AKFEN GYO Monthly Investor Report - JULY 2012

AKFEN REAL ESTATE INVESTMENT TRUST
Monthly Investor Report

"JULY 2012"
AKFEN REIT
January - July 2012
Hotel Performance Summary

Zeytinburnu stanbul Ibis Hotel and Novotel, which opened 5 years ago, went through a moderate
renovation between 15 November 2011 and 29 February 2012. Renovation works and resulting partial
closure of floors caused significant decreases in occupancy ratios of these hotels.
11 operating hotels, 9 of which are in Turkey and 2 in Russia reported increases both in occupancy
ratios and average room rates as the newly opened hotels continued making progresses towards
stabilisation.
As a result of improved performances of 11 Novotels and Ibis Hotels in Turkey and Russia for
which we have variable lease agreements with Accor, rental income from these hotels increased by
21% in Euro terms and 25% in TL terms.
We also reported increased rent revenue from Northern Cyprus Mercure Hotel that has a fixed lease
agreement.
Total rent revenue including the fixed rental income from Northern Cyprus Mercure Hotel for the
first 7 months of 2012 increased by 15% in Euro terms and 19% in Turkish Lira terms compared to the
same period of 2011 in spite of the renovation works at two major hotels.
Turkey - Ibis Hotels

5 Ibis Hotels in Turkey reported an overall ARR of 53 in the first 7 months of 2012 vs. 51 and
TL 122 vs TL 114 compared to the same period of 2011.
Overall Occupancy ratio for 5 Ibis Hotels in Turkey increased from 62% to 66%.
As a result, total rent revenue from these hotels increased by 10% in Euro terms and 13% in TL
terms.
Turkey - Novotels
4 Novotels in Turkey reported an overall ARR of 70 in the first 7 months of 2012 vs. 67 and TL
161 vs TL 150 compared to the same period of 2011.
Overall Occupancy ratio for 4 Novotels in Turkey increased from 70% to 72%.
As a result, total rent revenue from these hotels increased by 4% in Euro terms and 7% in TL terms.
Turkey - Overall
Overall ARR of the 9 Hotels in Turkey was 60 in the first 7 months of 2012 vs. 58 and TL 139
vs TL 129 compared to the same period of 2011.
Overall Occupancy ratio for Turkey Hotels increased from 65% to 69%.
As a result, total rent revenue from Turkey hotels increased by 7% in Euro terms and 10% in TL
terms.
Russia - IBIS Hotels

