{"id":521,"date":"2025-12-25T22:17:27","date_gmt":"2025-12-25T19:17:27","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=521"},"modified":"2025-12-25T22:17:27","modified_gmt":"2025-12-25T19:17:27","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-agyo-atakule-gayrimenkul-yatirim-ortakligi-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/521","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #AGYO | Atakule Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 2025\/9 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #AGYO | Atakule Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 2025\/9 Bilan\u00e7o Analizi\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/oIaJk-i4eVQ?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>Atakule GYO Raporunun Derinliklerinden: Yat\u0131r\u0131mc\u0131lar\u0131 \u015ea\u015f\u0131rtacak 5 \u00d6nemli Bulguyu A\u00e7\u0131kl\u0131yoruz<\/h1>\n<h3>Giri\u015f: Kule&#8217;nin Ard\u0131ndaki Ger\u00e7ekler<\/h3>\n<p>Bir gayrimenkul yat\u0131r\u0131m ortakl\u0131\u011f\u0131n\u0131n (GYO) onlarca sayfal\u0131k faaliyet raporunu incelemek, \u00e7o\u011fu yat\u0131r\u0131mc\u0131 i\u00e7in karma\u015f\u0131k tablolar ve s\u0131k\u0131c\u0131 yasal metinler aras\u0131nda kaybolmak anlam\u0131na gelebilir. Genellikle bu raporlar, en inat\u00e7\u0131 finans merakl\u0131lar\u0131n\u0131n bile g\u00f6z\u00fcn\u00fc korkutabilir. Ancak bazen, bu rakamlar\u0131n ve paragraflar\u0131n ard\u0131nda, \u015firketin gelece\u011fine dair \u015fa\u015f\u0131rt\u0131c\u0131 ipu\u00e7lar\u0131 ve piyasan\u0131n g\u00f6zden ka\u00e7\u0131rd\u0131\u011f\u0131 \u00f6nemli ger\u00e7ekler gizlidir.<\/p>\n<p>Atakule GYO&#8217;nun (AGYO) son faaliyet raporunu bir dedektif titizli\u011fiyle inceleyerek bu g\u00f6revi \u00fcstlendik. Amac\u0131m\u0131z, sat\u0131r aralar\u0131nda gizlenen, ilk bak\u0131\u015fta \u00e7eli\u015fkili g\u00f6r\u00fcnen veya piyasan\u0131n hen\u00fcz tam olarak fiyatlamad\u0131\u011f\u0131 kritik dinamikleri g\u00fcn y\u00fcz\u00fcne \u00e7\u0131karmakt\u0131. \u0130\u015fte o rapordan dam\u0131tt\u0131\u011f\u0131m\u0131z ve sizi de \u015fa\u015f\u0131rtacak 5 \u00f6nemli bulgu.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3>5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h3>\n<h4><b>1. Devasa Varl\u0131k B\u00fcy\u00fcmesi ve Hisse Fiyat\u0131 Aras\u0131ndaki U\u00e7urum<\/b><\/h4>\n<p>Atakule GYO&#8217;nun varl\u0131k tablosuna bak\u0131ld\u0131\u011f\u0131nda ilk g\u00f6ze \u00e7arpan \u015fey, Net Aktif De\u011fer&#8217;deki (NAD) ba\u015f d\u00f6nd\u00fcr\u00fcc\u00fc b\u00fcy\u00fcme. \u015eirketin kendi raporunda sundu\u011fu grafi\u011fe g\u00f6re, 2016 y\u0131l\u0131nda sadece 322,2 milyon TL olan Net Aktif De\u011fer, 2025&#8217;in \u00fc\u00e7\u00fcnc\u00fc \u00e7eyre\u011fi itibar\u0131yla <b>6,3 milyar TL<\/b>&#8216;yi a\u015fm\u0131\u015f durumda. Bu, \u015firketin sahip oldu\u011fu gayrimenkullerin ve di\u011fer varl\u0131klar\u0131n de\u011ferinin ne kadar muazzam bir art\u0131\u015f g\u00f6sterdi\u011finin a\u00e7\u0131k bir kan\u0131t\u0131.