 5979 3417 489 841 1450 1706
Other Current Assets 20 519 9749 3102 3573 3055
Non-Current Assets 3655 114584 152327 290663 301937 304568
Investment Property 3651 69245 75580 278976 290261 293612
Fixed Assets 4 45339 76729 25 39 27
Other Non-Current Assets - - 18 11662 11637 10929
Total Assets 11738 122186 186410 298351 337179 324370
Short-term Liabilities 41 12319 7113 20431 22977 10296
Bank Debts - 1343 2062 12163 20170 9469
Trade Payables - 8769 156 4397 988 338
Other 41 2207 4895 3871 1819 489
Long-term Liabilities - 29143 70510 113788 93268 112608
Bank Debts - 29139 70509 113700 93161 112490
Other - 4 1 88 107 118
Shareholdersrsquo Equity 11697 80724 108787 164133 220934 201466
Paid-in Capital 10000 75000 100000 100000 150000 150000
Share Premium - - - - 593 593
Reserves - 32 43 153 153 153
Retained Earnings - 1666 5681 8634 63980 70188
Net Income (Loss) 1697 4026 3063 55346 6208 (19468)
Total Liabilities and Shareholders
Equity 11738 122186 186410 298351 337179 324370
Balance Sheet
(TL 000) 2006 2007 2008 2009 2010 9M11
26
26
Revenues 25 66 6048 4723 14381 10896
Operating Costs (-) (375) (1146) (3149) (3343) (12230) (5855)
Net Operating Profit (350) (1080) 2899 1380 2151 5041
Income from Other Operations 1060 786 6253 52632 5444 209
Expenses from Other Operations (-) (13 ) (177) (114) (41) (249) (34)
Operating Profit 658 (471) 9038 53971 7346 5216
Financial Income 1039 4498 803 1676 5650 1227
Financial Expenses (-) - - (6778) (301) (6787) (25911)
Profit Before Tax 1697 4026 3063 55346 6208 (19468)
Tax - - - - - -
Net Income 1697 4026 3063 55346 6208 (19468)
Income Statement
(TL 000) 2006 2007 2008 2009 2010 9M11
27
27
Total Assets
Real Estate Portfolio Assets
Key Parameters
Shareholdersrsquo Equity
2006 2007 2008 2009 2010 9M11
12
122
186
298 337 324
TL m
2006 2007 2008 2009 2010 9M11
12
81 109
164
221 201
TL m
2006 2007 2008 2009 2010 9M11
4
115
152
279 290 290 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
311210 300911 281011 311210-300911 300911-281011
ISE 100 Index 66004 59693 57042 -96 -44
ISE REIT Index 36063 35941 36563 -03 17
TSGYO 094 064 065 -319 16
Performance Performance
311210 300911 281011 311210-300911 300911-281011
TSGYO Market Cap (TL mn) 141 96 98 -319 16
TSGYO Market Cap (USD mn) 91 59 56 -354 -55
30
30
TSGYO Stock Performance
TSGYO ISE REIT Index and ISE 100 Index Performance
050
060
070
080
090
100
110
120
130
140
TSGYO ISE REIT Index ISE 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to ISE REIT Index
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO ISE REIT Index
-409
32
32
Net Asset Value
as of September 30 2011
as of October 28 2011
TSGYO Net Asset Value (NAV) ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Cash and Banks 1867
Receivables 1731269
Other Assets 17337078
Payables 122903597
NAV 201465933
Market Cap 97500000
Discount to NAV 52
33
33
REITs on ISE
as of October 28 2011
as of June 30 2011
Ticker Company Share Price NAV Per Share MCAP NAV Premium to
NAV TL TL TL mn TL mn
EKGYO Emlak REIT 247 227 6175 5674 9
TRGYO Torunlar REIT 493 1128 1104 2527 -56
SNGYO Sinpas REIT 134 271 804 1355 -41
AKMGY Akmerkez REIT 2055 2162 766 806 -5
ISGYO Is REIT 118 234 708 1405 -50
AKFGY Akfen REIT 167 401 307 739 -58
AVGYO Avrasya REIT 409 112 294 80 267
YGYO Yeşil REIT 119 078 280 184 52
KLGYO Kiler REIT 305 1068 267 934 -71
ALGYO Alarko REIT 1970 2563 210 273 -23
RYGYO Reysas REIT 090 197 153 334 -54
DGGYO Doğuş REIT 138 193 129 181 -29
VKGYO Vakıf REIT 135 615 135 135 0
TSGYO TSKB REIT 065 140 97 210 -54
SAGYO Saglam REIT 165 135 95 76 25
OZGYO Ozderici REIT 092 101 92 101 -9
AGYO Atakule REIT 110 252 92 212 -56
MRGYO Martı REIT 075 197 83 217 -62
NUGYO Nurol REIT 718 569 72 57 26
YKGYO Yapı Kredi Koray REIT 170 219 68 87 -22
PEGYO Pera REIT 075 185 67 165 -59
IDGYO Idealist REIT 404 119 40 12 239
EGYO EGS REIT 024 -371 12 -186 ad
TOTAL 12051 15578 -23
34
34
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
35
35
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
gt50 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
Obligation to go public in 3 months after the establishment of the company
13 of the board of directors must be ldquoindependentrdquo
36
36
Public REITS
1 Akfen
2 Akmerkez
3 Alarko
4 Atakule
5 Avrasya
6 Doğuş GE
7 EGS
8 Emlak
9 İdealist
10 İş
11 Kiler
12 Martı
13 Nurol
14 Oumlzderici
15 Pera
16 Reysaş
17 Sağlam
18 Sinpaş
19 Torunlar
20 TSKB
21 Vakıf
22 Yeşil
23 Yapı Kredi Koray
Non-public REITs
1 Albayrak
2 Bayraktar
3 Buumlyuumlkhanlı
4 Halk
5 Kuyaş
6 Oumlzak
7 Tuna
8 Servet
REITs in Turkey
37
37
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
38
38
8
8
2006 2007 2008 2009 2010 2011
TSKB REIT established in
February
TSKB contributed the
Tahirhan 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 valuein 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
5
Real Estate 95
As of 30062011 ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Office Buildings 29
Land 4
Pendorya Shopping Center
67
12
12
Value (TL 000)
Pendorya Shopping Center
Fındıklı Office Buildings
Tahirhan Office Building
Total
195290
76980
6265
290261
Valuations carried out by independent real estate appraisal companies
Adana Land
11726
Real Estate Portfolio Summary
13
13
Pendorya Shopping Center
14
14
Location Pendik -
Istanbul
TSKB REIT Stake 95
Operational Date December
2009
Land Area (sqm) 23100
Construction Area (sqm) 80648
Leasable Area (sqm) 30250
Occupancy (sqm) (September
2011) 90
Number of Stores 100
Anchor Tenants
Tesco Kipa
(8400 sqm)
MediaMarkt
(5500 sqm)
AFM (2500
sqm)
Appraisal Value (TLm) 19529
95 of Pendorya is held by TSKB REIT and 5 by the
development consultant the Ataman Group
The center features a 1000-person capacity food court and 1000
vehicle parking lot Annual expected footfall is 6 million
Center management expect a 93 occupancy rate to be achieved
by end-2011
Hypermarket 27
Electronics 18
Stores 37
Food 8
Cinema 8
Other 2 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 3000-person Garanti Bank Operations Center in the neighbouring plot has
started 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) 3839
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) 3859
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
Tahirhan Office Building
20
20
Location Istanbul
TSKB REIT Stake 74
Land Area (sqm) 606
Leasable Area (sqm) 3200
Number of Floors 8
Tenants Various
Appraisal Value (TLm) 627
TSKB REIT owns 74 of the building Tahirhan is a seven-
story building on 600 sqm plot and has a built up area of
3200 sqm
Building has full sea views from the third story and up
Tahirhan is located on the border of a major redevelopment
project It is suitable for conversion to more lucrative
activities The appraisal value of this site could appreciate
considerably
At present the offices are rented out to various companies
and individuals
Tahirhan 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 Land (TLm) 1173
Land Area (sqm) 3608
Planned Project City hotel
Construction Start Date 3Q2011
Planned Construction Completion
Date 1Q2013
Estimated Operational Date 1H 2013
Planned Investment (EURm) 30-34
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
A city hotel project of 200 rooms is under development The
hotel is to be operational in the first half of 2013
Total investment including the cost of the land is estimated
at EUR30m-34m
Adana Hotel Project (contd)
23
23
Project 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
Construction License has been acquired and Operating Agreement
(15-year maturity) was signed between TSKB REIT and Palmira
Turizm (Divan Group)
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
Current Assets 8083 7602 34083 7688 35242 19801
Cash and Banks 2084 3666 23845 3745 30218 15040
Financial Investments 5979 3417 489 841 1450 1706
Other Current Assets 20 519 9749 3102 3573 3055
Non-Current Assets 3655 114584 152327 290663 301937 304568
Investment Property 3651 69245 75580 278976 290261 293612
Fixed Assets 4 45339 76729 25 39 27
Other Non-Current Assets - - 18 11662 11637 10929
Total Assets 11738 122186 186410 298351 337179 324370
Short-term Liabilities 41 12319 7113 20431 22977 10296
Bank Debts - 1343 2062 12163 20170 9469
Trade Payables - 8769 156 4397 988 338
Other 41 2207 4895 3871 1819 489
Long-term Liabilities - 29143 70510 113788 93268 112608
Bank Debts - 29139 70509 113700 93161 112490
Other - 4 1 88 107 118
Shareholdersrsquo Equity 11697 80724 108787 164133 220934 201466
Paid-in Capital 10000 75000 100000 100000 150000 150000
Share Premium - - - - 593 593
Reserves - 32 43 153 153 153
Retained Earnings - 1666 5681 8634 63980 70188
Net Income (Loss) 1697 4026 3063 55346 6208 (19468)
Total Liabilities and Shareholders
Equity 11738 122186 186410 298351 337179 324370
Balance Sheet
(TL 000) 2006 2007 2008 2009 2010 9M11
26
26
Revenues 25 66 6048 4723 14381 10896
Operating Costs (-) (375) (1146) (3149) (3343) (12230) (5855)
Net Operating Profit (350) (1080) 2899 1380 2151 5041
Income from Other Operations 1060 786 6253 52632 5444 209
Expenses from Other Operations (-) (13 ) (177) (114) (41) (249) (34)
Operating Profit 658 (471) 9038 53971 7346 5216
Financial Income 1039 4498 803 1676 5650 1227
Financial Expenses (-) - - (6778) (301) (6787) (25911)
Profit Before Tax 1697 4026 3063 55346 6208 (19468)
Tax - - - - - -
Net Income 1697 4026 3063 55346 6208 (19468)
Income Statement
(TL 000) 2006 2007 2008 2009 2010 9M11
27
27
Total Assets
Real Estate Portfolio Assets
Key Parameters
Shareholdersrsquo Equity
2006 2007 2008 2009 2010 9M11
12
122
186
298 337 324
TL m
2006 2007 2008 2009 2010 9M11
12
81 109
164
221 201
TL m
2006 2007 2008 2009 2010 9M11
4
115
152
279 290 290 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
311210 300911 281011 311210-300911 300911-281011
ISE 100 Index 66004 59693 57042 -96 -44
ISE REIT Index 36063 35941 36563 -03 17
TSGYO 094 064 065 -319 16
Performance Performance
311210 300911 281011 311210-300911 300911-281011
TSGYO Market Cap (TL mn) 141 96 98 -319 16
TSGYO Market Cap (USD mn) 91 59 56 -354 -55
30
30
TSGYO Stock Performance
TSGYO ISE REIT Index and ISE 100 Index Performance
050
060
070
080
090
100
110
120
130
140
TSGYO ISE REIT Index ISE 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to ISE REIT Index
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO ISE REIT Index
-409
32
32
Net Asset Value
as of September 30 2011
as of October 28 2011
TSGYO Net Asset Value (NAV) ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Cash and Banks 1867
Receivables 1731269
Other Assets 17337078
Payables 122903597
NAV 201465933
Market Cap 97500000
Discount to NAV 52
33
33
REITs on ISE
as of October 28 2011
as of June 30 2011
Ticker Company Share Price NAV Per Share MCAP NAV Premium to
NAV TL TL TL mn TL mn
EKGYO Emlak REIT 247 227 6175 5674 9
TRGYO Torunlar REIT 493 1128 1104 2527 -56
SNGYO Sinpas REIT 134 271 804 1355 -41
AKMGY Akmerkez REIT 2055 2162 766 806 -5
ISGYO Is REIT 118 234 708 1405 -50
AKFGY Akfen REIT 167 401 307 739 -58
AVGYO Avrasya REIT 409 112 294 80 267
YGYO Yeşil REIT 119 078 280 184 52
KLGYO Kiler REIT 305 1068 267 934 -71
ALGYO Alarko REIT 1970 2563 210 273 -23
RYGYO Reysas REIT 090 197 153 334 -54
DGGYO Doğuş REIT 138 193 129 181 -29
VKGYO Vakıf REIT 135 615 135 135 0
TSGYO TSKB REIT 065 140 97 210 -54
SAGYO Saglam REIT 165 135 95 76 25
OZGYO Ozderici REIT 092 101 92 101 -9
AGYO Atakule REIT 110 252 92 212 -56
MRGYO Martı REIT 075 197 83 217 -62
NUGYO Nurol REIT 718 569 72 57 26
YKGYO Yapı Kredi Koray REIT 170 219 68 87 -22
PEGYO Pera REIT 075 185 67 165 -59
IDGYO Idealist REIT 404 119 40 12 239
EGYO EGS REIT 024 -371 12 -186 ad
TOTAL 12051 15578 -23
34
34
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
35
35
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
gt50 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
Obligation to go public in 3 months after the establishment of the company
13 of the board of directors must be ldquoindependentrdquo
36
36
Public REITS
1 Akfen
2 Akmerkez
3 Alarko
4 Atakule
5 Avrasya
6 Doğuş GE
7 EGS
8 Emlak
9 İdealist
10 İş
11 Kiler
12 Martı
13 Nurol
14 Oumlzderici
15 Pera
16 Reysaş
17 Sağlam
18 Sinpaş
19 Torunlar
20 TSKB
21 Vakıf
22 Yeşil
23 Yapı Kredi Koray
Non-public REITs
1 Albayrak
2 Bayraktar
3 Buumlyuumlkhanlı
4 Halk
5 Kuyaş
6 Oumlzak
7 Tuna
8 Servet
REITs in Turkey
37
37
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
38
38
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 valuein 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
5
Real Estate 95
As of 30062011 ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Office Buildings 29
Land 4
Pendorya Shopping Center
67
12
12
Value (TL 000)
Pendorya Shopping Center
Fındıklı Office Buildings
Tahirhan Office Building
Total
195290
76980
6265
290261
Valuations carried out by independent real estate appraisal companies
Adana Land
11726
Real Estate Portfolio Summary
13
13
Pendorya Shopping Center
14
14
Location Pendik -
Istanbul
TSKB REIT Stake 95
Operational Date December
2009
Land Area (sqm) 23100
Construction Area (sqm) 80648
Leasable Area (sqm) 30250
Occupancy (sqm) (September
2011) 90
Number of Stores 100
Anchor Tenants
Tesco Kipa
(8400 sqm)
MediaMarkt
(5500 sqm)
AFM (2500
sqm)
Appraisal Value (TLm) 19529
95 of Pendorya is held by TSKB REIT and 5 by the
development consultant the Ataman Group
The center features a 1000-person capacity food court and 1000
vehicle parking lot Annual expected footfall is 6 million
Center management expect a 93 occupancy rate to be achieved
by end-2011
Hypermarket 27
Electronics 18
Stores 37
Food 8
Cinema 8
Other 2 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 3000-person Garanti Bank Operations Center in the neighbouring plot has
started 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) 3839
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) 3859
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
Tahirhan Office Building
20
20
Location Istanbul
TSKB REIT Stake 74
Land Area (sqm) 606
Leasable Area (sqm) 3200
Number of Floors 8
Tenants Various
Appraisal Value (TLm) 627
TSKB REIT owns 74 of the building Tahirhan is a seven-
story building on 600 sqm plot and has a built up area of
3200 sqm
Building has full sea views from the third story and up
Tahirhan is located on the border of a major redevelopment
project It is suitable for conversion to more lucrative
activities The appraisal value of this site could appreciate
considerably
At present the offices are rented out to various companies
and individuals
Tahirhan 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 Land (TLm) 1173
Land Area (sqm) 3608
Planned Project City hotel
Construction Start Date 3Q2011
Planned Construction Completion
Date 1Q2013
Estimated Operational Date 1H 2013
Planned Investment (EURm) 30-34
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
A city hotel project of 200 rooms is under development The
hotel is to be operational in the first half of 2013
Total investment including the cost of the land is estimated
at EUR30m-34m
Adana Hotel Project (contd)
23
23
Project 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
Construction License has been acquired and Operating Agreement
(15-year maturity) was signed between TSKB REIT and Palmira
Turizm (Divan Group)
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
Current Assets 8083 7602 34083 7688 35242 19801
Cash and Banks 2084 3666 23845 3745 30218 15040
Financial Investments 5979 3417 489 841 1450 1706
Other Current Assets 20 519 9749 3102 3573 3055
Non-Current Assets 3655 114584 152327 290663 301937 304568
Investment Property 3651 69245 75580 278976 290261 293612
Fixed Assets 4 45339 76729 25 39 27
Other Non-Current Assets - - 18 11662 11637 10929
Total Assets 11738 122186 186410 298351 337179 324370
Short-term Liabilities 41 12319 7113 20431 22977 10296
Bank Debts - 1343 2062 12163 20170 9469
Trade Payables - 8769 156 4397 988 338
Other 41 2207 4895 3871 1819 489
Long-term Liabilities - 29143 70510 113788 93268 112608
Bank Debts - 29139 70509 113700 93161 112490
Other - 4 1 88 107 118
Shareholdersrsquo Equity 11697 80724 108787 164133 220934 201466
Paid-in Capital 10000 75000 100000 100000 150000 150000
Share Premium - - - - 593 593
Reserves - 32 43 153 153 153
Retained Earnings - 1666 5681 8634 63980 70188
Net Income (Loss) 1697 4026 3063 55346 6208 (19468)
Total Liabilities and Shareholders
Equity 11738 122186 186410 298351 337179 324370
Balance Sheet
(TL 000) 2006 2007 2008 2009 2010 9M11
26
26
Revenues 25 66 6048 4723 14381 10896
Operating Costs (-) (375) (1146) (3149) (3343) (12230) (5855)
Net Operating Profit (350) (1080) 2899 1380 2151 5041
Income from Other Operations 1060 786 6253 52632 5444 209
Expenses from Other Operations (-) (13 ) (177) (114) (41) (249) (34)
Operating Profit 658 (471) 9038 53971 7346 5216
Financial Income 1039 4498 803 1676 5650 1227
Financial Expenses (-) - - (6778) (301) (6787) (25911)
Profit Before Tax 1697 4026 3063 55346 6208 (19468)
Tax - - - - - -
Net Income 1697 4026 3063 55346 6208 (19468)
Income Statement
(TL 000) 2006 2007 2008 2009 2010 9M11
27
27
Total Assets
Real Estate Portfolio Assets
Key Parameters
Shareholdersrsquo Equity
2006 2007 2008 2009 2010 9M11
12
122
186
298 337 324
TL m
2006 2007 2008 2009 2010 9M11
12
81 109
164
221 201
TL m
2006 2007 2008 2009 2010 9M11
4
115
152
279 290 290 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
311210 300911 281011 311210-300911 300911-281011
ISE 100 Index 66004 59693 57042 -96 -44
ISE REIT Index 36063 35941 36563 -03 17
TSGYO 094 064 065 -319 16
Performance Performance
311210 300911 281011 311210-300911 300911-281011
TSGYO Market Cap (TL mn) 141 96 98 -319 16
TSGYO Market Cap (USD mn) 91 59 56 -354 -55
30
30
TSGYO Stock Performance
TSGYO ISE REIT Index and ISE 100 Index Performance
050
060
070
080
090
100
110
120
130
140
TSGYO ISE REIT Index ISE 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to ISE REIT Index
