AKFEN GYO Monthly Report - September 2011

AKFEN REAL ESTATE INVESTMENT TRUST
Monthly Investor Report

"SEPTEMBER 2011"
AKFEN REIT
OPERATING PERFORMANCE BY HOTEL FOR 2007-2010 ANNUALLY AND 2011 MONTHLY
31
228
rooms
% Occ.Rate
ARR excl tax (Euro)
Zeytinburnu Ibis Hotel
2008
72%
RevPar (TL)
84%
58%
71%
March
30
April
31
81%
May
151
31
28
31
30
91%
93%
31
151
2011 MONTHLY
June
July
91%
August
97%
September
80%
98%
TOTAL
January
85%
75%
February
86%
March
April
94%
May
93%
Change %
June
93%
July
90%
August
96%
September
67%
99%
TOTAL
2010-2011
88%
4%
57
68
70
68
70
68
69
67
68
70
68
70
66
68
68
68
69
73
77
74
69
65
72
71
4%
129
150
136
147
141
143
134
131
133
132
136
129
135
142
147
152
161
174
171
162
163
177
162
20%
40.9
60.0
53.1
57.4
40.8
48.9
55.5
61.2
63.2
63.7
65.4
56.2
65.0
57.8
50.7
58.7
64.8
68.5
72.2
66.8
66.3
43.9
71.2
62.5
8%
142.7
25%
114.1
85.4
101.0
115.2
122.2
122.4
121.6
127.5
109.1
126.5
114.5
106.5
127.4
156.0
109.7
5,872,352
5,060,046
5,619,135
329,860
359,568
452,189
491,703
524,509
508,345
558,963
475,570
539,537
4,240,244
408,930
429,927
534,798
546,625
588,432
525,158
551,418
376,268
580,358
4,541,914
7%
5,792,824
71.6
11,087,508
10,821,975
11,178,637
690,627
742,401
937,613
981,242
1,016,393
970,939
1,089,977
922,606
1,050,112
8,401,911
858,753
932,942
1,177,471
1,197,161
1,324,268
1,206,043
1,297,052
940,256
1,429,770
10,363,716
23%
113.3
113.5
All Inclusive RevPar (Euro)
49
70
61
68
47
56
64
72
74
74
79
67
79
68
All Inclusive RevPar (TL)
86
133
130
134
98
116
133
143
144
142
154
131
154
135
GOP%
22%
Effective % of Rent / Revenue
22%
22%
22%
22%
22%
22%
22%
22%
22%
22%
22%
22%
22%
58
142.7
73
7%
146
167
175
187
176
184
133
209
167
23%
62%
61%
64%
61%
61%
52%
71%
62%
35%
83
37%
77
34%
78
35%
53
175.4
58%
35%
80
153.3
121
32%
76
162.5
58%
32%
67
150.0
28%
85
41%
35%
13%
726,856
1,291,917
1,113,210
1,236,210
72,569
79,105
99,482
108,175
115,392
111,836
122,972
104,625
118,698
932,854
132,283
138,937
189,367
189,856
215,446
179,478
191,461
106,458
236,430
1,579,717
69%
1,274,421
2,439,252
2,380,835
2,459,300
151,938
31
163,328
28
206,275
31
215,873
30
223,607
31
213,607
239,795
202,973
231,025
1,848,420
151
277,795
31
301,493
28
416,932
31
415,803
30
484,862
31
412,178
450,357
266,029
582,581
3,608,030
151
95%
208
rooms
2007-2010 ANNUALLY
2007
2008
2009
2010 MONTHLY
2010
January
February
March
April
May
2011 MONTHLY
June
July
August
September
TOTAL
January
February
March
April
May
Change %
June
July
August
September
TOTAL
2010-2011
56%
78%
72%
84%
59%
80%
77%
88%
91%
92%
96%
86%
95%
85%
67%
78%
84%
90%
91%
91%
96%
74%
97%
85%
1%
83
86
78
76
67
65
71
76
84
76
77
70
91
76
71
78
84
89
98
87
86
68
97
85
12%
ARR excl tax (Euro)

