{"id":261,"date":"2025-12-20T16:03:36","date_gmt":"2025-12-20T13:03:36","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=261"},"modified":"2025-12-20T16:03:36","modified_gmt":"2025-12-20T13:03:36","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-krgyo-korfez-gayrimenkul-2025-9-bilanco-analizi-%f0%9f%a7%bf","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/261","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #KRGYO | K\u00f6rfez Gayrimenkul 2025\/9 Bilan\u00e7o Analizi |  \ud83e\uddff"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #KRGYO | K\u00f6rfez Gayrimenkul 2025\/9 Bilan\u00e7o Analizi |  \ud83e\uddff\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/sfTQ_FfQG1k?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h1>Gayrimenkul Yat\u0131r\u0131m\u0131nda Sat\u0131r Aralar\u0131: K\u00f6rfez GYO\u2019nun 2025 Raporlar\u0131ndan \u00c7\u0131kar\u0131lan 5 Stratejik Ders<\/h1>\n<h3>1. Giri\u015f: Rakamlar\u0131n \u00d6tesindeki Gayrimenkul D\u00fcnyas\u0131<\/h3>\n<p>Bir \u015firketin ba\u015far\u0131s\u0131 sadece sahip oldu\u011fu binalar\u0131n metrekaresiyle mi \u00f6l\u00e7\u00fcl\u00fcr, yoksa o varl\u0131klar\u0131 ne kadar \u00e7evik birer finansal enstr\u00fcmana d\u00f6n\u00fc\u015ft\u00fcrebildi\u011fiyle mi? Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131klar\u0131 (GYO) d\u00fcnyas\u0131, d\u0131\u015far\u0131dan sadece beton ve tapu gibi g\u00f6r\u00fcnse de asl\u0131nda sofistike bir portf\u00f6y y\u00f6netimi ve finansal mimari sanat\u0131d\u0131r. K\u00f6rfez GYO\u2019nun 2025 y\u0131l\u0131 \u00fc\u00e7\u00fcnc\u00fc \u00e7eyrek verileri, \u015firketin &#8220;T\u00fcrkiye\u2019nin aktif b\u00fcy\u00fckl\u00fc\u011f\u00fc en y\u00fcksek ilk 5 GYO\u2019su aras\u0131na girme&#8221; vizyonuna do\u011fru att\u0131\u011f\u0131 ad\u0131mlar\u0131n \u00f6tesinde, enflasyonist ortamda nas\u0131l bir savunma ve sald\u0131r\u0131 hatt\u0131 kurdu\u011funu g\u00f6steriyor. 2,5 milyar TL\u2019yi a\u015fan aktif b\u00fcy\u00fckl\u00fc\u011fe ula\u015fan bu tablolar, sadece ge\u00e7mi\u015fin bir d\u00f6k\u00fcm\u00fc de\u011fil, &#8220;finansal zekan\u0131n&#8221; gayrimenkul projeleriyle bulu\u015ftu\u011fu bir yol haritas\u0131d\u0131r.<\/p>\n<h3>2. Sermaye Enjeksiyonu: B\u00fcy\u00fcme \u0130\u00e7in &#8220;Kur\u015fun&#8221; Biriktirmek<\/h3>\n<p>K\u00f6rfez GYO i\u00e7in 2025 y\u0131l\u0131n\u0131n en kritik stratejik hamlesi, \u00f6zkaynak yap\u0131s\u0131n\u0131 ba\u015ftan a\u015fa\u011f\u0131 yenileyen sermaye art\u0131r\u0131m\u0131 oldu. \u015eirket, \u00f6denmi\u015f sermayesini %200 oran\u0131nda art\u0131rarak finansal hareket kabiliyetini yeni bir lige ta\u015f\u0131d\u0131. Bu art\u0131\u015f\u0131n 659,2 milyon TL\u2019lik k\u0131sm\u0131n\u0131n mevcut ortaklar\u0131n r\u00fc\u00e7han haklar\u0131n\u0131 (rights issue) kullanmas\u0131 yoluyla ger\u00e7ekle\u015fmesi, ana hissedar Kuveyt T\u00fcrk\u2019\u00fcn \u015firketin b\u00fcy\u00fcme vizyonuna olan g\u00fcvenini de tescilliyor.