AKFEN GYO Monthly Report - February 2012

AKFEN REAL ESTATE INVESTMENT TRUST
Monthly Investor Report

"FEBRUARY 2012"
AKFEN REIT
OPERATING PERFORMANCE BY HOTEL FOR 2007-2011 ANNUALLY AND 2011-2012 JANUARY COMPARISON
#REF!
2007-2011 ANNUALLY
Zeytinburnu Ibis Hotel
228 rooms
% Occ.Rate
ARR excl tax (Euro)
ARR excl tax (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 tax (Euro)
ARR excl tax (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 tax (Euro)
ARR excl tax (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 tax (Euro)
ARR excl tax (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 tax (Euro)
ARR excl tax (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 tax (Euro)
ARR excl tax (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.-Feb.
Jan.-Feb.
80%
68
145
54.5
116.4
838,857
1,791,694
62
133
58%
32%
271,220
579,288
2011
2012
Jan.-Feb.
Jan.-Feb.
71%
48
102
34.0
72.7
250,057
534,031
39
84
48%
32%
80,751
171,462
2011
2012
Jan.-Feb.
2011
2012
Jan.-Feb.
2011
2012
Jan.-Feb.
Change %
9%
5%
15%
31%
44%
24%
36%
22%
34%
14%
0%
24%
36%
Change %
20%
-1%
8%
71%
88%
65%
81%
62%
78%
36%
0%
65%
81%
Change %
60%
43
102
25.8
60.6
370,707
868,722
31
72
50%
29%
108,267
253,917
2011
2012
Jan.-Feb.
Jan.-Feb.
50%
52
111
26.2
55.9
1,577,853
3,370,387
31
65
43%
30%
474,206
1,011,915
-2%
-3%
6%
-7%
2%
-2%
7%
-4%
5%
-9%
-1%
-5%
5%
49%
37
86
17.8
41.6
201,995
473,112
21
49
31%
25%
50,499
118,278
Jan.-Feb.
37%
41
87
15.0
32.0
209,928
449,206
18
38
27%
25%
52,482
112,302
Change %
43%
36
84
15.4
36.1
194,928
456,710
18
43
28%
25%
48,732
114,177
Jan.-Feb.
28%
37
79
10.4
22.2
122,255
260,816
13
28
-5%
25%
30,564
65,204
-12%
7%
17%
-9%
-1%
-8%
1%
-10%
-1%
-6%
-4%
-19%
-11%
69%
46
108
31.7
74.4
243,989
572,009
38
88
40%
31%
76,664
179,785
Jan.-Feb.
35%
34
73
11.8
25.1
156,756
334,640
15
32
13%
25%
39,189
83,660
Change %
68%
73
170
49.4
115.7
769,783
1,802,522
56
132
52%
29%
220,664
516,514
23%
6%
17%
73%
89%
77%
93%
74%
90%
23%
4%
106%
126%
Change %
58%
51
118
29.1
68.2
1,781,402
4,173,074
34
80
45%
28%
504,826
1,182,671
(1) Zeytinburnu Ibis Hotel went through a renovation between 15 November 2011 and 29 February 2012 which resulted in lower occupancy ratios.
7%
-3%
7%
11%
22%
13%
24%
11%
22%
2%
-2%
6%
17%
#REF!
2007-2011 ANNUALLY
Zeytinburnu Novotel
208 rooms
% Occ.Rate
ARR excl tax (Euro)
ARR excl tax (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 tax (Euro)
ARR excl tax (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 tax (Euro)
ARR excl tax (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 tax (Euro)
ARR excl tax (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 tax (Euro)
ARR excl tax (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 tax (Euro)
ARR excl tax (TL)
RevPar (Euro)
RevPar (TL)
Total Revenue (TL)
2009
2011
2012 (2)
Jan.-Feb.
Jan.-Feb.
72%
75
159
54.0
115.3
919,838
1,965,924
75
160
43%
23%
211,630
452,762
70%
74
173
51.7
121.1
884,197
2,070,239
71
166
40%
22%
196,054
458,203
2011
2012
Jan.-Feb.
Jan.-Feb.
58%
51
109
29.7
63.6
541,437
1,157,162
46
98
22%
22%
119,116
254,576
2011
2012
Jan.-Feb.
2011
2012
Jan.-Feb.
41%
49
104
19.8
42.2
175,669
375,356
31
66
19%
22%
38,647
82,578
2011
2012
Jan.-Feb.
58%
60
129
35.1
75.1
1,817,076
3,883,122
52
110
31%
23%
409,022
874,546
2011
2012
Jan.-Feb.
6%
7%
17%
21%
33%
17%
28%
15%
26%
0%
0%
17%
28%
Change %
56%
61
142
33.8
79.1
1,758,957
4,120,218
49
115
26%
22%
388,502
909,198
Jan.-Feb.
9%
-4%
5%
16%
27%
10%
21%
8%
19%
9%
0%
10%
21%
Change %
46%
52
121
24.0
56.2
204,934
480,572
36
83
19%
22%
45,086
105,726
Jan.-Feb.
-12%
3%
13%
-18%
-10%
-13%
-4%
-14%
-6%
-17%
0%
-13%
-4%
Change %
53%
45
106
23.7
55.6
198,017
463,934
36
84
17%
22%
43,564
102,065
Jan.-Feb.
-2%
-1%
8%
-4%
5%
-4%
5%
-5%
4%
-3%
-1%
-7%
1%
Change %
47%
52
123
24.5
57.3
471,809
1,105,474
39
92
5%
22%
103,798
243,204
Jan.-Feb.
44%
47
100
20.5
43.7
180,133
384,680
33
71
8%
22%
39,629
84,630
Change %
-2%
0%
10%
-4%
5%
-3%
6%
-5%
4%
-5%
0%
-5%
4%
Change %
63%
64%
66%
52%
64%
54%
57%
3%
64
67
64
53
57
56
55
-2%
113
129
137
105
133
119
128
7%
40.7
43.1
42.0
27.5
36.6
29.8
31.0
4%
14%
71.6
81.5
89.9
54.2
85.3
63.7
72.7
8,485,488
14,900,005
15,158,053
21,100,179
25,885,197
3,394,929
3,540,360
4%
14,911,135
28,174,543
32,421,153
41,647,754
60,300,795
7,253,509
8,293,292
14%
53
55
56
39
48
39
40
3%
94
104
119
78
113
84
94
12%
45%
37%
35%
-1%
23%
23%
25%
24%
28%
26%
25%
-1%
GOP%
1,912,807
3,363,001
3,837,999
4,978,143
7,129,617
883,229
893,328
1%
3,383,280
6,365,612
8,240,493
9,903,502
16,609,237
1,886,461
2,091,869
11%
(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 tax (Euro)
ARR excl tax (TL)
RevPar (Euro)
RevPar (TL)
Total Revenue (TL)
GOP%
2012
Jan.-Feb.
36%
46
110
16.7
39.6
474,235
1,125,027
23
54
2%
0%
0
0
2007-2011 ANNUALLY
2007
1646 rooms
% Occ.Rate
ARR excl tax (Euro)
ARR excl tax (TL)
GRAND TOTAL
2011
Jan.-Feb.
RevPar (Euro)
RevPar (TL)
Total Revenue (TL)
2008
2009
2010
2011
Change %
51%
49
114
24.7
57.8
364,843
854,990
34
81
35%
21%
74,798
175,284
2011
2012
Jan.-Feb.
Jan.-Feb.
Change %
63%
64%
66%
52%
63%
54%
56%
3%
64
67
64
53
57
56
49
-12%
113
129
137
105
133
119
115
-3%
40.7
43.1
42.0
27.5
36.6
29.8
27.7
-7%
71.6
81.5
89.9
54.2
85.3
63.7
64.9
2%
8,485,488
14,900,005
15,158,053
21,100,179
26,359,431
3,394,929
3,905,202
15%
26%
14,911,135
28,174,543
32,421,153
41,647,754
61,425,822
7,253,509
9,148,282
53
55
56
39
47
39
40
1%
94
104
119
78
113
84
93
11%
GOP%
0%
0%
0%
0%
44%
37%
35%
-1%
23%
23%
25%
24%
28%
26%
25%
-1%
1,912,807
3,363,001
3,837,999
4,978,143
7,129,617
883,229
968,125
10%
3,383,280
6,365,612
8,240,493
9,903,502
16,609,237
1,886,461
2,267,154
20%
Mercure Hotel / Casino Rent Rev. (EURO)
1,500,000
4,581,244
4,386,159
4,259,840
4,709,840
784,972
797,639
2%
Mercure Hotel / Casino Rent Rev. (TL)
2,667,300
8,602,631
9,444,952
8,567,482
11,011,714
1,661,571
1,868,570
12%
GRAND TOTAL (EURO)
3,412,807
7,944,245
8,224,158
9,237,983
11,839,457
1,668,201
1,765,765
6%
GRAND TOTAL (TL)
6,050,580
14,968,243
17,685,445
18,470,985
27,620,951
3,548,032
4,135,723
17%
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 29 February 2012
TURKEY
Investment
Ibis Hotel Adana
Ibis Hotel Esenyurt
Ibis Hotel zmir
Novotel Karaky
Airport Hotel Ankara
Location
Adana
Esenyurt / stanbul
zmir
stanbul
Ankara
Number of Rooms
165
156
140
200
150
Total Investment Cost

