REIT SECTOR - Şeker Yatırım

Transkript

May 09, 2011
REIT SECTOR - Discount/(Premium) to NAV
Halil Ibrahim Kahve
Analyst
[email protected]
The ISE REIT index came down 2.1% in absolute terms and underperformed the ISE-100 by
0.6% between April 29 - May 6 which carried a YtD performance of 21.0% in absolute terms.
Looking at the companies under our coverage, Emlak Konut REIT underperformed the ISE100 by 1.6%, bringing its YtD outperformance to 45.9%. Sinpas REIT and Is REIT also
underperformed the ISE-100 by 0.2% and 0.4% in the same period.
Company
Emlak Konut REIT
Is REIT
Sinpas REIT
ISE-REIT Index
ISE-100
Ticker
EKGYO
ISGYO
SNGYO
XGMYO
XU100
Curent
Rating
Price (TRY)
2.91
Marketperform
1.82
Outperform
2.14
Outperform
45,102
68,241
Abolsute Return
YTD
50.9%
6.4%
2.9%
25.1%
3.4%
Monthly
12.7%
5.8%
8.6%
9.5%
7.5%
Weekly
-3.0%
-1.6%
-1.8%
-2.1%
-1.5%
Relative Perform ance to ISE
YTD
45.9%
2.9%
-0.5%
21.0%
Monthly
4.9%
-1.6%
1.1%
1.9%
Weekly
-1.6%
-0.2%
-0.4%
-0.6%
The Sector trades at a 4% discount to total NAV. Is REIT and Sinpas REIT trade at 41% and
13% discounts to their NAV, respectively. While Emlak Konut REIT has a 29% premium over its
NAV.
Company
Ticker
Share
Price
(TRY)
Current
Mcap
(TRY mn)
Current NAV
(TRY mn)
Atakule REIT
Akmerkez REIT
Alarko REIT
Avrasya REIT
Dogus-Ge REIT
Emlak Konut REIT
Idealist REIT
Is REIT
Kiler REIT
Marti REIT
Nurol REIT
Ozderici REIT
Pera REIT
Reysas REIT
Saglam REIT
Sinpas REIT
Torunlar REIT
TSKB REIT
Vakif REIT
Yapi Kredi Koray REIT
Yesil REIT
Sector Total
AGYO
AKMGY
ALGYO
AVGYO
DGGYO
EKGYO
IDGYO
ISGYO
KLGYO
MRGYO
NUGYO
OZGYO
PEGYO
RYGYO
SAGYO
SNGYO
TRGYO
TSGYO
VKGYO
YKGYO
YGYO
1.44
82.75
21.85
1.66
1.94
2.91
2.75
1.82
6.04
1.2
8.16
1.21
1.08
1.33
0.95
2.14
7.14
0.89
3.43
2.44
1.5
121
1,134
233
40
182
7,275
28
819
529
132
82
121
94
226
53
1,070
1,599
134
71
98
353
14,392
210
805
265
30
179
5,656
12
1,393
754
217
60
101
141
324
76
1,229
2,519
217
112
89
188
14,576
(Discount) /
Av.Daily
Net Cash
Premium Trading Volume Position *
to NAV
(TRY mn)
(TRY mn)
-42%
41%
-12%
32%
1%
29%
130%
-41%
-30%
-39%
37%
20%
-33%
-30%
-30%
-13%
-37%
-38%
-36%
9%
88%
-1%
0.7
1.3
3.8
1.3
1.3
171.7
1.1
5.8
46.3
4.1
1.4
1.2
2.8
3.5
1.4
21.0
7.6
2.3
1.7
1.8
5.0
287.0
80.6
-17.6
39.8
1.9
15.1
557.6
0.3
36.3
-185.4
0.0
24.0
21.7
-39.4
4.5
-21.5
24.5
-344.6
-83.1
46.6
-26.5
-20.0
*: As of 4Q10
Source: Seker Securities
REIT Sector
1
May 09, 2011
Atakule REIT (AGYO.TI)
Location
Land
Land Dilovası
land Ayrancı
Real Estate
Atakule
Obakoy
Alaaddin Otel
Hasim Iscan
Ofice Building
Total Real Estate Portfolio
Description
Area (m 2)
Kocaeli
Ankara
Ankara
Istanbul
Antalya
Antalya
Ankara
15,850
514
Shopping Center
Bussines Center
Hotel
Bussines Center
Bussines Center
17,297
25,711
14,098
11,635
1,423
Participations
Marketable Securities
Investment Funds
Bonds
O/N
Deposits
Equity
Total Portfolio Value
Liquid Assets
Receivables
Other Assets
Debts
Net Asset Value
Market Capitalization
Premium / (Discount) to NAV
Share Number
Portfolio Value
(TL)
1,538,634
615,900
922,734
126,991,000
69,500,000
23,996,000
20,145,000
11,355,000
1,995,000
128,529,634
0
0
83,146,858
494,408
45,667,015
0
6,058,917
30,926,517
211,676,492
26,208
1,767,169
858,772
4,130,203
210,198,438
120,960,000
Portfolio Value
Contribution
($)
1,001,650
1%
400,950
0%
600,699
0%
82,671,050
60%
45,244,450
33%
15,621,379
11%
13,114,381
10%
7,392,097
5%
1,298,744
1%
83,672,700
61%
0
0
54,128,545
321,859
29,729,194
0
3,944,351
20,133,141
137,801,244
17,061
1,150,426
559,060
2,688,759
136,839,032
78,744,873
-42%
-42%
84,000,000
84,000,000
0%
39%
0%
22%
0%
3%
15%
100%
Source: Seker Securities and Public Disclosure Platform
REIT Sector
2
May 09, 2011
Akmerkez REIT (AKMGY.TI)
Location
Description
Real Estate
Akmerkez
Istanbul
Shopping Center
Area (m 2)
57,563
Participations
Investment Funds
Bonds
O/N
Deposits
Equity
Liquid Assets
Receivables
Other Assets
Debts
Net Asset Value
Share Number
NAV per share
Share Price
Portfolio
Portfolio
Value (TL)
Value ($)
809,457,000 526,955,927
809,457,000 526,955,927
809,457,000 526,955,927
0
0
16,501,170
0
0
0
16,501,170
0
825,958,170
45,322
578,767
9,502,525
31,405,727
804,679,057
1,133,675,000
0
0
10,742,250
0
0
0
10,742,250
0
537,698,177
29,505
376,777
6,186,137
20,445,106
523,845,490
738,021,613
41%
41%
13,700,000
58.74
82.75
13,700,000
38.24
53.87
Contribution
98%
98.0%
98%
0
2.0%
0%
0%
0%
2%
0%
100.0%
REIT Sector
3
May 09, 2011
Alarko REIT (ALGYO.TI)
Location
Land
Buyukcekmece Land-a
Buyukcekmece Land-b
Maslak Land
Real Estate
Sishane Busines Center
Karakoy Bussines Center
Cankaya Bussines Center
Fethiye Hillside
Etiler Alkent
Real Estate Projects
Buyukcekmece Eskice
Real Estate Rights
Fethiye Hillside
Istanbul
Istanbul
Istanbul
Description
5 Parcels
2 Parcels
Area (m 2)
239,466
819,272
18,962
Istanbul
Istanbul
Ankara
Mugla
Istanbul
4 Floors, Gross 730 m2
Istanbul
1 social facility and 16 villas project 239,466
Mugla
2 Parcels, 3 Stores 50 m2
6 Floors
2 Parcels, 3 Stores 50 m2
39 Stores, Gross 4,124 m2
730
1,730
1,887
100,000
4,124
100,000
Participations
Alsim Alarko Sanayi Tesisleri Ve Ticaret AS.