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>D\u00f6nem<\/td>\n<td>\u00d6denmi\u015f Sermaye (TL)<\/td>\n<\/tr>\n<tr>\n<td>31 Aral\u0131k 2024<\/td>\n<td>330.000.000<\/td>\n<\/tr>\n<tr>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>990.000.000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Analitik bir bak\u0131\u015fla bu hamle, sadece bir rakam b\u00fcy\u00fcmesi de\u011fil; \u015firketin bor\u00e7lanma maliyetlerinin zirve yapt\u0131\u011f\u0131 bir d\u00f6nemde &#8220;\u00f6zkaynakla b\u00fcy\u00fcme&#8221; stratejisini benimsedi\u011fini g\u00f6steriyor. Bu 660 milyon TL\u2019lik taze kan, \u015firketin b\u00fcy\u00fck \u00f6l\u00e7ekli yeni projelere ba\u015flamak i\u00e7in ihtiya\u00e7 duydu\u011fu &#8220;kur\u015funlar\u0131&#8221; biriktirdi\u011fi bir &#8220;agresif haz\u0131rl\u0131k&#8221; a\u015famas\u0131na i\u015faret ediyor.<\/p>\n<h3>3. &#8220;11 Ki\u015filik Dev&#8221;: Ekosistem Y\u00f6netiminde Operasyonel Ustal\u0131k<\/h3>\n<p>Finansal raporlar\u0131n sat\u0131r aralar\u0131nda gizlenen en \u00e7arp\u0131c\u0131 veri personel say\u0131s\u0131nda yat\u0131yor: K\u00f6rfez GYO, 2,5 milyar TL\u2019yi a\u015fan devasa bir portf\u00f6y\u00fc sadece 11 ki\u015filik \u00e7ekirdek bir ekiple y\u00f6netiyor. Peki, bu kadar k\u00fc\u00e7\u00fck bir ekip, G\u00fcre\u2019deki devrem\u00fclk operasyonlar\u0131ndan \u0130stanbul\u2019daki projelere kadar her \u015feye nas\u0131l yeti\u015fiyor? Cevap, &#8220;ili\u015fkili taraf&#8221; sinerjisinde gizli. \u015eirket, operasyonel y\u00fck\u00fc <i>K\u00f6rfez Tatil Beldesi Tur.Tes.ve D.M\u00fclk \u0130\u015fl. A.\u015e.<\/i> gibi grup \u015firketlerine outsource ederek (d\u0131\u015f kaynak kullanarak) u\u00e7 noktada bir verimlilik sa\u011fl\u0131yor. Bu yal\u0131n yap\u0131, y\u00f6netim giderlerini minimize ederken, \u015firketin bir &#8220;operasyon merkezi&#8221; de\u011fil, y\u00fcksek katma de\u011ferli bir &#8220;yat\u0131r\u0131m merkezi&#8221; olarak kalmas\u0131n\u0131 sa\u011fl\u0131yor.<\/p>\n<p>&#8220;T\u00fcrkiye ve \u00e7evre b\u00f6lgelerde k\u00e2rl\u0131 gayrimenkul yat\u0131r\u0131mlar\u0131 yapan, payda\u015flar\u0131n\u0131n kaynaklar\u0131n\u0131 en verimli \u015fekilde de\u011ferlendiren, istikrarl\u0131 b\u00fcy\u00fcyen, g\u00fcvenilir, \u00e7evreye duyarl\u0131 ve y\u00fcksek etik de\u011ferlere sahip bir \u015firket olmak.