INVESTOR PRESENTATION
June 2011
1
Turkish economic outlook
3
Listed REIC's
Operational review
Financial review
Development review
Future outlook
Appendix (Portfolio review)
2
Turkey both an anchor emerging economy and a CIVETS country
>In the developed economies, final demand is unlikely to demonstrate a strong recovery
in the near future. The world needs anchor countries growing at a dynamic pace. These
countries should have the following characteristics:
1.Young population to support growth and spending
2.Low debt burden to feed credit channels
3.Diversified economy to generate employment opportunities and long term growth
4.Capital accumulation to finance high savings or growth
>Turkey meets with the first three out of these four criteria
Turkey has a young population: in 2025 what % of the population will be older than 60 ?
Source: United Nations
3
Economic Highlights
Real GDP Growth
Fiscal Balances as % of GDP
8,0
12
10
8
6,0
9,4
8,9
8,4
4,7
2,3
1,3
1,2
2
3,1
5,4
5,0
4,8
4,6
5,2
4,2
3,5
2,9
1,6
1,9
1,8
0,9 0,7
1,7
1,9
1,9
1,9
-2,0
2001
2002
2003
2004
2005
-1,3
-4,0
2006
-0,6
2007
-1,6
2008
2003
2004
2005
2006
2007
2008
2009
2010
2011F
2012F
2013F
2014F
2015F
-4
-4,8
-6
Turkey
-10,0
-4,2
0,1
2010
-3,6
2011 F
-3,3
-5,5
-5,4
-8,0
2009
-1,8
-6,0
2002
0,8
0,1
-8,8
-12,0
-14,0
EU27
-11,9
-12,0
Budget balance
Primary balance
Source: EIU (May 2011)
Source: EIU (May 2011)
Interest Rates
Consumer Price Inflation
Benchmark bond yield
Turkey
18,0%
35,0%
30,0%
16,2%
29,7%
16,0%
14,0%
25,0%
12,0%
18,4%
20,0%
10,0%
15,0%
9,3%
10,0%
10,5%
10,5%
8,7%
9,0%
8,0%
10,4%
8,6%
6,3%
5,6%
7,5%
9,0%
7,1%
6,0%
4,0%
5,0%
2,0%
0,0%
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011 F
2012 F
0,0%
2008
Turkey
Source: EIU (May 2011)
0,1
0,0
0
-2
5,5
2,0
5,3
4
5,8
4,7
4,0
2,8
4,0
6,9
6,2
6
5,1
2009
2010 F
2011 F
Benchmark bond yield
Source: Deutsche Bank
4
2012 F
-2,5
Economic Highlights
Consumer loans and mortgage loans (bn TRY)
Loan Growth (%)
70
140
61
127,3
143
116,5
60
107,8
120
99,4
100
80
86,4
38,6
37,5
37,0
43,2
40,6
64,2
12
7
10
0
Jan.09
Apr.09
CONSUMER LOANS
(BILLION TRY)
Jul.09
Oct.09
Jan.10
Apr.10
Jul.10
Oct.10
Jan.11
May.11
2006
2007
MORTGAGE LOANS
(BILLION TRY)
Consumer Loans
50,0
50
125,72
122,67
40,4
121,66
120
117,17
113,98
2011*
Interest Rate on Mortgages(%)
131,41
127,53
130
113,66
2010
Mortgage Rates (%)
REAL EFFECTIVE EXCHANGE RATE(CPI BASED) (2003=100)
135
125
2009
Source: Turkish Statistical Institute (annualized as of March 25, 2011)
Real Effective Exchange Rate
115
2008
Total Loans
Source: Turkish Statistical Institute(January 2011)
110
29
20
20
42
38
23
58,5
53,6
50,1
46,7
34
30
28
30
60
40
42
41
40
83,5
81,4
80,4
50
91,6
119,07
40
27,8
30
115,14
17,7
20
18,2
18,3
18,6
15,6
11,1
105
10
9,7
100
Jan.09
Apr.09
Jul.09
Oct.09
Jan.10
Apr.10
Jul.10
REAL EFFECTIVE EXCHANGE RATE(CPI BASED) (2003=100)
Source: Central Bank (May 2011)
Oct.10
Jan.11
Apr.11
0
2002
2003
2004
2005
2006
2007
2008
2009
2010
Mar./11
Interest Rate on Mortgages(%)
Source: Central Bank (February 2011)
5
Turkish economic outlook
3
Listed REIC's
Operational review
Financial review
Development review
Future outlook
Appendix (Portfolio review)
6
TRY
SATIŞ/SALES
VAFÖK/EBITDA
NET KAR/NET PROFIT
2010-3
%
2010-3
21,3
1.943.574..780
2011-3
%
2010-3
2011-3
%
2010-3
25.045.000
42.038.000
67,85
15.728.000
21.823.000
38,75
21.007.000
8.771.000
AKFEN
4.241.876
5.812.725
37,03
2.813.123
49.665.231
1665,48
7.807.328
32.540.328
316,79
AKMERKEZ
13.198.717
14.101.743
6,84
8.866.178
9.623.499
8,54
7.723.141
8.673.387
12,30
819.748.386
825.958.170
0,76
821.366.501
804.679.057
-2,03
ALARKO
2.430.444
10.057.787
313,83
593.747
757.122
27,52
263.800
2.401.456
810,33
257.378.000
268.650.571
4,38
255.492.608
265.049.905
3,74
ATAKULE
2.653.149
2.419.562
-8,80
1.316.844
848.856
-35,54
3.179.729
2.915.793
-8,30
190.931.162
211.676.492
10,87
189.930.525
210.198.438
10,67
AVRASYA
138.417.339
48.065.282
-65,28
9.144
-393.774 -4406,36
-144.962
-689.944
375,95
4.304.495
77.248.129 1694,59
3.287.186
30.291.579
821,50
2.353.627
2.889.577
22,77
1.348.044
1.846.111
36,95
1.449.244
2.177.565
50,26
161.248.260
172.996.182
7,29
169.315.368