Alarko Deyaar Gayrimenkul Gelistirme AS.
Investment Funds
Bonds
O/N
Deposits
Equity
Liquid Assets
Receivables
Other Assets
Debts
Net Asset Value
Share Number
NAV per share
Share Price
Portfolio
Value (TL)
44,364,000
2,919,000
8,260,000
33,185,000
17,830,000
1,590,000
1,300,000
2,500,000
5,305,000
7,135,000
17,366,695
17,366,695
55,110,000
55,110,000
134,670,695
Portfolio
Value ($)
28,880,932
1,900,267
5,377,254
21,603,411
11,607,317
1,035,089
846,299
1,627,498
3,453,551
4,644,880
11,305,706
11,305,706
35,876,571
35,876,571
87,670,526
1,018
518
500
133,978,858
20,330,348
85,883,583
0
25,623,986
2,140,940
268,650,571
26,459
2,062,932
2,891,866
8,581,923
265,049,905
232,719,849
663
337
325
87,220,140
13,235,042
55,910,151
0
16,681,197
1,393,750
174,891,329
17,225
1,342,967
1,882,603
5,586,826
172,547,298
151,500,455
-12%
-12%
10,650,794
24.89
21.85
10,650,794
16.20
14.22
Contribution
17%
1%
3%
12%
7%
1%
0%
1%
2%
3%
6%
6%
21%
21%
50%
0%
50%
8%
32%
0%
10%
1%
100%
REIT Sector
4
May 09, 2011
Avrasya REIT (AVGYO.TI)
Location
Land
Intercity Bus Terminal Lands
Real Estate
Metrocity
Metrocity
Samsun Intercity Bus Terminal
Carsamba Intercity Bus Terminal
Havza Intercity Bus Terminal
Description
Samsun
Samsun
Samsun
Parcel number19
Parcel number 21
Parcel number 24
Istanbul
Istanbul
Samsun
Samsun
Samsun
Block A - 7th Floor
Block A - 17th Floor
Area (m 2)
Participations
Investment Funds
Bonds
O/N
Deposits
Equity
Liquid Assets
Receivables
Other Assets
Debts
Net Asset Value
Share Number
NAV per share
Share Price
Portfolio Value
(TL)
12,390,000
9,500,000
1,320,000
1,570,000
64,815,000
10,285,000
13,285,000
24,310,000
10,070,000
6,865,000
77,205,000
Portfolio Value
($)
8,065,881
6,184,493
859,319
1,022,069
42,194,519
6,695,528
8,648,525
15,825,793
6,555,563
4,469,110
50,260,400
0
0
43,129
43,107
0
0
0
21
77,248,129
43,107
2,163,841
40,139
49,203,638
30,291,579
39,840,000
0
0
28,077
28,063
0
0
0
14
50,288,477
28,063
1,408,659
26,130
32,031,533
19,719,796
25,935,811
32%
32%
24,000,000
1.26
1.66
24,000,000
0.82
1.08
Contribution
16%
12%
2%
2%
84%
13%
17%
31%
13%
9%
0%
0%
0%
0%
0%
0%
0%
100%
REIT Sector
5
May 09, 2011
Dogus-Ge REIT (DGGYO.TI)
Location
Real Estate
Antalya 2000 Plaza AVM
Other Real Estate
Dogus Pow er Center
Description
Area (m 2)
Antalya
57 Offices
3,550
Istanbul
Shopping mall
44,121
Participations
Investment Funds
Bonds
O/N
Deposits
Equity
Liquid Assets
Receivables
Other Assets
Debts
Net Asset Value
Share Number
NAV per share
Share Price
Portfolio
Value (TL)
5,855,000
5,855,000
149,695,000
149,695,000
0
0
155,550,000
Portfolio
Value ($)
3,811,601
3,811,601
97,451,338
97,451,338
0
0
101,262,939
0
0
17,446,182
0
0
0
17,446,182
0
172,996,182
12,417
1,632,149
5,296,804
538,447
179,399,105
181,933,200
0
0
11,357,452
0
0
0
11,357,452
0
112,620,391
8,083
1,062,528
3,448,216
350,529
116,788,689
118,438,383
1%
1%
93,780,000
1.91
1.94
93,780,000
1.25
1.26
Contribution
3%
3%
87%
87%
0%
90%
0%
10%
0%
0%
0%
10%
0%
100%
REIT Sector
6
May 09, 2011
Idealist REIT (IDGYO.TI)
Location
Description
Area (m 2)
Land
Real Estate
Idealistkent 1 resident
Idealistkent 2 villas
Idealistkent 1 residents
Idealistkent 10 villas
193
269
158
269
Participations
Investment Funds
Bonds
O/N
Deposits
Equity
Liquid Assets
Receivables
Other Assets
Debts
Net Asset Value
Share Number
NAV per share
Share Price
Portfolio
Value (TL)
0
0
11,345,000
415,000
1,700,000
330,000
8,900,000
0
0
0
11,345,000
Portfolio Value
($)
0
0
7,385,587
270,165
1,106,699
214,830
5,793,894
0
0
0
7,385,587
0
0
205,620
0
0
133,858
0
0
0
0
205,620
0
11,550,620
406,770
0
0
0
11,957,390
27,500,000
0
0
133,858
0
7,519,445
264,807
0
0
0
7,784,252
17,902,480
130%
130%
10,000,000
1.20
2.75
10,000,000
0.78
1.79
Contribution
0%
98%
4%
15%
3%
77%
0%
0%
0%
98%
0%
0%
2%
0%
0%
0%
2%
0%
100%
REIT Sector
7
May 09, 2011
Is REIT (ISGYO.TI; OUTPERFORM)
Location
Description
Area (m 2)
Portfolio Value Portfolio Value
(TRY)
(USD)
Land
175,941,186
114,949,161
12%
952,000
20,000,000
47,077,580
25,270,000
53,641,606
29,000,000
1,243,416,236
96,000,000
410,000,000
187,600,000
183,300,000
39,100,000
45,000,000
285,000,000
67,000,000
72,000,000
66,200,000
11,000,000
24,000,000
21,000,000
13,000,000
24,560,000
35,000,000
21,000,000
38,656,236
621,978
13,066,771
30,757,598
16,509,865
35,046,130
18,946,818
812,371,773
62,720,502
267,868,810
122,566,314
119,756,958
25,545,538
29,400,235
186,201,490
43,773,684
47,040,376
43,251,013
7,186,724
15,680,125
13,720,110
8,493,401
16,045,995
22,866,850
13,720,110
25,255,610
0%
1%
3%
2%
4%
2%
83%
6%
27%
13%
12%
3%
3%
19%
4%
5%
4%
1%
2%
1%
1%
2%
2%
1%
3%
Hotel
14,000,000
1,419,357,422
9,146,740
927,320,934
1%
95%
Participations
Kanyon Management and Marketing