&#8221;<\/p>\n<h3>4. G\u00fcre: Nakit Motoru ve Tuzla-Kilyos\u2019un Gelecek Vaadi<\/h3>\n<p>\u015eirketin gelir tablosuna bak\u0131ld\u0131\u011f\u0131nda, 215,7 milyon TL\u2019lik toplam has\u0131lat\u0131n 167,9 milyon TL gibi bask\u0131n bir k\u0131sm\u0131n\u0131n G\u00fcre Tesisi\u2019ndeki devrem\u00fclk sat\u0131\u015flar\u0131ndan geldi\u011fi g\u00f6r\u00fcl\u00fcyor. G\u00fcre, \u015fu an portf\u00f6y\u00fcn ana &#8220;nakit motoru&#8221; konumunda. Ancak ger\u00e7ek hikaye, hen\u00fcz has\u0131lat \u00fcretmeyen &#8220;uyuyan devlerde&#8221; gizli:<\/p>\n<ul>\n<li><b>Tuzla \u0130\u00e7meler:<\/b> &#8220;Ticaret+Turizm+Konut&#8221; imar plan\u0131yla portf\u00f6ydeki en esnek ve potansiyeli y\u00fcksek varl\u0131k.<\/li>\n<li><b>Kilyos:<\/b> \u015eirketin imar plan\u0131 de\u011fi\u015fikli\u011fine kar\u015f\u0131 a\u00e7t\u0131\u011f\u0131 davay\u0131 ilk derece mahkemesinde kazanm\u0131\u015f olmas\u0131, buradaki &#8220;arsa&#8221; de\u011ferinin &#8220;proje&#8221; de\u011ferine d\u00f6n\u00fc\u015fme ihtimalini kuvvetlendiriyor.<\/li>\n<\/ul>\n<p>Bu durum, \u015firketin mevcut nakit ak\u0131\u015f\u0131n\u0131 G\u00fcre ile sa\u011flarken, gelecekteki b\u00fcy\u00fck de\u011fer art\u0131\u015flar\u0131n\u0131 Tuzla ve Kilyos \u00fczerinden kurgulad\u0131\u011f\u0131 dengeli bir portf\u00f6y stratejisine sahip oldu\u011funu kan\u0131tl\u0131yor.<\/p>\n<h3>5. Yeni Vergi D\u00fczeni ve 34 Milyon TL&#8217;lik &#8220;Ertelenmi\u015f&#8221; Ger\u00e7ek<\/h3>\n<p>7524 say\u0131l\u0131 Kanun ile getirilen yeni vergi d\u00fczenlemesi, K\u00f6rfez GYO gibi \u015firketler i\u00e7in yeni bir temett\u00fc denklemi kuruyor. Kural net: Kazanc\u0131n en az %50&#8217;si da\u011f\u0131t\u0131l\u0131rsa vergi %10, da\u011f\u0131t\u0131lmazsa %30. Ancak bir finansal analist i\u00e7in as\u0131l kritik detay, bilan\u00e7oda ilk kez beliren <b>34,3 milyon TL\u2019lik Ertelenmi\u015f Vergi Y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc<\/b>. Bu rakam, yeni vergi yasas\u0131n\u0131n sadece gelecekteki bir olas\u0131l\u0131k olmad\u0131\u011f\u0131n\u0131, 2025 y\u0131l\u0131 dokuz ayl\u0131k d\u00f6nem k\u00e2r\u0131 \u00fczerinde \u015fimdiden bask\u0131 olu\u015fturmaya ba\u015flad\u0131\u011f\u0131n\u0131 g\u00f6steriyor.<\/p>\n<p>Yat\u0131r\u0131mc\u0131 a\u00e7\u0131s\u0131ndan bu bir &#8220;kazan-kazan&#8221; senaryosudur: \u015eirket ya nakit temett\u00fc da\u011f\u0131tarak yat\u0131r\u0131mc\u0131s\u0131n\u0131 \u00f6d\u00fcllendirecek ve d\u00fc\u015f\u00fck vergi avantaj\u0131n\u0131 kullanacak; ya da k\u00e2r\u0131 b\u00fcnyede tutarak vergiyi \u00f6deyecek ancak projelerini finanse edecek \u00e7ok daha g\u00fc\u00e7l\u00fc bir sermaye taban\u0131yla yoluna devam edecektir.