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO ISE REIT Index
-409
32
32
Net Asset Value
as of September 30 2011
as of October 28 2011
TSGYO Net Asset Value (NAV) ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Cash and Banks 1867
Receivables 1731269
Other Assets 17337078
Payables 122903597
NAV 201465933
Market Cap 97500000
Discount to NAV 52
33
33
REITs on ISE
as of October 28 2011
as of June 30 2011
Ticker Company Share Price NAV Per Share MCAP NAV Premium to
NAV TL TL TL mn TL mn
EKGYO Emlak REIT 247 227 6175 5674 9
TRGYO Torunlar REIT 493 1128 1104 2527 -56
SNGYO Sinpas REIT 134 271 804 1355 -41
AKMGY Akmerkez REIT 2055 2162 766 806 -5
ISGYO Is REIT 118 234 708 1405 -50
AKFGY Akfen REIT 167 401 307 739 -58
AVGYO Avrasya REIT 409 112 294 80 267
YGYO Yeşil REIT 119 078 280 184 52
KLGYO Kiler REIT 305 1068 267 934 -71
ALGYO Alarko REIT 1970 2563 210 273 -23
RYGYO Reysas REIT 090 197 153 334 -54
DGGYO Doğuş REIT 138 193 129 181 -29
VKGYO Vakıf REIT 135 615 135 135 0
TSGYO TSKB REIT 065 140 97 210 -54
SAGYO Saglam REIT 165 135 95 76 25
OZGYO Ozderici REIT 092 101 92 101 -9
AGYO Atakule REIT 110 252 92 212 -56
MRGYO Martı REIT 075 197 83 217 -62
NUGYO Nurol REIT 718 569 72 57 26
YKGYO Yapı Kredi Koray REIT 170 219 68 87 -22
PEGYO Pera REIT 075 185 67 165 -59
IDGYO Idealist REIT 404 119 40 12 239
EGYO EGS REIT 024 -371 12 -186 ad
TOTAL 12051 15578 -23
34
34
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
35
35
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
gt50 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
Obligation to go public in 3 months after the establishment of the company
13 of the board of directors must be ldquoindependentrdquo
36
36
Public REITS
1 Akfen
2 Akmerkez
3 Alarko
4 Atakule
5 Avrasya
6 Doğuş GE
7 EGS
8 Emlak
9 İdealist
10 İş
11 Kiler
12 Martı
13 Nurol
14 Oumlzderici
15 Pera
16 Reysaş
17 Sağlam
18 Sinpaş
19 Torunlar
20 TSKB
21 Vakıf
22 Yeşil
23 Yapı Kredi Koray
Non-public REITs
1 Albayrak
2 Bayraktar
3 Buumlyuumlkhanlı
4 Halk
5 Kuyaş
6 Oumlzak
7 Tuna
8 Servet
REITs in Turkey
37
37
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
38
38
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
5
Real Estate 95
As of 30062011 ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Office Buildings 29
Land 4
Pendorya Shopping Center
67
12
12
Value (TL 000)
Pendorya Shopping Center
Fındıklı Office Buildings
Tahirhan Office Building
Total
195290
76980
6265
290261
Valuations carried out by independent real estate appraisal companies
Adana Land
11726
Real Estate Portfolio Summary
13
13
Pendorya Shopping Center
14
14
Location Pendik -
Istanbul
TSKB REIT Stake 95
Operational Date December
2009
Land Area (sqm) 23100
Construction Area (sqm) 80648
Leasable Area (sqm) 30250
Occupancy (sqm) (September
2011) 90
Number of Stores 100
Anchor Tenants
Tesco Kipa
(8400 sqm)
MediaMarkt
(5500 sqm)
AFM (2500
sqm)
Appraisal Value (TLm) 19529
95 of Pendorya is held by TSKB REIT and 5 by the
development consultant the Ataman Group
The center features a 1000-person capacity food court and 1000
vehicle parking lot Annual expected footfall is 6 million
Center management expect a 93 occupancy rate to be achieved
by end-2011
Hypermarket 27
Electronics 18
Stores 37
Food 8
Cinema 8
Other 2 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 3000-person Garanti Bank Operations Center in the neighbouring plot has
started 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) 3839
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) 3859
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
Tahirhan Office Building
20
20
Location Istanbul
TSKB REIT Stake 74
Land Area (sqm) 606
Leasable Area (sqm) 3200
Number of Floors 8
Tenants Various
Appraisal Value (TLm) 627
TSKB REIT owns 74 of the building Tahirhan is a seven-
story building on 600 sqm plot and has a built up area of
3200 sqm
Building has full sea views from the third story and up
Tahirhan is located on the border of a major redevelopment
project It is suitable for conversion to more lucrative
activities The appraisal value of this site could appreciate
considerably
At present the offices are rented out to various companies
and individuals
Tahirhan 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 Land (TLm) 1173
Land Area (sqm) 3608
Planned Project City hotel
Construction Start Date 3Q2011
Planned Construction Completion
Date 1Q2013
Estimated Operational Date 1H 2013
Planned Investment (EURm) 30-34
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
A city hotel project of 200 rooms is under development The
hotel is to be operational in the first half of 2013
Total investment including the cost of the land is estimated
at EUR30m-34m
Adana Hotel Project (contd)
23
23
Project 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
Construction License has been acquired and Operating Agreement
(15-year maturity) was signed between TSKB REIT and Palmira
Turizm (Divan Group)
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
Current Assets 8083 7602 34083 7688 35242 19801
Cash and Banks 2084 3666 23845 3745 30218 15040
Financial Investments 5979 3417 489 841 1450 1706
Other Current Assets 20 519 9749 3102 3573 3055
Non-Current Assets 3655 114584 152327 290663 301937 304568
Investment Property 3651 69245 75580 278976 290261 293612
Fixed Assets 4 45339 76729 25 39 27
Other Non-Current Assets - - 18 11662 11637 10929
Total Assets 11738 122186 186410 298351 337179 324370
Short-term Liabilities 41 12319 7113 20431 22977 10296
Bank Debts - 1343 2062 12163 20170 9469
Trade Payables - 8769 156 4397 988 338
Other 41 2207 4895 3871 1819 489
Long-term Liabilities - 29143 70510 113788 93268 112608
Bank Debts - 29139 70509 113700 93161 112490
Other - 4 1 88 107 118
Shareholdersrsquo Equity 11697 80724 108787 164133 220934 201466
Paid-in Capital 10000 75000 100000 100000 150000 150000
Share Premium - - - - 593 593
Reserves - 32 43 153 153 153
Retained Earnings - 1666 5681 8634 63980 70188
Net Income (Loss) 1697 4026 3063 55346 6208 (19468)
Total Liabilities and Shareholders
Equity 11738 122186 186410 298351 337179 324370
Balance Sheet
(TL 000) 2006 2007 2008 2009 2010 9M11
26
26
Revenues 25 66 6048 4723 14381 10896
Operating Costs (-) (375) (1146) (3149) (3343) (12230) (5855)
Net Operating Profit (350) (1080) 2899 1380 2151 5041
Income from Other Operations 1060 786 6253 52632 5444 209
Expenses from Other Operations (-) (13 ) (177) (114) (41) (249) (34)
Operating Profit 658 (471) 9038 53971 7346 5216
Financial Income 1039 4498 803 1676 5650 1227
Financial Expenses (-) - - (6778) (301) (6787) (25911)
Profit Before Tax 1697 4026 3063 55346 6208 (19468)
Tax - - - - - -
Net Income 1697 4026 3063 55346 6208 (19468)
Income Statement
(TL 000) 2006 2007 2008 2009 2010 9M11
27
27
Total Assets
Real Estate Portfolio Assets
Key Parameters
Shareholdersrsquo Equity
2006 2007 2008 2009 2010 9M11
12
122
186
298 337 324
TL m
2006 2007 2008 2009 2010 9M11
12
81 109
164
221 201
TL m
2006 2007 2008 2009 2010 9M11
4
115
152
279 290 290 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
311210 300911 281011 311210-300911 300911-281011
ISE 100 Index 66004 59693 57042 -96 -44
ISE REIT Index 36063 35941 36563 -03 17
TSGYO 094 064 065 -319 16
Performance Performance
311210 300911 281011 311210-300911 300911-281011
TSGYO Market Cap (TL mn) 141 96 98 -319 16
TSGYO Market Cap (USD mn) 91 59 56 -354 -55
30
30
TSGYO Stock Performance
TSGYO ISE REIT Index and ISE 100 Index Performance
050
060
070
080
090
100
110
120
130
140
TSGYO ISE REIT Index ISE 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to ISE REIT Index
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO ISE REIT Index
-409
32
32
Net Asset Value
as of September 30 2011
as of October 28 2011
TSGYO Net Asset Value (NAV) ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Cash and Banks 1867
Receivables 1731269
Other Assets 17337078
Payables 122903597
NAV 201465933
Market Cap 97500000
Discount to NAV 52
33
33
REITs on ISE
as of October 28 2011
as of June 30 2011
Ticker Company Share Price NAV Per Share MCAP NAV Premium to
NAV TL TL TL mn TL mn
EKGYO Emlak REIT 247 227 6175 5674 9
TRGYO Torunlar REIT 493 1128 1104 2527 -56
SNGYO Sinpas REIT 134 271 804 1355 -41
AKMGY Akmerkez REIT 2055 2162 766 806 -5
ISGYO Is REIT 118 234 708 1405 -50
AKFGY Akfen REIT 167 401 307 739 -58
AVGYO Avrasya REIT 409 112 294 80 267
YGYO Yeşil REIT 119 078 280 184 52
KLGYO Kiler REIT 305 1068 267 934 -71
ALGYO Alarko REIT 1970 2563 210 273 -23
RYGYO Reysas REIT 090 197 153 334 -54
DGGYO Doğuş REIT 138 193 129 181 -29
VKGYO Vakıf REIT 135 615 135 135 0
TSGYO TSKB REIT 065 140 97 210 -54
SAGYO Saglam REIT 165 135 95 76 25
OZGYO Ozderici REIT 092 101 92 101 -9
AGYO Atakule REIT 110 252 92 212 -56
MRGYO Martı REIT 075 197 83 217 -62
NUGYO Nurol REIT 718 569 72 57 26
YKGYO Yapı Kredi Koray REIT 170 219 68 87 -22
PEGYO Pera REIT 075 185 67 165 -59
IDGYO Idealist REIT 404 119 40 12 239
EGYO EGS REIT 024 -371 12 -186 ad
TOTAL 12051 15578 -23
34
34
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
35
35
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
gt50 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
Obligation to go public in 3 months after the establishment of the company
13 of the board of directors must be ldquoindependentrdquo
36
36
Public REITS
1 Akfen
2 Akmerkez
3 Alarko
4 Atakule
5 Avrasya
6 Doğuş GE
7 EGS
8 Emlak
9 İdealist
10 İş
11 Kiler
12 Martı
13 Nurol
14 Oumlzderici
15 Pera
16 Reysaş
17 Sağlam
18 Sinpaş
19 Torunlar
20 TSKB
21 Vakıf
22 Yeşil
23 Yapı Kredi Koray
Non-public REITs
1 Albayrak
2 Bayraktar
3 Buumlyuumlkhanlı
4 Halk
5 Kuyaş
6 Oumlzak
7 Tuna
8 Servet
REITs in Turkey
37
37
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
38
38
11
11
Breakdown of Real Estate Portfolio
Breakdown of Total Portfolio
Proportion of Total Portfolio Value
Portfolio Breakdown
Marketable Securities
5
Real Estate 95
As of 30062011 ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Office Buildings 29
Land 4
Pendorya Shopping Center
67
12
12
Value (TL 000)
Pendorya Shopping Center
Fındıklı Office Buildings
Tahirhan Office Building
Total
195290
76980
6265
290261
Valuations carried out by independent real estate appraisal companies
Adana Land
11726
Real Estate Portfolio Summary
13
13
Pendorya Shopping Center
14
14
Location Pendik -
Istanbul
TSKB REIT Stake 95
Operational Date December
2009
Land Area (sqm) 23100
Construction Area (sqm) 80648
Leasable Area (sqm) 30250
Occupancy (sqm) (September
2011) 90
Number of Stores 100
Anchor Tenants
Tesco Kipa
(8400 sqm)
MediaMarkt
(5500 sqm)
AFM (2500
sqm)
Appraisal Value (TLm) 19529
95 of Pendorya is held by TSKB REIT and 5 by the
development consultant the Ataman Group
The center features a 1000-person capacity food court and 1000
vehicle parking lot Annual expected footfall is 6 million
Center management expect a 93 occupancy rate to be achieved
by end-2011
Hypermarket 27
Electronics 18
Stores 37
Food 8
Cinema 8
Other 2 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 3000-person Garanti Bank Operations Center in the neighbouring plot has
started 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) 3839
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) 3859
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
Tahirhan Office Building
20
20
Location Istanbul
TSKB REIT Stake 74
Land Area (sqm) 606
Leasable Area (sqm) 3200
Number of Floors 8
Tenants Various
Appraisal Value (TLm) 627
TSKB REIT owns 74 of the building Tahirhan is a seven-
story building on 600 sqm plot and has a built up area of
3200 sqm
Building has full sea views from the third story and up
Tahirhan is located on the border of a major redevelopment
project It is suitable for conversion to more lucrative
activities The appraisal value of this site could appreciate
considerably
At present the offices are rented out to various companies
and individuals
Tahirhan 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 Land (TLm) 1173
Land Area (sqm) 3608
Planned Project City hotel
Construction Start Date 3Q2011
Planned Construction Completion
Date 1Q2013
Estimated Operational Date 1H 2013
Planned Investment (EURm) 30-34
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
A city hotel project of 200 rooms is under development The
hotel is to be operational in the first half of 2013
Total investment including the cost of the land is estimated
at EUR30m-34m
Adana Hotel Project (contd)
23
23
Project 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
Construction License has been acquired and Operating Agreement
(15-year maturity) was signed between TSKB REIT and Palmira
Turizm (Divan Group)
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
Current Assets 8083 7602 34083 7688 35242 19801
Cash and Banks 2084 3666 23845 3745 30218 15040
Financial Investments 5979 3417 489 841 1450 1706
Other Current Assets 20 519 9749 3102 3573 3055
Non-Current Assets 3655 114584 152327 290663 301937 304568
Investment Property 3651 69245 75580 278976 290261 293612
Fixed Assets 4 45339 76729 25 39 27
Other Non-Current Assets - - 18 11662 11637 10929
Total Assets 11738 122186 186410 298351 337179 324370
Short-term Liabilities 41 12319 7113 20431 22977 10296
Bank Debts - 1343 2062 12163 20170 9469
Trade Payables - 8769 156 4397 988 338
Other 41 2207 4895 3871 1819 489
Long-term Liabilities - 29143 70510 113788 93268 112608
Bank Debts - 29139 70509 113700 93161 112490
Other - 4 1 88 107 118
Shareholdersrsquo Equity 11697 80724 108787 164133 220934 201466
Paid-in Capital 10000 75000 100000 100000 150000 150000
Share Premium - - - - 593 593
Reserves - 32 43 153 153 153
Retained Earnings - 1666 5681 8634 63980 70188
Net Income (Loss) 1697 4026 3063 55346 6208 (19468)
Total Liabilities and Shareholders
Equity 11738 122186 186410 298351 337179 324370
Balance Sheet
(TL 000) 2006 2007 2008 2009 2010 9M11
26
26
Revenues 25 66 6048 4723 14381 10896
Operating Costs (-) (375) (1146) (3149) (3343) (12230) (5855)
Net Operating Profit (350) (1080) 2899 1380 2151 5041
Income from Other Operations 1060 786 6253 52632 5444 209
Expenses from Other Operations (-) (13 ) (177) (114) (41) (249) (34)
Operating Profit 658 (471) 9038 53971 7346 5216
Financial Income 1039 4498 803 1676 5650 1227
Financial Expenses (-) - - (6778) (301) (6787) (25911)
Profit Before Tax 1697 4026 3063 55346 6208 (19468)
Tax - - - - - -
Net Income 1697 4026 3063 55346 6208 (19468)
Income Statement
(TL 000) 2006 2007 2008 2009 2010 9M11
27
27
Total Assets
Real Estate Portfolio Assets
Key Parameters
Shareholdersrsquo Equity
2006 2007 2008 2009 2010 9M11
12
122
186
298 337 324
TL m
2006 2007 2008 2009 2010 9M11
12
81 109
164
221 201
TL m
2006 2007 2008 2009 2010 9M11
4
115
152
279 290 290 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
311210 300911 281011 311210-300911 300911-281011
ISE 100 Index 66004 59693 57042 -96 -44
ISE REIT Index 36063 35941 36563 -03 17
TSGYO 094 064 065 -319 16
Performance Performance
311210 300911 281011 311210-300911 300911-281011
TSGYO Market Cap (TL mn) 141 96 98 -319 16
TSGYO Market Cap (USD mn) 91 59 56 -354 -55
30
30
TSGYO Stock Performance
TSGYO ISE REIT Index and ISE 100 Index Performance
050
060
070
080
090
100
110
120
130
140
TSGYO ISE REIT Index ISE 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to ISE REIT Index
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO ISE REIT Index
-409
32
32
Net Asset Value
as of September 30 2011
as of October 28 2011
TSGYO Net Asset Value (NAV) ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Cash and Banks 1867
Receivables 1731269
Other Assets 17337078
Payables 122903597
NAV 201465933
Market Cap 97500000
Discount to NAV 52
33
33
REITs on ISE
as of October 28 2011
as of June 30 2011
Ticker Company Share Price NAV Per Share MCAP NAV Premium to
NAV TL TL TL mn TL mn
EKGYO Emlak REIT 247 227 6175 5674 9
TRGYO Torunlar REIT 493 1128 1104 2527 -56
SNGYO Sinpas REIT 134 271 804 1355 -41
AKMGY Akmerkez REIT 2055 2162 766 806 -5
ISGYO Is REIT 118 234 708 1405 -50
AKFGY Akfen REIT 167 401 307 739 -58
AVGYO Avrasya REIT 409 112 294 80 267
YGYO Yeşil REIT 119 078 280 184 52
KLGYO Kiler REIT 305 1068 267 934 -71
ALGYO Alarko REIT 1970 2563 210 273 -23
RYGYO Reysas REIT 090 197 153 334 -54
DGGYO Doğuş REIT 138 193 129 181 -29
VKGYO Vakıf REIT 135 615 135 135 0
TSGYO TSKB REIT 065 140 97 210 -54
SAGYO Saglam REIT 165 135 95 76 25
OZGYO Ozderici REIT 092 101 92 101 -9
AGYO Atakule REIT 110 252 92 212 -56
MRGYO Martı REIT 075 197 83 217 -62
NUGYO Nurol REIT 718 569 72 57 26
YKGYO Yapı Kredi Koray REIT 170 219 68 87 -22
PEGYO Pera REIT 075 185 67 165 -59
IDGYO Idealist REIT 404 119 40 12 239
EGYO EGS REIT 024 -371 12 -186 ad
TOTAL 12051 15578 -23
34
34
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
35
35
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
gt50 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
Obligation to go public in 3 months after the establishment of the company
13 of the board of directors must be ldquoindependentrdquo
36
36
Public REITS
1 Akfen
2 Akmerkez
3 Alarko
4 Atakule
5 Avrasya
6 Doğuş GE
7 EGS
8 Emlak
9 İdealist
10 İş
11 Kiler
12 Martı
13 Nurol
14 Oumlzderici
15 Pera
16 Reysaş
17 Sağlam
18 Sinpaş
19 Torunlar
20 TSKB
21 Vakıf
22 Yeşil
23 Yapı Kredi Koray
Non-public REITs
1 Albayrak
2 Bayraktar
3 Buumlyuumlkhanlı
4 Halk
5 Kuyaş
6 Oumlzak
7 Tuna
8 Servet
REITs in Turkey
37
37
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
38
38
12
12
Value (TL 000)
Pendorya Shopping Center
Fındıklı Office Buildings
Tahirhan Office Building
Total
195290
76980
6265
290261
Valuations carried out by independent real estate appraisal companies
Adana Land
11726
Real Estate Portfolio Summary
13
13
Pendorya Shopping Center
14
14
Location Pendik -
Istanbul
TSKB REIT Stake 95
Operational Date December
2009
Land Area (sqm) 23100
Construction Area (sqm) 80648
Leasable Area (sqm) 30250