2 Ibis Hotels in Russia reported an overall ARR of 50 in the first 7 months of 2012.
Average Occupancy ratio for these 2 Ibis Hotels in Russia was 53%.
AKFEN REIT
OPERATING PERFORMANCE BY HOTEL FOR 2007-2011 ANNUALLY AND 2011-2012 JAN-JULY COMPARISON
#REF!
2007-2011 ANNUALLY
Zeytinburnu Ibis Hotel
228 rooms
% Occ.Rate
ARR excl VAT (Euro)
ARR excl VAT (TL)
RevPar (Euro)
RevPar (TL)
Total Revenue (Euro)
Total Revenue (TL)
All Inclusive RevPar (Euro)
All Inclusive RevPar (TL)
GOP%
Effective % of Rent / Revenue
Akfen Rent Revenue (Euro)
Akfen Rent Revenue (TL)
2007
2008
2009
2010
2011
72%
57
100
40.9
71.6
3,303,892
5,792,824
49
86
88%
68
129
60.0
113.3
5,872,352
11,087,508
70
133
76%
70
150
53.1
113.5
5,060,046
10,821,975
61
130
84%
68
136
57.4
114.1
5,619,135
11,178,637
68
134
22%
726,856
1,274,421
22%
1,291,917
2,439,252
22%
1,113,210
2,380,835
22%
1,236,210
2,459,300
86%
71
165
61.3
142.5
5,934,669
13,804,993
71
166
60%
34%
2,015,284
4,685,647
2007
2008
2010
2011
2007-2011 ANNUALLY
Eskiehir Ibis Hotel
108 rooms
% Occ.Rate
ARR excl VAT (Euro)
ARR excl VAT (TL)
RevPar (Euro)
RevPar (TL)
Total Revenue (TL)
GOP%
2009
60%
42
74
25.7
44.6
919,825
1,596,932
33
57
72%
48
91
34.8
65.8
1,647,216
3,112,946
42
79
66%
45
96
29.5
63.2
1,341,975
2,873,319
34
73
74%
50
99
36.8
73.1
1,666,188
3,314,533
42
84
26%
240,361
427,411
27%
439,388
832,991
27%
364,235
783,286
26%
438,561
872,474
76%
45
105
34.2
79.4
1,545,725
3,590,684
39
91
46%
30%
468,198
1,086,844
2007-2011 ANNUALLY
Gaziantep Ibis Hotel
177 rooms
2007
2008
2009
% Occ.Rate
ARR excl VAT (Euro)
ARR excl VAT (TL)
RevPar (Euro)
RevPar (TL)
Total Revenue (TL)
GOP%
2010
19%
37
74
7.0
13.9
554,906
1,103,931
9
17
25%
138,727
275,983
2011
44%
32
75
14.4
33.4
1,138,860
2,651,186
18
41
22%
25%
284,715
662,797
#REF!
2007-2011 ANNUALLY
Kayseri Ibis Hotel
160 rooms
2007
2008
2009
% Occ.Rate
ARR excl VAT (Euro)
ARR excl VAT (TL)
RevPar (Euro)
RevPar (TL)
Total Revenue (TL)
GOP%
2010
31%
37
74
11.4
22.7
716,977
1,426,354
15
29
25%
179,244
356,588
2011
45%
33
77
15.0
34.9
1,119,686
2,611,348
19
45
26%
25%
279,922
652,837
#REF!
2007-2011 ANNUALLY
Bursa Ibis Hotel
200 rooms
2007
2008
2009
% Occ.Rate
ARR excl VAT (Euro)
ARR excl VAT (TL)
RevPar (Euro)
RevPar (TL)
Total Revenue (TL)
GOP%
2010
24%
43
86
10.6
21.1
152,265
302,916
12
25
25%
38,066
75,729
2011
52%
41
95
21.2
49.6
1,843,499
4,315,196
25
59
46%
27%
491,319
1,156,414
#REF!
2007-2011 ANNUALLY
TOTAL TURKEY - IBIS
873 rooms
% Occ.Rate
ARR excl VAT (Euro)
ARR excl VAT (TL)
RevPar (Euro)
RevPar (TL)
Total Revenue (TL)
GOP%
2007
2008
2009
2010
2011
68%
53
93
36.4
63.6
4,223,717
7,389,756
45
78
83%
63
119
51.9
98.0
7,519,568
14,200,454
61
115
73%
63
134
45.5
97.3
6,402,021
13,695,295
52
112
52%
58
115
30.3
60.3
8,709,471
17,326,371
36
71
23%
967,218
1,701,832
23%
1,731,305
3,272,243
23%
1,477,445
3,164,121
23%
2,030,808
4,040,074
61%
50
117
30.7
71.6
11,582,439
26,973,407
36
85
49%
31%
3,539,438
8,244,538
2011
2012 (1)
Jan.-July
Jan.-July
90%
71
159
64.0
142.8
3,585,288
7,993,686
74
165
61%
34%
1,236,829
2,759,420
2011
2012
Jan.-July
Jan.-July
76%
46
103
34.9
77.6
921,422
2,047,774
40
89
48%
31%
289,109
641,913
2011
2012
Jan.-July
2011
2012
Jan.-July
2011
2012
Jan.-July
Change %
10%
10%
14%
35%
39%
33%
38%
33%
37%
10%
0%
33%
38%
Change %
10%
11%
16%
36%
41%
28%
32%
27%
32%
14%
0%
28%
32%
Change %
60%
46
105
27.4
63.2
1,385,793
3,198,926
33
75
51%
30%
414,525
956,467
2011
2012
Jan.-July
Jan.-July
62%
51
114
31.3
69.9
6,866,153
15,314,350
37
83
50%
31%
2,133,609
4,766,388
2%
2%
6%
5%
10%
9%
13%
8%
13%
-4%
-1%
5%
9%
53%
37
85
19.2
44.5
808,352
1,869,349
24
55
35%
25%
202,088
467,337
Jan.-July
51%
40
91
20.6
46.1
1,045,942
2,345,253
25
55
46%
27%
279,296
633,145
Change %
55%
36
82
19.7
45.6
905,893
2,093,495
24
56
34%
25%
226,473
523,374
Jan.-July
43%
33
73
14.1
31.5
633,854
1,410,949
19
42
21%
25%
158,464
352,737
-5%
6%
10%
0%
4%
2%
5%
1%
5%
-3%
-2%
-3%
0%
78%
47
109
36.8
85.1
1,002,436
2,315,681
44
101
44%
30%
303,830
702,568
Jan.-July
45%
32
72
14.7
32.7
679,647
1,516,689
18
40
24%
25%
169,912
379,172
Change %
85%
76
175
64.3
148.4
3,645,552
8,417,217
75
173
58%
33%
1,195,094
2,759,423
9%
13%
16%
33%
37%
32%
36%
32%
36%
5%
3%
48%
51%
Change %
66%
53
122
35.1