Investment Funds
Bonds
O/N
Deposits
Equity
Liquid Assets
Receivables
Other Assets
Debts
Net Asset Value
50,000
50,000
72,241,886
374,498
7,822,729
1,539,386
62,505,274
0
1,491,649,308
7,765
4,368,866
3,484,810
106,689,876
1,392,820,873
828,000,000
32,667
32,667
47,198,410
244,674
5,110,891
1,005,740
40,837,105
0
974,552,011
5,073
2,854,349
2,276,761
69,704,610
909,983,584
540,964,328
0%
0%
5%
0%
1%
0%
4%
0%
100%
Levent -Rumelihisari
Uskudar Land
Kartal Land
Tuzla Land-1
Tuzla Land -2
Izmir Land
Real Estate
Ankara Office Tow er
Istanbul Is Tow ers
Tow er -2
Tow er -3
Shopping mall & Carpark
Maslak Building
Kanyon Shopping mall
Real Hypermarket and surronding
Đstanbul Esenyurt (Marmarapark)
Seven Seas Hotel
Mallmarine
Is Bank Historical Headquarter
Kızılay- Office Building
Antalya- Office Building
Sirkeci-Office Building
Gunesli-Office Building
Taksim Building
Antalya Kemer Imperial Otel
Istanbul
Istanbul
Istanbul
Istanbul
Istanbul
Izmir
7,612
32,081
77,327
53,200
65,700
18,392
Ankara
Istanbul
26,448
Lykia Lodge Kapadokya Otel
Nevsehir
Istanbul
Istanbul
Istanbul
Istanbul
Antalya
Mugla
Ankara
Ankara
Antalya
Istanbul
Istanbul
Istanbul
Antalya
Contribution
34 Office Floors
34 Office Floors
48 Stores
17 Office Floors
162 Stores
28,135
28,514
6,675
12,904
19,470
358 rooms
Shopping Center
Office Block
13 Floors
7 Floors
8 Floors
5 Floors
8 Floors
Hotel
52,699
3,172
6,418
5,193
3,353
4,170
20,805
578
-41%
-41%
Share Number
450,000,000
450,000,000
NAV per share
3.10
2.02
Share Price
1.84
1.20
REIT Sector
8
May 09, 2011
Emlak Konut REIT (EKGYO.TI; MARKET PERFORM)
Location
Land
Bali Kuyumcu Lands
Umraniye Lands
Corlu Lands
Basaksehir Lands
Karsiyaka Lands
Umurbey Land
Cerkezkoy Lands
Yarimca Lands
Firuzkoy Ispartakule Lands
Kucukcekmece Lands
Sultangazi Lands
Sultanbeyli Lands
Guzeller Lands
Firuzkoy Ispartakule Lands
Old Liquer Plant Land
Atasehir Land
Atasehir Lands
Ayazaga Land
Tuzla Aydintepe Land
Ayazma Lands
Buildings
Kent Plus Mimarsinan units
Cerkezkoy Dream City Phase-4
Korfezkent Phase-1
Misstanbul units
Atasehir 55 Commercial units
Karsiyaka Social Facility
Kecioren Building
Burgaz Kent Project
Silivri Selimpasa Emlak Residence
Mavisehir Pelikan Evleri
Soyak Mavisehir project
Duplex Villa
Novus Residence project
Agaoglu My Shop
Alemdag Project
Burhaniye Project
Tuzla Emlak Konutlari Phase -1
Tuzla Emlak Konutlari Phase - 2
My Tow erland & Sky Tow er projects
Varyap Meridan projects
Tulip Turkuaz project
Agaoglu My Tow n project
Bizimevler-3
Avrupa Konutlari- (Ispartakule Phase-1)
Korfezkent Emlak Konutlari
Commercial Center project
Ergene Vadisi
Mavisehir project at parcel 3
Emlak Konutlar Phase - 1
Emlak Konutlar Phase - 2
Halkalı Phase-1
Halkalı Phase-3
Halkalı Phase-4 (Atakent -3)
My World Europe
Mavisehir project Phase -4
Mavisehir project Phase -5 (Modern Sehir)
Kayasehir Phase -1
Avrupa Konutlari- (Ispartakule Phase-1)
Bizimevler-4
Ankara
Istanbul
Tekirdag
Istanbul
Izmir
Izmir
Tekirdag
Kocaeli
Istanbul
Istanbul
Istanbul
Istanbul
Kocaeli
Istanbul
Istanbul
Istanbul
Istanbul
Istanbul
Istanbul
Istanbul
Description
91 parcels
3 parcels
12 parcels
23 parcels
7 parcels
17 parcels
11 parcels
10 parcels
1 parcel
3 parcels
9 parcels
35 parcels
3 parcels
1 parcel
4 parcels
1 parcel
8 parcels
3 parcels
5,295,560
1,919,107
111,601
102,002
263,882
341,642
6,810
371,236
198,433
239,433
292,535
218,687
56,939
190,602
80,085
22,060
99,108
17,912
322,750
247,223
193,516
Istanbul
Tekirdag
Kocaeli
Istanbul
Istanbul
Izmir
Ankara
Kırklareli
Istanbul
Izmir
Izmir
Aydın
Istanbul
Istanbul
17,412
11,371
229
27,575
6,750
2,087
151
115,378
124,630
28,530
104
234
16,110
Istanbul
Istanbul
Istanbul
Istanbul
Istanbul
Istanbul
Istanbul
Istanbul
Istanbul
Istanbul
Istanbul
Kirklareli
Tekirdag
Izmir
Izmir
Izmir
Kocaeli /Gebze
Kocaeli /Gebze
Istanbul
Istanbul
Istanbul
Istanbul
Izmir
Izmir
Istanbul
Istanbul
Istanbul
86,047
52,620
85,856
48,764
36,482
92,745
116,483
38,215
57,133
35,462
53,966
3,685
68,387
49,012
7,112
10,566
63,243
93,180
36,626
91,695
262,240
198,476
45,305
20,955
24,532
25,870
60,085
Participations
Investment Funds
Bonds
O/N
Deposits
Equity
Liquid Assets
Receivables
Other Assets
Debts
Net Asset Value
Share Number
NAV per share
Share Price
REIT Sector
Area (m 2)
Portfolio Value
(TL)
3,554,315,652
303,641,750
180,445,000
24,612,000
222,155,269
2,775,000
11,000,000
82,381,000
50,550,000
232,300,000
45,595,000
371,725,000
17,940,000
49,677,985
83,745,000
256,095,000
436,075,000
2,915,148
881,107,500
102,190,000
197,390,000
329,804,100
8,553,500
5,123,000
197,600
44,883,000
7,462,000
7,325,000
510,000
45,299,000
90,616,000
52,329,000
265,000
250,000
50,661,000
16,330,000
2,214,861,537
94,228,934
166,419,037
28,381,246