179.399.106
5,96
21.016
112.961
437,50
21.077
171.927
715,71
20.528
170.773
731,90
38.925.089
40.503.628
4,06
20.603.006
18.977.220
-7,89
214.380.000
171.129.000
-20,17
177.666.000
59.138.000
-66,71
150.417.000
73.234.000
-51,31
-69.835
-1.351
-98,07
-65.165
1.786
-102,74
19,08
9.770
DOĞUŞ
EGS
EMLAK
İDEALİST
396.040
%
NET AKTİFLER/NET ASSETS
2010-3
TORUNLAR
2011-3
PORTFÖY DEĞERİ/PORTFOLIO
VALUE
-58,25 2.655.996.970
2011-3
3.222.121.000
723.897.000
11.550.620
2.541.071.000
%
30,7
589.486.000
7.281.157.575
9.700.000
2011-3
5.655.659.556
22,38
KİLER
28.034.081
53.045.734
89,22
3.797.227
15.976.281
320,74
736.352
11.679.869
1486,18
İŞ
23.546.331
26.836.080
13,97
16.318.467
17.566.804
7,65
10.825.461
9.787.515
-9,59
1.524.282
1.160.708
-23,85
569.771
456.857
-19,82
-171.281
122.265
-171,38
969.694
37.163
-96,17
-67.726
-194.055
186,53
80.706
184.128
128,15
22.269.000
91.881.000
312,60
17.549.000
101.131.000
476,28
-314.482
-414.500
31,80
-334.516
-1.091.984
226,44
128.758.280
191.792.190
48,96
100.364.300
140.608.570
40,10
MARTI
NUROL
ÖZDERİCİ
PERA
243.967
REYSAŞ
4.338.543
3.169.870
-7.063
1.039.906.607
11.957
754.210.121
1.281.939.734
1.491.649.308
16,36
1.241.082.359
185.009.000
202.571.553
9,49
167.253.987
59.600.455
1.198.647 -17070,79
1.392.820.873
12,23
216503164
29,45
59.597.205
289.453.129
324.298.424
SAĞLAM
2.107.160
1.831.702
-13,07
1.364.696
2.828.001
107,23
-106.564
2.290.369
-2249,29
120.119.463
104.444.103
-13,05
71.621.251
75.531.743
5,46
SİNPAŞ
28.305.332
73.532.281
159,78
-7.192.312
12.864.338
-278,86
-4.574.167
11.757.823
-357,05
1.421.219.196
1.669.946.009
17,50
1.098.673.738
1.229.285.416
11,89
TSKB
3.675.478
3.576.199
-2,70
422.784
1.487.503
251,84
2.248.977
-4.368.381
-294,24
279.003.950
309.758.440
11,02
166.381.700
216.565.358
30,16
VAKIF
1.014.496
1.554.630
53,24
641.547
820.693
27,92
1.227.685
780.595
-36,42
101.451.107
114.910.133
13,27
102.171.457
112.197.361
9,81
YEŞİL
753.814
6.299.894
735,74
-514.540
339.328
-165,95
-484.620
85.137
-117,57
16.374.107
456.756.736 2689,51
21.487.812
187.810.342
774,03
3.636.851
3.116.335
-14,31
-989.158
-998.968
0,99
-1.170.589
-1.528.660
30,59
111.578.213
110.339.337
89.237.664
-19,12
YK KORAY
TOTAL
496.308.687 472.595.913
-4,78 222.328.596 197.380.773
-11,22 199.928.024 161.093.467
110.875.107
-19,42 7.805.954.412 18.969.304.137
-0,63
143,01 6.500.504.685 15.194.621.059 133,74
7
MCAP & NAV of the REIC Sector
NAV ($ mn)
REIT's
MCAP ($ mn)
31.03.2011
%
31.03.2011
%
Emlak Konut
2.361
30,7
4.424
52,2
Torunlar
1.632
21,2
998
11,8
İş
900
11,7
509
6,0
Sinpaş
839
10,9
659
7,8
Akmerkez
520
6,8
701
8,3
Reysaş
209
2,7
134
1,6
Alarko
171
2,2
114
1,3
Martı
140
1,8
80
0,9
TSKB
140
1,8
89
1,1
Atakule
136
1,8
70
0,8
Y&Y
121
1,6
222
2,6
Doğuş
116
1,5
117
1,4
Vakıf
72
0,9
44
0,5
Pera
91
1,2
59
0,7
Özderici
65
0,8
78
0,9
Yapı Kredi Koray
58
0,8
58
0,7
Sağlam
49
0,6
32
0,4
Nurol
38
0,5
32
0,4
Avrasya
20
0,3
24
0,3
EGS
12
0,2
11
0,1
İdealist
8
0,1
16
0,2
TOTAL
7.698
100,0
8.471
100,0
8
Relative post-IPO performance of Torunlar REIC’s share
9
Turkish economic outlook
Listed REIC's
Operational review
Financial review
Development review
Future outlook
Appendix (Portfolio review)
10
Shareholding Structure
March 2011
Mahmut
KARABIYIK
Torun Pazarlama 0%
A.Ş.
0,03%
Free Float
25%
Aziz TORUN
38%
Y.Emre TORUN
0,03%
Ali COŞKUN
0%
Mehmet TORUN
37%
11
Strategy highlights
Strategy focus
Primary focus on development of
shopping malls
 Increased focus on mixed-use
projects
Creating ‘life centres’ with extensive
leisure and entertainment avenues
Focus investments in urban centres
with limited supply
Development portfolio
Successful track record of liaising with local
municipalities in contributing to and working
on urban transformation projects
Leverage the development platform
for performing value-adding
tasks such as land development, funding and
identify potential growth areas of development
Opportunistic development of other asset classes
Leverage track-record of JV development
 Access to attractive development opportunities
 Diversification of risk
 Developing residential
neighbourhoods in cities with good
connectivity to metro etc.