<\/p>\n<p>Ancak i\u015fin \u015fa\u015f\u0131rt\u0131c\u0131 yan\u0131 burada ba\u015fl\u0131yor. Bu devasa varl\u0131k de\u011ferine ra\u011fmen, hisse senedi fiyat\u0131 ile hisse ba\u015f\u0131na d\u00fc\u015fen ger\u00e7ek varl\u0131k de\u011feri aras\u0131nda derin bir u\u00e7urum var. Raporun verilerine g\u00f6re, 30 Eyl\u00fcl 2025 itibar\u0131yla hisse ba\u015f\u0131na d\u00fc\u015fen Net Aktif De\u011fer <b>23,95 TL<\/b>. Ayn\u0131 tarihte hissenin Borsa \u0130stanbul&#8217;daki kapan\u0131\u015f fiyat\u0131 ise sadece <b>7,65 TL<\/b>. Bu rakamlar, Atakule GYO&#8217;nun borsada hisse ba\u015f\u0131na net varl\u0131k de\u011ferine g\u00f6re yakla\u015f\u0131k %68 gibi ezici bir iskonto ile i\u015flem g\u00f6rd\u00fc\u011f\u00fcn\u00fc ortaya koyuyor. Ba\u015fka bir deyi\u015fle, piyasa her 100 TL&#8217;lik varl\u0131\u011f\u0131 sadece 32 TL&#8217;ye fiyatl\u0131yor. Yat\u0131r\u0131mc\u0131lar i\u00e7in bu makas, ya g\u00f6zden ka\u00e7an b\u00fcy\u00fck bir f\u0131rsata ya da piyasan\u0131n hen\u00fcz fiyatlamad\u0131\u011f\u0131 bir risk alg\u0131s\u0131na i\u015faret ediyor olabilir.<\/p>\n<h4><b>2. Y\u00fcksek Gelire Ra\u011fmen G\u00f6r\u00fcnen Net Zarar Paradoksu<\/b><\/h4>\n<p>Finansal tablolara ilk bak\u0131\u015fta yat\u0131r\u0131mc\u0131y\u0131 yan\u0131ltabilecek bir ba\u015fka nokta ise k\u00e2rl\u0131l\u0131k. \u015eirket, 1 Ocak &#8211; 30 Eyl\u00fcl 2025 d\u00f6neminde 323,4 milyon TL gibi olduk\u00e7a g\u00fc\u00e7l\u00fc bir has\u0131lat elde etmi\u015f. Ancak ayn\u0131 d\u00f6neme ait konsolide kar-zarar tablosunda <b>233,7 milyon TL net d\u00f6nem zarar\u0131<\/b> g\u00f6r\u00fcn\u00fcyor. Y\u00fcksek ciroya ra\u011fmen bu denli b\u00fcy\u00fck bir zarar\u0131n a\u00e7\u0131klanmas\u0131 ilk bak\u0131\u015fta \u00e7eli\u015fkili ve endi\u015fe verici durabilir.<\/p>\n<p>Bu paradoksun arkas\u0131ndaki s\u0131rr\u0131 \u00e7\u00f6zmek i\u00e7in tablonun biraz daha derinine inmek gerekiyor. Zarar\u0131n ana kayna\u011f\u0131, operasyonel bir problemden ziyade, <b>319 milyon TL<\/b> tutar\u0131ndaki devasa &#8220;Ertelenmi\u015f Vergi Gideri&#8221; kalemi. Bu, \u015firketin kasas\u0131ndan o an i\u00e7in bir nakit \u00e7\u0131k\u0131\u015f\u0131 gerektirmeyen, tamamen muhasebesel bir giderdir. Bu gider, genellikle \u015firketin yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkullerinin yeniden de\u011ferlenmesi sonucu ortaya \u00e7\u0131kan ve hen\u00fcz realize olmam\u0131\u015f k\u00e2rlar \u00fczerinden gelecekte \u00f6denmesi muhtemel vergiler i\u00e7in bir kar\u015f\u0131l\u0131k ayr\u0131lmas\u0131ndan kaynaklan\u0131r. Asl\u0131nda \u015firketin operasyonel performans\u0131 bu teknik kalem taraf\u0131ndan g\u00f6lgeleniyor. Bu nedenle yat\u0131r\u0131mc\u0131lar\u0131n, \u015firketin ger\u00e7ek k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 analiz ederken bu \u00f6nemli detay\u0131 mutlaka g\u00f6z \u00f6n\u00fcnde bulundurmas\u0131 gerekiyor.