81.1
7,748,026
17,894,668
42
96
50%
30%
2,342,010
5,409,169
(1) Zeytinburnu Ibis Hotel went through a renovation between 15 November 2011 and 29 February 2012 which resulted in lower occupancy ratios.
5%
4%
8%
12%
16%
13%
17%
12%
16%
0%
-1%
10%
13%
#REF!
2007-2011 ANNUALLY
Zeytinburnu Novotel
208 rooms
% Occ.Rate
ARR excl VAT (Euro)
ARR excl VAT (TL)
RevPar (Euro)
RevPar (TL)
Total Revenue (TL)
GOP%
2007
2008
2009
2010
2011
56%
83
147
46.7
82.4
4,261,771
7,521,380
70
123
78%
86
162
66.6
125.7
6,963,005
13,144,736
91
173
72%
78
167
56.2
120.2
5,693,428
12,174,092
75
160
84%
76
151
63.9
127.2
6,653,854
13,237,072
88
174
22%
945,590
1,681,448
22%
1,539,861
2,919,269
22%
1,260,554
2,710,822
22%
1,471,848
2,928,094
83%
84
196
69.6
162.0
7,096,895
16,520,458
93
218
51%
28%
2,004,889
4,667,174
2007
2008
2010
2011
2007-2011 ANNUALLY
Trabzon Novotel
200 rooms
% Occ.Rate
ARR excl VAT (Euro)
ARR excl VAT (TL)
RevPar (Euro)
RevPar (TL)
Total Revenue (TL)
GOP%
2009
18%
58
115
10.5
20.8
417,432
829,353
24
48
47%
53
114
25.1
53.6
3,062,604
6,551,767
42
90
61%
54
102
32.9
62.7
4,030,095
7,688,885
55
105
22%
91,835
174,101
36%
1,100,000
2,365,550
27%
1,100,000
2,188,340
72%
57
134
41.1
96.0
4,726,075
11,035,885
65
151
38%
22%
1,039,737
2,427,895
2010
2011
2007-2011 ANNUALLY
Gaziantep Novotel
92 rooms
2007
2008
2009
% Occ.Rate
ARR excl VAT (Euro)
ARR excl VAT (TL)
RevPar (Euro)
RevPar (TL)
Total Revenue (TL)
GOP%
28%
50
99
14.1
28.1
860,829
1,712,534
26
52
22%
189,382
376,757
50%
44
103
22.2
51.5
1,247,654
2,900,623
37
86
12%
22%
274,484
638,137
#REF!
2007-2011 ANNUALLY
Kayseri Novotel
96 rooms
2007
2008
2009
2010
% Occ.Rate
ARR excl VAT (Euro)
ARR excl VAT (TL)
RevPar (Euro)
RevPar (TL)
Total Revenue (TL)
GOP%
2011
36%
49
98
17.6
35.1
845,930
1,682,892
29
57
22%
186,104
370,236
48%
47
109
22.6
52.6
1,232,133
2,870,422
35
82
23%
22%
271,069
631,493
2007-2011 ANNUALLY
TOTAL TURKEY - NOVOTEL
596 rooms
% Occ.Rate
ARR excl VAT (Euro)
ARR excl VAT (TL)
RevPar (Euro)
RevPar (TL)
Total Revenue (TL)
GOP%
2007
2008
2009
2010
2011
56%
83
147.2
46.7
82.4
4,261,771
7,521,380
70
123
67%
84
159.8
56.1
106.3
7,380,437
13,974,089
79
149
60%
69
146.6
41.0
87.6
8,756,032
18,725,858
59
126
61%
64
126
39.2
77.0
12,390,708
24,321,384
59
116
22%
945,590
1,681,448
22%
1,631,696
3,093,370
27%
2,360,554
5,076,372
24%
2,947,335
5,863,428
69%
66
154
45.1
105.2
14,302,758
33,327,388
66
153
41%
25%
3,590,179
8,364,699
2007
2008
2010
2011
TOTAL TURKEY - IBIS&NOVOTEL
2007-2011 ANNUALLY
1469 rooms
% Occ.Rate
ARR excl VAT (Euro)
ARR excl VAT (TL)
RevPar (Euro)
RevPar (TL)
2009
2011
2012 (2)
Jan.-July
Jan.-July
85%
85
191
73.0
163.0
4,334,175
9,683,895
98
220
53%
29%
1,265,943
2,836,996
85%
87
200
73.7
169.9
4,362,281
10,063,886
98
227
51%
28%
1,215,193
2,802,336
2011
2012
Jan.-July
Jan.-July
74%
57
128
42.0
94.4
2,856,883
6,413,927
67
151
41%
22%
628,514
1,411,064
2011
2012
Jan.-July
2011
2012
Jan.-July
-6%
18%
21%
9%
11%
3%
5%
3%
5%
-2%
0%
3%
5%
Change %
20%
2%
5%
42%
47%
45%
50%
44%
49%
15%
0%
45%
50%
Change %
57%
51
119
29.2
67.4
886,342
2,048,643
43
100
28%
22%
194,995
450,701
2011
2012
Jan.-July
Jan.-July
70%
67
150
46.7
104.3
8,646,834
19,337,174
68
153
43%
26%
2,214,728
4,960,718
Change %
70%
46
106
32.2
74.2
1,084,119
2,499,164
55
128
31%
22%
238,506
549,816
Jan.-July
46%
48
107
22.2
49.4
708,382
1,575,002
35
77
23%
22%
155,844
346,500
0%
1%
5%
1%
4%
1%
4%
0%
3%
-2%
-1%
-4%
-1%
68%
67
155
45.8
105.1
2,942,930
6,760,325
69
159
39%
22%
647,445
1,487,272
Jan.-July
50%
45
101
22.7
50.5
747,395
1,664,351
38
85
15%
22%
164,427
366,157
Change %
11%
7%
11%
31%
36%
25%
30%
25%
29%
6%
0%
25%
30%
Change %
72%
70
161
50.7
116.9
9,275,672
21,372,018
73
168
42%
25%
2,296,140
5,290,125
2011
2012
Jan.-July
Jan.-July
3%
5%
8%
9%
12%
7%
11%
7%
10%
-1%
-1%
4%
7%
Change %
63%
64%
66%
52%
64%
65%
69%
4%
64
67
64
53
57
58
60
4%
113
129
137
105
133
129
139
7%
40.7
43.1
42.0
27.5
36.6
37.5
41.5
10%
71.6
81.5
89.9
54.2
85.3
83.9
95.6
14%
8,485,488
14,900,005
15,158,053
21,100,179
25,885,197
15,512,988
17,023,698
10%
14,911,135
28,174,543
32,421,153
41,647,754
60,300,795
34,651,525
39,266,686
13%
53
55
56
39
48
50
54
9%
94
104
119
78
113
111
125
13%
45%
46%
46%
0%
23%
23%
25%
24%
28%
28%
27%
-1%