Occupancy (sqm) (September
2011) 90
Number of Stores 100
Anchor Tenants
Tesco Kipa
(8400 sqm)
MediaMarkt
(5500 sqm)
AFM (2500
sqm)
Appraisal Value (TLm) 19529
95 of Pendorya is held by TSKB REIT and 5 by the
development consultant the Ataman Group
The center features a 1000-person capacity food court and 1000
vehicle parking lot Annual expected footfall is 6 million
Center management expect a 93 occupancy rate to be achieved
by end-2011
Hypermarket 27
Electronics 18
Stores 37
Food 8
Cinema 8
Other 2 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 3000-person Garanti Bank Operations Center in the neighbouring plot has
started 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) 3839
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) 3859
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
Tahirhan Office Building
20
20
Location Istanbul
TSKB REIT Stake 74
Land Area (sqm) 606
Leasable Area (sqm) 3200
Number of Floors 8
Tenants Various
Appraisal Value (TLm) 627
TSKB REIT owns 74 of the building Tahirhan is a seven-
story building on 600 sqm plot and has a built up area of
3200 sqm
Building has full sea views from the third story and up
Tahirhan is located on the border of a major redevelopment
project It is suitable for conversion to more lucrative
activities The appraisal value of this site could appreciate
considerably
At present the offices are rented out to various companies
and individuals
Tahirhan 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 Land (TLm) 1173
Land Area (sqm) 3608
Planned Project City hotel
Construction Start Date 3Q2011
Planned Construction Completion
Date 1Q2013
Estimated Operational Date 1H 2013
Planned Investment (EURm) 30-34
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
A city hotel project of 200 rooms is under development The
hotel is to be operational in the first half of 2013
Total investment including the cost of the land is estimated
at EUR30m-34m
Adana Hotel Project (contd)
23
23
Project 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
Construction License has been acquired and Operating Agreement
(15-year maturity) was signed between TSKB REIT and Palmira
Turizm (Divan Group)
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
Current Assets 8083 7602 34083 7688 35242 19801
Cash and Banks 2084 3666 23845 3745 30218 15040
Financial Investments 5979 3417 489 841 1450 1706
Other Current Assets 20 519 9749 3102 3573 3055
Non-Current Assets 3655 114584 152327 290663 301937 304568
Investment Property 3651 69245 75580 278976 290261 293612
Fixed Assets 4 45339 76729 25 39 27
Other Non-Current Assets - - 18 11662 11637 10929
Total Assets 11738 122186 186410 298351 337179 324370
Short-term Liabilities 41 12319 7113 20431 22977 10296
Bank Debts - 1343 2062 12163 20170 9469
Trade Payables - 8769 156 4397 988 338
Other 41 2207 4895 3871 1819 489
Long-term Liabilities - 29143 70510 113788 93268 112608
Bank Debts - 29139 70509 113700 93161 112490
Other - 4 1 88 107 118
Shareholdersrsquo Equity 11697 80724 108787 164133 220934 201466
Paid-in Capital 10000 75000 100000 100000 150000 150000
Share Premium - - - - 593 593
Reserves - 32 43 153 153 153
Retained Earnings - 1666 5681 8634 63980 70188
Net Income (Loss) 1697 4026 3063 55346 6208 (19468)
Total Liabilities and Shareholders
Equity 11738 122186 186410 298351 337179 324370
Balance Sheet
(TL 000) 2006 2007 2008 2009 2010 9M11
26
26
Revenues 25 66 6048 4723 14381 10896
Operating Costs (-) (375) (1146) (3149) (3343) (12230) (5855)
Net Operating Profit (350) (1080) 2899 1380 2151 5041
Income from Other Operations 1060 786 6253 52632 5444 209
Expenses from Other Operations (-) (13 ) (177) (114) (41) (249) (34)
Operating Profit 658 (471) 9038 53971 7346 5216
Financial Income 1039 4498 803 1676 5650 1227
Financial Expenses (-) - - (6778) (301) (6787) (25911)
Profit Before Tax 1697 4026 3063 55346 6208 (19468)
Tax - - - - - -
Net Income 1697 4026 3063 55346 6208 (19468)
Income Statement
(TL 000) 2006 2007 2008 2009 2010 9M11
27
27
Total Assets
Real Estate Portfolio Assets
Key Parameters
Shareholdersrsquo Equity
2006 2007 2008 2009 2010 9M11
12
122
186
298 337 324
TL m
2006 2007 2008 2009 2010 9M11
12
81 109
164
221 201
TL m
2006 2007 2008 2009 2010 9M11
4
115
152
279 290 290 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
311210 300911 281011 311210-300911 300911-281011
ISE 100 Index 66004 59693 57042 -96 -44
ISE REIT Index 36063 35941 36563 -03 17
TSGYO 094 064 065 -319 16
Performance Performance
311210 300911 281011 311210-300911 300911-281011
TSGYO Market Cap (TL mn) 141 96 98 -319 16
TSGYO Market Cap (USD mn) 91 59 56 -354 -55
30
30
TSGYO Stock Performance
TSGYO ISE REIT Index and ISE 100 Index Performance
050
060
070
080
090
100
110
120
130
140
TSGYO ISE REIT Index ISE 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to ISE REIT Index
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO ISE REIT Index
-409
32
32
Net Asset Value
as of September 30 2011
as of October 28 2011
TSGYO Net Asset Value (NAV) ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Cash and Banks 1867
Receivables 1731269
Other Assets 17337078
Payables 122903597
NAV 201465933
Market Cap 97500000
Discount to NAV 52
33
33
REITs on ISE
as of October 28 2011
as of June 30 2011
Ticker Company Share Price NAV Per Share MCAP NAV Premium to
NAV TL TL TL mn TL mn
EKGYO Emlak REIT 247 227 6175 5674 9
TRGYO Torunlar REIT 493 1128 1104 2527 -56
SNGYO Sinpas REIT 134 271 804 1355 -41
AKMGY Akmerkez REIT 2055 2162 766 806 -5
ISGYO Is REIT 118 234 708 1405 -50
AKFGY Akfen REIT 167 401 307 739 -58
AVGYO Avrasya REIT 409 112 294 80 267
YGYO Yeşil REIT 119 078 280 184 52
KLGYO Kiler REIT 305 1068 267 934 -71
ALGYO Alarko REIT 1970 2563 210 273 -23
RYGYO Reysas REIT 090 197 153 334 -54
DGGYO Doğuş REIT 138 193 129 181 -29
VKGYO Vakıf REIT 135 615 135 135 0
TSGYO TSKB REIT 065 140 97 210 -54
SAGYO Saglam REIT 165 135 95 76 25
OZGYO Ozderici REIT 092 101 92 101 -9
AGYO Atakule REIT 110 252 92 212 -56
MRGYO Martı REIT 075 197 83 217 -62
NUGYO Nurol REIT 718 569 72 57 26
YKGYO Yapı Kredi Koray REIT 170 219 68 87 -22
PEGYO Pera REIT 075 185 67 165 -59
IDGYO Idealist REIT 404 119 40 12 239
EGYO EGS REIT 024 -371 12 -186 ad
TOTAL 12051 15578 -23
34
34
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
35
35
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
gt50 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
Obligation to go public in 3 months after the establishment of the company
13 of the board of directors must be ldquoindependentrdquo
36
36
Public REITS
1 Akfen
2 Akmerkez
3 Alarko
4 Atakule
5 Avrasya
6 Doğuş GE
7 EGS
8 Emlak
9 İdealist
10 İş
11 Kiler
12 Martı
13 Nurol
14 Oumlzderici
15 Pera
16 Reysaş
17 Sağlam
18 Sinpaş
19 Torunlar
20 TSKB
21 Vakıf
22 Yeşil
23 Yapı Kredi Koray
Non-public REITs
1 Albayrak
2 Bayraktar
3 Buumlyuumlkhanlı
4 Halk
5 Kuyaş
6 Oumlzak
7 Tuna
8 Servet
REITs in Turkey
37
37
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
38
38
13
13
Pendorya Shopping Center
14
14
Location Pendik -
Istanbul
TSKB REIT Stake 95
Operational Date December
2009
Land Area (sqm) 23100
Construction Area (sqm) 80648
Leasable Area (sqm) 30250
Occupancy (sqm) (September
2011) 90
Number of Stores 100
Anchor Tenants
Tesco Kipa
(8400 sqm)
MediaMarkt
(5500 sqm)
AFM (2500
sqm)
Appraisal Value (TLm) 19529
95 of Pendorya is held by TSKB REIT and 5 by the
development consultant the Ataman Group
The center features a 1000-person capacity food court and 1000
vehicle parking lot Annual expected footfall is 6 million
Center management expect a 93 occupancy rate to be achieved
by end-2011
Hypermarket 27
Electronics 18
Stores 37
Food 8
Cinema 8
Other 2 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 3000-person Garanti Bank Operations Center in the neighbouring plot has
started 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) 3839
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) 3859
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
Tahirhan Office Building
20
20
Location Istanbul
TSKB REIT Stake 74
Land Area (sqm) 606
Leasable Area (sqm) 3200
Number of Floors 8
Tenants Various
Appraisal Value (TLm) 627
TSKB REIT owns 74 of the building Tahirhan is a seven-
story building on 600 sqm plot and has a built up area of
3200 sqm
Building has full sea views from the third story and up
Tahirhan is located on the border of a major redevelopment
project It is suitable for conversion to more lucrative
activities The appraisal value of this site could appreciate
considerably
At present the offices are rented out to various companies
and individuals
Tahirhan 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 Land (TLm) 1173
Land Area (sqm) 3608
Planned Project City hotel
Construction Start Date 3Q2011
Planned Construction Completion
Date 1Q2013
Estimated Operational Date 1H 2013
Planned Investment (EURm) 30-34
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
A city hotel project of 200 rooms is under development The
hotel is to be operational in the first half of 2013
Total investment including the cost of the land is estimated
at EUR30m-34m
Adana Hotel Project (contd)
23
23
Project 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
Construction License has been acquired and Operating Agreement
(15-year maturity) was signed between TSKB REIT and Palmira
Turizm (Divan Group)
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
Current Assets 8083 7602 34083 7688 35242 19801
Cash and Banks 2084 3666 23845 3745 30218 15040
Financial Investments 5979 3417 489 841 1450 1706
Other Current Assets 20 519 9749 3102 3573 3055
Non-Current Assets 3655 114584 152327 290663 301937 304568
Investment Property 3651 69245 75580 278976 290261 293612
Fixed Assets 4 45339 76729 25 39 27
Other Non-Current Assets - - 18 11662 11637 10929
Total Assets 11738 122186 186410 298351 337179 324370
Short-term Liabilities 41 12319 7113 20431 22977 10296
Bank Debts - 1343 2062 12163 20170 9469
Trade Payables - 8769 156 4397 988 338
Other 41 2207 4895 3871 1819 489
Long-term Liabilities - 29143 70510 113788 93268 112608
Bank Debts - 29139 70509 113700 93161 112490
Other - 4 1 88 107 118
Shareholdersrsquo Equity 11697 80724 108787 164133 220934 201466
Paid-in Capital 10000 75000 100000 100000 150000 150000
Share Premium - - - - 593 593
Reserves - 32 43 153 153 153
Retained Earnings - 1666 5681 8634 63980 70188
Net Income (Loss) 1697 4026 3063 55346 6208 (19468)
Total Liabilities and Shareholders
Equity 11738 122186 186410 298351 337179 324370
Balance Sheet
(TL 000) 2006 2007 2008 2009 2010 9M11
26
26
Revenues 25 66 6048 4723 14381 10896
Operating Costs (-) (375) (1146) (3149) (3343) (12230) (5855)
Net Operating Profit (350) (1080) 2899 1380 2151 5041
Income from Other Operations 1060 786 6253 52632 5444 209
Expenses from Other Operations (-) (13 ) (177) (114) (41) (249) (34)
Operating Profit 658 (471) 9038 53971 7346 5216
Financial Income 1039 4498 803 1676 5650 1227
Financial Expenses (-) - - (6778) (301) (6787) (25911)
Profit Before Tax 1697 4026 3063 55346 6208 (19468)
Tax - - - - - -
Net Income 1697 4026 3063 55346 6208 (19468)
Income Statement
(TL 000) 2006 2007 2008 2009 2010 9M11
27
27
Total Assets
Real Estate Portfolio Assets
Key Parameters
Shareholdersrsquo Equity
2006 2007 2008 2009 2010 9M11
12
122
186
298 337 324
TL m
2006 2007 2008 2009 2010 9M11
12
81 109
164
221 201
TL m
2006 2007 2008 2009 2010 9M11
4
115
152
279 290 290 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
311210 300911 281011 311210-300911 300911-281011
ISE 100 Index 66004 59693 57042 -96 -44
ISE REIT Index 36063 35941 36563 -03 17
TSGYO 094 064 065 -319 16
Performance Performance
311210 300911 281011 311210-300911 300911-281011
TSGYO Market Cap (TL mn) 141 96 98 -319 16
TSGYO Market Cap (USD mn) 91 59 56 -354 -55
30
30
TSGYO Stock Performance
TSGYO ISE REIT Index and ISE 100 Index Performance
050
060
070
080
090
100
110
120
130
140
TSGYO ISE REIT Index ISE 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to ISE REIT Index
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO ISE REIT Index
-409
32
32
Net Asset Value
as of September 30 2011
as of October 28 2011
TSGYO Net Asset Value (NAV) ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Cash and Banks 1867
Receivables 1731269
Other Assets 17337078
Payables 122903597
NAV 201465933
Market Cap 97500000
Discount to NAV 52
33
33
REITs on ISE
as of October 28 2011
as of June 30 2011
Ticker Company Share Price NAV Per Share MCAP NAV Premium to
NAV TL TL TL mn TL mn
EKGYO Emlak REIT 247 227 6175 5674 9
TRGYO Torunlar REIT 493 1128 1104 2527 -56
SNGYO Sinpas REIT 134 271 804 1355 -41
AKMGY Akmerkez REIT 2055 2162 766 806 -5
ISGYO Is REIT 118 234 708 1405 -50
AKFGY Akfen REIT 167 401 307 739 -58
AVGYO Avrasya REIT 409 112 294 80 267
YGYO Yeşil REIT 119 078 280 184 52
KLGYO Kiler REIT 305 1068 267 934 -71
ALGYO Alarko REIT 1970 2563 210 273 -23
RYGYO Reysas REIT 090 197 153 334 -54
DGGYO Doğuş REIT 138 193 129 181 -29
VKGYO Vakıf REIT 135 615 135 135 0
TSGYO TSKB REIT 065 140 97 210 -54
SAGYO Saglam REIT 165 135 95 76 25
OZGYO Ozderici REIT 092 101 92 101 -9
AGYO Atakule REIT 110 252 92 212 -56
MRGYO Martı REIT 075 197 83 217 -62
NUGYO Nurol REIT 718 569 72 57 26
YKGYO Yapı Kredi Koray REIT 170 219 68 87 -22
PEGYO Pera REIT 075 185 67 165 -59
IDGYO Idealist REIT 404 119 40 12 239
EGYO EGS REIT 024 -371 12 -186 ad
TOTAL 12051 15578 -23
34
34
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
35
35
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
gt50 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
Obligation to go public in 3 months after the establishment of the company
13 of the board of directors must be ldquoindependentrdquo
36
36
Public REITS
1 Akfen
2 Akmerkez
3 Alarko
4 Atakule
5 Avrasya
6 Doğuş GE
7 EGS
8 Emlak
9 İdealist
10 İş
11 Kiler
12 Martı
13 Nurol
14 Oumlzderici
15 Pera
16 Reysaş
17 Sağlam
18 Sinpaş
19 Torunlar
20 TSKB
21 Vakıf
22 Yeşil
23 Yapı Kredi Koray
Non-public REITs
1 Albayrak
2 Bayraktar
3 Buumlyuumlkhanlı
4 Halk
5 Kuyaş
6 Oumlzak
7 Tuna
8 Servet
REITs in Turkey
37
37
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
38
38
14
14
Location Pendik -
Istanbul
TSKB REIT Stake 95
Operational Date December
2009
Land Area (sqm) 23100
Construction Area (sqm) 80648
Leasable Area (sqm) 30250
Occupancy (sqm) (September
2011) 90
Number of Stores 100
Anchor Tenants
Tesco Kipa
(8400 sqm)
MediaMarkt
(5500 sqm)
AFM (2500
sqm)
Appraisal Value (TLm) 19529
95 of Pendorya is held by TSKB REIT and 5 by the
development consultant the Ataman Group
The center features a 1000-person capacity food court and 1000
vehicle parking lot Annual expected footfall is 6 million
Center management expect a 93 occupancy rate to be achieved
by end-2011
Hypermarket 27
Electronics 18
Stores 37
Food 8
Cinema 8
Other 2 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 3000-person Garanti Bank Operations Center in the neighbouring plot has
started 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) 3839
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) 3859
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
Tahirhan Office Building
20
20
Location Istanbul
TSKB REIT Stake 74
Land Area (sqm) 606
Leasable Area (sqm) 3200
Number of Floors 8
Tenants Various
Appraisal Value (TLm) 627
TSKB REIT owns 74 of the building Tahirhan is a seven-
story building on 600 sqm plot and has a built up area of
3200 sqm
Building has full sea views from the third story and up
Tahirhan is located on the border of a major redevelopment
project It is suitable for conversion to more lucrative
activities The appraisal value of this site could appreciate
considerably
At present the offices are rented out to various companies
and individuals
Tahirhan 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 Land (TLm) 1173
Land Area (sqm) 3608
Planned Project City hotel
Construction Start Date 3Q2011
Planned Construction Completion
Date 1Q2013
Estimated Operational Date 1H 2013
Planned Investment (EURm) 30-34
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
A city hotel project of 200 rooms is under development The
hotel is to be operational in the first half of 2013
Total investment including the cost of the land is estimated
at EUR30m-34m
Adana Hotel Project (contd)
23
23
Project 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
Construction License has been acquired and Operating Agreement
(15-year maturity) was signed between TSKB REIT and Palmira
Turizm (Divan Group)
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
Current Assets 8083 7602 34083 7688 35242 19801
Cash and Banks 2084 3666 23845 3745 30218 15040
Financial Investments 5979 3417 489 841 1450 1706
Other Current Assets 20 519 9749 3102 3573 3055
Non-Current Assets 3655 114584 152327 290663 301937 304568
Investment Property 3651 69245 75580 278976 290261 293612
Fixed Assets 4 45339 76729 25 39 27
Other Non-Current Assets - - 18 11662 11637 10929
Total Assets 11738 122186 186410 298351 337179 324370
Short-term Liabilities 41 12319 7113 20431 22977 10296
Bank Debts - 1343 2062 12163 20170 9469
Trade Payables - 8769 156 4397 988 338
Other 41 2207 4895 3871 1819 489
Long-term Liabilities - 29143 70510 113788 93268 112608
Bank Debts - 29139 70509 113700 93161 112490
Other - 4 1 88 107 118
Shareholdersrsquo Equity 11697 80724 108787 164133 220934 201466
Paid-in Capital 10000 75000 100000 100000 150000 150000
Share Premium - - - - 593 593
Reserves - 32 43 153 153 153
Retained Earnings - 1666 5681 8634 63980 70188
Net Income (Loss) 1697 4026 3063 55346 6208 (19468)
Total Liabilities and Shareholders
Equity 11738 122186 186410 298351 337179 324370
Balance Sheet
(TL 000) 2006 2007 2008 2009 2010 9M11
26
26
Revenues 25 66 6048 4723 14381 10896
Operating Costs (-) (375) (1146) (3149) (3343) (12230) (5855)
Net Operating Profit (350) (1080) 2899 1380 2151 5041
