AKFEN GYO Monthly Report - April 2012

AKFEN REAL ESTATE INVESTMENT TRUST
Monthly Investor Report

"APRL 2012"
AKFEN REIT
January - April 2012
Hotel Performance Summary

We opened 1 Hotel (Samara Ibis) during the first 4 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.
We also reported increased rent revenue from Mercure Hotel in Northern Cyprus.
As a result, total rent revenue for the first 4 months of 2012 increased by 12% in Euro terms and
21% 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 52 in the first 4 months of 2012 vs. 51 and
TL 123 vs TL 111 compared to the same period of 2011.
Overall Occupancy ratio for 5 Ibis Hotels in Turkey increased from 57% to 64%.
As a result, total rent revenue from these hotels increased by 10% in Euro terms and 19% in TL
terms.
Turkey - Novotels
4 Novotels in Turkey reported an overall ARR of 64 in the first 4 months of 2012 vs. 63 and TL
151 vs TL 138 compared to the same period of 2011.
Overall Occupancy ratio for 4 Novotels in Turkey increased from 64% to 65%.
As a result, total rent revenue from these hotels increased by 1% in Euro terms and 9% in TL terms.
Turkey - Overall
Overall ARR of the 9 Hotels in Turkey was 57 in the first 4 months of 2012 vs. 56 and TL 134
vs TL 122 compared to the same period of 2011.
Overall Occupancy ratio for Turkey Hotels increased from 60% to 64%.
As a result, total rent revenue from Turkey hotels increased by 6% in Euro terms and 14% in TL
terms.
Russia - IBIS Hotels

