AKFEN GYO Monthly Report - May 2012

AKFEN REAL ESTATE INVESTMENT TRUST
Monthly Investor Report

"MAY 2012"
AKFEN REIT
January - May 2012
Hotel Performance Summary

We opened 1 Hotel (Samara Ibis) during the first 5 months of 2012.
Zeytinburnu stanbul Ibis Hotel and Novotel, which were 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
18% in Euro terms and 26% 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 5 months of 2012 increased by 13% in Euro terms and 20% 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 5 months of 2012 vs. 51 and
TL 124 vs TL 112 compared to the same period of 2011.
Overall Occupancy ratio for 5 Ibis Hotels in Turkey increased from 60% to 65%.
As a result, total rent revenue from these hotels increased by 9% in Euro terms and 17% in TL
terms.
Turkey - Novotels
4 Novotels in Turkey reported an overall ARR of 66 in the first 5 months of 2012 vs. 65 and TL
155 vs TL 142 compared to the same period of 2011.
Overall Occupancy ratio for 4 Novotels in Turkey increased from 67% to 68%.
As a result, total rent revenue from these hotels increased by 2% in Euro terms and 8% in TL terms.
Turkey - Overall
Overall ARR of the 9 Hotels in Turkey was 59 in the first 5 months of 2012 vs. 57 and TL 137
vs TL 125 compared to the same period of 2011.
Overall Occupancy ratio for Turkey Hotels increased from 63% to 66%.
As a result, total rent revenue from Turkey hotels increased by 5% in Euro terms and 12% in TL
terms.
Russia - IBIS Hotels