Total Revenue (TL)
GOP%
1,912,807
3,363,001
3,837,999
4,978,143
7,129,617
4,348,338
4,638,149
7%
3,383,280
6,365,612
8,240,493
9,903,502
16,609,237
9,727,106
10,699,294
10%
(2) Zeytinburnu Novotel went through a renovation between 15 November 2011 and 29 February 2012 which resulted in lower occupancy ratios.
2007-2011 ANNUALLY
2007
Yaroslavl Ibis Hotel
177 rooms
2008
2009
2010
2011
% Occ.Rate
ARR excl VAT (Euro)
ARR excl VAT (TL)
RevPar (Euro)
RevPar (TL)
Total Revenue (TL)
GOP%
2007-2011 ANNUALLY
2007
Samara Ibis Hotel
2008
2009
2010
2011
Change %
63%
48
111
30.4
70.0
1,556,003
3,587,116
41
95
43%
26%
404,572
929,026
2011
2012
Jan.-July
Jan.-July
% Occ.Rate
ARR excl VAT (Euro)
ARR excl VAT (TL)
RevPar (Euro)
RevPar (TL)
Total Revenue (TL)
GOP%
Change %
41%
52
120
21.7
49.8
994,697
2,279,743
32
73
31%
21%
213,197
490,137
2007-2011 ANNUALLY
2007
381 rooms
2008
2009
2010
2011
% Occ.Rate
2011
2012
Jan.-July
Jan.-July
36%
ARR excl VAT (Euro)
TOTAL RUSSIA - IBIS
2012
Jan.-July
36%
46
110
16.7
39.6
474,235
1,125,027
23
54
2%
0%
0
0
204 rooms
ARR excl VAT (TL)
Change %
53%
46
50
110
114
RevPar (Euro)
16.7
26.5
RevPar (TL)
39.6
60.9

