🔵🇺🇸 #TSGYO | TSKB Real Estate 2025/9 Earnings Analysis - TSKB GYO Paper Profits Mask Cash Burn

### **Key Highlights from the 2025 Financial Reports***   **Financial Performance and Profit/Loss Status:** TSKB Real Estate Investment Trust (the Company) completed the fiscal period ending December 31, 2025, with a **net period profit of 15,618,196 TL**. This figure represents a significant improvement compared to the net loss of 29,362,588 TL in 2024.*   **Asset Structure and Investment Properties:** The Company's total assets reached **7,005,226,752 TL**. The largest portion of these assets consists of investment properties, valued at **6,694,866,305 TL** as of December 31, 2025. Major assets in the portfolio include Pendorya Mall, Fındıklı Buildings, Tahir Han, and Divan Adana Hotel.*   **Revenue and Operational Income:** Total revenue for 2025 was realized as **218,761,116 TL**. A large portion of the income was derived from rental revenues and Pendorya Mall common area incomes.*   **Real Estate Valuation Gains:** A total net valuation gain of **143,189,795 TL** was obtained from the real estate properties in the Company's portfolio in 2025.*   **Inflation Accounting Application:** The financial statements were presented by being restated in terms of the purchasing power of money as of December 31, 2025, in accordance with the provisions of **TAS 29**, the reporting standard for high-inflation economies.*   **Independent Auditor's Opinion:** Following the audit conducted by PwC, it was stated that the financial statements **present fairly, in all material respects, the financial position and performance of the Company in accordance with TFRS**.