<\/p>\n<h3>6. Likidite Y\u00f6netimi: Kat\u0131l\u0131m Finans \u0130lkeleriyle F\u0131rsat Takibi<\/h3>\n<p>K\u00f6rfez GYO, gayrimenkul\u00fcn do\u011fas\u0131ndaki &#8220;hantall\u0131\u011f\u0131&#8221; likidite y\u00f6netimiyle k\u0131r\u0131yor. \u015eirketin varl\u0131k da\u011f\u0131l\u0131m\u0131, piyasadaki ani f\u0131rsatlar\u0131 yakalamak i\u00e7in haz\u0131r k\u0131ta bekledi\u011fini g\u00f6steriyor:<\/p>\n<ul>\n<li><b>Gayrimenkuller ve Projeler:<\/b> %64 (1,61 Milyar TL)<\/li>\n<li><b>Para ve Sermaye Piyasas\u0131 Ara\u00e7lar\u0131:<\/b> %33 (848 Milyon TL)<\/li>\n<li><b>Di\u011fer Varl\u0131klar:<\/b> %3 (74 Milyon TL)<\/li>\n<\/ul>\n<p>Buradaki 848 milyon TL&#8217;lik likit varl\u0131\u011f\u0131n neredeyse tamam\u0131, ana ortak Kuveyt T\u00fcrk b\u00fcnyesindeki &#8220;Kat\u0131l\u0131m Hesaplar\u0131nda&#8221; de\u011ferlendiriliyor. Kat\u0131l\u0131m finans ilkelerine tam uyumlu bu yap\u0131, \u015firketin manevra kabiliyetini art\u0131r\u0131yor. Ancak bir \u015ferh d\u00fc\u015fmekte fayda var: Enflasyon muhasebesi (TMS 29) uygulanan raporlarda g\u00f6r\u00fclen <b>47,4 milyon TL\u2019lik Net Parasal Pozisyon Kayb\u0131<\/b>, bu y\u00fcksek likiditenin enflasyon kar\u015f\u0131s\u0131ndaki maliyetidir. Bu durum, y\u00f6netimin elindeki nakdi h\u0131zla yat\u0131r\u0131ma d\u00f6n\u00fc\u015ft\u00fcrme bask\u0131s\u0131 alt\u0131nda oldu\u011funu g\u00f6steren stratejik bir i\u015farettir.<\/p>\n<h3>7. Sonu\u00e7: Gelece\u011fe Bak\u0131\u015f ve D\u00fc\u015f\u00fcnd\u00fcren Soru<\/h3>\n<p>K\u00f6rfez GYO\u2019nun 2025 y\u0131l\u0131 dokuz ayl\u0131k sonu\u00e7lar\u0131, enflasyonun zorlu \u015fartlar\u0131na ra\u011fmen sermayesini \u00fc\u00e7 kat\u0131na \u00e7\u0131karan, verimlili\u011fini grup sinerjisiyle maksimize eden ve vergi d\u00fczenlemelerine proaktif uyum sa\u011flayan bir yap\u0131y\u0131 resmediyor. &#8220;Aktif b\u00fcy\u00fckl\u00fckte ilk 5&#8221; hedefi, sadece bir vizyon c\u00fcmlesi olmaktan \u00e7\u0131k\u0131p, rasyonel bir finansal planlamaya d\u00f6n\u00fc\u015fm\u00fc\u015f durumda.<\/p>\n<p>Peki, bir gayrimenkul \u015firketine yat\u0131r\u0131m yaparken sadece sahip oldu\u011fu binalar\u0131n mimarisine mi, yoksa o binalar\u0131 y\u00f6neten ve kriz an\u0131nda f\u0131rsata d\u00f6n\u00fc\u015ft\u00fcren bu finansal mimariye mi odaklanmal\u0131s\u0131n\u0131z?<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">K\u00d6RFEZ GAYR\u0130MENKUL YATIRIM ORTAKLI\u011eI A.