{"id":2286,"date":"2026-05-02T11:18:50","date_gmt":"2026-05-02T08:18:50","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2286"},"modified":"2026-05-02T11:19:35","modified_gmt":"2026-05-02T08:19:35","slug":"tdgyo-2026-03-faaliyet-raporu-analizi-trend-gayrimenkul-yatrm-ortakl","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2286","title":{"rendered":"\ud83d\udd35 TDGYO 2026-03 Faaliyet Raporu Analizi | Trend Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131"},"content":{"rendered":"

Trend Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e. 2026 Birinci \u00c7eyrek Faaliyet Raporu Brifing Notu<\/h1>\n

Y\u00f6netici \u00d6zeti<\/h2>\n

Bu rapor, Trend Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.’nin (Trend GYO) 1 Ocak 2026 – 31 Mart 2026 d\u00f6nemine ait finansal ve operasyonel performans\u0131n\u0131 sentezlemektedir. \u015eirket, 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde 136.985.810 TL<\/b> net d\u00f6nem k\u00e2r\u0131 elde ederek g\u00fc\u00e7l\u00fc bir mali performans sergilemi\u015ftir. D\u00f6nem i\u00e7indeki en kritik geli\u015fme, \u015firketin \u00e7\u0131kar\u0131lm\u0131\u015f sermayesini %200 oran\u0131nda bedelli art\u0131rarak 69.000.000 TL’den 207.000.000 TL’ye<\/b> \u00e7\u0131karma karar\u0131d\u0131r. Bu sermaye art\u0131r\u0131m\u0131ndan elde edilecek fonun, \u00dcmraniye’deki konut ve ticari projenin finansman\u0131nda kullan\u0131lmas\u0131 planlanmaktad\u0131r. Operasyonel tarafta “Trend Bulvar G\u00f6r\u00fckle” projesinde teslimatlar b\u00fcy\u00fck \u00f6l\u00e7\u00fcde tamamlanm\u0131\u015f, Alibeyk\u00f6y ve \u00dcmraniye projelerinde ise geli\u015ftirme s\u00fcre\u00e7leri devam etmi\u015ftir. Makroekonomik d\u00fczeyde, Orta Do\u011fu’daki sava\u015f\u0131n k\u00fcresel b\u00fcy\u00fcme \u00fczerindeki bask\u0131s\u0131 ve T\u00fcrkiye in\u015faat sekt\u00f6r\u00fcndeki finansman zorluklar\u0131na ra\u011fmen \u015firket faaliyetlerini hedefleri do\u011frultusunda s\u00fcrd\u00fcrm\u00fc\u015ft\u00fcr.<\/p>\n

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1. Kurumsal Profil ve Sermaye Yap\u0131s\u0131<\/h2>\n

Trend GYO, gayrimenkul portf\u00f6y\u00fc i\u015fletmek amac\u0131yla kurulmu\u015f, kay\u0131tl\u0131 sermayeli bir halka a\u00e7\u0131k anonim ortakl\u0131kt\u0131r.<\/p>\n

1.1 Sermaye ve Ortakl\u0131k Yap\u0131s\u0131<\/h3>\n

\u015eirketin kay\u0131tl\u0131 sermaye tavan\u0131 300.000.000 TL, mevcut \u00e7\u0131kar\u0131lm\u0131\u015f sermayesi ise tamam\u0131 \u00f6denmi\u015f 69.000.000 TL’dir. Sermaye iki gruptan olu\u015fmaktad\u0131r:<\/p>\n

    \n
  • A Grubu (Nama):<\/b> 6.900.000 adet pay (%10). Y\u00f6netim kuruluna aday g\u00f6sterme imtiyaz\u0131na sahiptir.<\/li>\n
  • B Grubu (Hamiline):<\/b> 62.100.000 adet pay (%90).<\/li>\n<\/ul>\n