<\/p>\n<h4><b>3. \u0130stanbul Riva&#8217;daki Gizli Hazine: Devasa Arsa Portf\u00f6y\u00fc<\/b><\/h4>\n<p>Atakule GYO denince akla ilk olarak Ankara&#8217;daki ikonik kule ve al\u0131\u015fveri\u015f merkezi gelse de, \u015firketin en de\u011ferli varl\u0131klar\u0131ndan baz\u0131lar\u0131 asl\u0131nda \u0130stanbul&#8217;un h\u0131zla geli\u015fen ve de\u011ferlenen b\u00f6lgesi Riva&#8217;da sakl\u0131. Faaliyet raporunun &#8220;Gayrimenkul Portf\u00f6y\u00fc&#8221; b\u00f6l\u00fcm\u00fc, bu gizli hazinenin boyutlar\u0131n\u0131 g\u00f6zler \u00f6n\u00fcne seriyor.<\/p>\n<p>\u015eirketin Riva&#8217;da sahip oldu\u011fu 1672, 1978, 1979, 2037, 2038 gibi farkl\u0131 parseller ile di\u011fer 25 adet parselin toplam alan\u0131 <b>69.000 metrekareyi a\u015f\u0131yor<\/b>. TSKB Gayrimenkul De\u011ferleme taraf\u0131ndan 31 Aral\u0131k 2024 tarihinde yap\u0131lan ekspertiz raporlar\u0131na g\u00f6re bu arsalar\u0131n de\u011feri y\u00fcz milyonlarca liray\u0131 buluyor. \u00d6rne\u011fin, sadece 25 adet parselden olu\u015fan grubun de\u011feri <b>399,6 milyon TL<\/b> iken, tek ba\u015f\u0131na 1672 nolu parselin de\u011feri <b>271,6 milyon TL<\/b> olarak belirlenmi\u015f. 31 Aral\u0131k 2024 tarihli ekspertiz de\u011ferlerini toplad\u0131\u011f\u0131m\u0131zda, bu arsalar\u0131n toplam de\u011feri 861 milyon TL&#8217;yi a\u015f\u0131yor. Bu rakam, tek ba\u015f\u0131na \u015firketin o tarihteki yakla\u015f\u0131k 5,8 milyar TL&#8217;lik Net Aktif De\u011ferinin %15&#8217;ine yak\u0131n bir k\u0131sm\u0131n\u0131 olu\u015fturarak, bu &#8220;gizli hazinenin&#8221; gelecekteki b\u00fcy\u00fcme potansiyeli i\u00e7in ne denli merkezi bir rol oynad\u0131\u011f\u0131n\u0131 g\u00f6steriyor.<\/p>\n<h4><b>4. Ekonomik Belirsizliklere Ra\u011fmen Y\u00fcksek Doluluk Oranlar\u0131<\/b><\/h4>\n<p>Faaliyet raporu, T\u00fcrkiye ekonomisinin kar\u015f\u0131 kar\u015f\u0131ya oldu\u011fu enflasyonist bask\u0131lar ve sanayi \u00fcretimindeki yava\u015flama gibi zorluklar\u0131 detayl\u0131 bir \u015fekilde \u00f6zetliyor. B\u00f6yle zorlu bir ekonomik iklimde, \u00f6zellikle perakende ve ofis sekt\u00f6r\u00fcn\u00fcn bask\u0131 alt\u0131nda olmas\u0131 beklenir. Ancak Atakule GYO&#8217;nun rakamlar\u0131, bu beklentinin aksine g\u00fc\u00e7l\u00fc bir diren\u00e7 g\u00f6steriyor.<\/p>\n<p>\u015eirketin ana gayrimenkullerindeki doluluk oranlar\u0131 \u015fa\u015f\u0131rt\u0131c\u0131 derecede y\u00fcksek ve istikrarl\u0131. 30 Eyl\u00fcl 2025 itibar\u0131yla raporda yer alan doluluk oranlar\u0131 tablosuna g\u00f6re:<\/p>\n<ul>\n<li><b>Atakule Al\u0131\u015fveri\u015f Merkezi:<\/b> %96,18<\/li>\n<li><b>Obak\u00f6y \u0130\u015f Merkezi:<\/b> %96,09<\/li>\n<li><b>Ha\u015fim \u0130\u015fcan \u0130\u015f Merkezi:<\/b> %100<\/li>\n<\/ul>\n<p>Ayr\u0131ca Ankara&#8217;daki di\u011fer ofis binalar\u0131 da %100 doluluk oran\u0131yla \u00e7al\u0131\u015f\u0131yor. Bu veriler, ekonomik dalgalanmalara ra\u011fmen \u015firketin sahip oldu\u011fu varl\u0131klar\u0131n stratejik konumlar\u0131n\u0131n ne kadar g\u00fc\u00e7l\u00fc oldu\u011funu ve portf\u00f6y y\u00f6netimindeki ba\u015far\u0131s\u0131n\u0131 kan\u0131tlayan \u00f6nemli bir g\u00f6sterge.