AKFEN GYO Monthly Investor Report - JUNE 2012

AKFEN REAL ESTATE INVESTMENT TRUST
Monthly Investor Report

"JUNE 2012"
AKFEN REIT
January - June 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
22% in Euro terms and 29% 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 6 months of 2012 increased by 15% in Euro terms and 22% 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 6 months of 2012 vs. 51 and
TL 123 vs TL 113 compared to the same period of 2011.
Overall Occupancy ratio for 5 Ibis Hotels in Turkey increased from 60% to 67%.
As a result, total rent revenue from these hotels increased by 12% in Euro terms and 18% in TL
terms.
Turkey - Novotels
4 Novotels in Turkey reported an overall ARR of 69 in the first 6 months of 2012 vs. 65 and TL
160 vs TL 144 compared to the same period of 2011.
Overall Occupancy ratio for 4 Novotels in Turkey increased from 68% to 72%.
As a result, total rent revenue from these hotels increased by 6% in Euro terms and 11% in TL
Turkey - Overall
Overall ARR of the 9 Hotels in Turkey was 60 in the first 6 months of 2012 vs. 57 and TL 139
vs TL 127 compared to the same period of 2011.
Overall Occupancy ratio for Turkey Hotels increased from 63% to 69%.
As a result, total rent revenue from Turkey hotels increased by 9% in Euro terms and 15% in TL
terms.
Russia - IBIS Hotels

2 Ibis Hotels in Russia reported an overall ARR of 49 in the first 6 months of 2012.
Average Occupancy ratio for these 2 Ibis Hotels in Russia was 51%.
AKFEN REIT
OPERATING PERFORMANCE BY HOTEL FOR 2007-2011 ANNUALLY AND 2011-2012 JAN-JUNE 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.-June
Jan.-June
89%
72
159
63.7
140.5
3,033,871
6,696,311
74
162
61%
34%
1,045,368
2,308,951
2011
2012
Jan.-June
Jan.-June
77%
46
102
35.5
78.1
800,077
1,762,273
41
90
49%
32%
253,605
558,468
2011
2012
Jan.-June
2011
2012
Jan.-June
2011
2012
Jan.-June
Change %
11%
11%
16%
38%
46%
36%
43%
35%
42%
13%
0%
36%
43%
Change %
11%
11%
17%
39%
46%
28%
35%
28%
35%
14%
0%
28%
35%
Change %
60%
46
106
27.2
63.2
1,170,061
2,719,526
32
75
51%
30%
350,553
814,308
2011
2012
Jan.-June
Jan.-June
60%
51
113
30.9
68.1
5,772,025
12,740,084
37
81
49%
31%
1,783,493
3,937,794
2%
1%
7%
4%
9%
7%
13%
6%
12%
-4%
-1%
3%
9%
54%
36
85
19.6
45.6
704,763
1,639,153
24
56
36%
25%
176,191
409,788
Jan.-June
46%
41
90
18.8
41.5
810,797
1,792,003
22
50
41%
25%
202,699
448,001
Change %
56%
36
84
20.2
47.0
787,720
1,830,891
24
57
36%
25%
196,930
457,723
Jan.-June
43%
33
72
14.1
31.1
548,570
1,210,293
19
42
22%
25%
137,143
302,573
-4%
7%
13%
2%
7%
3%
8%
2%
7%
-2%
-2%
-2%
3%
78%
47
109
36.7
85.3
856,545
1,991,482
44
101
45%
30%
260,393
606,088
Jan.-June
45%
33
72
14.6
32.3
578,709
1,279,204
18
40
23%
25%
144,677
319,801
Change %
84%
77
178
64.8
150.7
3,111,740
7,230,981
75
174
59%
33%
1,021,972
2,374,711
14%
12%
17%
45%
52%
44%
52%
44%
51%
10%
5%
73%
82%
Change %
67%
53
123
35.4
82.3
6,630,829
15,412,033
42
97
50%
30%
2,006,039
4,662,619
(1) Zeytinburnu Ibis Hotel went through a renovation between 15 November 2011 and 29 February 2012 which resulted in lower occupancy ratios.
7%
3%
9%
15%
21%
15%
21%
14%
20%
1%
-1%
12%
18%
#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.-June
Jan.-June
83%
85
189
71.2
157.5
3,621,645
8,007,454
96
213
52%
29%
1,034,468
2,292,381
84%
87
202
73.5
170.6
3,693,732
8,578,238
98
227
51%
28%
1,027,950
2,386,243
2011
2012
Jan.-June
Jan.-June
71%
53
117
37.4
82.8
2,246,970
4,978,925
62
138
36%
22%
494,333
1,095,363
2011
2012
Jan.-June
2011
2012
Jan.-June
-5%
19%
25%
11%
16%
4%
9%
4%
9%
0%
0%
4%
9%
Change %
18%
0%
6%
36%
43%
40%
47%
39%
46%
16%
0%
40%
47%
Change %
58%
51
119
29.4
68.3
768,922
1,787,711
44
102
30%
22%
169,163
393,296
2011
2012
Jan.-June
Jan.-June
68%
65
144
44.6
98.7
7,134,177
15,778,194
66
146
41%
25%
1,807,225
4,001,944
Change %
70%
46
106
31.9
74.1
911,782
2,116,196
54
126
31%
22%
200,592
465,563
Jan.-June
46%
48
106
22.3
49.1
614,245
1,353,515
35
78
23%
22%
135,134
297,773
1%
2%
7%
3%
8%
2%
7%
1%
7%
-1%
-1%
-1%
4%
66%
63
146
41.5
96.2
2,345,654
5,433,058
64
149
36%
22%
516,044
1,195,273
Jan.-June
52%
45
100
23.5
51.9
651,318
1,438,301
39
86
15%
22%
143,290
316,426
Change %
11%
6%
12%
32%
39%
25%
32%
24%
31%
7%
0%
25%
32%
Change %
72%
69
160
49.2
114.3
7,720,090
17,915,203
71
165
42%
25%
1,913,749
4,440,375
2011
2012
Jan.-June
Jan.-June
3%
5%
10%
10%
16%
8%
14%
8%
13%
1%
-1%
6%
11%
Change %
63%
64%
66%
52%
64%
63%
69%
5%
64
67
64
53
57
57
60
4%
113
129
137
105
133
127
139
9%
40.7
43.1
42.0
27.5
36.6
36.4
41.0
13%
71.6
81.5
89.9
54.2
85.3
80.5
95.2
18%
8,485,488
14,900,005
15,158,053
21,100,179
25,885,197
12,906,202
14,350,919
11%
14,911,135
28,174,543
32,421,153
41,647,754
60,300,795
28,518,278
33,327,237
17%
53
55
56
39
48
49
54
11%
94
104
119
78
16%