    31.03.2026 \u0130tibar\u0131yla Ortakl\u0131k Tablosu:<\/b><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
    Ortak \/ Grup<\/td>\nNominal Tutar (TL)<\/td>\nPay Oran\u0131 (%)<\/td>\n<\/tr>\n
    Halka A\u00e7\u0131k K\u0131s\u0131m (B Grubu)<\/td>\n61.970.814,00<\/td>\n89,81%<\/td>\n<\/tr>\n
    Mehmet Endes (A Grubu)<\/td>\n2.500.000,00<\/td>\n3,62%<\/td>\n<\/tr>\n
    Selim Kay\u011fusuz (A Grubu)<\/td>\n2.500.000,00<\/td>\n3,62%<\/td>\n<\/tr>\n
    Melike Su Dikayak (A Grubu)<\/td>\n699.400,00<\/td>\n1,01%<\/td>\n<\/tr>\n
    Nurg\u00fcl Turan (A Grubu)<\/td>\n528.000,00<\/td>\n0,77%<\/td>\n<\/tr>\n
    Murat Abak (A Grubu)<\/td>\n272.000,00<\/td>\n0,39%<\/td>\n<\/tr>\n
    Emin Deniz (A Grubu)<\/td>\n272.000,00<\/td>\n0,39%<\/td>\n<\/tr>\n
    Di\u011fer (A ve B Gruplar\u0131)<\/td>\n257.786,00<\/td>\n0,39%<\/td>\n<\/tr>\n
    Toplam<\/b><\/td>\n69.000.000,00<\/b><\/td>\n100,00%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    D\u00f6nem i\u00e7erisinde Ay\u015feg\u00fcl G\u00fcnt\u00fcrk\u00fcn ve Melike Su Dikayak A grubu paylar\u0131n\u0131n bir k\u0131sm\u0131n\u0131 Selim Kay\u011fusuz ve Mehmet Endes\u2019e satm\u0131\u015ft\u0131r. Halka a\u00e7\u0131kl\u0131k oran\u0131 %86,76’dan %89,81’e y\u00fckselmi\u015ftir.<\/p>\n

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    2. Y\u00f6netim ve Kurumsal Y\u00f6neti\u015fim<\/h2>\n

    \u015eirketin y\u00f6netim kurulu 6 \u00fcyeden olu\u015fmakta olup, \u00fcyelerin g\u00f6rev s\u00fcresi 12 Eyl\u00fcl 2026’ya kadar devam etmektedir.<\/p>\n

    2.1 Y\u00f6netim Kurulu Yap\u0131s\u0131<\/h3>\n
      \n
    • Ba\u015fkan:<\/b> Mehmet Endes (Endes \u0130n\u015faat YKB)<\/li>\n
    • \u00dcye:<\/b> Selim Kay\u011fusuz (Elma Sa\u011fl\u0131k ve Dan\u0131\u015fmanl\u0131k YKB)<\/li>\n
    • Ba\u011f\u0131ms\u0131z \u00dcyeler:<\/b> Murat Abak ve Mehmet \u00d6calan (Eski Esenler Belediye Ba\u015fkan\u0131)<\/li>\n
    • Di\u011fer \u00dcyeler:<\/b> Osman Turan ve Mustafa Cebeci.<\/li>\n
    • Genel M\u00fcd\u00fcr:<\/b> Furkan Eren Zirek (30.06.2025 tarihinde atanm\u0131\u015ft\u0131r).<\/li>\n<\/ul>\n

      2.2 Komiteler ve Fonksiyonlar\u0131<\/h3>\n

      \u015eirket b\u00fcnyesinde etkin bir denetim ve risk y\u00f6netimi i\u00e7in \u00fc\u00e7 temel komite faaliyet g\u00f6stermektedir:<\/p>\n

        \n
      1. Denetimden Sorumlu Komite:<\/b> Finansal tablolar\u0131n ger\u00e7e\u011fe uygunlu\u011funu ve i\u00e7 kontrol sisteminin etkinli\u011fini g\u00f6zetir. Tamam\u0131 ba\u011f\u0131ms\u0131z \u00fcyelerden olu\u015fur.<\/li>\n
      2. Riskin Erken Saptanmas\u0131 Komite:<\/b> Stratejik, operasyonel ve finansal riskleri erkenden tespit eder. D\u00f6nem i\u00e7inde 1 adet karar alm\u0131\u015ft\u0131r.<\/li>\n
      3. Kurumsal Y\u00f6netim Komitesi:<\/b> \u015eeffafl\u0131k, adillik, sorumluluk ve hesap verebilirlik ilkelerine uyumu denetler. Ayr\u0131ca \u00dccret ve Aday G\u00f6sterme komitelerinin g\u00f6revlerini de \u00fcstlenir.<\/li>\n<\/ol>\n

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        3. Operasyonel Projeler ve Yat\u0131r\u0131mlar<\/h2>\n

        Trend GYO’nun mevcut portf\u00f6y\u00fcnde yer alan projelerin durumu \u015fu \u015fekildedir:<\/p>\n