14,598,107
80,552,521
381,000,800
137,389,164
36,021,368
56,899,708
23,150,251
33,595,146
1,505,561
37,493,438
138,955,000
11,070,000
8,575,000
25,071,271
30,030,063
58,871,462
102,312,000
264,000,000
284,508,424
69,669,633
28,965,455
32,000,000
16,936,640
52,661,308
6,098,981,289
0
0
1,182,176,286
0
353,961,572
0
828,214,714
0
7,281,157,575
8,201,721
937,423,264
1,213,058,291
3,784,181,294
5,655,659,557
7,275,000,000
29%
2,500,000,000
2.26
2.91
Portfolio Value
($)
2,313,856,944
197,670,562
117,469,566
16,022,394
144,622,921
1,806,523
7,160,992
53,629,972
32,908,014
151,227,134
29,682,312
241,992,709
11,678,927
32,340,333
54,517,935
166,717,662
283,884,513
1,897,759
573,600,352
66,525,617
128,500,749
214,702,233
5,568,322
3,335,069
128,637
29,218,801
4,857,757
4,768,570
332,010
29,489,617
58,990,951
34,066,142
172,515
162,750
32,980,275
10,630,818
1,441,873,275
61,342,968
108,338,674
18,476,171
9,503,357
52,439,634
248,031,248
89,440,247
23,449,885
37,041,669
15,070,797
21,870,416
980,119
24,408,202
90,459,605
7,206,562
5,582,319
16,321,380
19,549,549
38,325,279
66,605,039
171,863,811
185,214,780
45,354,881
18,856,491
20,831,977
11,025,741
34,282,474
3,970,432,452
0
0
769,595,916
0
230,428,730
0
539,167,186
0
4,740,028,367
5,339,315
610,261,873
789,700,079
2,463,499,313
3,681,830,322
4,736,019,790
29%
2,500,000,000
1.47
1.89
Contribution
49%
4%
2%
0%
3%
0%
0%
1%
1%
3%
1%
5%
0%
1%
1%
4%
6%
0%
12%
1%
3%
5%
0%
0%
0%
1%
0%
0%
0%
1%
1%
1%
0%
0%
1%
0%
30%
1%
2%
0%
0%
1%
5%
2%
0%
1%
0%
0%
0%
1%
2%
0%
0%
0%
0%
1%
1%
4%
4%
1%
0%
0%
0%
1%
84%
0%
0%
16%
0%
5%
0%
11%
0%
100%
9
May 09, 2011
Kiler REIT (KLGYO.TI)
Location
Land
Buyukcekmece-Beylikduzu
Buyukcekmece-Yakuplu
Buyukcekmece-Kavaklı
Izmir-Seferihisar
Buildings
Altindag
Esenyurt Building
Sapphire
Sapphire
Cinar Evler
Zonguldak Project
Description
Istanbul
Istanbul
Istanbul
Izmir
Area (m 2)
6,371
53,065
736
49,949
Ankara
Istanbul
Istanbul
Istanbul
Commercial Building
Logistic Center
Shopping Center-Observation deck
Residence
Istanbul
Zonguldak
Residential project
Office and shopping mall
Participations
Safir Carsi Yonetimi
Investment Funds
Bonds
O/N
Deposits
Equity
Liquid Assets
Receivables
Other Assets
Debts
Net Asset Value
Portfolio
Value (TL)
Portfolio
Value ($)
Contribution
68,808,483
7,164,958
50,000,000
405,000
11,238,525
926,886,781
5,675,156
52,700,000
442,044,024
426,467,601
32,919,087
4,576,000
28,343,087
1,028,614,351
44,794,273
4,664,383
32,549,964
263,655
7,316,272
603,402,631
3,694,522
34,307,662
287,770,343
277,630,103
21,430,302
2,978,973
18,451,329
669,627,206
7%
1%
5%
0%
1%
89%
1%
5%
43%
41%
3%
0%
3%
99%
2,500
2,500
11,289,756
0
0
0
11,289,756
0
1,039,906,607
26,742
22,981,306
38,211,386
346,915,920
754,210,121
528,500,000
1,627
1627.49821
7,349,623
0
0
0
7,349,623
0
676,978,456
17,409
14,960,814
24,875,585
225,842,015
490,990,248
344,053,122
0%
0%
1%
0%
0%
0%
1%
0%
100%
-30%
-30%
Share Number
87,500,000
87,500,000
NAV per share
Share Price
8.62
6.04
5.61
3.93
REIT Sector
10
May 09, 2011
Marti REIT (MRGYO.TI)
Location
Land
Field-Karacasu
Cerkezkoy Land -1
Cerkezkoy Land -2
Cerkezkoy Land -3
Buildings
Ayın cove - Marmaris
Narin Park Project Cerkezkoy
Marti Marina
Real Estate Usage Rights
Land -Sarigerme
Marti Myra Otel
Marti Marina - Marmaris
Land -Kemer
Description
Area (m 2)
Aydın
Tekirdag
Tekirdag
Tekirdag
32,280
50,852
15,149
23,270
Mugla
99,500
Tekirdag Residential project
Bursa
Residential project of 2200 units
Mugla
Anatlya
Mugla
Antalya
Usage rights
Usage rights
Usage rights
Usage rights
until 2051
until 2039
for 49
for 49
Participations
Sarigerme Turizm
Investment Funds
Bonds
O/N
Deposits
Equity
Liquid Assets
Receivables
Other Assets
Debts
Net Asset Value
Share Number
NAV per share
Share Price
Portfolio
Value (TL)
Portfolio
Value ($)
Contribution
22,219,283
110,000
12,505,000
3,787,283
5,817,000
9,141,000
9,141,000
37,422,480
27,668,384
9,754,096
125,887,998
14,448,000
94,805,587
16,140,411
494,000
194,670,761
14,464,737
71,610
8,140,746
2,465,519
3,786,863
5,950,784
5,950,784
24,362,008
18,012,098
6,349,910
81,952,997
9,405,638
61,718,369
10,507,396
321,594
126,730,526
11%
0%
6%
2%
3%
5%
5%
18%
14%
5%
62%
7%
47%
8%
0%
96%
230,000
230,000
7,670,792
0
0
0
7,670,792
0
202,571,553
478,300
11,934,353
20,057,785
18,538,826
216,503,165
132,000,000
149,730
149,730
4,993,680
0
0
0
4,993,680
0
131,873,936
311,373
7,769,255
13,057,604
12,068,762
140,943,405
85,931,905
0%
0%
4%
0%
0%
0%
4%
0%
100%
-39%
-39%
110,000,000
1.97
1.20
110,000,000
1.28
0.78
REIT Sector
11
May 09, 2011
Nurol REIT (NUGYO:TI)
Location
Real Estate
Nurol Plaza
Istanbul
Oasis
Mugla
Nurol Residence Ankara
Karum
Ankara
Description
Bussines Center
Shopping Center
Residence