ARR excl tax (TL)
Zeytinburnu Novotel
76%
February
3,303,892
% Occ.Rate
151
141
195
30%
RevPar (Euro)
46.7
66.6
56.2
63.9
39.7
51.5
54.6
66.3
76.2
70.0
74.4
59.8
87.1
64.4
48.0
60.5
70.5
79.9
88.6
79.2
83.1
50.0
93.9
72.6
13%
RevPar (TL)
82.4
147
125.7
120.2
127.2
83.2
106.4
113.2
132.3
147.7
133.8
145.0
116.0
169.5
127.5
104.4
130.5
153.2
174.9
199.4
181.9
195.6
124.9
231.2
166.2
30%
162
167
133
147
151
162
146
151
136
178
150
155
168
183
194
219
200
203
170
238
Total Revenue (Euro)
4,261,771
6,963,005
5,693,428
6,653,854
361,674
429,301
471,865
556,497
641,673
616,905
682,142
561,975
714,974
5,037,007
430,336
489,502
605,971
660,138
762,941
672,757
712,530
437,948
763,501
5,535,624
Total Revenue (TL)
7,521,380
13,144,736
12,174,092
13,237,072
757,237
886,378
978,413
1,110,545
1,243,435
1,178,288
1,330,177
1,090,232
1,391,553
9,966,259
935,298
1,056,200
1,316,255
1,445,644
1,716,887
1,544,478
1,676,434
1,094,383
1,880,962
12,666,541
27%
70
91
75
88
56
74
73
89
100
99
106
87
115
89
67
84
94
106
118
108
111
68
122
97
10%
223
27%

Akfen Rent Revenue (Euro)

Akfen Rent Revenue (TL)
123
173
160
174
117
152
152
178
193
189
206
169
223
176
145
41%
45%
54%
55%
59%
52%
58%
38%
66%
53%
22%
22%
22%
22%
22%
22%
22%
22%
22%
22%
22%
22%
22%
21%
24%
30%
30%
33%
28%
32%
20%
38%
30%
8%
945,590
1,539,861
1,260,554
1,471,848
80,219
95,124
104,495
123,029
141,768
136,319
150,671
124,235
157,894
1,113,756
92,149
119,481
179,936
200,724
251,282
190,912
231,475
86,604
288,411
1,640,976
47%
2,919,269
2,710,822
2,928,094
167,955
31
196,403
28
216,671
31
245,517
30
274,718
31
260,369
293,809
241,015
307,309
2,203,768
151
200,278
31
257,805
28
390,847
31
439,568
30
565,473
31
438,286
544,613
216,415
707,301
3,760,586
151
1,681,448
108
rooms
% Occ.Rate
2007-2010 ANNUALLY
2007
2008
2009
181
204
232
2010 MONTHLY
2010
January
February
March
April
May
266
248
260
170
301
10%
22%
GOP%
Eskiehir Ibis Hotel
88%
January
Total Revenue (TL)
2011 MONTHLY
June
July
August
September
TOTAL
January
February
March
April
May
71%
Change %
June
July
August
September
TOTAL
2010-2011
60%
72%
66%
74%
64%
76%
74%
82%
81%
75%
77%
63%
73%
74%
65%
78%
71%
86%
84%
76%
71%
58%
85%
75%
1%
ARR excl tax (Euro)
42
48
45
50
46
47
49
51
51
52
51
51
51
50
49
47
46
46
45
45
45
42
44
45
-9%
ARR excl tax (TL)
74
91
96
99
97
97
102
101
98
99
99
98
100
99
107
101
98
101
101
104
106
111
108
104
5%
RevPar (Euro)
25.7
34.8
29.5
36.8
29.4
35.7
36.2
41.4
41.1
38.9
39.0
31.8
37.6
36.8
31.6
36.7
32.7
39.9
37.8
34.3
31.9
24.1
37.2
34.0
-8%
RevPar (TL)
44.6
65.8
63.2
73.1
61.5
73.8
75.0
82.6
79.7
74.2
76.0
61.7
73.2
73.1
69.1
79.5
69.5
87.3
85.0
78.6
75.1
64.7
91.6
77.7
6%
919,825
1,647,216
1,341,975
1,666,188
115,175
124,689
137,357
171,098
163,831
141,302
148,503
117,168
135,074
1,254,195
122,761
127,296
126,332
150,706
147,716
125,266
121,345
91,790
136,688
1,149,900
1,596,932
3,112,946
2,873,319
3,314,533
241,141
257,445
284,810
341,443
317,471
269,886
289,581
227,306
262,894
2,491,977
268,266
276,030
268,094
330,057
332,434
287,610
285,492
245,845
336,745
2,630,574
6%
33
42
34
42
34
41
41
53
49
44
44
35
42
43
37
42
38
47
44
39
36
27
42
39
-8%
57
79
73
84
72
85
85
105
95
83
86
68
81
85
80
91
80
102
99
89
85
73
104
89
6%
Total Revenue (TL)
GOP%
44%
52%
50%
47%
53%
46%
46%
30%
46%
-8%
47%
26%
27%
27%
26%
23%
23%
29%
22%
23%
25%
25%
26%
26%
25%
30%
34%
33%
30%
34%
29%
29%
19%
30%
30%
240,361
439,388
364,235
438,561
27,038
29,177
40,431
39,447
37,902
35,977
37,511
30,632
34,571
312,685
36,449
43,862
41,470
45,415
50,118
36,345
35,466
17,329
41,204
347,660
11%
427,411
832,991
783,286
872,474
56,610
31
60,241
28
83,833
31
78,720
30
73,446
31
68,717
73,146
59,426
67,286
621,424
151
79,651
31
95,111
28
88,006
31
99,462
30
112,791
31
83,448
83,443
46,414
101,940
790,266
151
27%
200
rooms
% Occ.Rate
ARR excl tax (Euro)
ARR excl tax (TL)
Trabzon Novotel (1)
31
2010 MONTHLY
2010
HOTELS OPENED PRIOR TO 2010
2009
100
ARR excl tax (TL)