2 Ibis Hotels in Russia reported an overall ARR of 50 in the first 5 months of 2012.
Average Occupancy ratio for these 2 Ibis Hotels in Russia was 48%.
AKFEN REIT
OPERATING PERFORMANCE BY HOTEL FOR 2007-2011 ANNUALLY AND 2011-2012 JAN-MAY 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.-May
Jan.-May
88%
71
156
63.0
138.0
2,508,713
5,490,590
73
159
61%
35%
865,890
1,896,884
82%
78
181
63.6
148.4
2,526,831
5,900,488
73
170
59%
33%
837,053
1,954,077
2011
2012
Jan.-May
Jan.-May
77%
47
102
35.7
78.0
674,811
1,474,672
41
90
49%
32%
217,254
475,022
77%
47
109
35.9
83.8
704,191
1,644,921
43
100
44%
31%
215,386
503,664
2011
2012
Jan.-May
Jan.-May
44%
33
72
14.3
31.5
478,708
1,049,609
18
39
22%
25%
119,677
262,402
55%
36
84
20.0
46.7
649,398
1,516,250
24
56
36%
25%
162,350
379,063
2011
2012
Jan.-May
Jan.-May
44%
33
71
14.3
31.3
470,312
1,030,620
19
43
23%
25%
117,578
257,655
54%
36
85
19.5
45.7
584,667
1,365,971
24
56
36%
25%
146,167
341,493
2011
2012
Jan.-May
Jan.-May
45%
41
89
18.4
40.2
661,478
1,449,178
22
48
39%
25%
165,369
362,294
57%
47
111
27.1
63.3
924,446
2,160,827
29
68
49%
29%
264,387
618,307
2011
2012
Jan.-May
Jan.-May
60%
51
112
30.6
67.0
4,794,022
10,494,669
36
80
49%
31%
1,485,769
3,254,257
65%
53
124
34.6
80.8
5,389,533
12,588,456
41
95
50%
30%
1,625,342
3,796,604
(1) Zeytinburnu Ibis Hotel went through a renovation between 15 November 2011 and 29 February 2012 which resulted in lower occupancy ratios.
Change %
-6%
9%
16%
1%
8%
1%
7%
0%
7%
-2%
-1%
-3%
3%
Change %
0%
0%
7%
1%
7%
4%
12%
4%
11%
-5%
-2%
-1%
6%
Change %
11%
11%
18%
39%
48%
36%
44%
35%
44%
14%
0%
36%
44%
Change %
10%
11%
18%
37%
46%
24%
33%
23%
32%
13%
0%
24%
33%
Change %
12%
16%
24%
48%
57%
40%
49%
33%
42%
9%
4%
60%
71%
Change %
5%
4%
11%
13%
21%
12%
20%
12%
19%
1%
-1%
9%
17%
#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
2009
2011
2012 (2)
Jan.-May
Jan.-May
82%
85
186
69.6
152.6
2,948,888
6,462,858
94
206
52%
29%
843,571
1,854,098
82%
85
199
70.0
163.3
2,953,286
6,893,945
93
218
51%
28%
827,007
1,929,159
2011
2012
Jan.-May
Jan.-May
67%
52
113
34.8
76.3
1,744,115
3,824,410
58
127
34%
22%
383,705
841,370
2011
2012
Jan.-May
2011
2012
Jan.-May
47%
48
106
22.6
49.4
524,966
1,148,538
36
79
24%
22%
115,492
252,678
2011
2012
Jan.-May
67%
65
142
43.2
94.7
5,753,941
12,609,282
64
140
40%
25%
1,460,682
3,206,312
2011
2012
Jan.-May
9%
5%
12%
26%
35%
19%
27%
18%
26%
5%
0%
19%
27%
Change %
68%
66
155
45.4
105.9
5,934,031
13,852,456
66
153
40%
25%
1,482,771
3,460,031
Jan.-May
17%
0%
7%
33%
42%
32%
41%
31%
40%
15%
0%
32%
41%
Change %
56%
51
118
28.5
66.6
623,507
1,456,935
43
100
29%
22%
137,171
320,526
Jan.-May
-7%
11%
18%
-1%
5%
-5%
1%
-6%
0%
-6%
0%
-5%
1%
Change %
68%
46
107
31.3
73.0
707,567
1,651,670
51
118
30%
22%
155,665
363,367
Jan.-May
0%
0%
7%
0%
7%
0%
7%
-1%
6%
-1%
-1%
-2%
4%
Change %
60%
57
134
34.4
80.3
1,649,671
3,849,906
54
127
28%
22%
362,928
846,979
Jan.-May
51%
46
100
23.4
51.3
535,972
1,173,476
39
84
15%
22%
117,914
258,165
Change %
2%
2%
9%
5%
12%
3%
10%
2%
9%
-1%
0%
2%
8%
Change %
63%
64%
66%
52%
64%
63%
66%
64
67
64
53
57
57
59
3%
113
129
137
105
133
125
137
10%
RevPar (Euro)
40.7
43.1
42.0
27.5
36.6
35.7
39.0
9%
RevPar (TL)
71.6
81.5
89.9
54.2
85.3
78.3
91.0
16%
8,485,488
14,900,005
15,158,053
21,100,179
25,885,197
10,547,963
11,323,564
7%
14,911,135
28,174,543
32,421,153
41,647,754
60,300,795
23,103,951
26,440,912
14%
ARR excl VAT (Euro)

ARR excl VAT (TL)

Total Revenue (TL)
4%
53
55
56
39
48
48
51
7%
94
104
119
78
113
104
118
14%
45%
44%
45%
0%
23%
23%
25%
24%
28%
28%
27%
0%
GOP%
1,912,807
3,363,001
3,837,999
4,978,143
7,129,617
2,946,451
3,108,114
5%
3,383,280
6,365,612
8,240,493
9,903,502
16,609,237
6,460,569
7,256,635
12%
(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 %
58%
48
113
28.2
65.8
1,033,721
2,414,159
38
90
39%
23%
241,088
562,360
2011
2012
Jan.-May
Jan.-May
% Occ.Rate
ARR excl VAT (Euro)
ARR excl VAT (TL)
RevPar (Euro)
RevPar (TL)
Total Revenue (TL)
GOP%
Change %
33%
55
127
18.2
42.3
522,682
1,217,796
28
65
22%
24%
127,500
297,449
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.-May
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 %
48%
46
50
110
117
RevPar (Euro)
16.7
24.1
RevPar (TL)
39.6
56.1