Bussines Center
Participations
Investment Funds
Bonds
O/N
Deposits
Equity
Liquid Assets
Receivables
Other Assets
Debts
Net Asset Value
Share Number
NAV per share
Share Price
Area (m 2)
4,970
1,280
9,213
251
Contribution
(TL)
($)
38,255,000
24,903,978
64%
17,175,000
11,180,913
29%
3,245,000
2,112,493
5%
17,590,000
11,451,077
30%
245,000
159,495
0%
38,255,000
24,903,978
64%
0
0
21,345,455
0
7,883,640
64,425
13,397,390
0
59,600,455
6,424
175,437
199,145
384,256
59,597,205
81,600,000
0
0
13,895,876
0
5,132,244
41,941
8,721,691
0
38,799,854
4,182
114,209
129,643
250,150
38,797,738
53,121,542
37%
37%
10,000,000
5.96
8.16
10,000,000
3.88
5.31
0%
0%
36%
0%
13%
0%
22%
0%
100%
REIT Sector
12
May 09, 2011
Ozderici REIT (OZGYO.TI)
Location
Description
Area (m 2)
Real Estate
Yapi Kredi Plaza
Istanbul
9th Office floor
486
Nuvo Dragos Projesi
Istanbul
Residential project of 1,007 units
Participations
Portfolio Value
(TL)
Portfolio
Value ($)
Contribution
2,805,000
1,826,053
3%
2,805,000
1,826,053
3%
71,139,000
46,311,438
77%
71,139,000
73,944,000
46,311,438
48,137,491
77%
80%
0
0
0%
17,937,000
11,676,974
20%
97,000
63,147
0%
0
Investment Funds
Bonds
0
0
0%
O/N
0
0
0%
Deposits
17,840,000
11,613,827
19%
Equity
0
91,881,000
0
59,814,465
0%
100%
18,000
11,718
8,238,000
5,362,932
Other Assets
4,853,000
3,159,300
Debts
Net Asset Value
3,859,000
101,131,000
2,512,206
65,836,209
121,000,000
78,770,913
Liquid Assets
Receivables
20%
20%
Share Number
100,000,000
100,000,000
NAV per share
1.01
0.66
Share Price
1.21
0.79
REIT Sector
13
May 09, 2011
Pera REIT (PEGYO.TI)
Location
Land
Sumerpark Land
Description
Area (m 2)
Denizli
Sumerpark
Denizli
Karakoy Building
Istanbul
Shopping Center & Residential project
Usage rights for 12 years
Participations
Maya Tourism
Investment Funds
Bonds
O/N
Deposits
Equity
Liquid Assets
Receivables
Other Assets
Debts
Net Asset Value
Share Number
NAV per share
Share Price
55,000
Portfolio
Value (TL)
19,105,000
19,105,000
Portfolio
Value ($)
12,437,341
12,437,341
Contribution
10%
10%
165,150,000 107,512,532
165,150,000 107,512,532
3,515,000
2,288,262
3,515,000
2,288,262
187,770,000 122,238,136
86%
86%
2%
2%
98%
4,022,180
2,618,436
4,022,180
2,618,436
0
0
0
0
0
0
0
0
0
0
0
0
191,792,180 124,856,572
485,980
316,373
10,439,620
6,796,185
173,780
113,131
62,283,000 40,546,188
140,608,560 91,536,072
94,488,000 61,511,620
2%
2%
0%
0%
0%
0%
0%
0%
100%
-33%
-33%
89,100,000
1.58
1.06
89,100,000
1.03
0.69
REIT Sector
14
May 09, 2011
Reysas REIT (RYGYO.TI)
Location
Land
Duzce Merkez Darıcı Land
Duzce Merkez Darıcı Land
Kocaeli Akse Land
Kocaeli Akse Land
Kocaeli Gebze Land
Ankara Kazan Land
Pendik Kurna Land
Kocaeli Uzuntarla Land
Sakarya Arifiye Land
Real Estate
Adana Seyhan Warehouse
Adana CareffourSA Warehouse
Ankara CarrefourSA Warehouse
Düzce Merkez 1 Fındık Warehouse
Düzce Akcakoca 2 Fındık Warehouse
Bursa Nilüfer Warehouse
Giresun Tirebolu 2 Fındık Warehouse
Giresun Bulancak 1 Fındık Warehouse
Đstanbul Merkez Sancaktepe Warehouse
Đstanbul Orhanlı Tuzla 1 Warehouse
Kocaeli Gebze 1 Warehouse
Kocaeli Gebze 2 Warehouse
Ordu Merkez 1 Fındık Warehouse
Ordu Ünye 2 Fındık Warehouse
Sakarya Arifiye 2 Fındık Warehouse
Sakarya Karasu 1 Fındık Warehouse
Samsun Terme 1 Fındık Warehouse
Samsun Carşamba 2 Fındık Warehouse
Trabzon Arsin 1 Fındık Warehouse
Istanbul Hadımköy Warehouse
Eskisehir Odunpazarı Warehouse
Đstanbul Tuzla Orhanlı
Kocaeli Akse
Description
Area (m 2)
Duzce
Duzce
Kocaeli
Kocaeli
Kocaeli
Ankara
Istanbul
Kocaeli
Kocaeli
Kocaeli
Kocaeli
Sakarya
14,070
3,780
7,037
5,801
19,218
11,970
37,147
19,820
36,333
22,053
681
Adana
Adana
Ankara
Duzce
Duzce
Bursa
Giresun
Giresun
Istanbul
Istanbul
Kocaeli
Kocaeli
Ordu
Ordu
Sakarya
Sakarya
Samsun
Samsun
Trabzon
Istanbul
Eskisehir
29,048
23,095
16,939
20,760
8,077
24,937
5,860
5,699
18,316
14,134
5,170
8,441
16,369
21,497
10,326
4,040
6,390
1,097
9,650
7,352
3,987
Istanbul
Kocaeli
25,053
8,000
Participations
Arı Lojistik
Investment Funds
Bonds
O/N
Deposits
Equity
Liquid Assets
Receivables
Other Assets
Debts
Net Asset Value
Portfolio
Value (TL)
38,148,050
845,000
130,000
2,815,000
2,320,000
6,726,300
1,615,000
9,286,750
495,000
3,775,000
440,000
135,000
9,565,000
222,382,000
18,870,000
8,656,000
8,620,000
3,260,000
3,370,000
31,170,000
3,230,000
6,465,000
18,530,000
26,000,000
20,020,000
36,400,000
4,745,000
7,200,000
2,700,000
4,690,000
4,016,000
4,740,000
3,150,000
4,360,000
2,190,000
22,690,000
18,950,000
3,740,000
283,220,050
4,127,642
4,127,642
2,105,437
0
0
0
2,105,437
0
289,453,129
11,742
65,782,803
6,755,329
37,704,579
324,298,424
226,100,000
Share Number
NAV per share
Share Price
-30%
Portfolio
Value ($)
24,834,353
550,094
84,630
1,832,563
1,510,318
4,378,816