RevPar (Euro)
28
2007-2010 ANNUALLY
2007
RevPar (Euro)
2007-2010 ANNUALLY
2007
2008
2009
2010 MONTHLY
2010
January
February
March
April
May
2011 MONTHLY
June
July
August
September
TOTAL
January
February
March
April
May
5%
Change %
June
July
August
September
TOTAL
2010-2011
18%
47%
61%
29%
42%
54%
55%
60%
69%
93%
71%
67%
60%
53%
65%
67%
71%
81%
87%
92%
72%
85%
75%
58
53
54
49
45
49
48
52
56
57
53
53
52
51
51
53
51
53
57
75
56
57
57
9%
115
114
102
102
93
102
95
102
106
111
103
103
103
108
110
116
112
118
132
177
154
139
132
28%
42.5
35%
20.8
53.6
62.7
29.7
39.5
55.0
52.6
60.5
73.7
103.9
73.4
69.1
62.2
56.7
71.1
78.0
79.7
95.3
115.2
163.1
109.8
118.9
98.7
59%
417,432
3,062,604
4,030,095
163,892
187,632
258,749
274,720
344,691
374,622
543,561
396,570
356,050
2,900,488
253,649
287,788
320,001
393,436
489,241
502,855
609,913
372,989
448,099
3,677,971
27%
Total Revenue (TL)
829,353
6,551,767
7,688,885
343,142
387,404
536,516
548,231
667,943
715,528
1,059,943
769,347
692,981
5,721,033
532,664
624,500
704,546
861,665
1,101,036
1,154,515
1,435,000
1,027,774
1,103,937
8,545,638
49%
24
42
55
26
34
42
46
56
62
88
64
59
53
41
51
52
66
79
84
98
60
75
67
27%
48
90
105
55
69
87
91
108
119
171
124
115
105
86
112
114
144
178
192
231
166
184
157
49%
20%
24%
35%
34%
45%
46%
59%
48%
41%
42%
22%
36%
27%
56%
49%
35%
33%
27%
24%
17%
23%
26%
28%
22%
22%
22%
22%
22%
22%
22%
22%
21%
22%
RevPar (TL)
10.5
25.1
32.9
14.2
19.2
26.5
26.4
31.2
38.6
53.3
37.8
35.5
31.5
GOP%
27.0
32.8
35.4
36.4
42.4
50.2
69.3
39.8
48.3
15%
-7%
91,835
1,100,000
1,100,000
91,667
91,667
91,667
91,667
91,667
91,667
91,667
91,667
91,667
825,000
55,803
63,313
70,400
86,556
107,633
110,628
134,181
81,887
95,733
806,134
-2%
174,101
2,365,550
2,188,340
191,923
31
189,264
28
190,071
31
182,930
30
177,632
31
175,083
178,750
177,833
178,411
1,641,897
151
117,186
31
137,390
28
155,000
31
189,566
30
242,228
31
253,993
315,700
225,640
235,848
1,872,552
151
14%
(1) InAkfen
Trabzon
GYO
Novotel,
2010 ylnda
Akfen Trabzon
REIT received
Novotel'de
minimum
garanti
guaranteed
kira gelirirent
eldeinetmitir.
2010, which
2011 ylnda
was no bu
longer
garanti
in effect
kira kira
in 2011
szlemelerindeki
due to the revision
revizyon
in the
ilelease
birlikte
agreements.
yrrlkten kalkmtr.
In performance terms, Trabzon Novotel's total revenues were up 27% in Euro terms in January-September 2011 compared to the same period of 2010.
160
rooms
2007-2010 ANNUALLY
2007
2008
2009
% Occ.Rate
2010 MONTHLY
2010
Kayseri Ibis Hotel
2011 MONTHLY
June
July
August
September
TOTAL
January
February
March
April
May
Change %
June
July
August
September
TOTAL
2010-2011
24%
20%
24%
31%
38%
44%
29%
27%
29%
46%
68%
48%
39%
43%
27%
52%
42%
14%
37
37
34
38
39
40
45
40
40
37
37
32
29
34
34
33
31
32
33
-18%
74
76
75
78
87
78
78
77
81
70
62
77
78
79
79
80
74
-4%
11.4
3.5
8.4
7.6
9.6
12.5
16.8
17.6
11.4
10.0
10.8
14.5
19.4
16.4
13.2
14.3
8.6
17.0
13.8
21%
22.7
7.3
16.7
14.8
18.3
24.4
32.5
34.2
22.2
21.1
23.4
32.0
42.6
37.0
30.4
33.6
21.4
41.8
31.4
42%