\u015e. (K\u00d6RFEZ GYO) 30 EYL\u00dcL 2025 ARA D\u00d6NEM B\u0130LG\u0130LEND\u0130RME NOTU<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, K\u00f6rfez Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.&#8217;nin (\u015eirket) 1 Ocak \u2013 30 Eyl\u00fcl 2025 ara hesap d\u00f6nemine ait finansal ve operasyonel performans\u0131n\u0131 analiz etmektedir. \u015eirket, 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda g\u00fc\u00e7l\u00fc bir sermaye art\u0131r\u0131m\u0131 ger\u00e7ekle\u015ftirmi\u015f ve k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re iki kat\u0131ndan fazla art\u0131rm\u0131\u015ft\u0131r. 30 Eyl\u00fcl 2025 itibar\u0131yla net d\u00f6nem k\u00e2r\u0131 131,5 milyon TL olarak ger\u00e7ekle\u015firken, toplam varl\u0131klar 2,54 milyar TL seviyesine ula\u015fm\u0131\u015ft\u0131r. D\u00f6nemin en kritik geli\u015fmesi, \u00f6denmi\u015f sermayenin %200 oran\u0131nda bedelli art\u0131r\u0131larak 330 milyon TL\u2019den 990 milyon TL\u2019ye \u00e7\u0131kar\u0131lmas\u0131d\u0131r. Operasyonel tarafta, G\u00fcre Tesisi devrem\u00fclk sat\u0131\u015flar\u0131 ve kiralamalar\u0131 ana gelir kalemini olu\u015fturmaya devam etmektedir. Ayr\u0131ca, 2025 y\u0131l\u0131 ba\u015f\u0131nda y\u00fcr\u00fcrl\u00fc\u011fe giren yeni vergi d\u00fczenlemeleri do\u011frultusunda GYO kazan\u00e7lar\u0131na y\u00f6nelik vergi kar\u015f\u0131l\u0131klar\u0131 finansal tablolara yans\u0131t\u0131lm\u0131\u015ft\u0131r.<\/p>\n<h2>Finansal Performans Analizi<\/h2>\n<p>\u015eirket&#8217;in 2025 y\u0131l\u0131 ilk dokuz ayl\u0131k finansal sonu\u00e7lar\u0131, enflasyon muhasebesi (TMS 29) uygulanm\u0131\u015f rakamlarla \u00f6nemli bir b\u00fcy\u00fcme e\u011filimi g\u00f6stermektedir.<\/p>\n<h3>Temel Finansal G\u00f6stergeler (TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td>2.536.498.487<\/td>\n<td>1.768.756.985<\/td>\n<td>%43,4<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td>2.337.662.150<\/td>\n<td>1.508.896.296<\/td>\n<td>%54,9<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6denmi\u015f Sermaye<\/b><\/td>\n<td>990.000.000<\/td>\n<td>330.000.000<\/td>\n<td>%200,0<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131<\/b><\/td>\n<td>131.459.640<\/td>\n<td>83.744.870 (Y\u0131l Sonu)<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Gelir ve K\u00e2rl\u0131l\u0131k Detaylar\u0131<\/h3>\n<p>1 Ocak &#8211; 30 Eyl\u00fcl 2025 d\u00f6neminde elde edilen operasyonel sonu\u00e7lar:<\/p>\n<ul>\n<li><b>Has\u0131lat:<\/b> 215.788.964 TL (2024 ayn\u0131 d\u00f6nem: 171.969.510 TL).<\/li>\n<li><b>Br\u00fct K\u00e2r:<\/b> 160.433.180 TL.