          \n
        • Trend Bulvar G\u00f6r\u00fckle:<\/b> Eyl\u00fcl 2023’te ba\u015flayan daire teslim s\u00fcre\u00e7leri b\u00fcy\u00fck \u00f6l\u00e7\u00fcde tamamlanm\u0131\u015ft\u0131r. \u00c7evre d\u00fczenlemesi ve peyzaj \u00e7al\u0131\u015fmalar\u0131 bitirilmi\u015f olup, garanti s\u00fcreci kapsam\u0131nda m\u00fc\u015fteri talepleri takip edilmektedir.<\/li>\n
        • Alibeyk\u00f6y Projesi:<\/b> T\u00fcm kat maliklerinin kat\u0131l\u0131m\u0131yla imzalanan arsa pay\u0131 kar\u015f\u0131l\u0131\u011f\u0131 in\u015faat s\u00f6zle\u015fmesi kapsam\u0131nda konut projesi geli\u015ftirme \u00e7al\u0131\u015fmalar\u0131 Araz Havac\u0131l\u0131k Petrokimya ve Demir \u00c7elik Ticaret LTD. \u015eT\u0130. taraf\u0131ndan s\u00fcrd\u00fcr\u00fclmektedir.<\/li>\n
        • \u00dcmraniye Projesi:<\/b> Mimari, statik, mekanik ve elektrik projeleri i\u00e7in teklif toplama ve geli\u015ftirme a\u015famas\u0131ndad\u0131r. Planlanan sermaye art\u0131r\u0131m\u0131ndan gelecek fonun ana kullan\u0131m alan\u0131 bu projedir.<\/li>\n<\/ul>\n

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          4. Finansal Analiz ve Performans G\u00f6stergeleri<\/h2>\n

          \u015eirket 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde k\u00e2rl\u0131l\u0131k oda\u011f\u0131n\u0131 korumu\u015ftur.<\/p>\n

          4.1 Mali Veriler (31.03.2026 \u0130tibar\u0131yla)<\/h3>\n
            \n
          • Net D\u00f6nem K\u00e2r\u0131:<\/b> 136.985.810 TL.<\/li>\n
          • Toplam Varl\u0131klar:<\/b> 653.161.548 TL (2025 y\u0131l sonuna g\u00f6re belirgin art\u0131\u015f).<\/li>\n
          • \u00d6zkaynaklar:<\/b> 567.993.172 TL.<\/li>\n
          • Genel Y\u00f6netim Giderleri:<\/b> 6.128.754 TL.<\/li>\n
          • \u00dcst Y\u00f6netime Sa\u011flanan Menfaatler:<\/b> 2.253.551 TL.<\/li>\n<\/ul>\n

            4.2 Sermaye Art\u0131r\u0131m\u0131 Detaylar\u0131<\/h3>\n

            18.02.2026 tarihli y\u00f6netim kurulu karar\u0131 ile \u00e7\u0131kar\u0131lm\u0131\u015f sermayenin 138.000.000 TL nakit art\u0131r\u0131larak 207.000.000 TL’ye<\/b> y\u00fckseltilmesi i\u00e7in 06.03.2026 tarihinde SPK’ya ba\u015fvuru yap\u0131lm\u0131\u015ft\u0131r. Bu i\u015flem %200 oran\u0131nda bir bedelli sermaye art\u0131\u015f\u0131na tekab\u00fcl etmektedir.<\/p>\n

            4.3 Portf\u00f6y S\u0131n\u0131rlamalar\u0131 Kontrol\u00fc<\/h3>\n

            SPK mevzuat\u0131 gere\u011fi yap\u0131lan kontrollerde:<\/p>\n

              \n
            • Gayrimenkuller ve Projelerin Toplam Varl\u0131ktaki Pay\u0131:<\/b> %46,38 (Asgari s\u0131n\u0131r %51 olup, d\u00f6nemsel nakit art\u0131\u015f\u0131 nedeniyle oran de\u011fi\u015fmi\u015ftir).<\/li>\n
            • Para ve Sermaye Piyasas\u0131 Ara\u00e7lar\u0131 Pay\u0131:<\/b> %51,74 (Azami s\u0131n\u0131r %49).<\/li>\n
            • Bor\u00e7lanma S\u0131n\u0131r\u0131:<\/b> \u015eirket bor\u00e7lanma s\u0131n\u0131rlar\u0131n\u0131n (maksimum %500) \u00e7ok alt\u0131nda kalarak g\u00fcvenli bir finansal yap\u0131 sergilemi\u015ftir.<\/li>\n<\/ul>\n