<\/p>\n<h4><b>5. GYO&#8217;lar \u0130\u00e7in Oyunun Kurallar\u0131n\u0131 De\u011fi\u015ftiren Yeni Vergi ve Temett\u00fc D\u00fczenlemesi<\/b><\/h4>\n<p>Belki de rapordaki en stratejik ve ileriye d\u00f6n\u00fck bilgi, GYO sekt\u00f6r\u00fcn\u00fcn tamam\u0131n\u0131 etkileyen yeni bir yasal d\u00fczenleme. Raporun ilgili b\u00f6l\u00fcm\u00fcnde de belirtildi\u011fi gibi, 1 Ocak 2025&#8217;ten itibaren GYO&#8217;lar\u0131n kurumlar vergisi istisnas\u0131ndan yararlanmaya devam edebilmeleri i\u00e7in yeni ve kritik bir \u015fart getirildi.<\/p>\n<p>Bu yeni d\u00fczenlemeye g\u00f6re, GYO&#8217;lar art\u0131k ta\u015f\u0131nmazlardan elde ettikleri kazan\u00e7lar\u0131n <b>en az %50&#8217;sini temett\u00fc olarak da\u011f\u0131tmak zorunda<\/b>. Bu \u015fart\u0131 yerine getirmeyen \u015firketler ise %30 oran\u0131nda kurumlar vergisine tabi olacaklar. Bu de\u011fi\u015fiklik, sadece Atakule GYO i\u00e7in de\u011fil, t\u00fcm sekt\u00f6r i\u00e7in bir d\u00f6n\u00fcm noktas\u0131 niteli\u011finde. Yat\u0131r\u0131mc\u0131lar a\u00e7\u0131s\u0131ndan bu durum, gelecekte GYO&#8217;lardan daha d\u00fczenli ve potansiyel olarak daha y\u00fcksek temett\u00fc \u00f6demeleri bekleyebilecekleri anlam\u0131na geliyor. Bu zorunluluk, \u015firketin k\u00e2r da\u011f\u0131t\u0131m politikas\u0131n\u0131 ve dolay\u0131s\u0131yla temett\u00fc yat\u0131r\u0131mc\u0131lar\u0131 i\u00e7in cazibesini k\u00f6kten de\u011fi\u015ftirebilir.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3>Sonu\u00e7: Rakamlar\u0131n \u00d6tesindeki Soru<\/h3>\n<p>Atakule GYO&#8217;nun son raporu, y\u00fczeyin alt\u0131na bak\u0131ld\u0131\u011f\u0131nda s\u0131radan bir finansal belgeden \u00e7ok daha fazlas\u0131n\u0131 sunuyor. Varl\u0131klar\u0131 ile piyasa fiyat\u0131 aras\u0131ndaki devasa makas, k\u00e2rl\u0131l\u0131k tablosundaki muhasebesel paradoks, \u0130stanbul&#8217;daki sessiz arsa hazinesi, ekonomik yava\u015flamaya ra\u011fmen korunan y\u00fcksek doluluk oranlar\u0131 ve t\u00fcm sekt\u00f6r\u00fc yeniden \u015fekillendirecek olan yeni temett\u00fc zorunlulu\u011fu&#8230; T\u00fcm bu bulgular bir araya geldi\u011finde, ortaya olduk\u00e7a ilgi \u00e7ekici bir tablo \u00e7\u0131k\u0131yor.<\/p>\n<p>As\u0131l kritik nokta ise, \u015firketin devasa varl\u0131klar\u0131 ile piyasa de\u011feri aras\u0131ndaki u\u00e7urumun (Bulgu 1), yeni temett\u00fc zorunlulu\u011fu (Bulgu 5) ile birle\u015fti\u011finde nas\u0131l bir potansiyel yarataca\u011f\u0131d\u0131r. T\u00fcm bu veriler \u0131\u015f\u0131\u011f\u0131nda sormak gerekiyor: Atakule GYO, piyasan\u0131n derin iskontosunun ard\u0131nda yatan ve yeni temett\u00fc d\u00fczenlemesiyle kilidi a\u00e7\u0131lmay\u0131 bekleyen bir de\u011fer hazinesi mi, yoksa yat\u0131r\u0131mc\u0131lar\u0131n hen\u00fcz g\u00f6remedi\u011fi riskleri mi bar\u0131nd\u0131r\u0131yor? Cevab\u0131 zaman g\u00f6sterecek, ancak rakamlar hikayenin olduk\u00e7a merak uyand\u0131r\u0131c\u0131 oldu\u011funu f\u0131s\u0131ld\u0131yor.<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Atakule GYO 2025 \u00dc\u00e7\u00fcnc\u00fc \u00c7eyrek Faaliyet Raporu Analizi<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing, Atakule Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.