Total Revenue (TL)
69
75
716,977
11,700
57,543
48,600
54,850
74,692
110,380
107,408
465,174
63,967
58,289
100,472
142,318
105,268
78,258
85,284
51,795
105,161
790,810
1,426,354
24,261
114,832
94,177
104,764
145,650
214,137
209,049
906,870
134,328
126,488
221,208
311,692
236,905
179,674
200,656
129,431
259,074
1,799,455
98%
15
12
10
11
15
22
22
15
13
13
20
30
21
16
17
10
22
18
24%
41
45%

96
29
24
19
22
29
43
44
28
27
-1%
-9%
29%
37%
32%
17%
15%
-9%
44%
22%
25%
25%
25%
25%
25%
25%
25%
25%
25%
25%
25%
25%
25%
25%
25%
25%
25%
25%
0%
179,244
2,925
14,386
12,150
13,713
18,673
27,595
26,852
116,294
15,992
14,572
25,118
35,579
26,317
19,564
21,321
12,949
26,290
197,702
70%
356,588
6,065
16
28,708
30
23,544
31
26,191
36,412
53,534
52,262
226,718
77
33,582
31
31,622
28
55,302
31
77,923
30
59,226
31
44,918
50,164
32,358
64,768
449,863
151
rooms
2007-2010 ANNUALLY
2007
2008
2009
% Occ.Rate
28
45
65
2010 MONTHLY
2010
January
February
March
36%
April
May
14%
30%
48
37
40
26
54
70%
25%
GOP%
Kayseri Novotel
May
RevPar (TL)
2011 MONTHLY
June
July
35%
27%
August
29%
September
42%
45%
TOTAL
January
33%
36%
February
46%
March
April
49%
May
54%
June
49%
98%
Change %
July
44%
August
46%
September
43%
55%
TOTAL
2010-2011
47%
14%
-10%
ARR excl tax (Euro)
49
51
47
52
52
53
59
50
53
48
49
49
47
49
48
48
43
44
47
ARR excl tax (TL)
98
105
93
102
99
104
115
97
103
101
106
107
104
109
109
113
107
109
107
5%
17.6
7.0
14.3
18.4
14.2
15.7
25.0
22.4
17.4
17.4
22.3
23.8
25.6
23.9
20.7
21.9
18.3
24.5
22.0
26%
50.2
48%
RevPar (Euro)
RevPar (TL)
Total Revenue (TL)
35.1
14.5
30.7
48.5
43.7
48.5
52.4
56.1
53.7
45.8
60.4
845,930
23,135
71,076
86,382
61,696
72,839
118,020
113,360
546,508
83,508
92,161
116,253
119,826
113,218
89,279
94,137
85,596
106,642
900,620
1,682,892
47,970
141,839
167,391
117,840
142,037
228,960
220,632
1,066,666
175,364
199,991
255,950
262,436
254,800
204,977
221,486
213,895
262,722
2,051,622
92%
29
15
25
29
21
24
40
39
29
28
34
39
42
38
31
32
29
37
34
20%
78
40%