Opportunistic investments in non
shopping mall related projects
Asset management
Active asset management targeting
occupancy optimisation and rent
increase
Active refurbishment and extensions in-line
with increased demand and evolving
consumers and market trends
Tenant rationalisation opportunities
 Ensure appropriate shop and tenant mix
 Leveraging Torunlar Group’s reputation
and network of contacts to attract known
Turkish/international
tenants
12
History of Torunlar REIC–key milestones
 Construction for the company’s
needs and third party use (smallscale residential units)
 Active in the Turkish
 Torunlar bought
the land to be
used for Torun
Tower
 Delivery of
Korupark
Residences
phases I&II
 Torunlar REIC became a
listed company as of
October 21st, 2010,
emerging as one of the
biggest listed Turkish real
estate companies
construction and real estate
market since 1977
 Foundation of Toray
Construction
1977
 Opening of Zafer
Plaza; the first
shopping mall of
Bursa
 Opening of the
biggest mall in
Turkey in 1999,
Ankamall
1996
 Opening of one of the biggest
shopping malls in Turkey, Korupark
 Acquisition of the
Netsel Marina in
Marmaris
1999
 The residential compound at Korupark
was Bursa’s first gated community
2004
2005
 Opening of the
biggest outlet of
Antalya, Deepo
Outlet
 Torunlar bought the land for the
Mall of Istanbul project, which
will be one of Turkey’s largest
mixed use projects including a
shopping mall, residences,
offices and a hotel
2007
 Delivery of
Nish İstanbul
residences
and offices
2008
2009
2010
 Conversion to
Torunlar REIC
 Opening of Torium
Shopping Mall, October
30th, 2010
 Torium Shopping Mall is the
3rd largest shopping mall in
Istanbul
13
Key investment highlights
•2nd largest listed retail property company in Turkey
Residenti
al 7,90%
Shopping
malls;
76,30%
Office
9,90%
Hotel
2,10%
Marina
1,10%
Others
2,80%
• Included in ISE National XU 100, MSCI Turkey,
EPRA indices
•Portfolio value: TRY3.2 bn (2011/03)
•Gross rental income: TRY 42.0 m(2011/03)
•Market capitalisation: TRY1,5 bn(31/03/2011)
•Listed on 21.10.2010 on Istanbul Stock Exchange
•Diversified investment portfolio
•5 cities, Istanbul added in October 2010
•Portfolio ‘primarily’retail (76% shopping centres)
•Resilient operations: 98% occupancy rate
(2011/03)
•Financial strength
•Healthy financial structure with leverage at 25.4 %
•Stable shareholder structure with 25.16 % free float
14
Breakdown of Portfolio Value
2011/03
Money and Capital
Market Instruments
16%
Land
10%
Participations
12%
Building
40%
Project
22%
Land
Building
Project
Participations
Money and Capital Market Instruments
15
Shopping Mall Portfolio
Zafer Plaza (SM)
Occupancy 99%
Ankamall+ Crowne Plaza
(SM+Hotel)
Korupark (SM)
Occupancy 97%
Occupancy 100%
Istanbul
Black Sea Region
(Karadeniz Bölgesi)
Deepo Outlet Centre
(SM)
Torium Istanbul (SM)
Occupancy 100%
Occupancy 99%
Samsun
Bursa
Ankara
Marmara Region
(Marmara Bölgesi)
Eastern Analtolia Region
(Doğu Anadolu Bölgesi)
Kutahya
Izmir
Central Anatolia Region
(Iç Anadolu Bölgesi)
Aegean Region
(Ege Region)
Southeastern Anatolia Region
(Güneydoğu Anadolu Bölgesi)
Mugla
Antalya
Key portfolio information
Mediterranean Region
(Akdeniz Bölgesi)
Torunlar REIC’s presence
Additional target cities
Operational Shopping Malls
Pipeline Shopping Malls
Total Shopping Malls
Number
5
2
7
GLA(m²)
214,697
181,116
395,913
16
Turkey Residential Sales ( in units )
194.743
200.000
150.000
112.168
108.861
113.088 109.333
116.229
97.517
92.516
100.000
111.913
85.857
90.270
91.071
83.697
50.000
0
Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011
Source: Turkish Statistical Institute
17
TURKEY RESIDENTIAL PRICES
2011 April Index
Variance (m-o-m)
Variance (Y-o-Y)
Turkey Composite
95,4
+0,19%
+3,76%
Adana
110,6
+0,80%
+7,16%
Ankara
93,4
+0,46%
+4,78%
Antalya
82,2
-0,51%
-2,61%
Bursa
90,5
-0,33%
-0,66%
İstanbul
95,2
+0,23%
+5,19%
İzmir
97,6
+0,09%
-0,19%
Kocaeli
108,3
-0,46%
+2,34%
Source: Reidin Turkey
June: 2007=100 beginning of the index
18
TURKEY SHOPPING MALL SALES TURNOVER AND FOOTFALL
SALES TURNOVER INDEX (GENERAL)
140
120
100
100
92
91
93
Feb-10
Mar.10
Apr-10
101
102
101
May.10
Jun-10
Jul-10
108
114
122
113
112
108
103
96
80
60
40
20
0
Jan-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11
Mar.11
SALES TURNOVER INDEX (GENERAL)
FOOTFALL INDEX (GENERAL)
100
100
93
93
Feb-10
Mar.10
89
93
99
89
92
92
Jun-10
Jul-10
Aug-10
98
101
97
99
97
95
Jan-11
Feb-11
Mar.11
80
60
40
20
0
Jan-10
Apr-10
May.10
Sep-10 Oct-10
Nov-10 Dec-10
FOOTFALL INDEX (GENERAL)
Source: Council of Shopping Centers- Turkey
*January 2010 beginning of the index
19
Footfall and turnover
(March 2011)
YoY variance(%)
Torunlar REIC
Retail spending*
Turkey
10.8*
14.8
Footfall*
0
1.7
Occupancy ratio (%)
98
90
*Ankamall and newly opened Torium excluded
Source: Council of Shopping Centers Turkey
20
Resilient retail operations through active hands-on management.
March 2011
GLA ( m2 )
Bursa
Zafer Plaza
Bursa Korupark
Antalya Deepo
Outlet
İstanbul Torium
(1)
16.968
71.267
18.069
95.280
(1)
2.100.000
11.870.000
3.273.000
11.847.000
0
36.9
18.7
NA
3.8
(4.9)
1.5
NA
125
181
81
180
99
97
100
99
Turnover rent (as % of fixed rent)
2.8
4.2
17.2
13.8
Breakdown of rental
revenues
64%USD
36%€
86%€
14%USD
82%€
18%USD
72%USD
28%€
Revenues
Revenues
% growth
% Footfall growth
Number of stores
Occupancy (%)
(1)72,26% share. Receives rental
income.