2 Ibis Hotels in Russia reported an overall ARR of 50 in the first 4 months of 2012.
Average Occupancy ratio for these 2 Ibis Hotels in Russia was 46%.
AKFEN REIT
OPERATING PERFORMANCE BY HOTEL FOR 2007-2011 ANNUALLY AND 2011-2012 JAN-MARCH 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.-April
Jan.-April
87%
70
151
60.7
131.6
1,920,280
4,166,323
70
152
60%
34%
650,444
1,412,022
79%
77
180
60.6
142.1
1,913,973
4,487,728
69
163
58%
32%
619,631
1,452,875
2011
2012
Jan.-April
Jan.-April
75%
47
102
35.2
76.2
527,095
1,142,238
41
88
48%
32%
167,157
362,231
75%
46
108
34.5
80.8
535,191
1,255,342
41
96
42%
31%
165,243
388,075
2011
2012
Jan.-April
Jan.-April
37%
34
73
12.5
27.1
330,575
716,236
16
34
15%
25%
82,644
179,059
52%
36
84
18.7
44.0
480,602
1,127,142
22
53
34%
25%
120,151
281,786
2011
2012
Jan.-April
Jan.-April
43%
32
70
13.7
29.8
365,045
793,715
19
41
21%
25%
91,261
198,429
53%
36
84
19.1
44.9
460,043
1,078,687
24
56
37%
25%
115,011
269,672
2011
2012
Jan.-April
Jan.-April
44%
41
88
17.9
38.8
509,128
1,106,314
21
46
37%
25%
127,282
276,579
58%
45
105
26.1
61.2
743,249
1,743,131
31
72
49%
29%
215,001
504,462
2011
2012
Jan.-April
Jan.-April
57%
51
111
29.3
63.7
3,652,123
7,924,826
35
76
47%
31%
1,118,787
2,428,319
64%
52
123
33.4
78.3
4,133,058
9,692,031
39
92
49%
30%
1,235,036
2,896,869
(1) Zeytinburnu Ibis Hotel went through a renovation between 15 November 2011 and 29 February 2012 which resulted in lower occupancy ratios.
Change %
-8%
9%
19%
0%
8%
0%
8%
-1%
7%
-2%
-1%
-5%
3%
Change %
0%
-2%
7%
-2%
6%
2%
10%
1%
9%
-6%
-1%
-1%
7%
Change %
15%
6%
15%
50%
62%
45%
57%
44%
56%
20%
0%
45%
57%
Change %
11%
11%
21%
40%
50%
26%
36%
25%
35%
16%
0%
26%
36%
Change %
14%
9%
19%
46%
58%
46%
58%
45%
56%
12%
4%
69%
82%
Change %
6%
3%
11%
14%
23%
13%
22%
12%
21%
2%
-1%
10%
19%
#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
2009
2011
2012 (2)
Jan.-April
Jan.-April
80%
81
176
64.7
140.5
2,185,947
4,745,860
88
190
49%
27%
592,286
1,288,561
79%
82
191
64.7
151.7
2,182,901
5,118,053
87
203
48%
26%
576,477
1,351,637
2011
2012
Jan.-April
Jan.-April
64%
51
112
32.9
71.3
1,254,874
2,723,374
52
113
29%
22%
276,072
599,142
2011
2012
Jan.-April
2011
2012
Jan.-April
46%
48
105
22.3
48.3
411,748
893,740
36
78
23%
22%
90,584
196,623
2011
2012
Jan.-April
64%
63
138
40.6
88.1
4,254,177
9,234,064
59
129
38%
25%
1,047,296
2,275,966
2011
2012
Jan.-April
7%
5%
14%
22%
32%
17%
26%
16%
25%
4%
0%
17%
26%
Change %
65%
64
151
41.6
97.5
4,355,601
10,213,858
60
142
36%
24%
1,054,471
2,472,714
Jan.-April
17%
-2%
6%
33%
43%
28%
38%
27%
37%
15%
0%
28%
38%
Change %
53%
51
119
27.1
63.6
480,072
1,126,289
41
97
27%
22%
105,616
247,784
Jan.-April
-9%
6%
15%
-8%
-1%
-6%
2%
-7%
1%
-8%
0%
-6%
2%
Change %
64%
45
106
29.1
68.3
513,767
1,204,922
46
108
29%
22%
113,029
265,083
Jan.-April
0%
1%
9%
0%
8%
0%
8%
-1%
7%
-1%
-1%
-3%
5%
Change %
55%
55
128
30.1
70.7
1,178,861
2,764,594
49
114
21%
22%
259,349
608,211
Jan.-April
47%
46
100
22.0
47.7
401,608
871,091
36
79
13%
22%
88,354
191,640
Change %
1%
1%
9%
2%
11%
2%
11%
2%
10%
-1%
0%
1%
9%
Change %
63%
64%
66%
52%
64%
60%
64%
64
67
64
53
57
56
57
2%
113
129
137
105
133
122
134
10%
RevPar (Euro)
40.7
43.1
42.0
27.5
36.6
33.9
36.7
8%
RevPar (TL)
71.6
81.5
89.9
54.2
85.3
73.6
86.1
17%
8,485,488
14,900,005
15,158,053
21,100,179
25,885,197
7,906,301
8,488,659
7%
14,911,135
28,174,543
32,421,153
41,647,754
60,300,795
17,158,890
19,905,889
16%
ARR excl tax (Euro)

ARR excl tax (TL)

Total Revenue (TL)
4%
53
55
56
39
48
45
48
6%
94
104
119
78
113
97
112
15%
45%
42%
43%
1%
23%
23%
25%
24%
28%
27%
27%
0%
GOP%
1,912,807
3,363,001
3,837,999
4,978,143
7,129,617
2,166,084
2,289,507
6%
3,383,280
6,365,612
8,240,493
9,903,502
16,609,237
4,704,285
5,369,583
14%
(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%
2007-2011 ANNUALLY
2007
Samara Ibis Hotel
2008
2009
2010
2011
Change %
55%
48
113
26.7
62.7
782,109
1,834,143
37
86
36%
21%
165,411
387,910
2011
2012
Jan.-April
Jan.-April
% Occ.Rate
ARR excl tax (Euro)
ARR excl tax (TL)
RevPar (Euro)
RevPar (TL)
Total Revenue (TL)
GOP%
Change %
29%
56
132
16.5
38.8
310,304
728,222
25
59
21%
27%
85,000
199,478
2007-2011 ANNUALLY
2007
381 rooms
2008
2009
2010
2011
% Occ.Rate
2011
2012
Jan.-April
Jan.-April
36%
ARR excl tax (Euro)
TOTAL RUSSIA - IBIS
2012
Jan.-April
36%
46
110
16.7
39.6
474,235
1,125,027
23
54
2%
0%
0
0
204 rooms
ARR excl tax (TL)
Change %
46%
46
50
110
118
RevPar (Euro)
16.7
23.0
RevPar (TL)
39.6
53.9