28.5
35.6
27.1
34.0

49
56
41
48
77
77
56
59
20%
18%
32%
20%
27%
17%
23%
12%
30%
23%
22%
22%
22%
22%
22%
22%
22%
22%
22%
22%
22%
22%
22%
22%
22%
22%
22%
0%
186,104
5,090
15,637
19,004
13,573
16,025
25,964
24,939
120,232
18,372
20,275
25,576
26,362
24,908
19,641
20,710
18,831
23,461
198,136
65%
10,553
31
31,205
30
36,826
31
25,925
31,248
50,371
48,539
234,667
151
38,580
31
43,998
28
56,309
31
57,736
30
56,056
31
45,095
48,727
47,057
57,813
451,371
151
rooms
28
2007
2008
2009
% Occ.Rate
91
2010 MONTHLY
2010
January
February
March
April
May
86
71
74
72
91
65%
31
31
86
51.5
22%
2007-2010 ANNUALLY
74
47.6
57
370,236
177
36.6
22%
GOP%
Gaziantep Ibis Hotel
April
RevPar (Euro)
2011 MONTHLY
June
July
August
September
TOTAL
January
February
March
April
May
92%
Change %
June
July
August
September
TOTAL
2010-2011
19%
6%
6%
8%
16%
22%
32%
22%
12%
20%
16%
31%
38%
36%
44%
70%
49%
49%
26%
53%
44%
28%
ARR excl tax (Euro)
37
37
39
39
36
33
35
35
40
41
37
36
33
33
33
31
32
31
31
31
32
-13%
ARR excl tax (TL)
74
77
80
80
72
65
68
69
78
80
72
75
71
72
73
69
74
72
77
77
73
1%
7.0
2.2
2.2
3.3
5.9
7.3
11.5
7.7
5.0
8.2
5.9
11.2
12.4
11.8
14.7
21.5
15.9
15.0
8.1
16.5
14.1
140%
RevPar (Euro)
RevPar (TL)
Total Revenue (TL)
13.9
4.6
4.6
6.8
11.7
15.0
9.7
16.0
11.5
32.2
48.4
36.5
35.3
20.2
40.7
32.2
179%
554,906
10,792
14,882
20,995
40,960
52,670
76,603
53,585
31,821
54,085
356,394
78,857
77,898
78,753
95,066
148,133
100,001
100,937
53,689
106,407
839,743
136%
1,103,931
22,596
30,727
43,534
81,740
102,064
146,311
104,491
61,732
105,266
698,461
165,600
169,040
173,392
208,204
333,372
229,596
237,484
134,163
262,145
1,912,997
174%
14.2
22.0
23.5
26.9
25.9
10
14
10
10
14
16
14
18
27
19
18
10
20
17
136%
17
15
19
28
19
11
20
14
30
34
32
39
61
43
43
24
49
40
174%
10%
17%
15%
17%
39%
25%
30%
-12%
29%
22%
25%
25%
25%
25%
25%
25%
25%
25%
25%
25%
25%
25%
25%
25%
25%
25%
25%
25%
25%
25%
25%