21
Shopping centers by value
(TRY 000)
31-03-11
Nr of contracts
143.156
125
540.510
181
138.274
315
180.492
81
549.876
180
1.552.308
882
Bursa Zafer Plaza
Bursa Korupark
Ankara Ankamall
Antalya Deepo Outlet
İstanbul Torium
TOTAL
22
Turkish economic outlook
3
Listed REIC's
Operational review
Financial review
Development review
Future outlook
Appendix (Portfolio review)
23
Financial highlights
TRY (000)
2010
2009
Sales revenue
232.928
120.158
93.9
Residences sold
160.585
65.380
145.6
Rental revenue
58.584
39.859
47.0
EBITDA
55.377
71.700
-22.8
EBITDA margin
23.8%
59.7%
-35.9
4.745
4.536
4.6
Net gains from fair value adjustment
166.660
488.159
-65.8
Net profit
214.245
535.641
-59.4
1.16 TRY
3.04 TRY
-68.0
0,0
Dividend income
EPS
Variance %
LfL rental revenue growth
33%
Occupancy ratio
98%
98%
2010
2099
Total Assets
3.203.839
2.509.787
27.7
Total Equity
2.369.083
1.805.168
31.2
-344.619
-547.895
37.1
Portfolio value
3.130.000
2.603.000
20.2
Market cap
1.420.160
TRY (000)
Net debt
Variance %
24
Financial highlights
TRY (000)
2011/03
2010/03
Sales revenue
42.038
25.045
67.8
Residences sold
12.869
10.786
19.3
Rental revenue
24.711
12.223
102.1
EBITDA
24.131
17.791
35.6
EBITDA margin
57.4%
71%
-19.1
2.308
2.063
11.8
-15.085
6.716
-324.6
8.771
21.007
-58.2
0.04 TRY
0.11 TRY
-63.6
98%
98%
0,0
2011/03
2010/12
Total Assets
3.250.496
3.203.839
1.4
Total Equity
2.377.854
2.369.083
0.3
-498.440
-344.599
44.6
Portfolio value
3.222.000
3.130.000
2.9
Market cap
1.532.160
1.420.160
7.8
Dividend income
Valuation gain from financial assets and
liabilities
Net profit
EPS
LfL rental revenue growth
Occupancy ratio
TRY (000)
Net debt
Variance %
27.4%
Variance %
25
Maturity of Financial Loans (TRY m)
400
357
350
300
258
250
200
Maturity of debt
150
102
108
63%USD, 35%€, 2%TRY
100
50
0
2011
2012
2013
2014+
*The graph excludes TRY 516.4 m of cash and cash deposits and long-term
financial investments as of March 2011.
26
Income statement
1 Rental revenues relate to the
1
2
3
3
(000 TL)
Satışlar/Sales
Konut/Residence
AVM kira/ Mall rental
Diğer/Other
SMM/Cost of sales
Brüt kar/Gross profit
Brüt marj/Gross margin
Faaliyet giderleri/Opex
Diğer gelir(gider)/Other income(expenses)
Faaliyet karı /Operating profit
İştiraklerden alınan temettü/Share of profit of associates (recurring)
VFOK/EBIT
VFOK marjı /EBIT margin (%)
Amortisman/Depreciation
VAFOK/EBITDA
VAFOK marjı/EBITDA margin (%)
İştiraklerden gelir (gider)/share of profits (non-recurring)
Net faiz geliri(gideri)/Net financial interest income(expense)
4
Net diğer finansal gelir (gider)/Other net financial income (expense)
Kur farkı geliri (gideri)/Valuation gain from financial assets and liabilities
Vergi öncesi kar/Profit before tax
Vergi gideri/Corporate tax
Net kar/net profit
Net kar marjı/Net profit margin (%)
2011/03
42.038
12.869
24.711
4.458
16.571
25.467
60,6
-4.062
337
21.742
2010/03 Fark/Variance %
25.045
67,85
10.786
19,31
12.223
102,17
2.036
118,96
7.713
114,85
17.332
46,94
69,2
-8,62
-1.533
164,97
-98
-443,88
15.701
38,48
2.308
24.050
57,2
81
24.131
57,4
874
2.063
17.764
70,9
27
17.791
71,0
-64
11,88
35,39
-13,72
200,00
35,64
-19,19
-1465,63
-1.952
-3.530
-44,70
1.329
121
998,35
-15.085
9.216
-445
8.771
20,9
6.716
21.007
0
21.007
83,9
-324,61
-56,13
rental income from operating
shopping malls.
2 Other revenue consists of
electricity sales income,
excavation site rent income,
construction site rent income and
sales of other services and goods.
3 Share of profits of associates
are minority stakes in assets
held by Torunlar REIC. The
latter in counterparty receives
dividends from those assets.
The split is into ‘dividends
from associates’ which are
considered as recurring item
and the gain in fair value adj.
of Investment Properties’ are
considered non recurring.
4
Financial income includes gains
and loss of financial instruments
as well as the sale of share of
profits from associates.