Total Revenue (TL)
GOP%
23%
23%
25%
24%
113
107
125
45%
45%
46%
1%
28%
28%
27%
-1%
1,912,807
3,363,001
3,837,999
4,978,143
7,129,617
3,590,718
3,919,788
9%
3,383,280
6,365,612
8,240,493
9,903,502
16,609,237
7,939,738
9,102,995
15%
(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 %
61%
48
111
29.0
67.4
1,268,786
2,948,862
39
92
40%
24%
305,320
708,469
2011
2012
Jan.-June
Jan.-June
% Occ.Rate
ARR excl VAT (Euro)
ARR excl VAT (TL)
RevPar (Euro)
RevPar (TL)
Total Revenue (TL)
GOP%
Change %
39%
53
122
20.9
48.2
770,999
1,782,641
31
72
30%
22%
170,000
394,124
2007-2011 ANNUALLY
2007
381 rooms
2008
2009
2010
2011
% Occ.Rate
2011
2012
Jan.-May
Jan.-May
36%
ARR excl VAT (Euro)
TOTAL RUSSIA - IBIS
2012
Jan.-June
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 %
51%
46
49
110
115
RevPar (Euro)
16.7
25.5
RevPar (TL)
39.6
59.0

Total Revenue (TL)
474,235
2,039,785
1,125,027
4,731,503
23
36
54
83
GOP%
2%
36%
0%
23%
475,320
1,102,593
2007-2011 ANNUALLY
GRAND TOTAL TURKEY & RUSSIA
2011
Jan.-June
2007
1850 rooms
% Occ.Rate
ARR excl VAT (Euro)
ARR excl VAT (TL)
RevPar (Euro)
RevPar (TL)
2008
2009
2010
2011
2011
2012
Jan.-May
Jan.-May
Change %
63%
64%
66%
52%
63%
63%
66%
2%
64
67
64
53
57
57
58
2%
113
129
137
105
133
127
135
7%
40.7
43.1
42.0
27.5
36.6
36.4
38.3
5%
71.6
81.5
89.9
54.2
85.3
80.5
88.9
10%
8,485,488
14,900,005
15,158,053
21,100,179
26,359,431
12,906,202
16,390,704
27%
14,911,135
28,174,543
32,421,153
41,647,754
61,425,822
28,518,278
38,058,740
33%
53
55
56
39
47
49
51
4%
94
104
119
78
113
107
117
9%
0%
0%
0%
0%
44%
45%
45%
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
3,590,718
4,395,108
22%
3,383,280
6,365,612
8,240,493
9,903,502
16,609,237
7,939,738
10,205,588
29%
Mercure Hotel / Casino Rent Rev. (EURO)
1,500,000
4,581,244
4,386,159
4,259,840
4,709,840
2,354,920
2,469,977
5%
Mercure Hotel / Casino Rent Rev. (TL)
2,667,300
8,602,631
9,444,952
8,567,482
11,011,714
5,188,706
5,745,923
11%
GRAND TOTAL (EURO)
3,412,807
7,944,245
8,224,158
9,237,983
11,839,457
5,945,637
6,865,085
15%
GRAND TOTAL (TL)
6,050,580
14,968,243
17,685,445
18,470,985
27,620,951
13,128,444
15,951,511
22%
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 30 June 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%
83%
55%
18%
22%
100%
78%
46%
-
Expected Hotel
Opening Date
2012
2013
2013
2015
2014
As of 30 June 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.
42%
3%
Physical Completion
(%)
30%
-
Expected Hotel
Opening Date
2013
2016

AKFEN GYO Monthly Investor Report - JUNE 2012

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AKFEN GYO Monthly Investor Report - JUNE 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 (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)

Total Revenue (Euro)

Akfen Rent Revenue (TL)

Mercure Hotel / Casino Rent Rev. (EURO)

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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