GOP%
0%
138,727
2,698
3,721
5,249
10,240
13,168
19,151
13,396
7,955
13,521
89,098
19,714
19,475
19,688
23,767
37,033
25,000
25,234
13,422
26,602
209,936
136%
275,983
5,649
31
7,682
28
10,884
31
20,435
30
25,516
31
36,578
26,123
15,433
26,317
174,615
151
41,400
31
42,260
28
43,348
31
52,051
30
83,343
31
57,399
59,371
33,541
65,536
478,249
151
174%
92
rooms
2007-2010 ANNUALLY
2007
2008
2009
% Occ.Rate
Gaziantep Novotel
March
10%
ARR excl tax (TL)
2010 MONTHLY
2010
January
February
March
April
May
2011 MONTHLY
June
July
August
September
TOTAL
January
February
March
April
May
Change %
June
July
August
September
TOTAL
2010-2011
28%
5%
5%
16%
24%
32%
41%
26%
31%
39%
25%
40%
48%
51%
51%
67%
54%
41%
35%
57%
49%
24%
ARR excl tax (Euro)
50
49
52
48
47
48
49
48
48
50
48
49
45
47
45
44
44
44
41
43
45
-8%
ARR excl tax (TL)
99
102
107
100
94
93
93
93
93
97
95
103
98
103
98
98
101
104
104
106
102
RevPar (Euro)
14.1
2.4
2.6
7.9
11.1
15.2
20.1
12.3
14.7
19.5
12.1
19.4
21.6
24.2
22.7
29.0
23.8
18.1
14.5
24.6
22.0
81%
RevPar (TL)
28.1
5.1
5.3
16.3
22.2
29.5
38.5
24.0
28.4
38.0
23.7
40.7
46.9
53.2
49.8
65.3
54.7
42.6
36.3
60.6
50.0
111%
7%
860,829
9,582
11,827
42,669
70,050
86,201
102,434
92,479
73,413
84,642
573,298
88,690
91,443
116,982
104,493
134,364
115,346
96,077
67,098
115,303
929,796
1,712,534
20,062
24,418
88,475
139,793
167,040
195,649
180,335
142,421
164,739
1,122,932
186,250
198,432
257,559
228,850
302,385
264,825
226,050
167,672
284,061
2,116,084
88%
26
15
25
30
37
32
26
31
23
31
35
41
38
47
42
34
24
42
37
62%
52
31
51
59
71
63
50
60
45
65
77
90
83
106
96
79
59
103
84
88%
Total Revenue (TL)
GOP%
8%
9%
22%
12%
20%
18%
14%
-25%
22%
62%
13%
22%
22%
22%
22%
22%
22%
22%
22%
22%
22%
22%
22%
22%
22%
22%
22%
22%
22%
22%
22%
22%
189,382
2,108
2,602
9,387
15,411
18,964
22,535
20,345
16,151
18,621
126,126
19,512
20,117
25,736
22,988
29,560
25,376
21,137
14,762
25,367
204,555
62%
376,757
4,414
31
5,372
28
19,465
31
30,754
30
36,749
31
43,043
39,674
31,333
36,242
247,045
151
40,975
31
43,655
28
56,663
31
50,347
30
66,525
31
58,261
49,731
36,888
62,493
465,538
151
88%
200
rooms
% Occ.Rate
ARR excl tax (Euro)
ARR excl tax (TL)
Bursa Ibis Hotel
February
31%
ARR excl tax (Euro)
HOTELS OPENED IN 2010
January
2007-2010 ANNUALLY
2007
2008
2009
2010 MONTHLY
2010
January
February
March
April
May
June
2011 MONTHLY
July
August
September
TOTAL
24%
January
28%
43
42
February
46%
40
March
April
53%
40
May
49%
41
Change %
June
49%
41
July
51%
41
August
78%
40
September
38%
38
69%
41
TOTAL
2010-2011
51%
40
86
88
87
88
89
92
94
96
95
100
93
RevPar (Euro)
10.6
11.9
18.4
21.2
20.1
20.3
21.0
31.0
14.5
28.0
20.7
RevPar (TL)
21.1
24.9
39.8
46.7
44.1
45.6
48.3
74.9
36.3
68.9
47.8
152,265
Total Revenue (TL)
90,545
119,384
157,865
141,335
152,350
149,319
235,145
109,513
200,745
1,356,199
302,916
190,144
259,064
347,568
309,540
342,860
342,812
568,390
273,657
494,275
3,128,310
12
15
21
25
24
25
25
38
18
33
25
25
31
46
56
52
55
57
92
44
82
GOP%
57
0%
17%
34%
48%
40%
47%
48%
64%
30%
56%
46%
25%
25%
25%
25%
25%
25%
25%
33%
15%
34%
27%
38,066
75,729
31
28
31
30 <
120
0%
22,636
29,846
39,466
35,334
38,087
37,330
76,597
16,887
67,302
363,485
47,536
31
64,766
28
86,892
31
77,385
30
85,715
31
85,703
185,148
42,198
165,712
841,055
151
1469
rooms
% Occ.Rate
ARR excl tax (TL)
GRAND TOTAL
TURKEY HOTELS
ARR excl tax (Euro)