Total Revenue (TL)
474,235
2,550,700
1,125,027
5,866,859
23
37
54
85
GOP%
2%
38%
0%
24%
617,768
1,419,163
2007-2011 ANNUALLY
GRAND TOTAL TURKEY & RUSSIA
2011
Jan.-July
2007
1850 rooms
% Occ.Rate
ARR excl VAT (Euro)
ARR excl VAT (TL)
RevPar (Euro)
RevPar (TL)
Total Revenue (TL)
2008
2009
2010
2011
2011
2012
Jan.-July
Jan.-July
Change %
63%
64%
66%
52%
63%
65%
66%
1%
64
67
64
53
57
58
59
1%
113
129
137
105
133
129
135
5%
40.7
43.1
42.0
27.5
36.6
37.5
38.8
3%
71.6
81.5
89.9
54.2
85.3
83.9
89.4
7%
8,485,488
14,900,005
15,158,053
21,100,179
26,359,431
15,512,988
19,574,398
26%
14,911,135
28,174,543
32,421,153
41,647,754
61,425,822
34,651,525
45,133,545
30%
53
55
56
39
47
50
51
3%
94
104
119
78
113
111
118
6%
0%
0%
0%
0%
44%
46%
45%
-1%
GOP%
23%
23%
25%
24%
28%
28%
27%
-1%
1,912,807
3,363,001
3,837,999
4,978,143
7,129,617
4,348,338
5,255,918
21%
3,383,280
6,365,612
8,240,493
9,903,502
16,609,237
9,727,106
12,118,457
25%
299 rooms
Mercure Hotel / Casino Rent Rev. (EURO)
1,500,000
4,581,244
4,386,159
4,259,840
4,709,840
2,747,407
2,890,432
5%
Mercure Hotel / Casino Rent Rev. (TL)
2,667,300
8,602,631
9,444,952
8,567,482
11,011,714
6,112,165
6,694,302
10%
2,149 rooms
843 rooms
1,043 rooms
1,043 rooms
1,768 rooms
1,945 rooms
1,768 rooms
GRAND TOTAL (EURO)
3,412,807
7,944,245
8,224,158
9,237,983
11,839,457
7,095,745
8,146,350
15%
GRAND TOTAL (TL)
6,050,580
14,968,243
17,685,445
18,470,985
27,620,951
15,839,271
18,812,759
19%
DEFINITIONS:
ARR:
Average Room Rate
Revpar:
Daily Room Revenue per Available Room (ARR*Occ Ratio)
All Inclusive Revpar:
Daily Total Hotel Revenue per Available Room
Hotel GOP%:
Hotel Gross Operating Profit Margin
AKFEN REIT
INVESTMENTS UNDER PROGRESS
As of 31 July 2012
TURKEY
Investment
Ibis Hotel Adana
Ibis Hotel Esenyurt
Ibis Hotel zmir
Novotel Karaky
Ibis Hotel Esenboa Ankara
Location
Adana
Esenyurt / stanbul
zmir
stanbul
Ankara
Number of Rooms
165
156
140
200
147
Total Investment Cost