-58,25
-63,01
Note: Sales are accounted when properties are physically transferred to buyers
1 EBIT includes operating profit and share of profits from associates excluding any effect of fair value changes
2 EBITDA = EBIT + Depreciation expenses ³ Excludes fair value gains/losses from “Investment Properties” and financial instruments
27
Balance sheet (‘000 TL)
(000 TL)
1
2
NAKİT VE NAKİT BENZERİ/CASH AND CASH EQUIVALENTS
FINANSAL YATIRIMLAR/FINANCIAL INVESTMENTS
TİCARİ ALACAKLAR/TRADE RECEIVABLES
STOKLAR/INVENTORY
1
DİĞER DÖNEN
VARLIKLAR/OTHER CURRENT ASSETS
DÖNEN VARLIKLAR/CURRENT ASSETS
FİNANSAL YATIRIMLAR/FINANCIAL INVESTMENTS
TİCARİ ALACAKLAR/TRADE RECEIVABLES
ÖZKAYNAK YÖNTEMİ İLE DEĞ.YAT./INVEST.IN ASSOCIATES
YATIRIM AMAÇLI GAYRIMENKULLER/INVESTMENT PROPERTY
MADDİ DURAN VARLIKLAR/TANGIBLE FIXED PROPERTY
MADDİ OLMAYAN DURAN VARLIKLAR/INTANGIBLE FIXED ASSETS
DİĞER DURAN VARLIKLAR/OTHER NON-CURRENT ASSETS
DURAN VARLIKLAR/NON-CURRENT ASSETS
TOPLAM VARLIKLAR/TOTAL ASSETS
FİNANSAL BORÇLAR/FINANCIAL LIABILITIES
FİNANSAL KİRALAMA BORÇLARI/FINANCE LEASE LIABILITIES
DİĞER FİNANSAL YÜKÜMLÜLÜKLER/OTHER FINANCIAL LIABILITIES
TİCARİ BORÇLAR/TRADE PAYABLES
DÖNEM KARI VERGİ YÜKÜMLÜLÜĞÜ/TAX PAYABLES
DİĞER YÜKÜMLÜLÜKLER/OTHER CURRENT LIABILITIES
KISA VADELİ YÜKÜMLÜLÜKLER/CURRENT LIABILITIES
FİNANSAL BORÇLAR/FINANCIAL LIABILITIES
ÇALIŞANLARA SAĞLANAN FAYDALARA İLİŞKİN KARŞILIKLAR/PROVISION
FOR EMPLOYMENT TERMINATION BENEFITS
DİĞER YÜKÜMLÜLÜKLER/OTHER NON-CURRENT LIABILITIES
UZUN VADELİ YÜKÜMLÜLÜKLER/NON-CURRENT LIABILITIES
ÖDENMİŞ SERMAYE/SHARE CAPITAL
HİSSE SENEDİ İHRAÇ PRİMLERİ/SHARE PREMIUM
KARDAN AYRILMIŞ KISITLANMIŞ YEDEKLER/RESTRICTED RESERVES
GEÇMİŞ YIL KARLARI/RETAINED EARNINGS
NET DÖNEM KARI/NET PROFIT
ÖZKAYNAKLAR/ TOTAL EQUITY
TOPLAM KAYNAKLAR/TOTAL LIABILITIES AND EQUITY
2011/03
2010/12 Fark/Variance %
93.446
235.694
25.572
47.947
33.713
436.372
187.300
4.565
126.332
2.416.077
1.932
73
77.845
2.814.124
3.250.496
438.664
0
49.706
51.769
39.642
579.781
29.459
4.729
125.458
2.388.865
1.115
82
74.350
2.624.058
3.203.839
258.814
12
2.544
29.471
445
10.561
301.847
568.766
231.141
20
3.877
34.536
0
12.970
282.544
552.122
90
1.939
570.795
224.000
301.770
3.741
1.839.572
8.771
2.377.854
3.250.496
90
0
552.212
224.000
301.770
3.127
1.625.941
214.245
2.369.083
3.203.839
,
,
,
,
-78,70
-48,55
-7,38
-14,96
-24,74
535,80
-3,47
0,70
1,14
73,27
-10,98
4,70
7,24
1,46
11,97
-40,00
-34,38
-14,67
1 Inventories consist of
construction cost of housing units
(completed and in progress) as
well as the cost of land used for
these residential projects. In
addition lands for future
development of residential
projects are also included in this
line-item
Investment properties are properties
2 held for long-term rental yields
and/or for capital appreciation. This
also includes landbank on which
asset to be held for long term usage
is planned.
-18,57
6,83
3,01
0,00
3,37
0,00
0,00
19,64
13,14
-95,91
0,37
1,46
28
Financing ratios
‘Strong financing ratios’
31-03-11
31-12-10
Leverage ( financial loans as% of total assets)
25.4
24.4
Average interest (year) (%)
5.10
5.22
5
5
Interest coverage ratio (times)
(EBITDA/net interest expense)
12.3
2.6
Net debt/Assets (%)
15.3
10.7
Net debt/EBITDA (times)
5.1
6.2
Average maturity (year)
29
Turkish economic outlook
3
Listed REIC's
Operational review
Financial review
Development review
Future outlook
Appendix (Portfolio review)
30
Evolution of the Projects (m2)
GLA+GSA (m2)
2010
2011
2012
2013
2014
Retail
214.697
214.697
246.943
381.943
395.813
Residence
31.081
31.081
31.081
249.906
305.884
Office
2.964
2.964
3.345
78.105
131.876
Hotel
2.907
2.907
2.907
2.907
2.907
Marina
2.984
2.984
2.984
2.984
2.984
Other
15.599
15.599
15.599
18.014
18.014
270.232
270.232
302.859
733.859
857.478
56.893
56.893
56.893
56.893
56.893
Total
Land
31
GLA Breakdown by City
2010
2014
MUĞLA
1%
SAMSUN
1%
MUĞLA
0%
ISTANBUL
40%
BURSA
22%
ANTALYA
5%
BURSA
46%
ANKARA
2%
ISTANBUL
70%
ANKARA
6%
BURSA
ANTALYA
ANTALYA
7%
ANKARA
ISTANBUL
MUĞLA
BURSA
ANTALYA
ANKARA
ISTANBUL
MUĞLA
SAMSUN
İstanbul grasps a larger share by 2014, overtaking Bursa.
32
Turkish economic outlook
3
Listed REIC's
Operational review
Financial review
Development review
Future outlook
Appendix (Portfolio review)
33
Future Outlook

The company will capitalise on its expertise to further extract operational efficiency
from its shopping malls under its management.

All the projects in the pipeline will start this year and be completed by 2013-2014.

Total sales in 2011 are expected to reach TRY 150 million with 40% derived from
residential sales.

No new opening or delivery will take place in 2011. The major part of sales revenue
will come from shopping malls including Torium which will operate full year.

As EBITDA of shopping malls is at around 80%, company EBITDA is expected to be
higher than in 2010 at TRY 90 million.

For the upcoming years, 10% annual LFL growth is forecast in rental revenues.

The company will chase further acquisition opportunities with its favorable
position.