<\/li>\n<li><b>Esas Faaliyet K\u00e2r\u0131:<\/b> 160.578.176 TL.<\/li>\n<li><b>Net D\u00f6nem K\u00e2r\u0131:<\/b> 131.459.640 TL (2024 ayn\u0131 d\u00f6nem: 59.707.566 TL).<\/li>\n<li><b>Pay Ba\u015f\u0131na Kazan\u00e7:<\/b> 0,28 TL.<\/li>\n<\/ul>\n<p>Has\u0131lat\u0131n artmas\u0131nda G\u00fcre Tesisi\u2019ndeki devrem\u00fclk sat\u0131\u015flar\u0131 ve kiralamalar\u0131 ile Kartal Horizon projesindeki \u00fcnite sat\u0131\u015flar\u0131 belirleyici olmu\u015ftur. Yat\u0131r\u0131m faaliyetlerinden elde edilen 72,9 milyon TL&#8217;lik gelir, toplam k\u00e2rl\u0131l\u0131\u011f\u0131 destekleyen bir di\u011fer unsur olmu\u015ftur.<\/p>\n<h2>Sermaye Yap\u0131s\u0131 ve Ortakl\u0131k Bilgileri<\/h2>\n<p>\u015eirket, 2025 y\u0131l\u0131 i\u00e7erisinde ger\u00e7ekle\u015ftirdi\u011fi %200 oran\u0131nda bedelli sermaye art\u0131r\u0131m\u0131 ile finansal yap\u0131s\u0131n\u0131 g\u00fc\u00e7lendirmi\u015ftir.<\/p>\n<ul>\n<li><b>G\u00fcncel Sermaye:<\/b> 990.000.000 TL.<\/li>\n<li><b>Sermaye Art\u0131r\u0131m\u0131 Detay\u0131:<\/b> 660.000.000 TL tutar\u0131ndaki art\u0131\u015f\u0131n 659,2 milyon TL&#8217;si r\u00fc\u00e7han haklar\u0131 yoluyla, kalan k\u0131sm\u0131 ise birincil piyasada sat\u0131larak kar\u015f\u0131lanm\u0131\u015ft\u0131r. Bu i\u015flem sonucunda 1.995.376 TL tutar\u0131nda ihra\u00e7 primi olu\u015fmu\u015ftur.<\/li>\n<li><b>Ana Ortak:<\/b> Kuveyt T\u00fcrk Kat\u0131l\u0131m Bankas\u0131 A.\u015e. toplamda %74 oran\u0131nda pay (A ve B grubu toplam\u0131) ile kontrol\u00fc elinde bulundurmaktad\u0131r.<\/li>\n<li><b>Halka A\u00e7\u0131kl\u0131k Oran\u0131:<\/b> %26.<\/li>\n<\/ul>\n<h2>Gayrimenkul Portf\u00f6y\u00fc ve Operasyonel Durum<\/h2>\n<p>\u015eirket portf\u00f6y\u00fc; arsalar, konut projeleri, ticari \u00fcniteler ve turizm tesislerinden olu\u015fmaktad\u0131r. 30 Eyl\u00fcl 2025 itibar\u0131yla varl\u0131klar\u0131n %64&#8217;\u00fc gayrimenkul ve gayrimenkule dayal\u0131 projelerden, %33&#8217;\u00fc ise para ve sermaye piyasas\u0131 ara\u00e7lar\u0131ndan olu\u015fmaktad\u0131r.<\/p>\n<h3>Gayrimenkul Varl\u0131klar\u0131 ve De\u011ferleme \u00d6zetleri (30.06.2025 itibar\u0131yla)<\/h3>\n<ul>\n<li><b>G\u00fcre Tesisi (Bal\u0131kesir\/Edremit):<\/b> Portf\u00f6y\u00fcn en de\u011ferli par\u00e7as\u0131d\u0131r (1,005 milyar TL). 305 ba\u011f\u0131ms\u0131z b\u00f6l\u00fcmden olu\u015fan tesiste devrem\u00fclk sat\u0131\u015f s\u00fcreci devam etmektedir. 2025 ilk 9 ay\u0131nda 167,9 milyon TL sat\u0131\u015f ve 18,4 milyon TL kiralama has\u0131lat\u0131 \u00fcretmi\u015ftir.