1,051,364
6,045,668
322,245
2,457,522
286,440
87,885
6,226,808
144,770,523
12,284,356
5,635,050
5,611,614
2,122,258
2,193,868
20,291,648
2,102,728
4,208,710
12,063,017
16,925,981
13,033,006
23,696,374
3,088,992
4,687,195
1,757,698
3,053,187
2,614,413
3,085,737
2,050,648
2,838,357
1,425,688
14,771,174
12,336,436
2,434,737
184,376,050
2,687,092
2,687,092
1,370,638
0
0
0
1,370,638
0
188,433,780
7,644
42,824,558
4,397,714
24,545,654
211,118,042
147,190,938
Contribution
13%
0%
0%
1%
1%
2%
1%
3%
0%
1%
0%
0%
3%
77%
7%
3%
3%
1%
1%
11%
1%
2%
6%
9%
7%
13%
2%
2%
1%
2%
1%
2%
1%
2%
1%
8%
7%
1%
98%
1%
1%
1%
0%
0%
0%
1%
0%
100%
-30%
170,000,000 170,000,000
1.91
1.24
1.33
0.87
REIT Sector
15
May 09, 2011
Saglam REIT (SAGYO.TI)
Location
Description
Area (m 2)
Istanbul
Istanbul
Istanbul
Istanbul
Istanbul
Office - Store
Office
Store
1,586
2,669
4,230
Land
Real Estate
Altunizade Building
Mecidiyekoy Business Center
Antalya Building
Fecir Business Center
Rozi Factory Building
Portfolio Value
(TL)
0
Participations
Ottoman Real Estate
Investment Funds
Bonds
O/N
Deposits
Equity
Liquid Assets
Receivables
Other Assets
Debts
Net Asset Value
Share Number
NAV per share
Share Price
Portfolio Value
Contribution
($)
0
0%
72,875,487
9,310,000
5,180,000
5,205,000
14,320,487
38,860,000
47,441,890
6,060,803
3,372,176
3,388,451
9,322,627
25,297,832
70%
9%
5%
5%
14%
37%
72,875,487
47,441,890
70%
3,839,330
3,839,330
27,729,286
0
0
17,813,630
9,915,656
0
104,444,103
18,752
792
192,882
29,124,786
75,531,743
53,200,000
2,499,401
2,499,401
18,051,745
0
0
11,596,660
6,455,085
0
67,993,036
12,208
516
125,566
18,960,215
49,171,111
34,633,162
4%
4%
27%
0%
0%
17%
9%
0%
100%
-30%
-30%
56,000,000
1.35
0.95
56,000,000
0.88
0.62
REIT Sector
16
May 09, 2011
Sinpas REIT (SNGYO.TI; OUTPERFORM)
Location
Land
Umraniye - Cakmak
Kucukcekmece - Halkali
Yenimahalle -Alacaatlı
Cankaya Dikmen
Polatli Yenidogan
Marmaris
Sisli Land - 1
Umraniye - Dudullu
Çankaya -Buyuk Esat
Buildings
Avangarden
Rumeli
Lagun
Bosphorus City
Bursa Modern
Bursa Modern
Bosphorus City
Aquacity 2010
Istanbul Palace
Itow er
Description
Area (m 2)
Istanbul
Istanbul
Ankara
Ankara
Ankara
Mugla
Istanbul
Istanbul
Ankara
83,963
50,817
138,374
26,905
280,812
39,307
18,325
23,830
16,331
Istanbul
Istanbul
Istanbul
Istanbul
Istanbul
6 Units from Avengarden Project
7 Units from Rumeli Project
167 Units from Lagun Project
142 Units from Bosphorus City Project
560 Units from Bursa Modern Project
Bursa
Istanbul
Istanbul
Istanbul
Istanbul
Residential project of
Office project
2200 units
2800 units
1.120 units
1.120 units
Participations
Ottoman Real Estate
Saf Real Estate
Seven Et Gıda
Investment Funds
Bonds
O/N
Deposits
Equity
Liquid Assets
Receivables
Other Assets
Debts
Net Asset Value
Share Number
Share Buyback
NAV per share
Share Price
Portfolio
Value (TL)
Portfolio
Value ($)
Contribution
427,028,844
93,037,000
55,192,500
30,650,000
13,785,700
10,400,000
151,100,000
22,715,718
2,497,926
47,650,000
315,909,572
3,305,794
6,592,500
90,230,008
53,744,534
162,036,736
766,747,347
71,202,473
374,801,835
82,874,735
206,360,465
31,507,839
1,509,685,763
277,995,472
60,567,020
35,930,278
19,953,128
8,974,481
6,770,393
98,365,992
14,787,916
1,626,148
31,020,116
205,656,905
2,152,070
4,291,713
58,739,671
34,987,653
105,485,799
499,151,974
46,352,759
243,995,726
53,951,393
134,340,515
20,511,581
982,804,351
26%
6%
3%
2%
1%
1%
9%
1%
0%
3%
19%
0%
0%
5%
3%
10%
46%
4%
22%
5%
12%
2%
90%
118,526,244
77,160,500
0
0
78,526,244
51120528.61
40,000,000
26039971.36
41,734,003
27,168,806
0
0
14,377,360
9,359,651
0
0
27,356,643
17,809,155
0
0
1,669,946,010 1,087,133,657
10,547,940
6,866,701
132,962,159
86,558,270
174,181,547
113,392,062
758,352,239
493,686,765
1,229,285,416 800,263,926
1,070,000,000 696,569,234
-13%
-13%
500,000,000
3,300,000
2.47
2.14
500,000,000
3,300,000
1.61
1.39
7%
0%
5%
2%
2%
0%
1%
0%
2%
0%
100%
REIT Sector
17
May 09, 2011
Torunlar REIT (TRGYO.TI)
Location
Description
Area (m 2)
Land
Basaksehir-Ikitelli
Basaksehir-Kayabasi
Sisli Esentepe
Osmangazi
Buildings
Zafer Plaza
Korupark Shopping Mall
Torium Shopping Mall
Korupark Sw imming Pool
Korupark Social facility
Korupark Office
Kemenkes Building
Korupark 1&2 Phases
Mall of Istanbul
Torium
Nish Đstanbul
Nish Đstanbul
Istanbul
Istanbul
Istanbul
Bursa
8,506
60,832
14,991
35,772
Bursa
Bursa
Istanbul
Bursa
Bursa
Bursa
Istanbul
Bursa
Shopping Center
Shopping Center
Shopping Center
Istanbul
Istanbul
Istanbul
Istanbul
Mixed Use Project
Residential project
Mixed Use Project
8 Office Units:
3 retail units and 5 w arehouses
7 retail shop and a garage
Residance at Korupark projects
Participations
Yeni Gimat Đşyerleri Đşletmesi A.Ş
Netsel Turizm Yatırımları A.Ş.