&#8217;nin (AGYO) 1 Ocak \u2013 30 Eyl\u00fcl 2025 d\u00f6nemine ait Y\u00f6netim Kurulu Faaliyet Raporu ve konsolide finansal tablolar\u0131n\u0131 analiz etmektedir. Rapor, \u015firketin bu d\u00f6nemdeki finansal performans\u0131n\u0131, portf\u00f6y durumunu, kurumsal yap\u0131s\u0131n\u0131 ve faaliyet g\u00f6sterdi\u011fi makroekonomik \u00e7evreyi detayland\u0131rmaktad\u0131r.<\/p>\n<p><b>Temel Bulgular:<\/b><\/p>\n<ul>\n<li><b>Finansal Performans:<\/b> \u015eirket, 30 Eyl\u00fcl 2025&#8217;te sona eren dokuz ayl\u0131k d\u00f6nemde konsolide bazda <b>233.778.330 TL net d\u00f6nem zarar\u0131<\/b> a\u00e7\u0131klam\u0131\u015ft\u0131r. Bu zarara kar\u015f\u0131n, \u015firketin toplam varl\u0131klar\u0131 6,31 milyar TL&#8217;ye, \u00f6zkaynaklar\u0131 ise 5,54 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. Pay ba\u015f\u0131na net aktif de\u011fer 23,95 TL olarak ger\u00e7ekle\u015firken, Borsa \u0130stanbul&#8217;daki hisse kapan\u0131\u015f fiyat\u0131 7,65 TL&#8217;dir; bu durum hissenin net aktif de\u011ferine g\u00f6re \u00f6nemli bir iskonto ile i\u015flem g\u00f6rd\u00fc\u011f\u00fcn\u00fc g\u00f6stermektedir.<\/li>\n<li><b>Gayrimenkul Portf\u00f6y\u00fc:<\/b> \u015eirketin portf\u00f6y\u00fc, \u0130stanbul, Ankara ve Antalya&#8217;da bulunan al\u0131\u015fveri\u015f merkezi, i\u015f merkezleri, ofis binalar\u0131 ve arsalardan olu\u015fmaktad\u0131r. 30 Eyl\u00fcl 2025 itibar\u0131yla kiralanabilir alanlar\u0131n toplam doluluk oran\u0131 %95,03 olarak ger\u00e7ekle\u015fmi\u015ftir. Portf\u00f6y\u00fcn en de\u011ferli varl\u0131\u011f\u0131 olan Atakule AVM&#8217;nin 31 Aral\u0131k 2024 itibar\u0131yla piyasa de\u011feri 2,55 milyar TL olarak belirlenmi\u015f olup, 30 Eyl\u00fcl 2025 enflasyona g\u00f6re d\u00fczeltilmi\u015f de\u011feri yakla\u015f\u0131k 3,19 milyar TL&#8217;dir.<\/li>\n<li><b>Kurumsal Yap\u0131:<\/b> \u015eirketin \u00f6denmi\u015f sermayesi 263.340.000 TL olup, %51&#8217;i \u0130smail Tarman&#8217;a, %49&#8217;u ise halka a\u00e7\u0131k k\u0131sma aittir. Y\u00f6netim Kurulu, \u0130smail Tarman ba\u015fkanl\u0131\u011f\u0131nda dokuz \u00fcyeden olu\u015fmaktad\u0131r. \u015eirketin, Atakule Organizasyon ve \u0130\u015fletme Ticaret Limited \u015eirketi ad\u0131nda %100 oran\u0131nda ba\u011fl\u0131 bir ortakl\u0131\u011f\u0131 bulunmaktad\u0131r.<\/li>\n<li><b>Ekonomik \u00c7evre:<\/b> Rapor, k\u00fcresel ekonomide ABD&#8217;nin korumac\u0131 ticaret politikalar\u0131, FED&#8217;in faiz indirimleri ve \u00c7in&#8217;deki deflasyonist bask\u0131lar\u0131n \u00f6ne \u00e7\u0131kt\u0131\u011f\u0131n\u0131 belirtmektedir. T\u00fcrkiye ekonomisinde ise \u00fc\u00e7\u00fcnc\u00fc \u00e7eyrekte sanayi faaliyetlerinde zay\u0131fl\u0131\u011f\u0131n s\u00fcrd\u00fc\u011f\u00fc, enflasyonist risklerin canl\u0131 kald\u0131\u011f\u0131 ve i\u00e7 talepte yava\u015flama sinyalleri g\u00f6zlemlendi\u011fi vurgulanmaktad\u0131r.