Income from Other Operations 1060 786 6253 52632 5444 209
Expenses from Other Operations (-) (13 ) (177) (114) (41) (249) (34)
Operating Profit 658 (471) 9038 53971 7346 5216
Financial Income 1039 4498 803 1676 5650 1227
Financial Expenses (-) - - (6778) (301) (6787) (25911)
Profit Before Tax 1697 4026 3063 55346 6208 (19468)
Tax - - - - - -
Net Income 1697 4026 3063 55346 6208 (19468)
Income Statement
(TL 000) 2006 2007 2008 2009 2010 9M11
27
27
Total Assets
Real Estate Portfolio Assets
Key Parameters
Shareholdersrsquo Equity
2006 2007 2008 2009 2010 9M11
12
122
186
298 337 324
TL m
2006 2007 2008 2009 2010 9M11
12
81 109
164
221 201
TL m
2006 2007 2008 2009 2010 9M11
4
115
152
279 290 290 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
311210 300911 281011 311210-300911 300911-281011
ISE 100 Index 66004 59693 57042 -96 -44
ISE REIT Index 36063 35941 36563 -03 17
TSGYO 094 064 065 -319 16
Performance Performance
311210 300911 281011 311210-300911 300911-281011
TSGYO Market Cap (TL mn) 141 96 98 -319 16
TSGYO Market Cap (USD mn) 91 59 56 -354 -55
30
30
TSGYO Stock Performance
TSGYO ISE REIT Index and ISE 100 Index Performance
050
060
070
080
090
100
110
120
130
140
TSGYO ISE REIT Index ISE 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to ISE REIT Index
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO ISE REIT Index
-409
32
32
Net Asset Value
as of September 30 2011
as of October 28 2011
TSGYO Net Asset Value (NAV) ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Cash and Banks 1867
Receivables 1731269
Other Assets 17337078
Payables 122903597
NAV 201465933
Market Cap 97500000
Discount to NAV 52
33
33
REITs on ISE
as of October 28 2011
as of June 30 2011
Ticker Company Share Price NAV Per Share MCAP NAV Premium to
NAV TL TL TL mn TL mn
EKGYO Emlak REIT 247 227 6175 5674 9
TRGYO Torunlar REIT 493 1128 1104 2527 -56
SNGYO Sinpas REIT 134 271 804 1355 -41
AKMGY Akmerkez REIT 2055 2162 766 806 -5
ISGYO Is REIT 118 234 708 1405 -50
AKFGY Akfen REIT 167 401 307 739 -58
AVGYO Avrasya REIT 409 112 294 80 267
YGYO Yeşil REIT 119 078 280 184 52
KLGYO Kiler REIT 305 1068 267 934 -71
ALGYO Alarko REIT 1970 2563 210 273 -23
RYGYO Reysas REIT 090 197 153 334 -54
DGGYO Doğuş REIT 138 193 129 181 -29
VKGYO Vakıf REIT 135 615 135 135 0
TSGYO TSKB REIT 065 140 97 210 -54
SAGYO Saglam REIT 165 135 95 76 25
OZGYO Ozderici REIT 092 101 92 101 -9
AGYO Atakule REIT 110 252 92 212 -56
MRGYO Martı REIT 075 197 83 217 -62
NUGYO Nurol REIT 718 569 72 57 26
YKGYO Yapı Kredi Koray REIT 170 219 68 87 -22
PEGYO Pera REIT 075 185 67 165 -59
IDGYO Idealist REIT 404 119 40 12 239
EGYO EGS REIT 024 -371 12 -186 ad
TOTAL 12051 15578 -23
34
34
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
35
35
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
gt50 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
Obligation to go public in 3 months after the establishment of the company
13 of the board of directors must be ldquoindependentrdquo
36
36
Public REITS
1 Akfen
2 Akmerkez
3 Alarko
4 Atakule
5 Avrasya
6 Doğuş GE
7 EGS
8 Emlak
9 İdealist
10 İş
11 Kiler
12 Martı
13 Nurol
14 Oumlzderici
15 Pera
16 Reysaş
17 Sağlam
18 Sinpaş
19 Torunlar
20 TSKB
21 Vakıf
22 Yeşil
23 Yapı Kredi Koray
Non-public REITs
1 Albayrak
2 Bayraktar
3 Buumlyuumlkhanlı
4 Halk
5 Kuyaş
6 Oumlzak
7 Tuna
8 Servet
REITs in Turkey
37
37
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
38
38
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 3000-person Garanti Bank Operations Center in the neighbouring plot has
started 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) 3839
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) 3859
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
Tahirhan Office Building
20
20
Location Istanbul
TSKB REIT Stake 74
Land Area (sqm) 606
Leasable Area (sqm) 3200
Number of Floors 8
Tenants Various
Appraisal Value (TLm) 627
TSKB REIT owns 74 of the building Tahirhan is a seven-
story building on 600 sqm plot and has a built up area of
3200 sqm
Building has full sea views from the third story and up
Tahirhan is located on the border of a major redevelopment
project It is suitable for conversion to more lucrative
activities The appraisal value of this site could appreciate
considerably
At present the offices are rented out to various companies
and individuals
Tahirhan 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 Land (TLm) 1173
Land Area (sqm) 3608
Planned Project City hotel
Construction Start Date 3Q2011
Planned Construction Completion
Date 1Q2013
Estimated Operational Date 1H 2013
Planned Investment (EURm) 30-34
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
A city hotel project of 200 rooms is under development The
hotel is to be operational in the first half of 2013
Total investment including the cost of the land is estimated
at EUR30m-34m
Adana Hotel Project (contd)
23
23
Project 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
Construction License has been acquired and Operating Agreement
(15-year maturity) was signed between TSKB REIT and Palmira
Turizm (Divan Group)
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
Current Assets 8083 7602 34083 7688 35242 19801
Cash and Banks 2084 3666 23845 3745 30218 15040
Financial Investments 5979 3417 489 841 1450 1706
Other Current Assets 20 519 9749 3102 3573 3055
Non-Current Assets 3655 114584 152327 290663 301937 304568
Investment Property 3651 69245 75580 278976 290261 293612
Fixed Assets 4 45339 76729 25 39 27
Other Non-Current Assets - - 18 11662 11637 10929
Total Assets 11738 122186 186410 298351 337179 324370
Short-term Liabilities 41 12319 7113 20431 22977 10296
Bank Debts - 1343 2062 12163 20170 9469
Trade Payables - 8769 156 4397 988 338
Other 41 2207 4895 3871 1819 489
Long-term Liabilities - 29143 70510 113788 93268 112608
Bank Debts - 29139 70509 113700 93161 112490
Other - 4 1 88 107 118
Shareholdersrsquo Equity 11697 80724 108787 164133 220934 201466
Paid-in Capital 10000 75000 100000 100000 150000 150000
Share Premium - - - - 593 593
Reserves - 32 43 153 153 153
Retained Earnings - 1666 5681 8634 63980 70188
Net Income (Loss) 1697 4026 3063 55346 6208 (19468)
Total Liabilities and Shareholders
Equity 11738 122186 186410 298351 337179 324370
Balance Sheet
(TL 000) 2006 2007 2008 2009 2010 9M11
26
26
Revenues 25 66 6048 4723 14381 10896
Operating Costs (-) (375) (1146) (3149) (3343) (12230) (5855)
Net Operating Profit (350) (1080) 2899 1380 2151 5041
Income from Other Operations 1060 786 6253 52632 5444 209
Expenses from Other Operations (-) (13 ) (177) (114) (41) (249) (34)
Operating Profit 658 (471) 9038 53971 7346 5216
Financial Income 1039 4498 803 1676 5650 1227
Financial Expenses (-) - - (6778) (301) (6787) (25911)
Profit Before Tax 1697 4026 3063 55346 6208 (19468)
Tax - - - - - -
Net Income 1697 4026 3063 55346 6208 (19468)
Income Statement
(TL 000) 2006 2007 2008 2009 2010 9M11
27
27
Total Assets
Real Estate Portfolio Assets
Key Parameters
Shareholdersrsquo Equity
2006 2007 2008 2009 2010 9M11
12
122
186
298 337 324
TL m
2006 2007 2008 2009 2010 9M11
12
81 109
164
221 201
TL m
2006 2007 2008 2009 2010 9M11
4
115
152
279 290 290 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
311210 300911 281011 311210-300911 300911-281011
ISE 100 Index 66004 59693 57042 -96 -44
ISE REIT Index 36063 35941 36563 -03 17
TSGYO 094 064 065 -319 16
Performance Performance
311210 300911 281011 311210-300911 300911-281011
TSGYO Market Cap (TL mn) 141 96 98 -319 16
TSGYO Market Cap (USD mn) 91 59 56 -354 -55
30
30
TSGYO Stock Performance
TSGYO ISE REIT Index and ISE 100 Index Performance
050
060
070
080
090
100
110
120
130
140
TSGYO ISE REIT Index ISE 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to ISE REIT Index
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO ISE REIT Index
-409
32
32
Net Asset Value
as of September 30 2011
as of October 28 2011
TSGYO Net Asset Value (NAV) ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Cash and Banks 1867
Receivables 1731269
Other Assets 17337078
Payables 122903597
NAV 201465933
Market Cap 97500000
Discount to NAV 52
33
33
REITs on ISE
as of October 28 2011
as of June 30 2011
Ticker Company Share Price NAV Per Share MCAP NAV Premium to
NAV TL TL TL mn TL mn
EKGYO Emlak REIT 247 227 6175 5674 9
TRGYO Torunlar REIT 493 1128 1104 2527 -56
SNGYO Sinpas REIT 134 271 804 1355 -41
AKMGY Akmerkez REIT 2055 2162 766 806 -5
ISGYO Is REIT 118 234 708 1405 -50
AKFGY Akfen REIT 167 401 307 739 -58
AVGYO Avrasya REIT 409 112 294 80 267
YGYO Yeşil REIT 119 078 280 184 52
KLGYO Kiler REIT 305 1068 267 934 -71
ALGYO Alarko REIT 1970 2563 210 273 -23
RYGYO Reysas REIT 090 197 153 334 -54
DGGYO Doğuş REIT 138 193 129 181 -29
VKGYO Vakıf REIT 135 615 135 135 0
TSGYO TSKB REIT 065 140 97 210 -54
SAGYO Saglam REIT 165 135 95 76 25
OZGYO Ozderici REIT 092 101 92 101 -9
AGYO Atakule REIT 110 252 92 212 -56
MRGYO Martı REIT 075 197 83 217 -62
NUGYO Nurol REIT 718 569 72 57 26
YKGYO Yapı Kredi Koray REIT 170 219 68 87 -22
PEGYO Pera REIT 075 185 67 165 -59
IDGYO Idealist REIT 404 119 40 12 239
EGYO EGS REIT 024 -371 12 -186 ad
TOTAL 12051 15578 -23
34
34
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
35
35
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
gt50 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
Obligation to go public in 3 months after the establishment of the company
13 of the board of directors must be ldquoindependentrdquo
36
36
Public REITS
1 Akfen
2 Akmerkez
3 Alarko
4 Atakule
5 Avrasya
6 Doğuş GE
7 EGS
8 Emlak
9 İdealist
10 İş
11 Kiler
12 Martı
13 Nurol
14 Oumlzderici
15 Pera
16 Reysaş
17 Sağlam
18 Sinpaş
19 Torunlar
20 TSKB
21 Vakıf
22 Yeşil
23 Yapı Kredi Koray
Non-public REITs
1 Albayrak
2 Bayraktar
3 Buumlyuumlkhanlı
4 Halk
5 Kuyaş
6 Oumlzak
7 Tuna
8 Servet
REITs in Turkey
37
37
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
38
38
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) 3839
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) 3859
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
Tahirhan Office Building
20
20
Location Istanbul
TSKB REIT Stake 74
Land Area (sqm) 606
Leasable Area (sqm) 3200
Number of Floors 8
Tenants Various
Appraisal Value (TLm) 627
TSKB REIT owns 74 of the building Tahirhan is a seven-
story building on 600 sqm plot and has a built up area of
3200 sqm
Building has full sea views from the third story and up
Tahirhan is located on the border of a major redevelopment
project It is suitable for conversion to more lucrative
activities The appraisal value of this site could appreciate
considerably
At present the offices are rented out to various companies
and individuals
Tahirhan 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 Land (TLm) 1173
Land Area (sqm) 3608
Planned Project City hotel
Construction Start Date 3Q2011
Planned Construction Completion
Date 1Q2013
Estimated Operational Date 1H 2013
Planned Investment (EURm) 30-34
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
A city hotel project of 200 rooms is under development The
hotel is to be operational in the first half of 2013
Total investment including the cost of the land is estimated
at EUR30m-34m
Adana Hotel Project (contd)
23
23
Project 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
Construction License has been acquired and Operating Agreement
(15-year maturity) was signed between TSKB REIT and Palmira
Turizm (Divan Group)
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
Current Assets 8083 7602 34083 7688 35242 19801
Cash and Banks 2084 3666 23845 3745 30218 15040
Financial Investments 5979 3417 489 841 1450 1706
Other Current Assets 20 519 9749 3102 3573 3055
Non-Current Assets 3655 114584 152327 290663 301937 304568
Investment Property 3651 69245 75580 278976 290261 293612
Fixed Assets 4 45339 76729 25 39 27
Other Non-Current Assets - - 18 11662 11637 10929
Total Assets 11738 122186 186410 298351 337179 324370
Short-term Liabilities 41 12319 7113 20431 22977 10296
Bank Debts - 1343 2062 12163 20170 9469
Trade Payables - 8769 156 4397 988 338
Other 41 2207 4895 3871 1819 489
Long-term Liabilities - 29143 70510 113788 93268 112608
Bank Debts - 29139 70509 113700 93161 112490
Other - 4 1 88 107 118
Shareholdersrsquo Equity 11697 80724 108787 164133 220934 201466
Paid-in Capital 10000 75000 100000 100000 150000 150000
Share Premium - - - - 593 593
Reserves - 32 43 153 153 153
Retained Earnings - 1666 5681 8634 63980 70188
Net Income (Loss) 1697 4026 3063 55346 6208 (19468)
Total Liabilities and Shareholders
Equity 11738 122186 186410 298351 337179 324370
Balance Sheet
(TL 000) 2006 2007 2008 2009 2010 9M11
26
26
Revenues 25 66 6048 4723 14381 10896
Operating Costs (-) (375) (1146) (3149) (3343) (12230) (5855)
Net Operating Profit (350) (1080) 2899 1380 2151 5041
Income from Other Operations 1060 786 6253 52632 5444 209
Expenses from Other Operations (-) (13 ) (177) (114) (41) (249) (34)
Operating Profit 658 (471) 9038 53971 7346 5216
Financial Income 1039 4498 803 1676 5650 1227
Financial Expenses (-) - - (6778) (301) (6787) (25911)
Profit Before Tax 1697 4026 3063 55346 6208 (19468)
Tax - - - - - -
Net Income 1697 4026 3063 55346 6208 (19468)
Income Statement
(TL 000) 2006 2007 2008 2009 2010 9M11
27
27
Total Assets
Real Estate Portfolio Assets
Key Parameters
Shareholdersrsquo Equity
2006 2007 2008 2009 2010 9M11
12
122
186
298 337 324
TL m
2006 2007 2008 2009 2010 9M11
12
81 109
164
221 201
TL m
2006 2007 2008 2009 2010 9M11
4
115
152
279 290 290 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
311210 300911 281011 311210-300911 300911-281011
ISE 100 Index 66004 59693 57042 -96 -44
ISE REIT Index 36063 35941 36563 -03 17
TSGYO 094 064 065 -319 16
Performance Performance
311210 300911 281011 311210-300911 300911-281011
TSGYO Market Cap (TL mn) 141 96 98 -319 16
TSGYO Market Cap (USD mn) 91 59 56 -354 -55
30
30
TSGYO Stock Performance
TSGYO ISE REIT Index and ISE 100 Index Performance
050
060
070
080
090
100
110
120
130
140
TSGYO ISE REIT Index ISE 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to ISE REIT Index
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO ISE REIT Index
-409
32
32
Net Asset Value
as of September 30 2011
as of October 28 2011
TSGYO Net Asset Value (NAV) ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Cash and Banks 1867
Receivables 1731269
Other Assets 17337078
Payables 122903597
NAV 201465933
Market Cap 97500000
Discount to NAV 52
33
33
REITs on ISE
as of October 28 2011
as of June 30 2011
Ticker Company Share Price NAV Per Share MCAP NAV Premium to
NAV TL TL TL mn TL mn
EKGYO Emlak REIT 247 227 6175 5674 9
TRGYO Torunlar REIT 493 1128 1104 2527 -56
SNGYO Sinpas REIT 134 271 804 1355 -41
AKMGY Akmerkez REIT 2055 2162 766 806 -5
ISGYO Is REIT 118 234 708 1405 -50
AKFGY Akfen REIT 167 401 307 739 -58
AVGYO Avrasya REIT 409 112 294 80 267
YGYO Yeşil REIT 119 078 280 184 52
KLGYO Kiler REIT 305 1068 267 934 -71
ALGYO Alarko REIT 1970 2563 210 273 -23
RYGYO Reysas REIT 090 197 153 334 -54
DGGYO Doğuş REIT 138 193 129 181 -29
VKGYO Vakıf REIT 135 615 135 135 0
TSGYO TSKB REIT 065 140 97 210 -54
SAGYO Saglam REIT 165 135 95 76 25
OZGYO Ozderici REIT 092 101 92 101 -9
AGYO Atakule REIT 110 252 92 212 -56
MRGYO Martı REIT 075 197 83 217 -62
NUGYO Nurol REIT 718 569 72 57 26
YKGYO Yapı Kredi Koray REIT 170 219 68 87 -22
PEGYO Pera REIT 075 185 67 165 -59
IDGYO Idealist REIT 404 119 40 12 239
EGYO EGS REIT 024 -371 12 -186 ad
TOTAL 12051 15578 -23
34
34
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
35
35
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
gt50 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
Obligation to go public in 3 months after the establishment of the company
13 of the board of directors must be ldquoindependentrdquo
36
36
Public REITS
1 Akfen
2 Akmerkez
3 Alarko
4 Atakule
5 Avrasya
6 Doğuş GE
7 EGS
8 Emlak
9 İdealist
10 İş
11 Kiler
12 Martı
13 Nurol
14 Oumlzderici
15 Pera
16 Reysaş
17 Sağlam
18 Sinpaş
19 Torunlar
20 TSKB
21 Vakıf
22 Yeşil
23 Yapı Kredi Koray
Non-public REITs
1 Albayrak
2 Bayraktar
3 Buumlyuumlkhanlı
4 Halk
5 Kuyaş
6 Oumlzak
7 Tuna
8 Servet
REITs in Turkey
37
37
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
38
38
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) 3839
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) 3859
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
Tahirhan Office Building
20
20
Location Istanbul
TSKB REIT Stake 74
Land Area (sqm) 606
Leasable Area (sqm) 3200
Number of Floors 8
Tenants Various
Appraisal Value (TLm) 627
TSKB REIT owns 74 of the building Tahirhan is a seven-
story building on 600 sqm plot and has a built up area of
3200 sqm
Building has full sea views from the third story and up
Tahirhan is located on the border of a major redevelopment
project It is suitable for conversion to more lucrative
activities The appraisal value of this site could appreciate
considerably
At present the offices are rented out to various companies
and individuals
Tahirhan 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 Land (TLm) 1173
Land Area (sqm) 3608
Planned Project City hotel
Construction Start Date 3Q2011
Planned Construction Completion
Date 1Q2013
Estimated Operational Date 1H 2013
Planned Investment (EURm) 30-34
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
A city hotel project of 200 rooms is under development The
hotel is to be operational in the first half of 2013
Total investment including the cost of the land is estimated
at EUR30m-34m
Adana Hotel Project (contd)
23
23
Project 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
Construction License has been acquired and Operating Agreement
(15-year maturity) was signed between TSKB REIT and Palmira
Turizm (Divan Group)
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
Current Assets 8083 7602 34083 7688 35242 19801
Cash and Banks 2084 3666 23845 3745 30218 15040