<\/li>\n<li><b>Tuzla \u0130\u00e7meler Arsas\u0131:<\/b> 384,8 milyon TL de\u011fer takdir edilmi\u015ftir. Ticaret+Turizm+Konut imarl\u0131d\u0131r. Hen\u00fcz \u00fczerinde aktif bir proje geli\u015ftirilmemi\u015ftir.<\/li>\n<li><b>Torun Center Ofisleri (\u0130stanbul\/\u015ei\u015fli):<\/b> 345,6 milyon TL de\u011ferindedir. D Blok 13. kattaki ofislerin 2\/3&#8217;\u00fc Kuveyt T\u00fcrk Kat\u0131l\u0131m Bankas\u0131 A.\u015e.&#8217;ye kiralanm\u0131\u015f, 1\/3&#8217;\u00fc ise \u015eirket merkezi olarak kullan\u0131lmaktad\u0131r. Dokuz ayl\u0131k kira geliri 6,2 milyon TL&#8217;dir.<\/li>\n<li><b>Kartal Horizon Sitesi:<\/b> 237,7 milyon TL de\u011ferinde 13 ba\u011f\u0131ms\u0131z b\u00f6l\u00fcm (konut ve ticari) bulunmaktad\u0131r. D\u00f6nem i\u00e7inde yap\u0131lan sat\u0131\u015flardan 36,2 milyon TL gelir elde edilmi\u015ftir.<\/li>\n<li><b>Kilyos Arsas\u0131:<\/b> 170,1 milyon TL de\u011fer takdir edilmi\u015ftir. Bo\u015f durumdad\u0131r ve proje geli\u015ftirme \u00e7al\u0131\u015fmas\u0131 bulunmamaktad\u0131r.<\/li>\n<\/ul>\n<h2>Mevzuat ve Vergi D\u00fczenlemeleri<\/h2>\n<p>2025 y\u0131l\u0131, GYO&#8217;lar\u0131n vergilendirilme rejiminde \u00f6nemli de\u011fi\u015fikliklerin ya\u015fand\u0131\u011f\u0131 bir d\u00f6nem olmu\u015ftur:<\/p>\n<ul>\n<li><b>Kurumlar Vergisi \u0130stisnas\u0131:<\/b> 7524 say\u0131l\u0131 Kanun ile 1 Ocak 2025&#8217;ten itibaren, GYO kazan\u00e7lar\u0131n\u0131n kurumlar vergisinden istisna tutulabilmesi i\u00e7in ta\u015f\u0131nmaz kazan\u00e7lar\u0131n\u0131n en az %50&#8217;sinin temett\u00fc olarak da\u011f\u0131t\u0131lmas\u0131 \u015fart\u0131 getirilmi\u015ftir.<\/li>\n<li><b>Vergi Oran\u0131:<\/b> Temett\u00fc da\u011f\u0131t\u0131m\u0131 \u015fart\u0131 yerine getirildi\u011finde vergi oran\u0131 %10 olarak uygulan\u0131rken, da\u011f\u0131t\u0131lmayan karlar i\u00e7in %30 oran\u0131 esas al\u0131nmaktad\u0131r. \u015eirket, 30 Eyl\u00fcl 2025 itibar\u0131yla 34,3 milyon TL tutar\u0131nda ertelenmi\u015f vergi y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc kaydetmi\u015ftir.<\/li>\n<\/ul>\n<h2>Risk Y\u00f6netimi ve Hukuki S\u00fcre\u00e7ler<\/h2>\n<ul>\n<li><b>Likidite Riski:<\/b> \u015eirket, nakit de\u011ferlerini kat\u0131lma hesaplar\u0131, kira sertifikalar\u0131 ve yat\u0131r\u0131m fonlar\u0131nda de\u011ferlendirerek likidite riskini y\u00f6netmektedir. Raporlama tarihi itibar\u0131yla d\u00f6viz kuru riski bulunmamaktad\u0131r.