cash
34
Turkish economic outlook
3
Listed REIC's
Operational review
Financial review
Development review
Future outlook
Appendix (Portfolio review)
35
36
Zafer Plaza Shopping Mall
Ownership
Torunlar REIC (72.26%)
Operational date
1999
Leasable are (m²)
23,449 (REIC share 16,944)
Occupancy (m²) (as of date)
98% (as of March 2011)
Number of stores
125
Anchor tenants
4% anchors (30% of GLA): Migros, YKM,
Bimeks and Boyner
Appraisal value
TL143.2mm (US$92.6mm)¹
Average lease term as of Mar-2011
Average LTM NOI (per TL/m²/month)
Leasehold / Freehold status
1.8 years
TL42.6
Freehold
Rental income (Mar 2011), last 12
months
TL11.6mm
•The Property is located at the most central part of the city
•Close to the metro station, on major public transportation routes and at the junction of intercity roads
•The property includes a movie theater with six screens and an amusement park for children and teenagers
•In 2000, Zafer Plaza was selected "The Best Shopping Centre" by the AMPD, Trade Council of Shopping Centres and Retailers
•Majority of rents (64%) are USD denominated
Breakdown–tenants (GLA)
Breakdown–income
Kiosk 0.5%
Leisure goods 1%
Leisure goods 1%
Restaurant 2%
Kiosk 3%
Jewellery 5%
Health beauty 5%
Home 5%
Footwear 5%
Service 7%
Food café 8%
Restaurant 2%
Jewellery 3%
Fashion 43%
Fashion 37%
Footwear 3%
Home 5%
Service 5%
Food café 6%
Health beauty 7%
Dept & Anchor 15%
Dept & Anchor 33%
37
Korupark shopping mall
Ownership
Torunlar REIC (100%)
Operational date
H2 2007
Leasable are (m²)
71,267
Occupancy (m²) (as of date)
Number of stores
97% (as of March 2011)
181
Anchor tenants
(39% of GLA): Tesco, Koçtaş, Beymen,
C&A, Boyner and Electro World
Appraisal value
TL540.5mm (US$349.6mm)¹
Average lease term as of Mar-2011
Average LTM NOI (per TL/m²/month)
Leasehold / Freehold status
Rental income (March 2011), last 12
months
2.4 years
TL36.4
Freehold
TL36.8mm
 Korupark is the largest shopping mall in Bursa and is located on the Mudanya Highway in the Nilüfer neighbourhood
 The property has three retail floors and two carpark floors with a capacity for 2,500 cars underground and 500 above ground
 The property includes a hypermarket (12,000m²), a do-it-yourself store (5,127m²), cinema complex (nine screens) and entertainment area (amusement park, children
play centre) totalling 5,317m²
 Most of the rents (86%) at the shopping mall are Euro denominated
Breakdown–tenants (Income)
Storages 1%
Kiosk 2%
Leisure goods 4%
Restaurant 4%
Health beauty 4%
Jewellery 4%
Home 5%
Footwear 7%
Service 7%
Food 8%
Breakdown–tenants (GLA)
Kiosk 0.5%
Fashion 41%
Dept & Anchor 44%
Jewellery 1%
Storages 2%
Restaurant 2%
Health beauty 2%
Dept & Anchor 14%
Food 3%
Home 3%
Footwear 4%
Service 4%
Leisure goods 9%
Fashion 26%
38
Korupark Residences Phase I & II
Ownership
Torunlar REIC (100%)
Start of construction
May, 2006
Phase 1: January
2008/Phase 2: December
2008
Date of completion
Operational date
February 2008
Total investment
TL107.3mm (US$74mm)
Units sold (%)
Appraisal value
(remaining units)¹
Leasehold / Freehold
status
87% (as of March 2011)
TL50.1mm (US$32.4mm)¹,²
Freehold
•Located on the western side of Bursa (adjacent to Korupark Shopping Mall), the
property is a residential settlement of luxurious units with sports and recreation
facilities
•The project is the first gated community in Bursa
•Phase I: 343 units, six blocks
•Phase II: 403 units, seven blocks
•For Korupark residences I/II, sales are Turkish Lira denominated
39
Korupark Residences Phase III
Ownership
Estimated start of construction
2011
Estimated date of
completion
2012
Estimated operational date
2012-2013
Estimated investment
TL87.3mm (US$56.5mm)
Appraisal value
TL50.4mm (US$32.6mm)¹
Leasehold / Freehold status
•The property, adjacent parcel to Korupark phase I & II, is a luxurious housing
settlement that includes residences and office units
Torunlar REIC (100%)
Number of residential
units/GSA
Current status
Freehold
680 units / 102.000 m2 residence
Under construction
•For Korupark Residences Phase III, sales will be denominated in Turkish Lira
Map of Korupark
Korupark Residences Phase I & II
Korupark Residences Phase III
Korupark Residences Phase I & II
Korupark Residences Phase III
Korupark Shopping Mall
•Note: Exchange rate US$/TL=1.5460 as of
December 31, 2010
¹ Prime appraisal report (based on the CMB
standards as of December 31, 2010)
40
Antalya Deepo outlet mall–Antalya
Breakdown–income
Breakdown–tenants (GLA)
 Antalya Deepo is the biggest outlet in the Mediterranean region.
 The property is located close to the Antalya Airport
Leisure goods 1%
ATM & Kiosks 1%
 The mall attracts annual foot traffic of c.5 mm
Heath Beauty 1%
Heath Beauty 1%
ATM & Kiosks 2%
Leisure goods 1%
 For Antalya Deepo, majority of rents (82%) are denominated in
EURO
 Zoning of this region is expected to be approved in 2011.