Financial Investments 5979 3417 489 841 1450 1706
Other Current Assets 20 519 9749 3102 3573 3055
Non-Current Assets 3655 114584 152327 290663 301937 304568
Investment Property 3651 69245 75580 278976 290261 293612
Fixed Assets 4 45339 76729 25 39 27
Other Non-Current Assets - - 18 11662 11637 10929
Total Assets 11738 122186 186410 298351 337179 324370
Short-term Liabilities 41 12319 7113 20431 22977 10296
Bank Debts - 1343 2062 12163 20170 9469
Trade Payables - 8769 156 4397 988 338
Other 41 2207 4895 3871 1819 489
Long-term Liabilities - 29143 70510 113788 93268 112608
Bank Debts - 29139 70509 113700 93161 112490
Other - 4 1 88 107 118
Shareholdersrsquo Equity 11697 80724 108787 164133 220934 201466
Paid-in Capital 10000 75000 100000 100000 150000 150000
Share Premium - - - - 593 593
Reserves - 32 43 153 153 153
Retained Earnings - 1666 5681 8634 63980 70188
Net Income (Loss) 1697 4026 3063 55346 6208 (19468)
Total Liabilities and Shareholders
Equity 11738 122186 186410 298351 337179 324370
Balance Sheet
(TL 000) 2006 2007 2008 2009 2010 9M11
26
26
Revenues 25 66 6048 4723 14381 10896
Operating Costs (-) (375) (1146) (3149) (3343) (12230) (5855)
Net Operating Profit (350) (1080) 2899 1380 2151 5041
Income from Other Operations 1060 786 6253 52632 5444 209
Expenses from Other Operations (-) (13 ) (177) (114) (41) (249) (34)
Operating Profit 658 (471) 9038 53971 7346 5216
Financial Income 1039 4498 803 1676 5650 1227
Financial Expenses (-) - - (6778) (301) (6787) (25911)
Profit Before Tax 1697 4026 3063 55346 6208 (19468)
Tax - - - - - -
Net Income 1697 4026 3063 55346 6208 (19468)
Income Statement
(TL 000) 2006 2007 2008 2009 2010 9M11
27
27
Total Assets
Real Estate Portfolio Assets
Key Parameters
Shareholdersrsquo Equity
2006 2007 2008 2009 2010 9M11
12
122
186
298 337 324
TL m
2006 2007 2008 2009 2010 9M11
12
81 109
164
221 201
TL m
2006 2007 2008 2009 2010 9M11
4
115
152
279 290 290 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
311210 300911 281011 311210-300911 300911-281011
ISE 100 Index 66004 59693 57042 -96 -44
ISE REIT Index 36063 35941 36563 -03 17
TSGYO 094 064 065 -319 16
Performance Performance
311210 300911 281011 311210-300911 300911-281011
TSGYO Market Cap (TL mn) 141 96 98 -319 16
TSGYO Market Cap (USD mn) 91 59 56 -354 -55
30
30
TSGYO Stock Performance
TSGYO ISE REIT Index and ISE 100 Index Performance
050
060
070
080
090
100
110
120
130
140
TSGYO ISE REIT Index ISE 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to ISE REIT Index
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO ISE REIT Index
-409
32
32
Net Asset Value
as of September 30 2011
as of October 28 2011
TSGYO Net Asset Value (NAV) ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Cash and Banks 1867
Receivables 1731269
Other Assets 17337078
Payables 122903597
NAV 201465933
Market Cap 97500000
Discount to NAV 52
33
33
REITs on ISE
as of October 28 2011
as of June 30 2011
Ticker Company Share Price NAV Per Share MCAP NAV Premium to
NAV TL TL TL mn TL mn
EKGYO Emlak REIT 247 227 6175 5674 9
TRGYO Torunlar REIT 493 1128 1104 2527 -56
SNGYO Sinpas REIT 134 271 804 1355 -41
AKMGY Akmerkez REIT 2055 2162 766 806 -5
ISGYO Is REIT 118 234 708 1405 -50
AKFGY Akfen REIT 167 401 307 739 -58
AVGYO Avrasya REIT 409 112 294 80 267
YGYO Yeşil REIT 119 078 280 184 52
KLGYO Kiler REIT 305 1068 267 934 -71
ALGYO Alarko REIT 1970 2563 210 273 -23
RYGYO Reysas REIT 090 197 153 334 -54
DGGYO Doğuş REIT 138 193 129 181 -29
VKGYO Vakıf REIT 135 615 135 135 0
TSGYO TSKB REIT 065 140 97 210 -54
SAGYO Saglam REIT 165 135 95 76 25
OZGYO Ozderici REIT 092 101 92 101 -9
AGYO Atakule REIT 110 252 92 212 -56
MRGYO Martı REIT 075 197 83 217 -62
NUGYO Nurol REIT 718 569 72 57 26
YKGYO Yapı Kredi Koray REIT 170 219 68 87 -22
PEGYO Pera REIT 075 185 67 165 -59
IDGYO Idealist REIT 404 119 40 12 239
EGYO EGS REIT 024 -371 12 -186 ad
TOTAL 12051 15578 -23
34
34
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
35
35
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
gt50 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
Obligation to go public in 3 months after the establishment of the company
13 of the board of directors must be ldquoindependentrdquo
36
36
Public REITS
1 Akfen
2 Akmerkez
3 Alarko
4 Atakule
5 Avrasya
6 Doğuş GE
7 EGS
8 Emlak
9 İdealist
10 İş
11 Kiler
12 Martı
13 Nurol
14 Oumlzderici
15 Pera
16 Reysaş
17 Sağlam
18 Sinpaş
19 Torunlar
20 TSKB
21 Vakıf
22 Yeşil
23 Yapı Kredi Koray
Non-public REITs
1 Albayrak
2 Bayraktar
3 Buumlyuumlkhanlı
4 Halk
5 Kuyaş
6 Oumlzak
7 Tuna
8 Servet
REITs in Turkey
37
37
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
38
38
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) 3859
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
Tahirhan Office Building
20
20
Location Istanbul
TSKB REIT Stake 74
Land Area (sqm) 606
Leasable Area (sqm) 3200
Number of Floors 8
Tenants Various
Appraisal Value (TLm) 627
TSKB REIT owns 74 of the building Tahirhan is a seven-
story building on 600 sqm plot and has a built up area of
3200 sqm
Building has full sea views from the third story and up
Tahirhan is located on the border of a major redevelopment
project It is suitable for conversion to more lucrative
activities The appraisal value of this site could appreciate
considerably
At present the offices are rented out to various companies
and individuals
Tahirhan 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 Land (TLm) 1173
Land Area (sqm) 3608
Planned Project City hotel
Construction Start Date 3Q2011
Planned Construction Completion
Date 1Q2013
Estimated Operational Date 1H 2013
Planned Investment (EURm) 30-34
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
A city hotel project of 200 rooms is under development The
hotel is to be operational in the first half of 2013
Total investment including the cost of the land is estimated
at EUR30m-34m
Adana Hotel Project (contd)
23
23
Project 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
Construction License has been acquired and Operating Agreement
(15-year maturity) was signed between TSKB REIT and Palmira
Turizm (Divan Group)
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
Current Assets 8083 7602 34083 7688 35242 19801
Cash and Banks 2084 3666 23845 3745 30218 15040
Financial Investments 5979 3417 489 841 1450 1706
Other Current Assets 20 519 9749 3102 3573 3055
Non-Current Assets 3655 114584 152327 290663 301937 304568
Investment Property 3651 69245 75580 278976 290261 293612
Fixed Assets 4 45339 76729 25 39 27
Other Non-Current Assets - - 18 11662 11637 10929
Total Assets 11738 122186 186410 298351 337179 324370
Short-term Liabilities 41 12319 7113 20431 22977 10296
Bank Debts - 1343 2062 12163 20170 9469
Trade Payables - 8769 156 4397 988 338
Other 41 2207 4895 3871 1819 489
Long-term Liabilities - 29143 70510 113788 93268 112608
Bank Debts - 29139 70509 113700 93161 112490
Other - 4 1 88 107 118
Shareholdersrsquo Equity 11697 80724 108787 164133 220934 201466
Paid-in Capital 10000 75000 100000 100000 150000 150000
Share Premium - - - - 593 593
Reserves - 32 43 153 153 153
Retained Earnings - 1666 5681 8634 63980 70188
Net Income (Loss) 1697 4026 3063 55346 6208 (19468)
Total Liabilities and Shareholders
Equity 11738 122186 186410 298351 337179 324370
Balance Sheet
(TL 000) 2006 2007 2008 2009 2010 9M11
26
26
Revenues 25 66 6048 4723 14381 10896
Operating Costs (-) (375) (1146) (3149) (3343) (12230) (5855)
Net Operating Profit (350) (1080) 2899 1380 2151 5041
Income from Other Operations 1060 786 6253 52632 5444 209
Expenses from Other Operations (-) (13 ) (177) (114) (41) (249) (34)
Operating Profit 658 (471) 9038 53971 7346 5216
Financial Income 1039 4498 803 1676 5650 1227
Financial Expenses (-) - - (6778) (301) (6787) (25911)
Profit Before Tax 1697 4026 3063 55346 6208 (19468)
Tax - - - - - -
Net Income 1697 4026 3063 55346 6208 (19468)
Income Statement
(TL 000) 2006 2007 2008 2009 2010 9M11
27
27
Total Assets
Real Estate Portfolio Assets
Key Parameters
Shareholdersrsquo Equity
2006 2007 2008 2009 2010 9M11
12
122
186
298 337 324
TL m
2006 2007 2008 2009 2010 9M11
12
81 109
164
221 201
TL m
2006 2007 2008 2009 2010 9M11
4
115
152
279 290 290 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
311210 300911 281011 311210-300911 300911-281011
ISE 100 Index 66004 59693 57042 -96 -44
ISE REIT Index 36063 35941 36563 -03 17
TSGYO 094 064 065 -319 16
Performance Performance
311210 300911 281011 311210-300911 300911-281011
TSGYO Market Cap (TL mn) 141 96 98 -319 16
TSGYO Market Cap (USD mn) 91 59 56 -354 -55
30
30
TSGYO Stock Performance
TSGYO ISE REIT Index and ISE 100 Index Performance
050
060
070
080
090
100
110
120
130
140
TSGYO ISE REIT Index ISE 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to ISE REIT Index
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO ISE REIT Index
-409
32
32
Net Asset Value
as of September 30 2011
as of October 28 2011
TSGYO Net Asset Value (NAV) ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Cash and Banks 1867
Receivables 1731269
Other Assets 17337078
Payables 122903597
NAV 201465933
Market Cap 97500000
Discount to NAV 52
33
33
REITs on ISE
as of October 28 2011
as of June 30 2011
Ticker Company Share Price NAV Per Share MCAP NAV Premium to
NAV TL TL TL mn TL mn
EKGYO Emlak REIT 247 227 6175 5674 9
TRGYO Torunlar REIT 493 1128 1104 2527 -56
SNGYO Sinpas REIT 134 271 804 1355 -41
AKMGY Akmerkez REIT 2055 2162 766 806 -5
ISGYO Is REIT 118 234 708 1405 -50
AKFGY Akfen REIT 167 401 307 739 -58
AVGYO Avrasya REIT 409 112 294 80 267
YGYO Yeşil REIT 119 078 280 184 52
KLGYO Kiler REIT 305 1068 267 934 -71
ALGYO Alarko REIT 1970 2563 210 273 -23
RYGYO Reysas REIT 090 197 153 334 -54
DGGYO Doğuş REIT 138 193 129 181 -29
VKGYO Vakıf REIT 135 615 135 135 0
TSGYO TSKB REIT 065 140 97 210 -54
SAGYO Saglam REIT 165 135 95 76 25
OZGYO Ozderici REIT 092 101 92 101 -9
AGYO Atakule REIT 110 252 92 212 -56
MRGYO Martı REIT 075 197 83 217 -62
NUGYO Nurol REIT 718 569 72 57 26
YKGYO Yapı Kredi Koray REIT 170 219 68 87 -22
PEGYO Pera REIT 075 185 67 165 -59
IDGYO Idealist REIT 404 119 40 12 239
EGYO EGS REIT 024 -371 12 -186 ad
TOTAL 12051 15578 -23
34
34
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
35
35
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
gt50 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
Obligation to go public in 3 months after the establishment of the company
13 of the board of directors must be ldquoindependentrdquo
36
36
Public REITS
1 Akfen
2 Akmerkez
3 Alarko
4 Atakule
5 Avrasya
6 Doğuş GE
7 EGS
8 Emlak
9 İdealist
10 İş
11 Kiler
12 Martı
13 Nurol
14 Oumlzderici
15 Pera
16 Reysaş
17 Sağlam
18 Sinpaş
19 Torunlar
20 TSKB
21 Vakıf
22 Yeşil
23 Yapı Kredi Koray
Non-public REITs
1 Albayrak
2 Bayraktar
3 Buumlyuumlkhanlı
4 Halk
5 Kuyaş
6 Oumlzak
7 Tuna
8 Servet
REITs in Turkey
37
37
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
38
38
19
19
Tahirhan Office Building
20
20
Location Istanbul
TSKB REIT Stake 74
Land Area (sqm) 606
Leasable Area (sqm) 3200
Number of Floors 8
Tenants Various
Appraisal Value (TLm) 627
TSKB REIT owns 74 of the building Tahirhan is a seven-
story building on 600 sqm plot and has a built up area of
3200 sqm
Building has full sea views from the third story and up
Tahirhan is located on the border of a major redevelopment
project It is suitable for conversion to more lucrative
activities The appraisal value of this site could appreciate
considerably
At present the offices are rented out to various companies
and individuals
Tahirhan 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 Land (TLm) 1173
Land Area (sqm) 3608
Planned Project City hotel
Construction Start Date 3Q2011
Planned Construction Completion
Date 1Q2013
Estimated Operational Date 1H 2013
Planned Investment (EURm) 30-34
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
A city hotel project of 200 rooms is under development The
hotel is to be operational in the first half of 2013
Total investment including the cost of the land is estimated
at EUR30m-34m
Adana Hotel Project (contd)
23
23
Project 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
Construction License has been acquired and Operating Agreement
(15-year maturity) was signed between TSKB REIT and Palmira
Turizm (Divan Group)
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
Current Assets 8083 7602 34083 7688 35242 19801
Cash and Banks 2084 3666 23845 3745 30218 15040
Financial Investments 5979 3417 489 841 1450 1706
Other Current Assets 20 519 9749 3102 3573 3055
Non-Current Assets 3655 114584 152327 290663 301937 304568
Investment Property 3651 69245 75580 278976 290261 293612
Fixed Assets 4 45339 76729 25 39 27
Other Non-Current Assets - - 18 11662 11637 10929
Total Assets 11738 122186 186410 298351 337179 324370
Short-term Liabilities 41 12319 7113 20431 22977 10296
Bank Debts - 1343 2062 12163 20170 9469
Trade Payables - 8769 156 4397 988 338
Other 41 2207 4895 3871 1819 489
Long-term Liabilities - 29143 70510 113788 93268 112608
Bank Debts - 29139 70509 113700 93161 112490
Other - 4 1 88 107 118
Shareholdersrsquo Equity 11697 80724 108787 164133 220934 201466
Paid-in Capital 10000 75000 100000 100000 150000 150000
Share Premium - - - - 593 593
Reserves - 32 43 153 153 153
Retained Earnings - 1666 5681 8634 63980 70188
Net Income (Loss) 1697 4026 3063 55346 6208 (19468)
Total Liabilities and Shareholders
Equity 11738 122186 186410 298351 337179 324370
Balance Sheet
(TL 000) 2006 2007 2008 2009 2010 9M11
26
26
Revenues 25 66 6048 4723 14381 10896
Operating Costs (-) (375) (1146) (3149) (3343) (12230) (5855)
Net Operating Profit (350) (1080) 2899 1380 2151 5041
Income from Other Operations 1060 786 6253 52632 5444 209
Expenses from Other Operations (-) (13 ) (177) (114) (41) (249) (34)
Operating Profit 658 (471) 9038 53971 7346 5216
Financial Income 1039 4498 803 1676 5650 1227
Financial Expenses (-) - - (6778) (301) (6787) (25911)
Profit Before Tax 1697 4026 3063 55346 6208 (19468)
Tax - - - - - -
Net Income 1697 4026 3063 55346 6208 (19468)
Income Statement
(TL 000) 2006 2007 2008 2009 2010 9M11
27
27
Total Assets
Real Estate Portfolio Assets
Key Parameters
Shareholdersrsquo Equity
2006 2007 2008 2009 2010 9M11
12
122
186
298 337 324
TL m
2006 2007 2008 2009 2010 9M11
12
81 109
164
221 201
TL m
2006 2007 2008 2009 2010 9M11
4
115
152
279 290 290 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
311210 300911 281011 311210-300911 300911-281011
ISE 100 Index 66004 59693 57042 -96 -44
ISE REIT Index 36063 35941 36563 -03 17
TSGYO 094 064 065 -319 16
Performance Performance
311210 300911 281011 311210-300911 300911-281011
TSGYO Market Cap (TL mn) 141 96 98 -319 16
TSGYO Market Cap (USD mn) 91 59 56 -354 -55
30
30
TSGYO Stock Performance
TSGYO ISE REIT Index and ISE 100 Index Performance
050
060
070
080
090
100
110
120
130
140
TSGYO ISE REIT Index ISE 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to ISE REIT Index
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO ISE REIT Index
-409
32
32
Net Asset Value
as of September 30 2011
as of October 28 2011
TSGYO Net Asset Value (NAV) ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Cash and Banks 1867
Receivables 1731269
Other Assets 17337078
Payables 122903597
NAV 201465933
Market Cap 97500000
Discount to NAV 52
33
33
REITs on ISE
as of October 28 2011
as of June 30 2011
Ticker Company Share Price NAV Per Share MCAP NAV Premium to
NAV TL TL TL mn TL mn
EKGYO Emlak REIT 247 227 6175 5674 9
TRGYO Torunlar REIT 493 1128 1104 2527 -56
SNGYO Sinpas REIT 134 271 804 1355 -41
AKMGY Akmerkez REIT 2055 2162 766 806 -5
ISGYO Is REIT 118 234 708 1405 -50
AKFGY Akfen REIT 167 401 307 739 -58
AVGYO Avrasya REIT 409 112 294 80 267
YGYO Yeşil REIT 119 078 280 184 52
KLGYO Kiler REIT 305 1068 267 934 -71
ALGYO Alarko REIT 1970 2563 210 273 -23
RYGYO Reysas REIT 090 197 153 334 -54
DGGYO Doğuş REIT 138 193 129 181 -29
VKGYO Vakıf REIT 135 615 135 135 0
TSGYO TSKB REIT 065 140 97 210 -54
SAGYO Saglam REIT 165 135 95 76 25
OZGYO Ozderici REIT 092 101 92 101 -9
AGYO Atakule REIT 110 252 92 212 -56
MRGYO Martı REIT 075 197 83 217 -62
NUGYO Nurol REIT 718 569 72 57 26
YKGYO Yapı Kredi Koray REIT 170 219 68 87 -22
PEGYO Pera REIT 075 185 67 165 -59
IDGYO Idealist REIT 404 119 40 12 239
EGYO EGS REIT 024 -371 12 -186 ad
TOTAL 12051 15578 -23
34
34
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
35
35
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
gt50 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
Obligation to go public in 3 months after the establishment of the company
13 of the board of directors must be ldquoindependentrdquo
36
36
Public REITS
1 Akfen
2 Akmerkez
3 Alarko
4 Atakule
5 Avrasya
6 Doğuş GE
7 EGS
8 Emlak
9 İdealist
10 İş
11 Kiler
12 Martı
13 Nurol
14 Oumlzderici
15 Pera
16 Reysaş
17 Sağlam
18 Sinpaş
19 Torunlar
20 TSKB
21 Vakıf
22 Yeşil
23 Yapı Kredi Koray
Non-public REITs
1 Albayrak
2 Bayraktar
3 Buumlyuumlkhanlı
4 Halk
5 Kuyaş
6 Oumlzak
7 Tuna
8 Servet
REITs in Turkey
37
37
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
38
38
20
20
Location Istanbul
TSKB REIT Stake 74
Land Area (sqm) 606
Leasable Area (sqm) 3200
Number of Floors 8
Tenants Various
Appraisal Value (TLm) 627
TSKB REIT owns 74 of the building Tahirhan is a seven-
story building on 600 sqm plot and has a built up area of
3200 sqm
Building has full sea views from the third story and up
Tahirhan is located on the border of a major redevelopment
project It is suitable for conversion to more lucrative
activities The appraisal value of this site could appreciate
considerably
At present the offices are rented out to various companies
and individuals
Tahirhan 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 Land (TLm) 1173
Land Area (sqm) 3608
Planned Project City hotel
Construction Start Date 3Q2011
Planned Construction Completion
Date 1Q2013
Estimated Operational Date 1H 2013