Total Revenue (TL)
474,235
1,092,413
1,125,027
2,562,365
23
32
54
76
GOP%
2%
32%
0%
23%
250,411
587,388
2007-2011 ANNUALLY
2007
1850 rooms
% Occ.Rate
ARR excl tax (Euro)
ARR excl tax (TL)
GRAND TOTAL
2011
Jan.-April
RevPar (Euro)
RevPar (TL)
2008
2009
2010
2011
2011
2012
Jan.-April
Jan.-April
Change %
63%
64%
66%
52%
63%
60%
61%
1%
64
67
64
53
57
56
56
0%
113
129
137
105
133
122
132
8%
40.7
43.1
42.0
27.5
36.6
33.9
34.5
2%
71.6
81.5
89.9
54.2
85.3
73.6
80.9
10%
8,485,488
14,900,005
15,158,053
21,100,179
26,359,431
7,906,301
9,581,072
21%
14,911,135
28,174,543
32,421,153
41,647,754
61,425,822
17,158,890
22,468,253
31%
53
55
56
39
47
45
45
1%
94
104
119
78
113
97
106
9%
0%
0%
0%
0%
44%
42%
41%
-1%

Total Revenue (TL)
GOP%
23%
23%
25%
24%
28%
27%
27%
-1%
1,912,807
3,363,001
3,837,999
4,978,143
7,129,617
2,166,084
2,539,918
17%
3,383,280
6,365,612
8,240,493
9,903,502
16,609,237
4,704,285
5,956,971
27%
Mercure Hotel / Casino Rent Rev. (EURO)
1,500,000
4,581,244
4,386,159
4,259,840
4,709,840
1,569,947
1,634,547
4%
Mercure Hotel / Casino Rent Rev. (TL)
2,667,300
8,602,631
9,444,952
8,567,482
11,011,714
3,405,920
3,832,732
13%
GRAND TOTAL (EURO)
3,412,807
7,944,245
8,224,158
9,237,983
11,839,457
3,736,031
4,174,465
12%
GRAND TOTAL (TL)
6,050,580
14,968,243
17,685,445
18,470,985
27,620,951
8,110,205
9,789,703
21%
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 April 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%
74%
49%
18%
21%
100%
69%
32%
-
Expected Hotel
Opening Date
2012
2012
2013
2015
2015
As of 30 April 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
(%)
18%
-
Expected Hotel
Opening Date
2013
2015

AKFEN GYO Monthly Report - April 2012

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AKFEN GYO Monthly Report - April 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 tax (Euro)

Total Revenue (Euro)

All Inclusive RevPar (Euro)

All Inclusive RevPar (TL)

Akfen Rent Revenue (TL)

Yaroslavl Ibis Hotel

Samara Ibis Hotel

ARR excl tax (Euro)

TOTAL RUSSIA - IBIS

ARR excl tax (TL)

Total Revenue (Euro)

All Inclusive RevPar (Euro)

All Inclusive RevPar (TL)

Akfen Rent Revenue (Euro)

Akfen Rent Revenue (TL)

All Inclusive RevPar (Euro)

All Inclusive RevPar (TL)

Total Revenue (Euro)

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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