TTA.Gayrimenkul Yat.ve Yönetim A.Ş
TRN AVM.Yatırım ve Yönetim A.Ş.
Investment
Bonds
O/N
Deposits
Equity
Liquid Assets
Receivables
Other Assets
Debts
Net Asset Value
Share Number
NAV per share
Share Price
(TRY)
(USD)
Contribution
305,047,440
198,585,665
9%
999,000
15,903,860
237,736,220
50,408,360
1,295,460,700
143,155,750
540,509,810
549,875,520
1,396,700
2,571,880
5,355,050
12,072,990
40,523,000
709,564,100
669,116,870
5,919,000
30,435,230
4,093,000
2,310,072,240
650,348
10,353,401
154,766,109
32,815,806
843,343,988
93,194,291
351,871,499
357,968,570
909,251
1,674,292
3,486,134
7,859,508
26,380,444
461,925,721
435,594,603
3,853,265
19,813,313
2,664,540
1,503,855,374
0%
0%
7%
2%
40%
4%
17%
17%
0%
0%
0%
0%
1%
137%
12%
4%
1%
0%
6%
16%
0%
0%
0%
16%
0%
100%
388,141,460
252,679,813
138,273,590
30,722,680
14,824,410
204,320,780
516,400,000
0
0
0
516,400,000
0
3,214,613,700
550,000
88,811,000
116,285,000
900,822,000
2,519,437,700
1,599,360,000
90,016,008
20,000,443
9,650,680
133,012,681
336,176,030
0
0
0
336,176,030
0
2,092,711,217
358,050
57,815,897
75,701,452
586,434,477
1,640,152,139
1,041,182,215
224,000,000
11.25
224,000,000
7.32
7.14
4.65
-37%
1%
6%
1%
72%
-37%
REIT Sector
18
May 09, 2011
TSKB GYO (TSGYO.TI)
Location
Land
Adana Land
Real Estate
Tahir Han
Fındıklı Buildings
Pendorya AMV
Description
Area (m 2)
Adana
3,608
Istanbul
Istanbul
Istanbul
3,198
17,602
Participations
Investment Funds
Bonds
O/N
Deposits
Equity
Liquid Assets
Receivables
Other Assets
Debts
Net Asset Value
Share Number
NAV per share
Share Price
Portfolio
Value (TL)
11,726,000
11,726,000
278,535,000
6,265,000
76,980,000
195,290,000
0
0
290,261,000
Portfolio Value
($)
7,633,618
7,633,618
181,326,086
4,078,511
50,113,925
127,133,650
0
0
188,959,703
0
0
19,497,440
0
0
684,126
18,813,314
0
309,758,440
4,842
1,477,389
15,646,891
110,322,204
216,565,358
133,500,000
0
0
12,692,819
0
0
445,366
12,247,454
0
201,652,523
3,152
961,779
10,186,115
71,819,676
140,983,893
86,908,404
-38%
-38%
150,000,000
1.44
0.89
150,000,000
0.94
0.58
Contribution
4%
90%
2%
25%
63%
0%
0%
94%
0%
0%
6%
0%
0%
0%
6%
0%
100%
REIT Sector
19
May 09, 2011
Vakif REIT (VKGYO.TI)
Location
Land
Ankara,Etimesgut
Real Estate
Maya Building
Finans Market
Uskup Office Building
Tunali H. Bussines Center
Bagdat St. Office Building
Tunali H. Bussines Center
Kadikoy Office Building
Tunali H. Office Building
Bursa- Office Building
Bakırköy Office Building
Aliaga Office Building
Bandırma Office Building
Bartin Office Building
Corum Office Building
Duzce Office Building
Eskisehir Office Building
Gaziosmanpasa Office Building
Gelibolu Office Building
Gemlik Office Building
Inegol Office Building
Eregli Office Building
Karaman Office Building
Kutahya Office Building
Pendik Office Building
Tekirdağ Office Building
Fatih Office Building
Description
Ankara
Istanbul
Ankara
Ankara
Ankara
Istanbul
Ankara
Istanbul
Ankara
Bursa
Istanbul
Izmir
Balıkesir
Bartin
Corum
Duzce
Eskisehir
Istanbul
Canakkale
Bursa
Bursa
Zonguldak
Karaman
Kutahya
Istanbul
Tekirdag
Area (m 2)
33,411
7 Floors, Gross 2047.44 m2
2 Floors
50% stake, 2 Floors
1 Floor
1 Floor
10 Floors, Gross 6,317 m2
6 Floors
2 Floors
2 Floors
7 Floors
Istanbul
1,682
1,079
635
161
250
3,383
648
912
575
612
1,323
582
1,207
708
836
1,732
394
576
827
585
816
1,035
2,060
702
1,023
509
Participations
Investment Funds
Bonds
O/N
Deposits
Equity
Liquid Assets
Receivables
Other Assets
Debts
Net Asset Value
Share Number
NAV per share
Share Price
Contribution
(TL)
($)
15,299,840
9,960,185
13%
15,299,840
9,960,185
13%
87,090,500
56,695,853
76%
7,635,000
4,970,380
7%
5,000,000
3,254,996
4%
1,487,500
968,361
1%
2,320,000
1,510,318
2%
2,000,000
1,301,999
2%
13,288,000
8,650,478
12%
2,600,000
1,692,598
2%
6,500,000
4,231,495
6%
1,360,000
885,359
1%
5,500,000
3,580,496
5%
3,000,000
1,952,998
3%
1,750,000
1,139,249
2%
2,500,000
1,627,498
2%
2,000,000
1,301,999
2%
3,500,000
2,278,497
3%
3,600,000
2,343,597
3%
2,550,000
1,660,048
2%
1,000,000
650,999
1%
1,750,000
1,139,249
2%
1,250,000
813,749
1%
3,000,000
1,952,998
3%
2,000,000
1,301,999
2%
4,000,000
2,603,997
3%
5,000,000
3,254,996
4%
2,500,000
1,627,498
2%
0
0
0%
0
0
2,800,000
1,822,798
70%
2,800,000
1,822,798
70%
105,190,340
68,478,836
92%
0
0
9,719,793
67,014
7,689,552
0
1,963,226
0
114,910,133
323,010
490,721
115,954
3,642,456
112,197,361
71,344,000
0
0
6,327,578
43,626
5,005,893
0
1,278,059
0
74,806,414
210,279
319,459
75,486
2,371,236
73,040,402
46,444,893
-36%
-36%
20,800,000
5.39
3.43
20,800,000
3.51
2.23
0%
8%
0%
7%
0%
2%
0%
100%
REIT Sector
20
May 09, 2011
Yapi Kredi Koray REIT (YKGYO.TI)
Location
Land
Riva
Istanbul
Real Estate
Narmanlı Han
Istanbul
Elit Residence
Istanbul
Ankara Ankara
Ankara
Loft Bahçe
Istanbul
Other Real Estate
Bomanti Building
Istanbul
Kagithane Ofispark Istanbul
Cankaya Projesi
Ankara
Description
Area (m 2)
48,727
15% ow nership
2 Floors, 2 residence
4 Residence for sale
Residence
2,040