Planned Investment (EURm) 30-34
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
A city hotel project of 200 rooms is under development The
hotel is to be operational in the first half of 2013
Total investment including the cost of the land is estimated
at EUR30m-34m
Adana Hotel Project (contd)
23
23
Project 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
Construction License has been acquired and Operating Agreement
(15-year maturity) was signed between TSKB REIT and Palmira
Turizm (Divan Group)
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
Current Assets 8083 7602 34083 7688 35242 19801
Cash and Banks 2084 3666 23845 3745 30218 15040
Financial Investments 5979 3417 489 841 1450 1706
Other Current Assets 20 519 9749 3102 3573 3055
Non-Current Assets 3655 114584 152327 290663 301937 304568
Investment Property 3651 69245 75580 278976 290261 293612
Fixed Assets 4 45339 76729 25 39 27
Other Non-Current Assets - - 18 11662 11637 10929
Total Assets 11738 122186 186410 298351 337179 324370
Short-term Liabilities 41 12319 7113 20431 22977 10296
Bank Debts - 1343 2062 12163 20170 9469
Trade Payables - 8769 156 4397 988 338
Other 41 2207 4895 3871 1819 489
Long-term Liabilities - 29143 70510 113788 93268 112608
Bank Debts - 29139 70509 113700 93161 112490
Other - 4 1 88 107 118
Shareholdersrsquo Equity 11697 80724 108787 164133 220934 201466
Paid-in Capital 10000 75000 100000 100000 150000 150000
Share Premium - - - - 593 593
Reserves - 32 43 153 153 153
Retained Earnings - 1666 5681 8634 63980 70188
Net Income (Loss) 1697 4026 3063 55346 6208 (19468)
Total Liabilities and Shareholders
Equity 11738 122186 186410 298351 337179 324370
Balance Sheet
(TL 000) 2006 2007 2008 2009 2010 9M11
26
26
Revenues 25 66 6048 4723 14381 10896
Operating Costs (-) (375) (1146) (3149) (3343) (12230) (5855)
Net Operating Profit (350) (1080) 2899 1380 2151 5041
Income from Other Operations 1060 786 6253 52632 5444 209
Expenses from Other Operations (-) (13 ) (177) (114) (41) (249) (34)
Operating Profit 658 (471) 9038 53971 7346 5216
Financial Income 1039 4498 803 1676 5650 1227
Financial Expenses (-) - - (6778) (301) (6787) (25911)
Profit Before Tax 1697 4026 3063 55346 6208 (19468)
Tax - - - - - -
Net Income 1697 4026 3063 55346 6208 (19468)
Income Statement
(TL 000) 2006 2007 2008 2009 2010 9M11
27
27
Total Assets
Real Estate Portfolio Assets
Key Parameters
Shareholdersrsquo Equity
2006 2007 2008 2009 2010 9M11
12
122
186
298 337 324
TL m
2006 2007 2008 2009 2010 9M11
12
81 109
164
221 201
TL m
2006 2007 2008 2009 2010 9M11
4
115
152
279 290 290 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
311210 300911 281011 311210-300911 300911-281011
ISE 100 Index 66004 59693 57042 -96 -44
ISE REIT Index 36063 35941 36563 -03 17
TSGYO 094 064 065 -319 16
Performance Performance
311210 300911 281011 311210-300911 300911-281011
TSGYO Market Cap (TL mn) 141 96 98 -319 16
TSGYO Market Cap (USD mn) 91 59 56 -354 -55
30
30
TSGYO Stock Performance
TSGYO ISE REIT Index and ISE 100 Index Performance
050
060
070
080
090
100
110
120
130
140
TSGYO ISE REIT Index ISE 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to ISE REIT Index
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO ISE REIT Index
-409
32
32
Net Asset Value
as of September 30 2011
as of October 28 2011
TSGYO Net Asset Value (NAV) ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Cash and Banks 1867
Receivables 1731269
Other Assets 17337078
Payables 122903597
NAV 201465933
Market Cap 97500000
Discount to NAV 52
33
33
REITs on ISE
as of October 28 2011
as of June 30 2011
Ticker Company Share Price NAV Per Share MCAP NAV Premium to
NAV TL TL TL mn TL mn
EKGYO Emlak REIT 247 227 6175 5674 9
TRGYO Torunlar REIT 493 1128 1104 2527 -56
SNGYO Sinpas REIT 134 271 804 1355 -41
AKMGY Akmerkez REIT 2055 2162 766 806 -5
ISGYO Is REIT 118 234 708 1405 -50
AKFGY Akfen REIT 167 401 307 739 -58
AVGYO Avrasya REIT 409 112 294 80 267
YGYO Yeşil REIT 119 078 280 184 52
KLGYO Kiler REIT 305 1068 267 934 -71
ALGYO Alarko REIT 1970 2563 210 273 -23
RYGYO Reysas REIT 090 197 153 334 -54
DGGYO Doğuş REIT 138 193 129 181 -29
VKGYO Vakıf REIT 135 615 135 135 0
TSGYO TSKB REIT 065 140 97 210 -54
SAGYO Saglam REIT 165 135 95 76 25
OZGYO Ozderici REIT 092 101 92 101 -9
AGYO Atakule REIT 110 252 92 212 -56
MRGYO Martı REIT 075 197 83 217 -62
NUGYO Nurol REIT 718 569 72 57 26
YKGYO Yapı Kredi Koray REIT 170 219 68 87 -22
PEGYO Pera REIT 075 185 67 165 -59
IDGYO Idealist REIT 404 119 40 12 239
EGYO EGS REIT 024 -371 12 -186 ad
TOTAL 12051 15578 -23
34
34
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
35
35
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
gt50 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
Obligation to go public in 3 months after the establishment of the company
13 of the board of directors must be ldquoindependentrdquo
36
36
Public REITS
1 Akfen
2 Akmerkez
3 Alarko
4 Atakule
5 Avrasya
6 Doğuş GE
7 EGS
8 Emlak
9 İdealist
10 İş
11 Kiler
12 Martı
13 Nurol
14 Oumlzderici
15 Pera
16 Reysaş
17 Sağlam
18 Sinpaş
19 Torunlar
20 TSKB
21 Vakıf
22 Yeşil
23 Yapı Kredi Koray
Non-public REITs
1 Albayrak
2 Bayraktar
3 Buumlyuumlkhanlı
4 Halk
5 Kuyaş
6 Oumlzak
7 Tuna
8 Servet
REITs in Turkey
37
37
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
38
38
21
21
Adana Hotel Project (Divan Hotel)
22
22
Location Adana-City
Center
TSKB REIT Stake 50
Acquisition Date November
2007
Appraisal Value ndash Land (TLm) 1173
Land Area (sqm) 3608
Planned Project City hotel
Construction Start Date 3Q2011
Planned Construction Completion
Date 1Q2013
Estimated Operational Date 1H 2013
Planned Investment (EURm) 30-34
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
A city hotel project of 200 rooms is under development The
hotel is to be operational in the first half of 2013
Total investment including the cost of the land is estimated
at EUR30m-34m
Adana Hotel Project (contd)
23
23
Project 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
Construction License has been acquired and Operating Agreement
(15-year maturity) was signed between TSKB REIT and Palmira
Turizm (Divan Group)
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
Current Assets 8083 7602 34083 7688 35242 19801
Cash and Banks 2084 3666 23845 3745 30218 15040
Financial Investments 5979 3417 489 841 1450 1706
Other Current Assets 20 519 9749 3102 3573 3055
Non-Current Assets 3655 114584 152327 290663 301937 304568
Investment Property 3651 69245 75580 278976 290261 293612
Fixed Assets 4 45339 76729 25 39 27
Other Non-Current Assets - - 18 11662 11637 10929
Total Assets 11738 122186 186410 298351 337179 324370
Short-term Liabilities 41 12319 7113 20431 22977 10296
Bank Debts - 1343 2062 12163 20170 9469
Trade Payables - 8769 156 4397 988 338
Other 41 2207 4895 3871 1819 489
Long-term Liabilities - 29143 70510 113788 93268 112608
Bank Debts - 29139 70509 113700 93161 112490
Other - 4 1 88 107 118
Shareholdersrsquo Equity 11697 80724 108787 164133 220934 201466
Paid-in Capital 10000 75000 100000 100000 150000 150000
Share Premium - - - - 593 593
Reserves - 32 43 153 153 153
Retained Earnings - 1666 5681 8634 63980 70188
Net Income (Loss) 1697 4026 3063 55346 6208 (19468)
Total Liabilities and Shareholders
Equity 11738 122186 186410 298351 337179 324370
Balance Sheet
(TL 000) 2006 2007 2008 2009 2010 9M11
26
26
Revenues 25 66 6048 4723 14381 10896
Operating Costs (-) (375) (1146) (3149) (3343) (12230) (5855)
Net Operating Profit (350) (1080) 2899 1380 2151 5041
Income from Other Operations 1060 786 6253 52632 5444 209
Expenses from Other Operations (-) (13 ) (177) (114) (41) (249) (34)
Operating Profit 658 (471) 9038 53971 7346 5216
Financial Income 1039 4498 803 1676 5650 1227
Financial Expenses (-) - - (6778) (301) (6787) (25911)
Profit Before Tax 1697 4026 3063 55346 6208 (19468)
Tax - - - - - -
Net Income 1697 4026 3063 55346 6208 (19468)
Income Statement
(TL 000) 2006 2007 2008 2009 2010 9M11
27
27
Total Assets
Real Estate Portfolio Assets
Key Parameters
Shareholdersrsquo Equity
2006 2007 2008 2009 2010 9M11
12
122
186
298 337 324
TL m
2006 2007 2008 2009 2010 9M11
12
81 109
164
221 201
TL m
2006 2007 2008 2009 2010 9M11
4
115
152
279 290 290 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
311210 300911 281011 311210-300911 300911-281011
ISE 100 Index 66004 59693 57042 -96 -44
ISE REIT Index 36063 35941 36563 -03 17
TSGYO 094 064 065 -319 16
Performance Performance
311210 300911 281011 311210-300911 300911-281011
TSGYO Market Cap (TL mn) 141 96 98 -319 16
TSGYO Market Cap (USD mn) 91 59 56 -354 -55
30
30
TSGYO Stock Performance
TSGYO ISE REIT Index and ISE 100 Index Performance
050
060
070
080
090
100
110
120
130
140
TSGYO ISE REIT Index ISE 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to ISE REIT Index
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO ISE REIT Index
-409
32
32
Net Asset Value
as of September 30 2011
as of October 28 2011
TSGYO Net Asset Value (NAV) ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Cash and Banks 1867
Receivables 1731269
Other Assets 17337078
Payables 122903597
NAV 201465933
Market Cap 97500000
Discount to NAV 52
33
33
REITs on ISE
as of October 28 2011
as of June 30 2011
Ticker Company Share Price NAV Per Share MCAP NAV Premium to
NAV TL TL TL mn TL mn
EKGYO Emlak REIT 247 227 6175 5674 9
TRGYO Torunlar REIT 493 1128 1104 2527 -56
SNGYO Sinpas REIT 134 271 804 1355 -41
AKMGY Akmerkez REIT 2055 2162 766 806 -5
ISGYO Is REIT 118 234 708 1405 -50
AKFGY Akfen REIT 167 401 307 739 -58
AVGYO Avrasya REIT 409 112 294 80 267
YGYO Yeşil REIT 119 078 280 184 52
KLGYO Kiler REIT 305 1068 267 934 -71
ALGYO Alarko REIT 1970 2563 210 273 -23
RYGYO Reysas REIT 090 197 153 334 -54
DGGYO Doğuş REIT 138 193 129 181 -29
VKGYO Vakıf REIT 135 615 135 135 0
TSGYO TSKB REIT 065 140 97 210 -54
SAGYO Saglam REIT 165 135 95 76 25
OZGYO Ozderici REIT 092 101 92 101 -9
AGYO Atakule REIT 110 252 92 212 -56
MRGYO Martı REIT 075 197 83 217 -62
NUGYO Nurol REIT 718 569 72 57 26
YKGYO Yapı Kredi Koray REIT 170 219 68 87 -22
PEGYO Pera REIT 075 185 67 165 -59
IDGYO Idealist REIT 404 119 40 12 239
EGYO EGS REIT 024 -371 12 -186 ad
TOTAL 12051 15578 -23
34
34
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
35
35
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
gt50 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
Obligation to go public in 3 months after the establishment of the company
13 of the board of directors must be ldquoindependentrdquo
36
36
Public REITS
1 Akfen
2 Akmerkez
3 Alarko
4 Atakule
5 Avrasya
6 Doğuş GE
7 EGS
8 Emlak
9 İdealist
10 İş
11 Kiler
12 Martı
13 Nurol
14 Oumlzderici
15 Pera
16 Reysaş
17 Sağlam
18 Sinpaş
19 Torunlar
20 TSKB
21 Vakıf
22 Yeşil
23 Yapı Kredi Koray
Non-public REITs
1 Albayrak
2 Bayraktar
3 Buumlyuumlkhanlı
4 Halk
5 Kuyaş
6 Oumlzak
7 Tuna
8 Servet
REITs in Turkey
37
37
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
38
38
22
22
Location Adana-City
Center
TSKB REIT Stake 50
Acquisition Date November
2007
Appraisal Value ndash Land (TLm) 1173
Land Area (sqm) 3608
Planned Project City hotel
Construction Start Date 3Q2011
Planned Construction Completion
Date 1Q2013
Estimated Operational Date 1H 2013
Planned Investment (EURm) 30-34
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
A city hotel project of 200 rooms is under development The
hotel is to be operational in the first half of 2013
Total investment including the cost of the land is estimated
at EUR30m-34m
Adana Hotel Project (contd)
23
23
Project 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
Construction License has been acquired and Operating Agreement
(15-year maturity) was signed between TSKB REIT and Palmira
Turizm (Divan Group)
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
Current Assets 8083 7602 34083 7688 35242 19801
Cash and Banks 2084 3666 23845 3745 30218 15040
Financial Investments 5979 3417 489 841 1450 1706
Other Current Assets 20 519 9749 3102 3573 3055
Non-Current Assets 3655 114584 152327 290663 301937 304568
Investment Property 3651 69245 75580 278976 290261 293612
Fixed Assets 4 45339 76729 25 39 27
Other Non-Current Assets - - 18 11662 11637 10929
Total Assets 11738 122186 186410 298351 337179 324370
Short-term Liabilities 41 12319 7113 20431 22977 10296
Bank Debts - 1343 2062 12163 20170 9469
Trade Payables - 8769 156 4397 988 338
Other 41 2207 4895 3871 1819 489
Long-term Liabilities - 29143 70510 113788 93268 112608
Bank Debts - 29139 70509 113700 93161 112490
Other - 4 1 88 107 118
Shareholdersrsquo Equity 11697 80724 108787 164133 220934 201466
Paid-in Capital 10000 75000 100000 100000 150000 150000
Share Premium - - - - 593 593
Reserves - 32 43 153 153 153
Retained Earnings - 1666 5681 8634 63980 70188
Net Income (Loss) 1697 4026 3063 55346 6208 (19468)
Total Liabilities and Shareholders
Equity 11738 122186 186410 298351 337179 324370
Balance Sheet
(TL 000) 2006 2007 2008 2009 2010 9M11
26
26
Revenues 25 66 6048 4723 14381 10896
Operating Costs (-) (375) (1146) (3149) (3343) (12230) (5855)
Net Operating Profit (350) (1080) 2899 1380 2151 5041
Income from Other Operations 1060 786 6253 52632 5444 209
Expenses from Other Operations (-) (13 ) (177) (114) (41) (249) (34)
Operating Profit 658 (471) 9038 53971 7346 5216
Financial Income 1039 4498 803 1676 5650 1227
Financial Expenses (-) - - (6778) (301) (6787) (25911)
Profit Before Tax 1697 4026 3063 55346 6208 (19468)
Tax - - - - - -
Net Income 1697 4026 3063 55346 6208 (19468)
Income Statement
(TL 000) 2006 2007 2008 2009 2010 9M11
27
27
Total Assets
Real Estate Portfolio Assets
Key Parameters
Shareholdersrsquo Equity
2006 2007 2008 2009 2010 9M11
12
122
186
298 337 324
TL m
2006 2007 2008 2009 2010 9M11
12
81 109
164
221 201
TL m
2006 2007 2008 2009 2010 9M11
4
115
152
279 290 290 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
311210 300911 281011 311210-300911 300911-281011
ISE 100 Index 66004 59693 57042 -96 -44
ISE REIT Index 36063 35941 36563 -03 17
TSGYO 094 064 065 -319 16
Performance Performance
311210 300911 281011 311210-300911 300911-281011
TSGYO Market Cap (TL mn) 141 96 98 -319 16
TSGYO Market Cap (USD mn) 91 59 56 -354 -55
30
30
TSGYO Stock Performance
TSGYO ISE REIT Index and ISE 100 Index Performance
050
060
070
080
090
100
110
120
130
140
TSGYO ISE REIT Index ISE 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to ISE REIT Index
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO ISE REIT Index
-409
32
32
Net Asset Value
as of September 30 2011
as of October 28 2011
TSGYO Net Asset Value (NAV) ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Cash and Banks 1867
Receivables 1731269
Other Assets 17337078
Payables 122903597
NAV 201465933
Market Cap 97500000
Discount to NAV 52
33
33
REITs on ISE
as of October 28 2011
as of June 30 2011
Ticker Company Share Price NAV Per Share MCAP NAV Premium to
NAV TL TL TL mn TL mn
EKGYO Emlak REIT 247 227 6175 5674 9
TRGYO Torunlar REIT 493 1128 1104 2527 -56
SNGYO Sinpas REIT 134 271 804 1355 -41
AKMGY Akmerkez REIT 2055 2162 766 806 -5
ISGYO Is REIT 118 234 708 1405 -50
AKFGY Akfen REIT 167 401 307 739 -58
AVGYO Avrasya REIT 409 112 294 80 267
YGYO Yeşil REIT 119 078 280 184 52
KLGYO Kiler REIT 305 1068 267 934 -71
ALGYO Alarko REIT 1970 2563 210 273 -23
RYGYO Reysas REIT 090 197 153 334 -54
DGGYO Doğuş REIT 138 193 129 181 -29
VKGYO Vakıf REIT 135 615 135 135 0
TSGYO TSKB REIT 065 140 97 210 -54
SAGYO Saglam REIT 165 135 95 76 25
OZGYO Ozderici REIT 092 101 92 101 -9
AGYO Atakule REIT 110 252 92 212 -56
MRGYO Martı REIT 075 197 83 217 -62
NUGYO Nurol REIT 718 569 72 57 26
YKGYO Yapı Kredi Koray REIT 170 219 68 87 -22
PEGYO Pera REIT 075 185 67 165 -59
IDGYO Idealist REIT 404 119 40 12 239
EGYO EGS REIT 024 -371 12 -186 ad
TOTAL 12051 15578 -23
34
34
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
35
35
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
gt50 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
Obligation to go public in 3 months after the establishment of the company
13 of the board of directors must be ldquoindependentrdquo
36
36
Public REITS
1 Akfen
2 Akmerkez
3 Alarko
4 Atakule
5 Avrasya
6 Doğuş GE
7 EGS
8 Emlak
9 İdealist
10 İş
11 Kiler
12 Martı
13 Nurol
14 Oumlzderici
15 Pera
16 Reysaş
17 Sağlam
18 Sinpaş
19 Torunlar
20 TSKB
21 Vakıf
22 Yeşil
23 Yapı Kredi Koray
Non-public REITs
1 Albayrak
2 Bayraktar
3 Buumlyuumlkhanlı
4 Halk
5 Kuyaş
6 Oumlzak
7 Tuna
8 Servet
REITs in Turkey
37
37
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
38
38
23
23
Project 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
Construction License has been acquired and Operating Agreement
(15-year maturity) was signed between TSKB REIT and Palmira
Turizm (Divan Group)
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
Current Assets 8083 7602 34083 7688 35242 19801
Cash and Banks 2084 3666 23845 3745 30218 15040
Financial Investments 5979 3417 489 841 1450 1706
Other Current Assets 20 519 9749 3102 3573 3055
Non-Current Assets 3655 114584 152327 290663 301937 304568
Investment Property 3651 69245 75580 278976 290261 293612
Fixed Assets 4 45339 76729 25 39 27
Other Non-Current Assets - - 18 11662 11637 10929
Total Assets 11738 122186 186410 298351 337179 324370
Short-term Liabilities 41 12319 7113 20431 22977 10296
Bank Debts - 1343 2062 12163 20170 9469
Trade Payables - 8769 156 4397 988 338
Other 41 2207 4895 3871 1819 489
Long-term Liabilities - 29143 70510 113788 93268 112608
Bank Debts - 29139 70509 113700 93161 112490
Other - 4 1 88 107 118
Shareholdersrsquo Equity 11697 80724 108787 164133 220934 201466
Paid-in Capital 10000 75000 100000 100000 150000 150000
Share Premium - - - - 593 593
Reserves - 32 43 153 153 153
Retained Earnings - 1666 5681 8634 63980 70188
Net Income (Loss) 1697 4026 3063 55346 6208 (19468)
Total Liabilities and Shareholders
Equity 11738 122186 186410 298351 337179 324370