<\/li>\n<li><b>Mevzuat De\u011fi\u015fikli\u011fi:<\/b> 1 Ocak 2025&#8217;ten itibaren y\u00fcr\u00fcrl\u00fc\u011fe girecek yeni Kurumlar Vergisi Kanunu de\u011fi\u015fikli\u011fi, GYO&#8217;lar i\u00e7in kurumlar vergisi istisnas\u0131n\u0131, ta\u015f\u0131nmazlardan elde edilen kazan\u00e7lar\u0131n en az %50&#8217;sinin da\u011f\u0131t\u0131lmas\u0131 \u015fart\u0131na ba\u011flamakta ve bu kazan\u00e7lar i\u00e7in %10 asgari kurumlar vergisi getirmektedir. Bu de\u011fi\u015fiklik, \u015firketin gelecekteki vergi y\u00fck\u00fcml\u00fcl\u00fcklerini ve k\u00e2r da\u011f\u0131t\u0131m politikas\u0131n\u0131 do\u011frudan etkileyecektir.<\/li>\n<\/ul>\n<h2>Kurumsal Yap\u0131 ve Y\u00f6netim<\/h2>\n<h3>Ortakl\u0131k Yap\u0131s\u0131 ve Sermaye<\/h3>\n<p>Atakule GYO, 21 A\u011fustos 2000&#8217;de kurulmu\u015f bir gayrimenkul yat\u0131r\u0131m ortakl\u0131\u011f\u0131d\u0131r. \u015eirket hisseleri 14 \u015eubat 2002&#8217;den beri Borsa \u0130stanbul&#8217;da i\u015flem g\u00f6rmektedir. 30 Eyl\u00fcl 2025 itibar\u0131yla ortakl\u0131k ve sermaye yap\u0131s\u0131 a\u015fa\u011f\u0131daki gibidir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Hissedarlar<\/td>\n<td>Pay (%)<\/td>\n<td>Tutar (TL)<\/td>\n<\/tr>\n<tr>\n<td>\u0130smail TARMAN<\/td>\n<td>51,00<\/td>\n<td>134.303.420<\/td>\n<\/tr>\n<tr>\n<td>Halka A\u00e7\u0131k K\u0131s\u0131m<\/td>\n<td>49,00<\/td>\n<td>129.036.580<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam \u00d6denmi\u015f Sermaye<\/b><\/td>\n<td><b>100,00<\/b><\/td>\n<td><b>263.340.000<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Sermaye Tavan\u0131:<\/b> 27 Mart 2023 tarihli Ola\u011fan Genel Kurul toplant\u0131s\u0131nda kay\u0131tl\u0131 sermaye tavan\u0131 600.000.000 TL&#8217;ye y\u00fckseltilmi\u015ftir.<\/li>\n<li><b>Sermaye Art\u0131r\u0131mlar\u0131:<\/b> \u015eirket, kurulu\u015fundan bu yana bedelsiz ve bedelli sermaye art\u0131r\u0131mlar\u0131 ger\u00e7ekle\u015ftirmi\u015ftir. Son bedelli sermaye art\u0131r\u0131m\u0131 Temmuz 2021&#8217;de tamamlanarak \u00f6denmi\u015f sermaye 263.340.000 TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<li><b>Pay Gruplar\u0131:<\/b> Sermaye, her biri 1 Kuru\u015f itibari de\u011ferde 26.334.000.000 adet hisseden olu\u015fmaktad\u0131r. Hisseler (A) Grubu (nama yaz\u0131l\u0131) ve (B) Grubu (nama ve hamiline yaz\u0131l\u0131) olarak ikiye ayr\u0131l\u0131r. (A) Grubu paylar, Y\u00f6netim Kurulu&#8217;na 5 \u00fcye i\u00e7in aday g\u00f6sterme imtiyaz\u0131na sahiptir.<\/li>\n<\/ul>\n<h3>Y\u00f6netim Kurulu ve Komiteler<\/h3>\n<p>\u015eirketin Y\u00f6netim Kurulu, 25 Nisan 2025 tarihli Ola\u011fan Genel Kurul&#8217;da bir y\u0131l s\u00fcreyle se\u00e7ilmi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ad\u0131 ve Soyad\u0131<\/td>\n<td>G\u00f6revi<\/td>\n<\/tr>\n<tr>\n<td>\u0130smail TARMAN<\/td>\n<td>Y\u00f6netim Kurulu Ba\u015fkan\u0131<\/td>\n<\/tr>\n<tr>\n<td>Murat TARMAN<\/td>\n<td>Y\u00f6netim Kurulu Ba\u015fkan Vekili \/ \u0130cra Kurulu Ba\u015fkan\u0131<\/td>\n<\/tr>\n<tr>\n<td>Mustafa TARMAN<\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<\/tr>\n<tr>\n<td>Funda TAC\u0130R<\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<\/tr>\n<tr>\n<td>Mehmet ARPACI<\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<\/tr>\n<tr>\n<td>\u00d6zg\u00fcr BAYKUT<\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<\/tr>\n<tr>\n<td>M\u00fcnire