9 units at Bomanti b Building
2offices
residential & shopping mall
Participations
YKS Facility Management
Gelişim Real Estate
Investment Funds
Bonds
O/N
Deposits
Equity
Liquid Assets
Receivables
Other Assets
Debts
Net Asset Value
Share Number
NAV per share
Share Price
12,099
Portfolio Value
(TL)
8,794,452
8,794,452
16,519,722
6,585,000
4,046,000
967,084
4,921,638
10,440,776
5,032,996
5,407,780
22,477,517
22,477,517
58,232,467
Portfolio
Value ($)
5,725,182
5,725,182
10,754,327
4,286,830
2,633,943
629,571
3,203,983
6,796,938
3,276,477
3,520,461
14,632,847
14,632,847
37,909,294
52,580,177
205,341
52,374,836
62,463
0
0
0
62,463
0
110,875,107
4,482
3,939,837
4,437,961
30,019,723
89,237,664
97,600,000
34,229,658
133,677
34,095,981
40,663
0
0
0
40,663
0
72,179,615
2,918
2,564,831
2,889,109
19,542,818
58,093,655
63,537,530
9%
9%
40,000,000
2.23
2.44
40,000,000
1.45
1.59
Contribution
8%
8%
15%
6%
4%
1%
4%
9%
5%
5%
20%
20%
53%
47%
0%
47%
0%
0%
0%
0%
0%
0%
100%
REIT Sector
21
May 09, 2011
Yesil REIT (YGYO.TI)
Location
Land
Tekirdag Land
Tekirdag
Esenyurt Land
Istanbul
Guzelsehir
Innova Project
Description
Area (m 2)
12,000
16,750
Shopping Center
Participations
Investment Funds
Bonds
O/N
Deposits
Equity
Liquid Assets
Receivables
Other Assets
Debts
Net Asset Value
Share Number
NAV per share
Share Price
5,000
Portfolio
Value (TL)
155,140,000
720,000
154,420,000
301,282,858
6,570,000
294,712,858
456,422,858
Portfolio
Contribution
Value ($)
100,996,029
34%
468,719
0%
100,527,309
34%
196,134,925
66%
4,277,065
1%
191,857,860
65%
297,130,954
100%
0
0
333,878
68,862
0
0
265,017
0
456,756,736
20,225,056
312,198,255
131,503,882
732,873,588
187,810,342
352,673,559
0
0
217,354
44,829
0
0
172,526
0
297,348,308
13,166,497
203,240,841
85,608,933
477,100,181
122,264,398
229,590,234
88%
88%
235,115,706
0.80
1.50
235,115,706
0.52
0.98
0%
0%
0%
0%
0%
0%
0%
100%
REIT Sector
22
May 09, 2011
ŞEKER SECURITIES RESEARCH
Şeker Yatırım Menkul Değerler A.Ş.
Đnönü Cad. Tumşah Han No: 36
Beyoğlu – ĐSTANBUL
TURKEY
TEL: +90 (212) 334 33 33
Fax: +90 (212) 334 33 34
E-mail: [email protected]
Web: http://www.sekeryatirim.com/english/
For additional information, please contact:
Research
Kadir Tezeller
Volkan Muhurcuoglu
Halil Đbrahim Kahve
Burak Demirbilek
Selahattin Aydin
Engin Degirmenci
Head of Research
Head of CF & Banking
Analyst
Analyst
Analyst
Database Associate
+90 (212) 334 33 33
+90 (212) 334 33 33
+90 (212) 334 33 33
+90 (212) 334 33 33
+90 (212) 334 33 33
+90 (212) 334 33 33
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
Head of Inst. Sales
Sales Trader
Trader
Sales Representative
+90 (212)
+90 (212)
+90 (212)
+90 (212)
[email protected]
[email protected]
[email protected]
[email protected]
Economist
+90 (212) 334 91 04
Institutional Sales
Batuhan Alpman
Atakan Andic
Selin Gürsel
Murat Senalp
334 91 01
334 91 02
334 91 03
334 91 05
Macro Economy
Đbrahim Aksoy
[email protected]
DISCLAIMER
I, Halil Ibrahim Kahve, hereby certify that the views expressed in this research accurately reflect my personal views about the
subject securities and issuers. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to
the specific recommendations or views expressed in this report.
This report has been prepared by Şeker Yatırım Menkul Değerler A.Ş. (Şeker Securities). The information and opinions contained
in this report have been obtained from and are based upon public sources that Şeker Securities believes to be reliable, but no
representation or warranty, express or implied, is made that such information is accurate or complete and should not be relied
upon, as such. All estimates and opinions included in this report constitute our judgments as of the date of this report and are
subject to change without notice. This report is for informational purposes only and is not intended as an offer or solicitation
for the purchase or sale of a security. Investors must make their own investment decisions based on their specific investment
objectives and financial position and using such independent advisors as they believe necessary. Şeker Securities may, from
time to time, have a long or short position in the securities mentioned in this report and may solicit, perform or have
performed investment banking, underwriting or other services (including acting as adviser, manager, underwriter or lender) for
any company referred to in this report and may, to the extent permitted by law, have acted upon or used the information
contained herein, or the research or analysis upon which it is based, before its publication. This report is for the use of
intended recipients and may not be reproduced in whole or in part or delivered or transmitted to any other person without the
prior written consent of Şeker Securities. By accepting this document you agree to be bound by the foregoing limitations.
REIT Sector
23

REIT SECTOR - Şeker Yatırım

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