Balance Sheet
(TL 000) 2006 2007 2008 2009 2010 9M11
26
26
Revenues 25 66 6048 4723 14381 10896
Operating Costs (-) (375) (1146) (3149) (3343) (12230) (5855)
Net Operating Profit (350) (1080) 2899 1380 2151 5041
Income from Other Operations 1060 786 6253 52632 5444 209
Expenses from Other Operations (-) (13 ) (177) (114) (41) (249) (34)
Operating Profit 658 (471) 9038 53971 7346 5216
Financial Income 1039 4498 803 1676 5650 1227
Financial Expenses (-) - - (6778) (301) (6787) (25911)
Profit Before Tax 1697 4026 3063 55346 6208 (19468)
Tax - - - - - -
Net Income 1697 4026 3063 55346 6208 (19468)
Income Statement
(TL 000) 2006 2007 2008 2009 2010 9M11
27
27
Total Assets
Real Estate Portfolio Assets
Key Parameters
Shareholdersrsquo Equity
2006 2007 2008 2009 2010 9M11
12
122
186
298 337 324
TL m
2006 2007 2008 2009 2010 9M11
12
81 109
164
221 201
TL m
2006 2007 2008 2009 2010 9M11
4
115
152
279 290 290 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
311210 300911 281011 311210-300911 300911-281011
ISE 100 Index 66004 59693 57042 -96 -44
ISE REIT Index 36063 35941 36563 -03 17
TSGYO 094 064 065 -319 16
Performance Performance
311210 300911 281011 311210-300911 300911-281011
TSGYO Market Cap (TL mn) 141 96 98 -319 16
TSGYO Market Cap (USD mn) 91 59 56 -354 -55
30
30
TSGYO Stock Performance
TSGYO ISE REIT Index and ISE 100 Index Performance
050
060
070
080
090
100
110
120
130
140
TSGYO ISE REIT Index ISE 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to ISE REIT Index
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO ISE REIT Index
-409
32
32
Net Asset Value
as of September 30 2011
as of October 28 2011
TSGYO Net Asset Value (NAV) ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Cash and Banks 1867
Receivables 1731269
Other Assets 17337078
Payables 122903597
NAV 201465933
Market Cap 97500000
Discount to NAV 52
33
33
REITs on ISE
as of October 28 2011
as of June 30 2011
Ticker Company Share Price NAV Per Share MCAP NAV Premium to
NAV TL TL TL mn TL mn
EKGYO Emlak REIT 247 227 6175 5674 9
TRGYO Torunlar REIT 493 1128 1104 2527 -56
SNGYO Sinpas REIT 134 271 804 1355 -41
AKMGY Akmerkez REIT 2055 2162 766 806 -5
ISGYO Is REIT 118 234 708 1405 -50
AKFGY Akfen REIT 167 401 307 739 -58
AVGYO Avrasya REIT 409 112 294 80 267
YGYO Yeşil REIT 119 078 280 184 52
KLGYO Kiler REIT 305 1068 267 934 -71
ALGYO Alarko REIT 1970 2563 210 273 -23
RYGYO Reysas REIT 090 197 153 334 -54
DGGYO Doğuş REIT 138 193 129 181 -29
VKGYO Vakıf REIT 135 615 135 135 0
TSGYO TSKB REIT 065 140 97 210 -54
SAGYO Saglam REIT 165 135 95 76 25
OZGYO Ozderici REIT 092 101 92 101 -9
AGYO Atakule REIT 110 252 92 212 -56
MRGYO Martı REIT 075 197 83 217 -62
NUGYO Nurol REIT 718 569 72 57 26
YKGYO Yapı Kredi Koray REIT 170 219 68 87 -22
PEGYO Pera REIT 075 185 67 165 -59
IDGYO Idealist REIT 404 119 40 12 239
EGYO EGS REIT 024 -371 12 -186 ad
TOTAL 12051 15578 -23
34
34
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
35
35
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
gt50 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
Obligation to go public in 3 months after the establishment of the company
13 of the board of directors must be ldquoindependentrdquo
36
36
Public REITS
1 Akfen
2 Akmerkez
3 Alarko
4 Atakule
5 Avrasya
6 Doğuş GE
7 EGS
8 Emlak
9 İdealist
10 İş
11 Kiler
12 Martı
13 Nurol
14 Oumlzderici
15 Pera
16 Reysaş
17 Sağlam
18 Sinpaş
19 Torunlar
20 TSKB
21 Vakıf
22 Yeşil
23 Yapı Kredi Koray
Non-public REITs
1 Albayrak
2 Bayraktar
3 Buumlyuumlkhanlı
4 Halk
5 Kuyaş
6 Oumlzak
7 Tuna
8 Servet
REITs in Turkey
37
37
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
38
38
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
Current Assets 8083 7602 34083 7688 35242 19801
Cash and Banks 2084 3666 23845 3745 30218 15040
Financial Investments 5979 3417 489 841 1450 1706
Other Current Assets 20 519 9749 3102 3573 3055
Non-Current Assets 3655 114584 152327 290663 301937 304568
Investment Property 3651 69245 75580 278976 290261 293612
Fixed Assets 4 45339 76729 25 39 27
Other Non-Current Assets - - 18 11662 11637 10929
Total Assets 11738 122186 186410 298351 337179 324370
Short-term Liabilities 41 12319 7113 20431 22977 10296
Bank Debts - 1343 2062 12163 20170 9469
Trade Payables - 8769 156 4397 988 338
Other 41 2207 4895 3871 1819 489
Long-term Liabilities - 29143 70510 113788 93268 112608
Bank Debts - 29139 70509 113700 93161 112490
Other - 4 1 88 107 118
Shareholdersrsquo Equity 11697 80724 108787 164133 220934 201466
Paid-in Capital 10000 75000 100000 100000 150000 150000
Share Premium - - - - 593 593
Reserves - 32 43 153 153 153
Retained Earnings - 1666 5681 8634 63980 70188
Net Income (Loss) 1697 4026 3063 55346 6208 (19468)
Total Liabilities and Shareholders
Equity 11738 122186 186410 298351 337179 324370
Balance Sheet
(TL 000) 2006 2007 2008 2009 2010 9M11
26
26
Revenues 25 66 6048 4723 14381 10896
Operating Costs (-) (375) (1146) (3149) (3343) (12230) (5855)
Net Operating Profit (350) (1080) 2899 1380 2151 5041
Income from Other Operations 1060 786 6253 52632 5444 209
Expenses from Other Operations (-) (13 ) (177) (114) (41) (249) (34)
Operating Profit 658 (471) 9038 53971 7346 5216
Financial Income 1039 4498 803 1676 5650 1227
Financial Expenses (-) - - (6778) (301) (6787) (25911)
Profit Before Tax 1697 4026 3063 55346 6208 (19468)
Tax - - - - - -
Net Income 1697 4026 3063 55346 6208 (19468)
Income Statement
(TL 000) 2006 2007 2008 2009 2010 9M11
27
27
Total Assets
Real Estate Portfolio Assets
Key Parameters
Shareholdersrsquo Equity
2006 2007 2008 2009 2010 9M11
12
122
186
298 337 324
TL m
2006 2007 2008 2009 2010 9M11
12
81 109
164
221 201
TL m
2006 2007 2008 2009 2010 9M11
4
115
152
279 290 290 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
311210 300911 281011 311210-300911 300911-281011
ISE 100 Index 66004 59693 57042 -96 -44
ISE REIT Index 36063 35941 36563 -03 17
TSGYO 094 064 065 -319 16
Performance Performance
311210 300911 281011 311210-300911 300911-281011
TSGYO Market Cap (TL mn) 141 96 98 -319 16
TSGYO Market Cap (USD mn) 91 59 56 -354 -55
30
30
TSGYO Stock Performance
TSGYO ISE REIT Index and ISE 100 Index Performance
050
060
070
080
090
100
110
120
130
140
TSGYO ISE REIT Index ISE 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to ISE REIT Index
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO ISE REIT Index
-409
32
32
Net Asset Value
as of September 30 2011
as of October 28 2011
TSGYO Net Asset Value (NAV) ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Cash and Banks 1867
Receivables 1731269
Other Assets 17337078
Payables 122903597
NAV 201465933
Market Cap 97500000
Discount to NAV 52
33
33
REITs on ISE
as of October 28 2011
as of June 30 2011
Ticker Company Share Price NAV Per Share MCAP NAV Premium to
NAV TL TL TL mn TL mn
EKGYO Emlak REIT 247 227 6175 5674 9
TRGYO Torunlar REIT 493 1128 1104 2527 -56
SNGYO Sinpas REIT 134 271 804 1355 -41
AKMGY Akmerkez REIT 2055 2162 766 806 -5
ISGYO Is REIT 118 234 708 1405 -50
AKFGY Akfen REIT 167 401 307 739 -58
AVGYO Avrasya REIT 409 112 294 80 267
YGYO Yeşil REIT 119 078 280 184 52
KLGYO Kiler REIT 305 1068 267 934 -71
ALGYO Alarko REIT 1970 2563 210 273 -23
RYGYO Reysas REIT 090 197 153 334 -54
DGGYO Doğuş REIT 138 193 129 181 -29
VKGYO Vakıf REIT 135 615 135 135 0
TSGYO TSKB REIT 065 140 97 210 -54
SAGYO Saglam REIT 165 135 95 76 25
OZGYO Ozderici REIT 092 101 92 101 -9
AGYO Atakule REIT 110 252 92 212 -56
MRGYO Martı REIT 075 197 83 217 -62
NUGYO Nurol REIT 718 569 72 57 26
YKGYO Yapı Kredi Koray REIT 170 219 68 87 -22
PEGYO Pera REIT 075 185 67 165 -59
IDGYO Idealist REIT 404 119 40 12 239
EGYO EGS REIT 024 -371 12 -186 ad
TOTAL 12051 15578 -23
34
34
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
35
35
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
gt50 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
Obligation to go public in 3 months after the establishment of the company
13 of the board of directors must be ldquoindependentrdquo
36
36
Public REITS
1 Akfen
2 Akmerkez
3 Alarko
4 Atakule
5 Avrasya
6 Doğuş GE
7 EGS
8 Emlak
9 İdealist
10 İş
11 Kiler
12 Martı
13 Nurol
14 Oumlzderici
15 Pera
16 Reysaş
17 Sağlam
18 Sinpaş
19 Torunlar
20 TSKB
21 Vakıf
22 Yeşil
23 Yapı Kredi Koray
Non-public REITs
1 Albayrak
2 Bayraktar
3 Buumlyuumlkhanlı
4 Halk
5 Kuyaş
6 Oumlzak
7 Tuna
8 Servet
REITs in Turkey
37
37
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
38
38
25
25
Current Assets 8083 7602 34083 7688 35242 19801
Cash and Banks 2084 3666 23845 3745 30218 15040
Financial Investments 5979 3417 489 841 1450 1706
Other Current Assets 20 519 9749 3102 3573 3055
Non-Current Assets 3655 114584 152327 290663 301937 304568
Investment Property 3651 69245 75580 278976 290261 293612
Fixed Assets 4 45339 76729 25 39 27
Other Non-Current Assets - - 18 11662 11637 10929
Total Assets 11738 122186 186410 298351 337179 324370
Short-term Liabilities 41 12319 7113 20431 22977 10296
Bank Debts - 1343 2062 12163 20170 9469
Trade Payables - 8769 156 4397 988 338
Other 41 2207 4895 3871 1819 489
Long-term Liabilities - 29143 70510 113788 93268 112608
Bank Debts - 29139 70509 113700 93161 112490
Other - 4 1 88 107 118
Shareholdersrsquo Equity 11697 80724 108787 164133 220934 201466
Paid-in Capital 10000 75000 100000 100000 150000 150000
Share Premium - - - - 593 593
Reserves - 32 43 153 153 153
Retained Earnings - 1666 5681 8634 63980 70188
Net Income (Loss) 1697 4026 3063 55346 6208 (19468)
Total Liabilities and Shareholders
Equity 11738 122186 186410 298351 337179 324370
Balance Sheet
(TL 000) 2006 2007 2008 2009 2010 9M11
26
26
Revenues 25 66 6048 4723 14381 10896
Operating Costs (-) (375) (1146) (3149) (3343) (12230) (5855)
Net Operating Profit (350) (1080) 2899 1380 2151 5041
Income from Other Operations 1060 786 6253 52632 5444 209
Expenses from Other Operations (-) (13 ) (177) (114) (41) (249) (34)
Operating Profit 658 (471) 9038 53971 7346 5216
Financial Income 1039 4498 803 1676 5650 1227
Financial Expenses (-) - - (6778) (301) (6787) (25911)
Profit Before Tax 1697 4026 3063 55346 6208 (19468)
Tax - - - - - -
Net Income 1697 4026 3063 55346 6208 (19468)
Income Statement
(TL 000) 2006 2007 2008 2009 2010 9M11
27
27
Total Assets
Real Estate Portfolio Assets
Key Parameters
Shareholdersrsquo Equity
2006 2007 2008 2009 2010 9M11
12
122
186
298 337 324
TL m
2006 2007 2008 2009 2010 9M11
12
81 109
164
221 201
TL m
2006 2007 2008 2009 2010 9M11
4
115
152
279 290 290 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
311210 300911 281011 311210-300911 300911-281011
ISE 100 Index 66004 59693 57042 -96 -44
ISE REIT Index 36063 35941 36563 -03 17
TSGYO 094 064 065 -319 16
Performance Performance
311210 300911 281011 311210-300911 300911-281011
TSGYO Market Cap (TL mn) 141 96 98 -319 16
TSGYO Market Cap (USD mn) 91 59 56 -354 -55
30
30
TSGYO Stock Performance
TSGYO ISE REIT Index and ISE 100 Index Performance
050
060
070
080
090
100
110
120
130
140
TSGYO ISE REIT Index ISE 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to ISE REIT Index
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO ISE REIT Index
-409
32
32
Net Asset Value
as of September 30 2011
as of October 28 2011
TSGYO Net Asset Value (NAV) ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Cash and Banks 1867
Receivables 1731269
Other Assets 17337078
Payables 122903597
NAV 201465933
Market Cap 97500000
Discount to NAV 52
33
33
REITs on ISE
as of October 28 2011
as of June 30 2011
Ticker Company Share Price NAV Per Share MCAP NAV Premium to
NAV TL TL TL mn TL mn
EKGYO Emlak REIT 247 227 6175 5674 9
TRGYO Torunlar REIT 493 1128 1104 2527 -56
SNGYO Sinpas REIT 134 271 804 1355 -41
AKMGY Akmerkez REIT 2055 2162 766 806 -5
ISGYO Is REIT 118 234 708 1405 -50
AKFGY Akfen REIT 167 401 307 739 -58
AVGYO Avrasya REIT 409 112 294 80 267
YGYO Yeşil REIT 119 078 280 184 52
KLGYO Kiler REIT 305 1068 267 934 -71
ALGYO Alarko REIT 1970 2563 210 273 -23
RYGYO Reysas REIT 090 197 153 334 -54
DGGYO Doğuş REIT 138 193 129 181 -29
VKGYO Vakıf REIT 135 615 135 135 0
TSGYO TSKB REIT 065 140 97 210 -54
SAGYO Saglam REIT 165 135 95 76 25
OZGYO Ozderici REIT 092 101 92 101 -9
AGYO Atakule REIT 110 252 92 212 -56
MRGYO Martı REIT 075 197 83 217 -62
NUGYO Nurol REIT 718 569 72 57 26
YKGYO Yapı Kredi Koray REIT 170 219 68 87 -22
PEGYO Pera REIT 075 185 67 165 -59
IDGYO Idealist REIT 404 119 40 12 239
EGYO EGS REIT 024 -371 12 -186 ad
TOTAL 12051 15578 -23
34
34
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
35
35
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
gt50 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
Obligation to go public in 3 months after the establishment of the company
13 of the board of directors must be ldquoindependentrdquo
36
36
Public REITS
1 Akfen
2 Akmerkez
3 Alarko
4 Atakule
5 Avrasya
6 Doğuş GE
7 EGS
8 Emlak
9 İdealist
10 İş
11 Kiler
12 Martı
13 Nurol
14 Oumlzderici
15 Pera
16 Reysaş
17 Sağlam
18 Sinpaş
19 Torunlar
20 TSKB
21 Vakıf
22 Yeşil
23 Yapı Kredi Koray
Non-public REITs
1 Albayrak
2 Bayraktar
3 Buumlyuumlkhanlı
4 Halk
5 Kuyaş
6 Oumlzak
7 Tuna
8 Servet
REITs in Turkey
37
37
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
38
38
26
26
Revenues 25 66 6048 4723 14381 10896
Operating Costs (-) (375) (1146) (3149) (3343) (12230) (5855)
Net Operating Profit (350) (1080) 2899 1380 2151 5041
Income from Other Operations 1060 786 6253 52632 5444 209
Expenses from Other Operations (-) (13 ) (177) (114) (41) (249) (34)
Operating Profit 658 (471) 9038 53971 7346 5216
Financial Income 1039 4498 803 1676 5650 1227
Financial Expenses (-) - - (6778) (301) (6787) (25911)
Profit Before Tax 1697 4026 3063 55346 6208 (19468)
Tax - - - - - -
Net Income 1697 4026 3063 55346 6208 (19468)
Income Statement
(TL 000) 2006 2007 2008 2009 2010 9M11
27
27
Total Assets
Real Estate Portfolio Assets
Key Parameters
Shareholdersrsquo Equity
2006 2007 2008 2009 2010 9M11
12
122
186
298 337 324
TL m
2006 2007 2008 2009 2010 9M11
12
81 109
164
221 201
TL m
2006 2007 2008 2009 2010 9M11
4
115
152
279 290 290 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
311210 300911 281011 311210-300911 300911-281011
ISE 100 Index 66004 59693 57042 -96 -44
ISE REIT Index 36063 35941 36563 -03 17
TSGYO 094 064 065 -319 16
Performance Performance
311210 300911 281011 311210-300911 300911-281011
TSGYO Market Cap (TL mn) 141 96 98 -319 16
TSGYO Market Cap (USD mn) 91 59 56 -354 -55
30
30
TSGYO Stock Performance
TSGYO ISE REIT Index and ISE 100 Index Performance
050
060
070
080
090
100
110
120
130
140
TSGYO ISE REIT Index ISE 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to ISE REIT Index
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO ISE REIT Index
-409
32
32
Net Asset Value
as of September 30 2011
as of October 28 2011
TSGYO Net Asset Value (NAV) ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Cash and Banks 1867
Receivables 1731269
Other Assets 17337078
Payables 122903597
NAV 201465933
Market Cap 97500000
Discount to NAV 52
33
33
REITs on ISE
as of October 28 2011
as of June 30 2011
Ticker Company Share Price NAV Per Share MCAP NAV Premium to
NAV TL TL TL mn TL mn
EKGYO Emlak REIT 247 227 6175 5674 9
TRGYO Torunlar REIT 493 1128 1104 2527 -56
SNGYO Sinpas REIT 134 271 804 1355 -41
AKMGY Akmerkez REIT 2055 2162 766 806 -5
ISGYO Is REIT 118 234 708 1405 -50
AKFGY Akfen REIT 167 401 307 739 -58
AVGYO Avrasya REIT 409 112 294 80 267
YGYO Yeşil REIT 119 078 280 184 52
KLGYO Kiler REIT 305 1068 267 934 -71
ALGYO Alarko REIT 1970 2563 210 273 -23
RYGYO Reysas REIT 090 197 153 334 -54
DGGYO Doğuş REIT 138 193 129 181 -29
VKGYO Vakıf REIT 135 615 135 135 0
TSGYO TSKB REIT 065 140 97 210 -54
SAGYO Saglam REIT 165 135 95 76 25
OZGYO Ozderici REIT 092 101 92 101 -9
AGYO Atakule REIT 110 252 92 212 -56
MRGYO Martı REIT 075 197 83 217 -62
NUGYO Nurol REIT 718 569 72 57 26
YKGYO Yapı Kredi Koray REIT 170 219 68 87 -22
PEGYO Pera REIT 075 185 67 165 -59
IDGYO Idealist REIT 404 119 40 12 239
EGYO EGS REIT 024 -371 12 -186 ad
TOTAL 12051 15578 -23
34
34
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
35
35
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
gt50 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
Obligation to go public in 3 months after the establishment of the company
13 of the board of directors must be ldquoindependentrdquo
36
36
Public REITS
1 Akfen
2 Akmerkez
3 Alarko
4 Atakule
5 Avrasya
6 Doğuş GE
7 EGS
8 Emlak
9 İdealist
10 İş
11 Kiler
12 Martı
13 Nurol
14 Oumlzderici
15 Pera
16 Reysaş
17 Sağlam
18 Sinpaş
19 Torunlar
20 TSKB
21 Vakıf
22 Yeşil
23 Yapı Kredi Koray
Non-public REITs
1 Albayrak
2 Bayraktar
3 Buumlyuumlkhanlı
4 Halk
5 Kuyaş
6 Oumlzak
7 Tuna
8 Servet
REITs in Turkey
37
37
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
38
38
27
27
Total Assets
Real Estate Portfolio Assets
Key Parameters
Shareholdersrsquo Equity
2006 2007 2008 2009 2010 9M11
12
122
186
298 337 324
TL m
2006 2007 2008 2009 2010 9M11
12
81 109
164
221 201
TL m
2006 2007 2008 2009 2010 9M11
4
115
152
279 290 290 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
311210 300911 281011 311210-300911 300911-281011
ISE 100 Index 66004 59693 57042 -96 -44
ISE REIT Index 36063 35941 36563 -03 17
TSGYO 094 064 065 -319 16
Performance Performance
311210 300911 281011 311210-300911 300911-281011
TSGYO Market Cap (TL mn) 141 96 98 -319 16
TSGYO Market Cap (USD mn) 91 59 56 -354 -55
30
30
TSGYO Stock Performance
TSGYO ISE REIT Index and ISE 100 Index Performance
050
060
070
080
090
100
110
120
130
140
TSGYO ISE REIT Index ISE 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to ISE REIT Index
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO ISE REIT Index
-409
32
32
Net Asset Value
as of September 30 2011
as of October 28 2011
TSGYO Net Asset Value (NAV) ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Cash and Banks 1867
Receivables 1731269
Other Assets 17337078
Payables 122903597