Bar\u00e7\u0131n KAYAMAN<\/td>\n<td>Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<\/tr>\n<tr>\n<td>Burak SOYLU<\/td>\n<td>Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<\/tr>\n<tr>\n<td>\u00c7i\u011fdem AKI\u015e<\/td>\n<td>Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u015eirket b\u00fcnyesinde faaliyet g\u00f6steren komiteler ve ba\u015fkanlar\u0131 \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>Denetim Komitesi:<\/b> Burak SOYLU (Ba\u015fkan)<\/li>\n<li><b>Kurumsal Y\u00f6netim Komitesi:<\/b> \u00c7i\u011fdem AKI\u015e (Ba\u015fkan)<\/li>\n<li><b>Riskin Erken Saptanmas\u0131 Komitesi:<\/b> M\u00fcnire Bar\u00e7\u0131n KAYAMAN (Ba\u015fkan)<\/li>\n<\/ul>\n<h2>Finansal Performans ve Durum (30.09.2025)<\/h2>\n<p>\u015eirketin konsolide finansal tablolar\u0131, 30 Eyl\u00fcl 2025 itibar\u0131yla bir \u00f6nceki y\u0131l sonuna g\u00f6re varl\u0131klar\u0131nda art\u0131\u015f g\u00f6sterirken, d\u00f6nem zarar\u0131 kaydetti\u011fini ortaya koymaktad\u0131r.<\/p>\n<h3>Konsolide Finansal Tablolar\u0131n \u00d6zeti<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Finansal Kalem (TL)<\/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><b>6.307.200.346<\/b><\/td>\n<td><b>6.234.763.221<\/b><\/td>\n<td><b>+1,16%<\/b><\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nen Varl\u0131klar<\/td>\n<td>199.566.366<\/td>\n<td>141.982.426<\/td>\n<td>+40,56%<\/td>\n<\/tr>\n<tr>\n<td>Duran Varl\u0131klar<\/td>\n<td>6.107.633.980<\/td>\n<td>6.092.780.795<\/td>\n<td>+0,24%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>766.497.940<\/b><\/td>\n<td><b>460.933.423<\/b><\/td>\n<td><b>+66,29%<\/b><\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>25.047.878<\/td>\n<td>37.723.897<\/td>\n<td>-33,60%<\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>741.450.062<\/td>\n<td>423.209.526<\/td>\n<td>+75,19%<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td><b>5.540.702.406<\/b><\/td>\n<td><b>5.773.829.798<\/b><\/td>\n<td><b>-4,04%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat (01.01 &#8211; 30.09)<\/b><\/td>\n<td><b>323.416.361<\/b><\/td>\n<td><b>297.250.132 (2024)<\/b><\/td>\n<td><b>+8,80%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem Zarar\u0131 (01.01 &#8211; 30.09)<\/b><\/td>\n<td><b>(233.778.330)<\/b><\/td>\n<td><b>34.633.840 (Kar &#8211; 2024)<\/b><\/td>\n<td><b>-775,12%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Temel Finansal Rasyolar<\/h3>\n<p>A\u015fa\u011f\u0131daki tablo, \u015firketin likidite, mali yap\u0131 ve karl\u0131l\u0131k durumunu \u00f6zetlemektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Oranlar<\/td>\n<td>30.09.2025<\/td>\n<td>30.06.2025<\/td>\n<td>31.03.2025<\/td>\n<td>31.12.2024<\/td>\n<\/tr>\n<tr>\n<td><b>Likidite Oranlar\u0131<\/b><\/td>\n<td>&nbsp;<\/td>\n<td>&nbsp;<\/td>\n<td>&nbsp;<\/td>\n<td>&nbsp;<\/td>\n<\/tr>\n<tr>\n<td>Cari Oran<\/td>\n<td>7,9674<\/td>\n<td>5,6114<\/td>\n<td>4,7227<\/td>\n<td>3,7637<\/td>\n<\/tr>\n<tr>\n<td><b>Mali Yap\u0131 Oranlar\u0131<\/b><\/td>\n<td>&nbsp;<\/td>\n<td>&nbsp;<\/td>\n<td>&nbsp;<\/td>\n<td>&nbsp;<\/td>\n<\/tr>\n<tr>\n<td>Kald\u0131ra\u00e7 