RevPar (Euro)
RevPar (TL)
Total Revenue (TL)
2007-2010 ANNUALLY
2007
2008
2009
2010 MONTHLY
2010
January
February
March
April
May
2011 MONTHLY
June
July
August
September
TOTAL
January
February
March
April
May
Change %
June
July
August
September
TOTAL
2010-2011
63%
64%
66%
52%
39%
50%
46%
56%
59%
61%
65%
57%
65%
57%
49%
59%
64%
69%
72%
68%
73%
51%
76%
64%
64
67
64
53
55
54
53
53
55
56
56
56
58
55
56
56
57
57
59
59
60
53
59
58
8%
5%
113
129
137
105
115
112
111
105
107
106
108
107
112
108
119
121
125
125
133
136
142
136
145
132
22%
40.7
43.1
42.0
27.5
21.6
27.3
24.8
29.4
32.4
34.1
36.4
31.8
37.3
31.0
27.1
32.8
36.2
39.5
42.8
40.0
44.0
27.1
44.4
37.1
20%
71.6
81.5
89.9
54.2
45.2
56.3
51.4
58.6
62.8
65.2
70.6
61.1
72.0
61.1
57.6
71.1
79.3
86.6
96.4
91.8
103.8
69.5
109.5
85.1
39%
8,485,488
14,900,005
15,158,053
21,100,179
990,975
1,127,899
1,418,660
1,733,646
1,948,557
1,936,757
2,226,764
1,884,918
2,105,130
15,373,307
1,621,243
1,773,687
2,157,427
2,353,944
2,641,662
2,358,239
2,606,786
1,646,685
2,562,904
19,722,577
28%
14,911,135
28,174,543
32,421,153
41,647,754
2,074,805
2,328,773
2,941,592
3,459,664
3,775,914
3,699,206
4,342,191
3,656,741
4,097,225
30,376,111
3,446,667
3,842,687
4,722,043
5,155,249
5,944,948
5,414,530
6,148,045
4,227,076
6,313,691
45,214,936
49%
53
55
56
39
32
40
36
46
50
51
57
48
55
44
36
43
47
53
58
54
57
36
58
49
11%
94
104
119
78
66
82
75
91
96
97
110
92
107
87
76
93
104
117
131
123
135
93
143
113
29%
GOP%
35%
38%
47%
45%
51%
47%
53%
35%
55%
46%
22%
22%
22%
24%
28%
27%
25%
24%
23%
23%
21%
23%
23%
24%
25%
26%
29%
28%
30%
27%
29%
22%
32%
28%
4%
1,912,807
3,363,001
3,837,999
4,978,143
276,300
301,395
358,725
417,991
450,014
444,771
471,260
428,824
486,764
3,636,043
412,910
469,879
616,758
666,581
780,385
644,276
757,582
369,129
830,800
5,548,301
53%
3,383,280
6,365,612
8,240,493
9,903,502
578,489
622,290
743,816
834,142
872,038
849,513
918,957
831,919
947,391
7,198,554
876,983
1,018,100
1,349,299
1,459,841
1,756,219
1,479,282
1,787,254
946,539
2,043,993
12,717,511
77%
Northern Cyprus Mercure Hotel / Casino

Rent Rev. (EURO)
1,500,000
4,581,244
4,386,159
4,259,840
354,987
354,987
354,987
354,987
354,987
354,987
354,987
354,987
354,987
3,194,883
392,487
392,487
392,487
392,487
392,487
392,487
392,487
392,487
392,487
3,532,380
11%
Northern Cyprus Mercure Hotel / Casino