(Euro, including VAT)
Status
Completed
Under Construction
Under Construction
Under Development
Under Development
11,000,000
9,400,000
7,700,000
34,000,000
9,000,000
Investment Completion
(%) *
Physical Completion
(%)
98%
88%
58%
18%
22%
100%
83%
48%
-
Expected Hotel
Opening Date
2012
2013
2013
2015
2014
As of 31 July 2012
RUSSIA
Investment
Ibis Hotel Kaliningrad
Ibis Hotel Moscow
Location
Kaliningrad
Moscow
Number of Rooms
167
480
Status
Under Construction
Under Development
Total Investment Cost Investment Completion

(Euro, including VAT) *
(%) **
15,000,000
46,794,000
* Not including financing cost incurred during the construction stage and general&administrative expenses attributable to the projects.
** Including advances paid to the contractor.
46%
3%
Physical Completion
(%)
35%
-
Expected Hotel
Opening Date
2013
2016

AKFEN GYO Monthly Investor Report - JULY 2012

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AKFEN GYO Monthly Investor Report - JULY 2012

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AKFEN REAL ESTATE INVESTMENT TRUST

Monthly Investor Report

Hotel Performance Summary

Turkey - Ibis Hotels

Russia - IBIS Hotels

Zeytinburnu Ibis Hotel

Eskiehir Ibis Hotel

Gaziantep Ibis Hotel

Kayseri Ibis Hotel

Bursa Ibis Hotel

TOTAL TURKEY - IBIS

TOTAL TURKEY - NOVOTEL

TOTAL TURKEY - IBIS&NOVOTEL

All Inclusive RevPar (Euro)

All Inclusive RevPar (TL)

Total Revenue (Euro)

Akfen Rent Revenue (TL)

Yaroslavl Ibis Hotel

Samara Ibis Hotel

ARR excl VAT (Euro)

TOTAL RUSSIA - IBIS

ARR excl VAT (TL)

Total Revenue (Euro)

All Inclusive RevPar (Euro)

All Inclusive RevPar (TL)

Akfen Rent Revenue (Euro)

Akfen Rent Revenue (TL)

GRAND TOTAL TURKEY & RUSSIA

All Inclusive RevPar (Euro)

All Inclusive RevPar (TL)

Akfen Rent Revenue (Euro)

Akfen Rent Revenue (TL)

Effective % of Rent / Revenue

Mercure Hotel / Casino Rent Rev. (TL)

GRAND TOTAL (EURO)

GRAND TOTAL (TL)

Average Room Rate

Daily Room Revenue per Available Room (ARR*Occ Ratio)

All Inclusive Revpar:

Daily Total Hotel Revenue per Available Room

Hotel Gross Operating Profit Margin

Total Investment Cost

Total Investment Cost Investment Completion

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