New Risk • May 25
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 52% Last year net profit margin: 94% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (52% net profit margin). Announcement • Mar 25
Vakif Gayrimenkul Yatirim Ortakligi AS announces Annual dividend, payable on June 26, 2026 Vakif Gayrimenkul Yatirim Ortakligi AS announced Annual dividend of TRY 0.1020 per share payable on June 26, 2026, ex-date on June 24, 2026 and record date on June 25, 2026. New Risk • Mar 24
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 88% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company. Announcement • Mar 24
Vakif Gayrimenkul Yatirim Ortakligi AS, Annual General Meeting, Apr 17, 2026 Vakif Gayrimenkul Yatirim Ortakligi AS, Annual General Meeting, Apr 17, 2026. Location: inkilap mahallesi dr. adnan buyukdeniz caddesi, no:7/b giris kat konferans salonu umraniye, istanbul Turkey Reported Earnings • Oct 26
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₺535.4m (up 397% from 3Q 2024). Net income: ₺10.6m (down 98% from 3Q 2024). Profit margin: 2.0% (down from 576% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. New Risk • Aug 28
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 20% Last year net profit margin: 274% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (20% net profit margin). Announcement • Apr 04
Vakif Gayrimenkul Yatirim Ortakligi AS, Annual General Meeting, Apr 29, 2025 Vakif Gayrimenkul Yatirim Ortakligi AS, Annual General Meeting, Apr 29, 2025. Location: inkilap mahallesi dr. adnan buyukdeniz, caddesi no:7/b giris kat konferans salonu, umraniye/istanbul, istanbul Turkey Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₺1.89, the stock trades at a trailing P/E ratio of 2.1x. Average trailing P/E is 19x in the Office REITs industry in Asia. Total returns to shareholders of 197% over the past three years. New Risk • Feb 27
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 50% Last year net profit margin: 138% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (21% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (50% net profit margin). New Risk • Oct 20
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 644x increase in shares outstanding. This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (56% accrual ratio). Shareholders have been substantially diluted in the past year (over 644x increase in shares outstanding). New Risk • Sep 20
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 45% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺1.74, the stock trades at a trailing P/E ratio of 4.5x. Average trailing P/E is 18x in the Office REITs industry in Asia. Total returns to shareholders of 258% over the past three years. Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺2.35, the stock trades at a trailing P/E ratio of 3.1x. Average trailing P/E is 18x in the Office REITs industry in Asia. Total returns to shareholders of 240% over the past three years. New Risk • Oct 05
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 966x increase in shares outstanding. This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (104% accrual ratio). Shareholders have been substantially diluted in the past year (over 966x increase in shares outstanding). Minor Risk Profit margins are more than 30% lower than last year (104% net profit margin). New Risk • Aug 06
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 50% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (104% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Profit margins are more than 30% lower than last year (102% net profit margin). Shareholders have been diluted in the past year (50% increase in shares outstanding). New Risk • Jun 14
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Turkish stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). High level of non-cash earnings (57% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (96% net profit margin). Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₺4.30, the stock trades at a trailing P/E ratio of 4.1x. Average trailing P/E is 3x in the REITs industry in Turkey. Total returns to shareholders of 287% over the past three years. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺4.08, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 5x in the REITs industry in Turkey. Total returns to shareholders of 259% over the past three years. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₺5.33, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 6x in the REITs industry in Turkey. Total returns to shareholders of 462% over the past three years. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improved over the past week After last week's 15% share price gain to ₺5.40, the stock trades at a trailing P/E ratio of 5.2x. Average trailing P/E is 6x in the REITs industry in Turkey. Total returns to shareholders of 464% over the past three years. Board Change • Nov 16
Less than half of directors are independent There are 10 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 10 new directors. No experienced directors. No highly experienced directors. 2 independent directors (8 non-independent directors). GM & Director Onur Incehasan is the most experienced director on the board, commencing their role in 2020. Independent Director Omer Demir was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment improved over the past week After last week's 19% share price gain to ₺3.30, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 4x in the REITs industry in Turkey. Total returns to shareholders of 365% over the past three years. Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment improved over the past week After last week's 21% share price gain to ₺3.44, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 5x in the REITs industry in Turkey. Total returns to shareholders of 328% over the past three years. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improved over the past week After last week's 17% share price gain to ₺2.26, the stock trades at a trailing P/E ratio of 4.4x. Average trailing P/E is 6x in the REITs industry in Turkey. Total returns to shareholders of 254% over the past three years. Board Change • Apr 27
Less than half of directors are independent There are 10 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 10 new directors. No experienced directors. No highly experienced directors. 2 independent directors (8 non-independent directors). GM & Director Onur Incehasan is the most experienced director on the board, commencing their role in 2020. Independent Director Omer Demir was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improved over the past week After last week's 17% share price gain to ₺2.30, the stock trades at a trailing P/E ratio of 4.8x. Average trailing P/E is 7x in the REITs industry in Turkey. Total returns to shareholders of 168% over the past three years. Buying Opportunity • Mar 24
Now 20% undervalued Over the last 90 days, the stock is up 3.6%. The fair value is estimated to be ₺2.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 48% per annum over the last 3 years. Earnings per share has grown by 38% per annum over the last 3 years. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₺1.60, the stock trades at a trailing P/E ratio of 9.6x. Average trailing P/E is 12x in the REITs industry in Turkey. Total returns to shareholders of 76% over the past three years. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment deteriorated over the past week After last week's 30% share price decline to ₺1.59, the stock trades at a trailing P/E ratio of 5.2x. Average trailing P/E is 11x in the REITs industry in Turkey. Total returns to shareholders of 44% over the past three years. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₺2.94, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 12x in the REITs industry in Turkey. Total returns to shareholders of 65% over the past three years. Is New 90 Day High Low • Feb 24
New 90-day low: ₺3.39 The company is down 14% from its price of ₺3.93 on 26 November 2020. The Turkish market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is up 21% over the same period. Is New 90 Day High Low • Oct 20
New 90-day high: ₺4.17 The company is up 38% from its price of ₺3.02 on 22 July 2020. The Turkish market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is up 15% over the same period. Is New 90 Day High Low • Sep 30
New 90-day high: ₺3.89 The company is up 27% from its price of ₺3.06 on 02 July 2020. The Turkish market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is up 9.0% over the same period. 