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              5. Ekonomik ve Sekt\u00f6rel G\u00f6r\u00fcn\u00fcm<\/h2>\n

              5.1 K\u00fcresel ve Ulusal Ekonomi<\/h3>\n
                \n
              • IMF Verileri:<\/b> 2026 k\u00fcresel b\u00fcy\u00fcme tahmini Orta Do\u011fu’daki \u00e7at\u0131\u015fmalar nedeniyle %3,1’e d\u00fc\u015f\u00fcr\u00fclm\u00fc\u015ft\u00fcr. T\u00fcrkiye i\u00e7in 2026 b\u00fcy\u00fcme tahmini %3,4, y\u0131l sonu enflasyon tahmini %28,6 olarak g\u00fcncellenmi\u015ftir.<\/li>\n
              • B\u0130ST Performans\u0131:<\/b> \u015eirket hissesi (TDGYO), 2025 sonundaki 37,98 TL seviyesinden 31 Mart 2026 itibar\u0131yla 17,82 TL seviyesine gerileyerek dalgal\u0131 bir seyir izlemi\u015ftir.<\/li>\n<\/ul>\n

                5.2 \u0130n\u015faat ve Konut Sekt\u00f6r\u00fc<\/h3>\n

                T\u00fcrkiye M\u00fcteahhitler Birli\u011fi raporuna g\u00f6re in\u015faat sekt\u00f6r\u00fc 2025’te %10,8 b\u00fcy\u00fcm\u00fc\u015fse de bu b\u00fcy\u00fcme b\u00fcy\u00fck oranda kamu yat\u0131r\u0131mlar\u0131 ve deprem sonras\u0131 yeniden imar faaliyetlerine dayanmaktad\u0131r.<\/p>\n

                  \n
                • Sat\u0131\u015f \u0130statistikleri (Mart 2026):<\/b>\n
                    \n
                  • \u0130lk El Sat\u0131\u015flar:<\/b> %1,3 art\u0131\u015f (35.725 adet).<\/li>\n
                  • \u0130kinci El Sat\u0131\u015flar:<\/b> %3,6 azal\u0131\u015f (77.642 adet).<\/li>\n
                  • \u0130potekli Sat\u0131\u015flar:<\/b> %35,9 art\u0131\u015f g\u00f6stermesine ra\u011fmen toplam sat\u0131\u015f i\u00e7indeki pay\u0131 %22,9’da kalarak finansman zorluklar\u0131n\u0131n devam etti\u011fini teyit etmi\u015ftir.<\/li>\n
                  • Yabanc\u0131ya Sat\u0131\u015f:<\/b> %20 oran\u0131nda azalarak 1.353 adede gerilemi\u015ftir. En fazla al\u0131m\u0131 Rusya, \u0130ran ve Almanya vatanda\u015flar\u0131 yapm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n

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                    6. Di\u011fer \u00d6nemli Hususlar<\/h2>\n
                      \n
                    • Personel:<\/b> \u015eirket 5 personelle faaliyetlerini y\u00fcr\u00fctmektedir. \u00c7al\u0131\u015fanlara yemek ve yol yard\u0131m\u0131 gibi sosyal haklar sa\u011flanmaktad\u0131r.<\/li>\n
                    • Hukuki Durum:<\/b> \u015eirket aleyhine a\u00e7\u0131lm\u0131\u015f, mali durumu etkileyebilecek nitelikte bir dava bulunmamaktad\u0131r.<\/li>\n
                    • Ba\u011f\u0131ms\u0131z Denetim:<\/b> 2026 y\u0131l\u0131 hesap d\u00f6nemi i\u00e7in HSY Dan\u0131\u015fmanl\u0131k ve Ba\u011f\u0131ms\u0131z Denetim A.\u015e. ile \u00e7al\u0131\u015f\u0131lmas\u0131 kararla\u015ft\u0131r\u0131lm\u0131\u015ft\u0131r.<\/li>\n
                    • S\u00fcrd\u00fcr\u00fclebilirlik:<\/b> \u015eirket, kurumsal y\u00f6netim ilkelerinden \u015feffafl\u0131k, adillik, sorumluluk ve hesap verebilirlik prensiplerini stratejik hedef olarak benimsemi\u015f olup uyum \u00e7al\u0131\u015fmalar\u0131n\u0131 s\u00fcrd\u00fcrmektedir.<\/li>\n<\/ul>\n