NAV 201465933
Market Cap 97500000
Discount to NAV 52
33
33
REITs on ISE
as of October 28 2011
as of June 30 2011
Ticker Company Share Price NAV Per Share MCAP NAV Premium to
NAV TL TL TL mn TL mn
EKGYO Emlak REIT 247 227 6175 5674 9
TRGYO Torunlar REIT 493 1128 1104 2527 -56
SNGYO Sinpas REIT 134 271 804 1355 -41
AKMGY Akmerkez REIT 2055 2162 766 806 -5
ISGYO Is REIT 118 234 708 1405 -50
AKFGY Akfen REIT 167 401 307 739 -58
AVGYO Avrasya REIT 409 112 294 80 267
YGYO Yeşil REIT 119 078 280 184 52
KLGYO Kiler REIT 305 1068 267 934 -71
ALGYO Alarko REIT 1970 2563 210 273 -23
RYGYO Reysas REIT 090 197 153 334 -54
DGGYO Doğuş REIT 138 193 129 181 -29
VKGYO Vakıf REIT 135 615 135 135 0
TSGYO TSKB REIT 065 140 97 210 -54
SAGYO Saglam REIT 165 135 95 76 25
OZGYO Ozderici REIT 092 101 92 101 -9
AGYO Atakule REIT 110 252 92 212 -56
MRGYO Martı REIT 075 197 83 217 -62
NUGYO Nurol REIT 718 569 72 57 26
YKGYO Yapı Kredi Koray REIT 170 219 68 87 -22
PEGYO Pera REIT 075 185 67 165 -59
IDGYO Idealist REIT 404 119 40 12 239
EGYO EGS REIT 024 -371 12 -186 ad
TOTAL 12051 15578 -23
34
34
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
35
35
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
gt50 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
Obligation to go public in 3 months after the establishment of the company
13 of the board of directors must be ldquoindependentrdquo
36
36
Public REITS
1 Akfen
2 Akmerkez
3 Alarko
4 Atakule
5 Avrasya
6 Doğuş GE
7 EGS
8 Emlak
9 İdealist
10 İş
11 Kiler
12 Martı
13 Nurol
14 Oumlzderici
15 Pera
16 Reysaş
17 Sağlam
18 Sinpaş
19 Torunlar
20 TSKB
21 Vakıf
22 Yeşil
23 Yapı Kredi Koray
Non-public REITs
1 Albayrak
2 Bayraktar
3 Buumlyuumlkhanlı
4 Halk
5 Kuyaş
6 Oumlzak
7 Tuna
8 Servet
REITs in Turkey
37
37
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
38
38
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
311210 300911 281011 311210-300911 300911-281011
ISE 100 Index 66004 59693 57042 -96 -44
ISE REIT Index 36063 35941 36563 -03 17
TSGYO 094 064 065 -319 16
Performance Performance
311210 300911 281011 311210-300911 300911-281011
TSGYO Market Cap (TL mn) 141 96 98 -319 16
TSGYO Market Cap (USD mn) 91 59 56 -354 -55
30
30
TSGYO Stock Performance
TSGYO ISE REIT Index and ISE 100 Index Performance
050
060
070
080
090
100
110
120
130
140
TSGYO ISE REIT Index ISE 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to ISE REIT Index
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO ISE REIT Index
-409
32
32
Net Asset Value
as of September 30 2011
as of October 28 2011
TSGYO Net Asset Value (NAV) ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Cash and Banks 1867
Receivables 1731269
Other Assets 17337078
Payables 122903597
NAV 201465933
Market Cap 97500000
Discount to NAV 52
33
33
REITs on ISE
as of October 28 2011
as of June 30 2011
Ticker Company Share Price NAV Per Share MCAP NAV Premium to
NAV TL TL TL mn TL mn
EKGYO Emlak REIT 247 227 6175 5674 9
TRGYO Torunlar REIT 493 1128 1104 2527 -56
SNGYO Sinpas REIT 134 271 804 1355 -41
AKMGY Akmerkez REIT 2055 2162 766 806 -5
ISGYO Is REIT 118 234 708 1405 -50
AKFGY Akfen REIT 167 401 307 739 -58
AVGYO Avrasya REIT 409 112 294 80 267
YGYO Yeşil REIT 119 078 280 184 52
KLGYO Kiler REIT 305 1068 267 934 -71
ALGYO Alarko REIT 1970 2563 210 273 -23
RYGYO Reysas REIT 090 197 153 334 -54
DGGYO Doğuş REIT 138 193 129 181 -29
VKGYO Vakıf REIT 135 615 135 135 0
TSGYO TSKB REIT 065 140 97 210 -54
SAGYO Saglam REIT 165 135 95 76 25
OZGYO Ozderici REIT 092 101 92 101 -9
AGYO Atakule REIT 110 252 92 212 -56
MRGYO Martı REIT 075 197 83 217 -62
NUGYO Nurol REIT 718 569 72 57 26
YKGYO Yapı Kredi Koray REIT 170 219 68 87 -22
PEGYO Pera REIT 075 185 67 165 -59
IDGYO Idealist REIT 404 119 40 12 239
EGYO EGS REIT 024 -371 12 -186 ad
TOTAL 12051 15578 -23
34
34
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
35
35
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
gt50 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
Obligation to go public in 3 months after the establishment of the company
13 of the board of directors must be ldquoindependentrdquo
36
36
Public REITS
1 Akfen
2 Akmerkez
3 Alarko
4 Atakule
5 Avrasya
6 Doğuş GE
7 EGS
8 Emlak
9 İdealist
10 İş
11 Kiler
12 Martı
13 Nurol
14 Oumlzderici
15 Pera
16 Reysaş
17 Sağlam
18 Sinpaş
19 Torunlar
20 TSKB
21 Vakıf
22 Yeşil
23 Yapı Kredi Koray
Non-public REITs
1 Albayrak
2 Bayraktar
3 Buumlyuumlkhanlı
4 Halk
5 Kuyaş
6 Oumlzak
7 Tuna
8 Servet
REITs in Turkey
37
37
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
38
38
29
29
TSGYO Stock Performance
Performance Performance
311210 300911 281011 311210-300911 300911-281011
ISE 100 Index 66004 59693 57042 -96 -44
ISE REIT Index 36063 35941 36563 -03 17
TSGYO 094 064 065 -319 16
Performance Performance
311210 300911 281011 311210-300911 300911-281011
TSGYO Market Cap (TL mn) 141 96 98 -319 16
TSGYO Market Cap (USD mn) 91 59 56 -354 -55
30
30
TSGYO Stock Performance
TSGYO ISE REIT Index and ISE 100 Index Performance
050
060
070
080
090
100
110
120
130
140
TSGYO ISE REIT Index ISE 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to ISE REIT Index
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO ISE REIT Index
-409
32
32
Net Asset Value
as of September 30 2011
as of October 28 2011
TSGYO Net Asset Value (NAV) ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Cash and Banks 1867
Receivables 1731269
Other Assets 17337078
Payables 122903597
NAV 201465933
Market Cap 97500000
Discount to NAV 52
33
33
REITs on ISE
as of October 28 2011
as of June 30 2011
Ticker Company Share Price NAV Per Share MCAP NAV Premium to
NAV TL TL TL mn TL mn
EKGYO Emlak REIT 247 227 6175 5674 9
TRGYO Torunlar REIT 493 1128 1104 2527 -56
SNGYO Sinpas REIT 134 271 804 1355 -41
AKMGY Akmerkez REIT 2055 2162 766 806 -5
ISGYO Is REIT 118 234 708 1405 -50
AKFGY Akfen REIT 167 401 307 739 -58
AVGYO Avrasya REIT 409 112 294 80 267
YGYO Yeşil REIT 119 078 280 184 52
KLGYO Kiler REIT 305 1068 267 934 -71
ALGYO Alarko REIT 1970 2563 210 273 -23
RYGYO Reysas REIT 090 197 153 334 -54
DGGYO Doğuş REIT 138 193 129 181 -29
VKGYO Vakıf REIT 135 615 135 135 0
TSGYO TSKB REIT 065 140 97 210 -54
SAGYO Saglam REIT 165 135 95 76 25
OZGYO Ozderici REIT 092 101 92 101 -9
AGYO Atakule REIT 110 252 92 212 -56
MRGYO Martı REIT 075 197 83 217 -62
NUGYO Nurol REIT 718 569 72 57 26
YKGYO Yapı Kredi Koray REIT 170 219 68 87 -22
PEGYO Pera REIT 075 185 67 165 -59
IDGYO Idealist REIT 404 119 40 12 239
EGYO EGS REIT 024 -371 12 -186 ad
TOTAL 12051 15578 -23
34
34
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
35
35
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
gt50 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
Obligation to go public in 3 months after the establishment of the company
13 of the board of directors must be ldquoindependentrdquo
36
36
Public REITS
1 Akfen
2 Akmerkez
3 Alarko
4 Atakule
5 Avrasya
6 Doğuş GE
7 EGS
8 Emlak
9 İdealist
10 İş
11 Kiler
12 Martı
13 Nurol
14 Oumlzderici
15 Pera
16 Reysaş
17 Sağlam
18 Sinpaş
19 Torunlar
20 TSKB
21 Vakıf
22 Yeşil
23 Yapı Kredi Koray
Non-public REITs
1 Albayrak
2 Bayraktar
3 Buumlyuumlkhanlı
4 Halk
5 Kuyaş
6 Oumlzak
7 Tuna
8 Servet
REITs in Turkey
37
37
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
38
38
30
30
TSGYO Stock Performance
TSGYO ISE REIT Index and ISE 100 Index Performance
050
060
070
080
090
100
110
120
130
140
TSGYO ISE REIT Index ISE 100 Index
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to ISE REIT Index
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO ISE REIT Index
-409
32
32
Net Asset Value
as of September 30 2011
as of October 28 2011
TSGYO Net Asset Value (NAV) ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Cash and Banks 1867
Receivables 1731269
Other Assets 17337078
Payables 122903597
NAV 201465933
Market Cap 97500000
Discount to NAV 52
33
33
REITs on ISE
as of October 28 2011
as of June 30 2011
Ticker Company Share Price NAV Per Share MCAP NAV Premium to
NAV TL TL TL mn TL mn
EKGYO Emlak REIT 247 227 6175 5674 9
TRGYO Torunlar REIT 493 1128 1104 2527 -56
SNGYO Sinpas REIT 134 271 804 1355 -41
AKMGY Akmerkez REIT 2055 2162 766 806 -5
ISGYO Is REIT 118 234 708 1405 -50
AKFGY Akfen REIT 167 401 307 739 -58
AVGYO Avrasya REIT 409 112 294 80 267
YGYO Yeşil REIT 119 078 280 184 52
KLGYO Kiler REIT 305 1068 267 934 -71
ALGYO Alarko REIT 1970 2563 210 273 -23
RYGYO Reysas REIT 090 197 153 334 -54
DGGYO Doğuş REIT 138 193 129 181 -29
VKGYO Vakıf REIT 135 615 135 135 0
TSGYO TSKB REIT 065 140 97 210 -54
SAGYO Saglam REIT 165 135 95 76 25
OZGYO Ozderici REIT 092 101 92 101 -9
AGYO Atakule REIT 110 252 92 212 -56
MRGYO Martı REIT 075 197 83 217 -62
NUGYO Nurol REIT 718 569 72 57 26
YKGYO Yapı Kredi Koray REIT 170 219 68 87 -22
PEGYO Pera REIT 075 185 67 165 -59
IDGYO Idealist REIT 404 119 40 12 239
EGYO EGS REIT 024 -371 12 -186 ad
TOTAL 12051 15578 -23
34
34
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
35
35
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
gt50 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
Obligation to go public in 3 months after the establishment of the company
13 of the board of directors must be ldquoindependentrdquo
36
36
Public REITS
1 Akfen
2 Akmerkez
3 Alarko
4 Atakule
5 Avrasya
6 Doğuş GE
7 EGS
8 Emlak
9 İdealist
10 İş
11 Kiler
12 Martı
13 Nurol
14 Oumlzderici
15 Pera
16 Reysaş
17 Sağlam
18 Sinpaş
19 Torunlar
20 TSKB
21 Vakıf
22 Yeşil
23 Yapı Kredi Koray
Non-public REITs
1 Albayrak
2 Bayraktar
3 Buumlyuumlkhanlı
4 Halk
5 Kuyaş
6 Oumlzak
7 Tuna
8 Servet
REITs in Turkey
37
37
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
38
38
31
31
TSGYO Stock Performance
TSGYO - Relative Performance to ISE REIT Index
55
60
65
70
75
80
85
90
95
100
105
110
TSGYO ISE REIT Index
-409
32
32
Net Asset Value
as of September 30 2011
as of October 28 2011
TSGYO Net Asset Value (NAV) ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Cash and Banks 1867
Receivables 1731269
Other Assets 17337078
Payables 122903597
NAV 201465933
Market Cap 97500000
Discount to NAV 52
33
33
REITs on ISE
as of October 28 2011
as of June 30 2011
Ticker Company Share Price NAV Per Share MCAP NAV Premium to
NAV TL TL TL mn TL mn
EKGYO Emlak REIT 247 227 6175 5674 9
TRGYO Torunlar REIT 493 1128 1104 2527 -56
SNGYO Sinpas REIT 134 271 804 1355 -41
AKMGY Akmerkez REIT 2055 2162 766 806 -5
ISGYO Is REIT 118 234 708 1405 -50
AKFGY Akfen REIT 167 401 307 739 -58
AVGYO Avrasya REIT 409 112 294 80 267
YGYO Yeşil REIT 119 078 280 184 52
KLGYO Kiler REIT 305 1068 267 934 -71
ALGYO Alarko REIT 1970 2563 210 273 -23
RYGYO Reysas REIT 090 197 153 334 -54
DGGYO Doğuş REIT 138 193 129 181 -29
VKGYO Vakıf REIT 135 615 135 135 0
TSGYO TSKB REIT 065 140 97 210 -54
SAGYO Saglam REIT 165 135 95 76 25
OZGYO Ozderici REIT 092 101 92 101 -9
AGYO Atakule REIT 110 252 92 212 -56
MRGYO Martı REIT 075 197 83 217 -62
NUGYO Nurol REIT 718 569 72 57 26
YKGYO Yapı Kredi Koray REIT 170 219 68 87 -22
PEGYO Pera REIT 075 185 67 165 -59
IDGYO Idealist REIT 404 119 40 12 239
EGYO EGS REIT 024 -371 12 -186 ad
TOTAL 12051 15578 -23
34
34
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
35
35
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
gt50 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
Obligation to go public in 3 months after the establishment of the company
13 of the board of directors must be ldquoindependentrdquo
36
36
Public REITS
1 Akfen
2 Akmerkez
3 Alarko
4 Atakule
5 Avrasya
6 Doğuş GE
7 EGS
8 Emlak
9 İdealist
10 İş
11 Kiler
12 Martı
13 Nurol
14 Oumlzderici
15 Pera
16 Reysaş
17 Sağlam
18 Sinpaş
19 Torunlar
20 TSKB
21 Vakıf
22 Yeşil
23 Yapı Kredi Koray
Non-public REITs
1 Albayrak
2 Bayraktar
3 Buumlyuumlkhanlı
4 Halk
5 Kuyaş
6 Oumlzak
7 Tuna
8 Servet
REITs in Turkey
37
37
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
38
38
32
32
Net Asset Value
as of September 30 2011
as of October 28 2011
TSGYO Net Asset Value (NAV) ( TL )
Land 11726000
Adana Land 11726000
Office Buildings 83245000
Fındıklı Buildings 76980000
Tahirhan Building 6265000
Shopping Center 195290000
Pendorya Shopping Center 195290000
Total Real Estate Value 290261000
Participations -
Marketable Securities 15038316
Total Portfolio Value 305299316
Cash and Banks 1867
Receivables 1731269
Other Assets 17337078
Payables 122903597
NAV 201465933
Market Cap 97500000
Discount to NAV 52
33
33
REITs on ISE
as of October 28 2011
as of June 30 2011
Ticker Company Share Price NAV Per Share MCAP NAV Premium to
NAV TL TL TL mn TL mn
EKGYO Emlak REIT 247 227 6175 5674 9
TRGYO Torunlar REIT 493 1128 1104 2527 -56
SNGYO Sinpas REIT 134 271 804 1355 -41
AKMGY Akmerkez REIT 2055 2162 766 806 -5
ISGYO Is REIT 118 234 708 1405 -50
AKFGY Akfen REIT 167 401 307 739 -58
AVGYO Avrasya REIT 409 112 294 80 267
YGYO Yeşil REIT 119 078 280 184 52
KLGYO Kiler REIT 305 1068 267 934 -71
ALGYO Alarko REIT 1970 2563 210 273 -23
RYGYO Reysas REIT 090 197 153 334 -54
DGGYO Doğuş REIT 138 193 129 181 -29
VKGYO Vakıf REIT 135 615 135 135 0
TSGYO TSKB REIT 065 140 97 210 -54
SAGYO Saglam REIT 165 135 95 76 25
OZGYO Ozderici REIT 092 101 92 101 -9
AGYO Atakule REIT 110 252 92 212 -56
MRGYO Martı REIT 075 197 83 217 -62
NUGYO Nurol REIT 718 569 72 57 26
YKGYO Yapı Kredi Koray REIT 170 219 68 87 -22
PEGYO Pera REIT 075 185 67 165 -59
IDGYO Idealist REIT 404 119 40 12 239
EGYO EGS REIT 024 -371 12 -186 ad
TOTAL 12051 15578 -23
34
34
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
35
35
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
gt50 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
Obligation to go public in 3 months after the establishment of the company
13 of the board of directors must be ldquoindependentrdquo
36
36
Public REITS
1 Akfen
2 Akmerkez
3 Alarko
4 Atakule
5 Avrasya
6 Doğuş GE
7 EGS
8 Emlak
9 İdealist
10 İş
11 Kiler
12 Martı
13 Nurol
14 Oumlzderici
15 Pera
16 Reysaş
17 Sağlam
18 Sinpaş
19 Torunlar
20 TSKB
21 Vakıf
22 Yeşil
23 Yapı Kredi Koray
Non-public REITs
1 Albayrak
2 Bayraktar
3 Buumlyuumlkhanlı
4 Halk
5 Kuyaş
6 Oumlzak
7 Tuna
8 Servet
REITs in Turkey
37
37
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
38
38
33
33
REITs on ISE
as of October 28 2011
as of June 30 2011
Ticker Company Share Price NAV Per Share MCAP NAV Premium to
NAV TL TL TL mn TL mn
EKGYO Emlak REIT 247 227 6175 5674 9
TRGYO Torunlar REIT 493 1128 1104 2527 -56
SNGYO Sinpas REIT 134 271 804 1355 -41
AKMGY Akmerkez REIT 2055 2162 766 806 -5
ISGYO Is REIT 118 234 708 1405 -50
AKFGY Akfen REIT 167 401 307 739 -58
AVGYO Avrasya REIT 409 112 294 80 267
YGYO Yeşil REIT 119 078 280 184 52
KLGYO Kiler REIT 305 1068 267 934 -71
ALGYO Alarko REIT 1970 2563 210 273 -23
RYGYO Reysas REIT 090 197 153 334 -54
DGGYO Doğuş REIT 138 193 129 181 -29
VKGYO Vakıf REIT 135 615 135 135 0
TSGYO TSKB REIT 065 140 97 210 -54
SAGYO Saglam REIT 165 135 95 76 25
OZGYO Ozderici REIT 092 101 92 101 -9
AGYO Atakule REIT 110 252 92 212 -56
MRGYO Martı REIT 075 197 83 217 -62
NUGYO Nurol REIT 718 569 72 57 26
YKGYO Yapı Kredi Koray REIT 170 219 68 87 -22
PEGYO Pera REIT 075 185 67 165 -59
IDGYO Idealist REIT 404 119 40 12 239
EGYO EGS REIT 024 -371 12 -186 ad
TOTAL 12051 15578 -23
34
34
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
35
35
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
gt50 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
Obligation to go public in 3 months after the establishment of the company
13 of the board of directors must be ldquoindependentrdquo
36
36
Public REITS
1 Akfen
2 Akmerkez
3 Alarko
4 Atakule
5 Avrasya
6 Doğuş GE
7 EGS
8 Emlak
9 İdealist
10 İş
11 Kiler
12 Martı
13 Nurol
14 Oumlzderici
15 Pera
16 Reysaş
17 Sağlam
18 Sinpaş
19 Torunlar
20 TSKB
21 Vakıf
22 Yeşil
23 Yapı Kredi Koray
Non-public REITs
1 Albayrak
2 Bayraktar
3 Buumlyuumlkhanlı
4 Halk
5 Kuyaş
6 Oumlzak
7 Tuna
8 Servet
REITs in Turkey
37
37
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
38
38
34
34
Section I The Company
Section III Financial Data
Section II Real Estate Portfolio
Section IV TSGYO Stock Performance
Section V Appendix
35
35
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
gt50 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
Obligation to go public in 3 months after the establishment of the company
13 of the board of directors must be ldquoindependentrdquo
36
36
Public REITS
1 Akfen
2 Akmerkez
3 Alarko
4 Atakule
5 Avrasya
6 Doğuş GE
7 EGS
8 Emlak
9 İdealist
10 İş
11 Kiler
12 Martı
13 Nurol
14 Oumlzderici
15 Pera
16 Reysaş
17 Sağlam
18 Sinpaş
19 Torunlar
20 TSKB
21 Vakıf
22 Yeşil
23 Yapı Kredi Koray
Non-public REITs
1 Albayrak
2 Bayraktar
3 Buumlyuumlkhanlı
4 Halk
5 Kuyaş
6 Oumlzak
7 Tuna
8 Servet
REITs in Turkey
37
37
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
38
38
35
35
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
gt50 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
Obligation to go public in 3 months after the establishment of the company
13 of the board of directors must be ldquoindependentrdquo
36
36
Public REITS
1 Akfen
2 Akmerkez
3 Alarko
4 Atakule
5 Avrasya
6 Doğuş GE
7 EGS
8 Emlak
9 İdealist
10 İş
11 Kiler
12 Martı
13 Nurol
14 Oumlzderici
15 Pera
16 Reysaş
17 Sağlam
18 Sinpaş
19 Torunlar
20 TSKB
21 Vakıf
22 Yeşil
23 Yapı Kredi Koray
Non-public REITs
1 Albayrak
2 Bayraktar
3 Buumlyuumlkhanlı
4 Halk
5 Kuyaş
6 Oumlzak
7 Tuna
8 Servet
REITs in Turkey
37
37
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
38
38
36
36
Public REITS
1 Akfen
2 Akmerkez
3 Alarko
4 Atakule
5 Avrasya
6 Doğuş GE
7 EGS
8 Emlak
9 İdealist
10 İş
11 Kiler
12 Martı
13 Nurol
14 Oumlzderici
15 Pera
16 Reysaş
17 Sağlam
18 Sinpaş
19 Torunlar
20 TSKB
21 Vakıf
22 Yeşil
23 Yapı Kredi Koray
Non-public REITs
1 Albayrak
2 Bayraktar
3 Buumlyuumlkhanlı
4 Halk
5 Kuyaş
6 Oumlzak
7 Tuna
8 Servet
REITs in Turkey
37
37
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
38
38
37
37
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
38
38
38
38