 Deepo Antalya is not directly held by Torunlar REIC, but is instead
held by a subsidiary which is 100% owned by Torunlar REIC
Ownership
Torunlar REIC (100%)
Operational date
October 24, 2004
Leasable area (m²)
Occupancy (%) (as of date)
Number of stores
18,069
Jewellery 2%
Fashion 62%
Service 3%
Service 2%
Home 3%
Home 3%
Source: Company as of Dec 31, 2010
Food 4%
Restaurants 6%
Food 8%
Fashion 70%
Restaurants 5%
Footwear & Access. 10%
Footwear & Access. 11%
Antalya Deepo extension project
Ownership
Torunlar REIC + Hastalya
100% (as of March 2011)
Estimated start of
construction
July 2011
81
Estimated date of
completion
March 2012
Estimated operational date
March 2012
Anchor tenants
LCW, Ayakkabı Dünyası, Mudo City, Collezione,
Sarar, Aydınlı Group
Appraisal value
TL180.5mm (US$116.7mm)¹
Average lease term as of
March 2011
Average LTM NOI (per
TL/m²/month)
Leasehold / Freehold
status
Rental income (Mar 2011),
last 12 months
Jewellery 3%
Leasable area (m²)
26,651
2.8 years
TL49.8
Freehold
TL13.7mm
Estimated investment
TL31.2mm (US$20.2mm)
Leasehold / Freehold
status
Partially freehold, partially leasehold from
Hastalya
Current status
Under zoning process
41
Ankamall shopping mall + Crowne Plaza hotel–Ankara
Yeni Gimat in which Torunlar
REIC holds (14.83%)
Ownership
Operational date
1999¹
Leasable area (m²)
88,421³ (REIC’s share 13,112)
Occupancy (%) (as of date)
100% (as of December 2010)
Number of stores
318
Number of rooms
263
Migros, Koçtaş, Tepe Home,
Electro World, Boyner, Mudo
City, Marks&Spencer, LCW
Anchor tenants
•Ankamall is located in Yenimahalle, in the centre of
Ankara. The shopping mall is considered to be the largest
in Ankara and third largest in Turkey
•Ankamall is owned by Yeni Gimat which was
formed as a cooperative with over 1000 investors,
and in which Torunlar REIC currently has 14.83%
stake, making it the largest shareholder as of
December 31, 2010
•The property includes the Crowne Plaza Hotel which is a
21–storey building with 263 rooms
•For Ankamall, the rents in Phase 1 are denominated in
Turkish Lira, while the rents in Phase 2 are denominated
Appraisal value (REIC share)
TL137.9m (US$89.2mm)³
Leasehold / Freehold status
Freehold
Dividends - Torunlar REIC share (TLmm)²
1.9
2.1
2.4
2.7
2007
2008
2009
2010
in USD
42
Mall of Istanbul–Istanbul
Ownership
Torunlar REIC (100%)
Estimated start of construction
H1 2011
Estimated date of completion
H2 2013
Estimated operational date
H1 2013
Estimated investment
c.TL500.0mm (US$323mm)
Number of residences/ GSA-GLA
135.000 m2 GLA mall,
116.000 m2 GSA residence
30.000 m2 GLA office
Appraisal value
TL637.1mm (US$411.5mm)¹
Leasehold / Freehold status
•Mall of Istanbul is a mixed-use project with a large shopping
mall development along with residential, office units
•It is expected to be one of the largest mixed-use projects in
Turkey
•Planned to be built with 135.000 m² GLA enriched with 16,000
m² kids entertainment, 7,200 m² snowpark, cinema complex
and conference / performance hall¹
•Mall of Istanbul is well connected to the city centre through the
D100 and TEM highway. In addition, the site is located within
5km of the airport
•For the Mall of İstanbul, rents will be denominated in USD.
Sales will be denominated in Turkish Lira
•Presales commenced on 23.04.2011 and 396 units were
presold until 10.05.2011.
•On 31.05.2011, the company signed USD 250 million loan
agreement with Is Bank of Turkey for a term of 10 years with 3
years grace period.
Freehold
Current status
Under construction
Breakdown–Area¹ (GLA/GSA)
Office
11%
Retail
Retail
48%
Residential
Office
Residential
41%
43
Torium Istanbul shopping mall–Istanbul
Ownership
Torunlar REIC
Start of construction
H2 2008
Date of completion
October 30th, 2010
Operational date
October 30th, 2010
Number of stores
180
Appraisal value*
TL549.8mm (US$355.1mm)¹
Leasehold / Freehold status
Freehold
95.280 m2 GLA retail
5.318 m2 GSA resi
GLA / GSA
Rental income 2011 F
•Torium is a mixed-use project of retail and
residential use
•It is located at the centre of high density
residential settlements along one of the two
major highways of Istanbul
•The shopping mall provides a broad range of
leisure and entertainment facilities
•Majority of rents (72%) at the shopping mall
are denominated in USD
•Residential sales are expected to be
denominated in Turkish Lira
TL 35 mm
GLA/GSA split¹ (‘000m²)
GLA split¹ (‘000m²)
Residential
5%
MSU & small stores
35%
Café/ Rest.
5%
Anchor
25%
Others
4%
Hypermarket
10%
Entertainment
15%
Retail
95%
Electronic
stores
4%
44
Boulevard Samsun Shopping Mall
Ownership share
40%
Leasehold /
Freehold status
Leasehold
Current Status
Under construction
Area breakdown
•The property is located on the site of an ex-tobacco factory building at the city
Completion date
Land
: 17.400 m2
Total Construction Area
: 37.500 m2
Gross Leasable Area
Mall
: 14.700 m2
Office
: 1.200 m2
Construction permit
: Sept. 2010
Start of construction
: Nov. 2010
End of construction
: Q1 2012
center of Samsun on the Black Sea region in Northern Turkey.
•The land is leased for 30 years from Samsun Metropolitan Municipality.
)
Capex
TRY 10.2mm(US$6.6mm
Appraisal vale
TRY 16.1mm(US$10.4mm)
•The project is a mixed-use project developed in conjunction with the shopping
mall developer Turkmall.
•Leases will be denominated in €.
•60% of the retail area has already been leased as of May 2011.
45
Torun Tower–Istanbul
Ownership
Torunlar REIC (100%)
Estimated start of construction
2011
Estimated date of completion
2013
Estimated operational date
2013
Estimated investment
c.TL128.3mm (US$83mm)
Appraisal value
GLA
TL237.7mm (US$153.8mm)¹
Leasehold / Freehold status
Freehold
Current Status
Office:
44760m2
Under project development
Breakdown–Area (GLA)
Other 4%
•The property is located at the city centre in one of the
most expensive commercial districts of Istanbul
•It also has a subway connection
•40 floor high-rise tower is planned
•The building is planned to be a landmark for the city
with very modern architecture and construction
technology
•The Property is planned as a mixed-use project with
office and retail units and will be leased.
•For Torun Tower, leases will be denominated in USD
GLA
Office
96%
Office:
44.760m2
Other:
2.415m2
46
NishIstanbul mixed use project–Istanbul
Ownership
Start of construction
Date of completion
Operational date
Number of residences / Sellable
area (m²)
Number of offices / Sellable area
(m²)
Number of retail units / Leasable
area (m²)
Appraisal value
Leasehold / Freehold status
Torunlar REIC (60%)
H2 2008
November 2010
August 2010
585 / 53,204
63 / 16,925
52 / 10,937
TL32.5mm (US$22.4mm)³
Freehold
•Located on the west-side of Istanbul in Yenibosna, 1.5 km away from Istanbul Atatürk
Airport
•Three residential blocks, one office block and retail units
•As of March 2011, 58 offices and 574 residences were delivered. Remaining 34 retail
units will be leased
•For NishIstanbul, sales are denominated in Turkish Lira
47
Mecidiyeköy mixed-use project–Istanbul
Location
Istanbul
Ownership
Torunlar REIC (65%), Ascioglu (30%),
Kapıcıoğlu (5%)
Estimated start of construction
H2 2011
Estimated date of completion
H2 2014
Estimated operational date
H2 2014
Estimated investment
c.TL463.8mm (US$300mm) *
Land acquired
Land area (m²)
34.640
Sellable area (m²)1
GSA 55.978 m2 resi, 53.771 m2 office
GSA 13.870 m2 retail
Format
PORTFOLIO OVERVIEW
Revenue Share (45%)
Mixed–use project
Name of architect
Emre Arolat Architects
Number of residences
593
Appraisal value
TL505.4mm (US$326.9mm)¹*
Leasehold / Freehold status
Revenue Share
Current status
Under project development
 Mecidiyeköy is a mixed-use project with unit residential complex, along with
office and retail units.