(Euro, including VAT)
Status
Under Construction
Under Construction
Under Construction
Under Development
Under Development
11,000,000
9,400,000
7,700,000
34,000,000
9,820,000
Investment Completion
(%) *
Physical Completion
(%)
87%
61%
35%
17%
20%
90%
57%
18%
-
Expected Hotel
Opening Date
2012
2012
2013
2015
2015
As of 29 February 2012
RUSSIA
Investment
Ibis Hotel Samara
Samara Office
Ibis Hotel Kaliningrad
Ibis Hotel Moscow
Location
Samara
Samara
Kaliningrad
Moscow
Number of Rooms
204
5,000 sqm (***)
167
480
Status
Completed
Completed
Under Construction
Under Development
Total Investment Cost Investment Completion

(Euro, including VAT) *
(%) **
21,629,497
8,037,026
14,360,408
46,793,740
* Not including financing cost incurred during the construction stage and general&administrative expenses attributable to the projects.
** Including advances paid to the contractor.
*** Net Leasable Area
100%
100%
30%
0%
Physical Completion
(%)
100%
100%
-
Expected Hotel
Opening Date
2012
2012
2013
2015
AKFEN REIT
Key Events
1) 204 rooms Ibis Hotel Samara was opened on 1 March 2012.

AKFEN GYO Monthly Report - February 2012

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AKFEN GYO Monthly Report - February 2012

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AKFEN REAL ESTATE INVESTMENT TRUST

Monthly Investor Report

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)

Akfen Rent Revenue (TL)

Yaroslavl Ibis Hotel

All Inclusive RevPar (Euro)

All Inclusive RevPar (TL)

Akfen Rent 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

1) 204 rooms Ibis Hotel Samara was opened on 1 March 2012.

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