Total Revenue (TL)
474,235
1,556,403
1,125,027
3,631,956
23
34
54
80
GOP%
2%
33%
0%
24%
368,588
859,809
2007-2011 ANNUALLY
GRAND TOTAL TURKEY & RUSSIA
2011
Jan.-May
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.-May
Jan.-May
Change %
63%
64%
66%
52%
63%
63%
63%
1%
64
67
64
53
57
57
58
1%
113
129
137
105
133
125
134
7%
40.7
43.1
42.0
27.5
36.6
35.7
36.4
2%
71.6
81.5
89.9
54.2
85.3
78.3
85.1
9%
8,485,488
14,900,005
15,158,053
21,100,179
26,359,431
10,547,963
12,879,968
22%
14,911,135
28,174,543
32,421,153
41,647,754
61,425,822
23,103,951
30,072,868
30%
53
55
56
39
47
48
48
1%
94
104
119
78
113
104
112
7%
0%
0%
0%
0%
44%
44%
43%
-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
2,946,451
3,476,702
18%
3,383,280
6,365,612
8,240,493
9,903,502
16,609,237
6,460,569
8,116,444
26%
Mercure Hotel / Casino Rent Rev. (EURO)
1,500,000
4,581,244
4,386,159
4,259,840
4,709,840
1,962,433
2,055,002
5%
Mercure Hotel / Casino Rent Rev. (TL)
2,667,300
8,602,631
9,444,952
8,567,482
11,011,714
4,288,575
4,801,979
12%
GRAND TOTAL (EURO)
3,412,807
7,944,245
8,224,158
9,237,983
11,839,457
4,908,884
5,531,704
13%
GRAND TOTAL (TL)
6,050,580
14,968,243
17,685,445
18,470,985
27,620,951
10,749,144
12,918,423
20%
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 May 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
Completed
Under Construction
Under Construction
Under Development
Under Development
11,000,000
9,400,000
7,700,000
34,000,000
9,500,000
Investment Completion
(%) *
Physical Completion
(%)
97%
76%
51%
18%
21%
100%
72%
40%
-
Expected Hotel
Opening Date
2012
2012
2013
2015
2015
As of 31 May 2012
RUSSIA
Investment
Ibis Hotel Kaliningrad
Ibis Hotel Moscow
Location
Kaliningrad
Moscow
Number of Rooms
167
475
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.
36%
3%
Physical Completion
(%)
25%
-
Expected Hotel
Opening Date
2013
2015
AKFEN GYO
Key Events
1) The Casino of 5 star Mercure Hotel in Girne, Northern Cyprus owned to our subsidiary Akfen Gayrimenkul Ticareti ve naat A.. has been managed by
Voyager Kbrs Limited since 2007 on a fixed lease agreement. The parties signed a new fixed lease agreement on 15.05.2012 both for Mercure Hotel and
the casino for 20 years and the rent of the first year is EUR 4.750.000.
Voyager Kbrs Limited continues operating the Casino and the new lease term that will include the Hotel will start at the transfer of Hotel.
2) Ordinary General Shareholders Meeting of our Company for the year 2011 was held on May 2nd, 2012. The wording of amendments to the Articles of
Association concerning the revision of the clauses number 14, 16, 17, 18, 24, 26, 28 and 35, that has been approved on the Ordinary General
Shareholder's Meeting, is registered on 4 May 2012 and published on the Turkey Trade Registry on 17 May 2012.

AKFEN GYO Monthly Report - May 2012

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AKFEN GYO Monthly Report - May 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

ARR excl VAT (Euro)

Total Revenue (Euro)

All Inclusive RevPar (Euro)

All Inclusive RevPar (TL)

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. (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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