 Its’ location is in the city center, on the land where the ex-stadium of Galatasaray
is located.
 The project is planned on three high-rise blocks of 40 storey's each. Two of the
blocks will be used as residential, one block will be developed as A- Class Office
Tower. All of them will be sold.
 For the Mecidiyeköy Project sales will be denominated in Turkish Lira.
1. Torunlar’s share
48
Shopping Mall Development
End 2009
Q1 2010
End 2010
Q1 2011
81
81
92
96
2,28 M
2,28 M
2,65 M
2,85 M
155
157
171
174
3,41 M
3,50 M
3,87 M
3,93 M
236
238
263
270
5,69 M
5,78 M
6,52 M
6,78 M
Unit
İstanbul
GLA (sq m)
Unit
Rest of Turkey
GLA (sq m)
Unit
Turkey
GLA (sq m)
Source: Jones Lang LaSalle
Unit
İstanbul
GLA (sq m)
Unit
Rest of Turkey
GLA (sq m)
Unit
Turkey
GLA (sq m)
Active
Under Construction*
Total
96
28
124
2,85 M
1,02 M
3,87 M
174
46
220
3,93 M
1,27 M
5,20 M
270
74
344
6,78 M
2,29 M
9,07 M
*As of end 2013
Source: Jones Lang LaSalle
49
Retail Density-GLA per 1,000 Capita, Turkey
City
End 2010
Q1 2011
End 2013
İstanbul
200 sq m
215 sq m
280 sq m
Ankara
202 sq m
202 sq m
239 sq m
Denizli
118 sq m
154 sq m
166 sq m
Bursa
130 sq m
130 sq m
135 sq m
Tekirdağ
139 sq m
139 sq m
132 sq m
İzmir
112 sq m
118 sq m
130 sq m
Eskişehir
116 sq m
116 sq m
111 sq m
Adana
59 sq m
59 sq m
86 sq m
Turkey
88 sq m
92 sq m
118 sq m
Source: Jones Lang LaSalle
50
Shopping Mall Development
Prime Rent (EUR / sq m / month)
Prime Yield Trend
95 €
%
90 €
%
9,0
8,5
8,0
85 €
%
80 €
%
7,5
75 €
%
7,0
%
6,5
%
6,0
65 €
Q1
2008
Q3
2008
Q1
2009
Source: Jones Lang LaSalle
Q3
2009
Q1
2010
Q3
2010
Q1
2011
En
d
En 200
d 6
En 200
d 7
20
Q 08
1
2
Q 009
2
2
Q 009
3
2
Q 009
4
2
Q 009
1
2
Q 010
2
20
Q 10
3
2
Q 010
4
2
Q 010
1
20
11
70 €
Source: Jones Lang LaSalle
Prime Yield Trend
51
Office Market Overview
Total Take up Volume ( sq m)
80,000
68,000
70,000
60,000
54,000
50,000
38,000
40,000
32,000
30,000
24,000
20,000 14,000
10,000
6,000
11,000
14,000
0,000
2009 2009 2009 2009 2010 2010 2010 2010 2011
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
52
Office Market Overview
Existing Grade A Office Stock
Europe
Pipeline Projects Grade A Office Stock*
Sub Market
GLA (sq m)
CBD
1,1 million
Non CBD
0,73 million
Sub Market
Europe
GLA (sq m)
CBD
207,000
Non CBD
185,000
Asia
0,80 million
Asia
229,000
Total
2,6 million
Total
621,000
Source: Jones Lang LaSalle
*For completion by end 2013
Source: Jones Lang LaSalle
53
Office Market Overview
Prime Rent (EUR / sq m/ month)
45
40
Prime Yield Trend (%)
%
8,2
%
8,0
%
7,8
%
7,6
%
7,4
%
7,2
%
7,0
%
6,8
35
30
25
20
15
10
5
Prime Rent ( € / sq m / month )
Source: Jones Lang LaSalle
Q1
2
Q2 008
2
Q3 008
2
Q4 008
2
Q1 008
2
Q2 009
2
Q3 009
2
Q4 009
2
Q1 009
2
Q2 010
2
Q3 010
2
Q4 010
2
Q1 010
20
11
Q2
Q1
20
08
20
Q3 08
20
Q4 08
20
Q1 08
20
Q2 09
20
Q3 09
20
Q4 09
20
Q1 09
20
Q2 10
20
Q3 10
20
Q4 10
20
Q1 10
20
11
0
Prime Yield Trend(%)
Source: Jones Lang LaSalle
54
Existing property performance
Munich once again holds the top spot
for performance of existing
investments, Istanbul following very
close. London and Paris also retain top
positions.
2010 was a year of stabilisation, both in
terms of valuation and the occupier side.
A clear focus on asset management to
maintain the value of existing assets.
Secondary property is a “ ticking time
bomb”.
55
New property acquisitions
The answer is stock selection, not
markets or cities. All markets have
opportunities at the right price.
Istanbul ranked top spot.
“The biggest challenge is to find “good”
new investments, i.e. core assets in top
locations with strong tenants
”
56
City Development
Further signs of recovery in sentiment
Istanbul, with strong underlying
fundamentals, again, stands out
followed by London and Munich
57
Torunlar REIC: COMPETITIVE ADVANTAGES
1
One of the leading real estate developers in Turkey
2
Well established performance track record of development and asset management
3
Excellent growth potential
4
Professional management team with long-term local experience and deal sourcing capability
5
Turkey has strong long term economic fundamentals supporting RE growth
6
Stable financial structure and flexible tax efficient REIC regime
58