Rent Rev. (TL)
2,667,300
8,602,631
9,444,952
8,567,482
735,791
725,496
728,620
700,967
680,449
670,580
712,982
712,982
712,982
6,380,850
856,115
856,115
856,115
888,961
888,961
888,961
958,445
958,445
958,445
8,110,562
27%
GRAND TOTAL (EURO)
3,412,807
7,944,245
8,224,158
9,237,983
631,287
656,382
713,712
772,978
805,001
799,758
826,247
783,811
841,751
6,830,926
805,397
862,365
1,009,245
1,059,068
1,172,872
1,036,762
1,150,069
761,616
1,223,287
9,080,681
33%
GRAND TOTAL (TL)
6,050,580
14,968,243
17,685,445
18,470,985
1,314,280
1,347,786
1,472,436
1,535,109
1,552,486
1,520,092
1,631,939
1,544,901
1,660,373
13,579,404
1,733,098
1,874,215
2,205,414
2,348,802
2,645,180
2,368,243
2,745,699
1,904,984
3,002,437
20,828,073
53%
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 September 2011
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
(%)
58%
52%
29%
17%
20%
55%
32%
10%
-
Expected Hotel
Opening Date
July 2012
October 2012
January 2013
July 2014
July 2013
As of 30 September 2011
RUSSIA
Investment
Ibis Hotel Yaroslavl
Ibis Hotel Samara
Samara Office
Ibis Hotel Kaliningrad
Ibis Hotel Moscow
Location
Yaroslavl
Samara
Samara
Kaliningrad
Moscow
Number of Rooms
177
204
167
480
Status
Completed
Under Construction
Under Construction
Under Development
Under Development
Total Investment Cost Investment Completion

(Euro, including VAT) *
(%) **
15,454,873
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.
100%
99%
99%
30%
0%
Physical Completion
(%)
100%
99%
99%
-
Expected Hotel
Opening Date
September 2011
January 2012
January 2012
January 2013
January 2014
AKFEN REIT
Key Events
1) 177 rooms Yaroslavl Ibis Hotel was opened on 8 September 2011.

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AKFEN REAL ESTATE INVESTMENT TRUST

Monthly Investor Report

Zeytinburnu Ibis Hotel

All Inclusive RevPar (Euro)

All Inclusive RevPar (TL)

Effective % of Rent / Revenue

ARR excl tax (Euro)

Total Revenue (Euro)

Total Revenue (TL)

All Inclusive RevPar (Euro)

Akfen Rent Revenue (Euro)

Eskiehir Ibis Hotel

Total Revenue (TL)

Akfen Rent Revenue (TL)

ARR excl tax (Euro)

ARR excl tax (TL)

Total Revenue (Euro)

All Inclusive RevPar (Euro)

All Inclusive RevPar (TL)

Total Revenue (TL)

Akfen Rent Revenue (Euro)

Akfen Rent Revenue (TL)

Effective % of Rent / Revenue

Trabzon Novotel (1)

Total Revenue (Euro)

Akfen Rent Revenue (Euro)

HOTELS OPENED PRIOR TO 2010

ARR excl tax (TL)

Total Revenue (Euro)

Total Revenue (TL)

All Inclusive RevPar (Euro)

All Inclusive RevPar (TL)

Kayseri Ibis Hotel

Total Revenue (Euro)

All Inclusive RevPar (Euro)

Akfen Rent Revenue (TL)

Akfen Rent Revenue (Euro)

ARR excl tax (Euro)

ARR excl tax (TL)

All Inclusive RevPar (Euro)

Akfen Rent Revenue (Euro)

Gaziantep Ibis Hotel

Effective % of Rent / Revenue

ARR excl tax (Euro)

ARR excl tax (TL)

All Inclusive RevPar (Euro)

All Inclusive RevPar (TL)

Akfen Rent Revenue (Euro)

Akfen Rent Revenue (TL)

ARR excl tax (TL)

ARR excl tax (Euro)

ARR excl tax (TL)

Total Revenue (Euro)

All Inclusive RevPar (Euro)

All Inclusive RevPar (TL)

Total Revenue (TL)

Akfen Rent Revenue (Euro)

Akfen Rent Revenue (TL)