<\/li>\n<li><b>Hukuki Davalar:<\/b> \u015eirket&#8217;in taraf oldu\u011fu d\u00f6rt ana dava bulunmaktad\u0131r. Kilyos arsas\u0131na ili\u015fkin imar plan\u0131 de\u011fi\u015fikli\u011fi davas\u0131 ilk derece mahkemesinde \u015eirket lehine sonu\u00e7lanm\u0131\u015f ancak hen\u00fcz kesinle\u015fmemi\u015ftir. Davalar i\u00e7in toplam 300 bin TL kar\u015f\u0131l\u0131k ayr\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Personel Yap\u0131s\u0131:<\/b> \u015eirket, 11 \u00e7al\u0131\u015fan ile faaliyetlerini s\u00fcrd\u00fcrmektedir.<\/li>\n<\/ul>\n<h2>Kurumsal Y\u00f6netim ve Komiteler<\/h2>\n<p>Y\u00f6netim Kurulu 5 \u00fcyeden olu\u015fmakta olup, \u00e7o\u011funlu\u011fu icrada g\u00f6revli de\u011fildir. \u015eirket b\u00fcnyesinde d\u00f6rt komite aktif olarak \u00e7al\u0131\u015fmaktad\u0131r:<\/p>\n<ol>\n<li><b>Denetim Komitesi:<\/b> \u0130\u00e7 kontrol ve finansal raporlama g\u00f6zetimi.<\/li>\n<li><b>Kurumsal Y\u00f6netim Komitesi:<\/b> Yat\u0131r\u0131mc\u0131 ili\u015fkileri ve y\u00f6netim ilkeleri.<\/li>\n<li><b>Riskin Erken Saptanmas\u0131 Komitesi:<\/b> Olas\u0131 tehlikelerin te\u015fhisi ve y\u00f6netimi.<\/li>\n<li><b>\u0130\u015fe Al\u0131m ve \u00dccretlendirme Komitesi:<\/b> \u0130nsan kaynaklar\u0131 politikalar\u0131.<\/li>\n<\/ol>\n<p>2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda Y\u00f6netim Kurulu 22 kez toplanm\u0131\u015f ve 27 karar alm\u0131\u015ft\u0131r. T\u00fcm kararlar oy birli\u011fi ile al\u0131nm\u0131\u015ft\u0131r.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"261\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Gayrimenkul Yat\u0131r\u0131m\u0131nda Sat\u0131r Aralar\u0131: K\u00f6rfez GYO\u2019nun 2025 Raporlar\u0131ndan \u00c7\u0131kar\u0131lan 5 Stratejik Ders 1. Giri\u015f: Rakamlar\u0131n \u00d6tesindeki Gayrimenkul D\u00fcnyas\u0131 Bir \u015firketin ba\u015far\u0131s\u0131 sadece sahip oldu\u011fu binalar\u0131n metrekaresiyle mi \u00f6l\u00e7\u00fcl\u00fcr, yoksa o varl\u0131klar\u0131 ne kadar \u00e7evik birer finansal enstr\u00fcmana d\u00f6n\u00fc\u015ft\u00fcrebildi\u011fiyle mi? Gayrimenkul&#8230; <\/p>\n","protected":false},"author":1,"featured_media":262,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[46],"class_list":["post-261","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-krgyo"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/261","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=261"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/261\/revisions"}],"predecessor-version":[{"id":263,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/261\/revisions\/263"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/262"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=261"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=261"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=261"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}