Oran\u0131<\/td>\n<td>0,1215<\/td>\n<td>0,1082<\/td>\n<td>0,0953<\/td>\n<td>0,0739<\/td>\n<\/tr>\n<tr>\n<td>\u00d6zkaynaklar \/ Aktif Oran\u0131<\/td>\n<td>0,8785<\/td>\n<td>0,8918<\/td>\n<td>0,9047<\/td>\n<td>0,9261<\/td>\n<\/tr>\n<tr>\n<td><b>Karl\u0131l\u0131k Oranlar\u0131<\/b><\/td>\n<td>&nbsp;<\/td>\n<td>&nbsp;<\/td>\n<td>&nbsp;<\/td>\n<td>&nbsp;<\/td>\n<\/tr>\n<tr>\n<td>Aktif Karl\u0131l\u0131\u011f\u0131<\/td>\n<td>-0,0371<\/td>\n<td>-0,0273<\/td>\n<td>-0,0207<\/td>\n<td>-0,0854<\/td>\n<\/tr>\n<tr>\n<td>\u00d6zkaynak Karl\u0131l\u0131\u011f\u0131<\/td>\n<td>-0,0422<\/td>\n<td>-0,0306<\/td>\n<td>-0,0229<\/td>\n<td>-0,0922<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Net Aktif De\u011fer (NAD)<\/h3>\n<p>\u015eirketin net aktif de\u011feri, 2022&#8217;den bu yana istikrarl\u0131 bir art\u0131\u015f trendi g\u00f6stermektedir. 30 Eyl\u00fcl 2025 itibar\u0131yla toplam net aktif de\u011feri <b>6.307.200.346 TL<\/b> olarak ger\u00e7ekle\u015fmi\u015ftir.<\/p>\n<p><b>Net Aktif De\u011fer Geli\u015fimi (Milyon TL)<\/b><\/p>\n<p><i>Kaynak: AGYO Y\u00f6netim Kurulu Faaliyet Raporu 30092025.pdf, Sayfa 14<\/i><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>D\u00f6nem<\/td>\n<td>Pay Ba\u015f\u0131 Net Aktif De\u011feri (TL)<\/td>\n<td>Borsa Hisse Fiyat\u0131 (TL)<\/td>\n<td>\u0130skonto Oran\u0131 (%)<\/td>\n<\/tr>\n<tr>\n<td><b>2025 3. \u00c7eyrek<\/b><\/td>\n<td><b>23,9508<\/b><\/td>\n<td><b>7,65<\/b><\/td>\n<td><b>68,06%<\/b><\/td>\n<\/tr>\n<tr>\n<td>2025 2. \u00c7eyrek<\/td>\n<td>22,1879<\/td>\n<td>6,69<\/td>\n<td>69,85%<\/td>\n<\/tr>\n<tr>\n<td>2025 1. \u00c7eyrek<\/td>\n<td>20,7909<\/td>\n<td>6,12<\/td>\n<td>70,56%<\/td>\n<\/tr>\n<tr>\n<td>2024 4. \u00c7eyrek<\/td>\n<td>18,8757<\/td>\n<td>7,60<\/td>\n<td>59,73%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>Gayrimenkul Portf\u00f6y\u00fc Analizi<\/h2>\n<h3>Portf\u00f6y Doluluk Oranlar\u0131<\/h3>\n<p>\u015eirketin portf\u00f6y\u00fcndeki yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkullerin doluluk oranlar\u0131 30 Eyl\u00fcl 2025 itibar\u0131yla y\u00fcksek seviyesini korumaktad\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Gayrimenkul<\/td>\n<td>Toplam Kiralanabilir Alan (m\u00b2)<\/td>\n<td>Bo\u015f Alan (m\u00b2)<\/td>\n<td>Doluluk Oran\u0131 (%) (30.09.2025)<\/td>\n<td>Doluluk Oran\u0131 (%) (31.12.2024)<\/td>\n<\/tr>\n<tr>\n<td>Atakule Al\u0131\u015fveri\u015f Merkezi<\/td>\n<td>14.256<\/td>\n<td>544<\/td>\n<td>96,18<\/td>\n<td>95,26<\/td>\n<\/tr>\n<tr>\n<td>&#8211; Kule<\/td>\n<td>1.258<\/td>\n<td>0<\/td>\n<td>100,00<\/td>\n<td>100,00<\/td>\n<\/tr>\n<tr>\n<td>Obak\u00f6y \u0130\u015f Merkezi<\/td>\n<td>25.225<\/td>\n<td>984<\/td>\n<td>96,09<\/td>\n<td>97,68<\/td>\n<\/tr>\n<tr>\n<td>Ha\u015fim \u0130\u015fcan \u0130\u015f Merkezi<\/td>\n<td>6.496<\/td>\n<td>0<\/td>\n<td>100,00<\/td>\n<td>100,00<\/td>\n<\/tr>\n<tr>\n<td>Kuleli Caddesi No:3 Ankara<\/td>\n<td>907<\/td>\n<td>0<\/td>\n<td>100,00<\/td>\n<td>100,00<\/td>\n<\/tr>\n<tr>\n<td>Farabi Sokak No:27 Ankara<\/td>\n<td>907<\/td>\n<td>0<\/td>\n<td>100,00<\/td>\n<td>100,00<\/td>\n<\/tr>\n<tr>\n<td>Arjantin Caddesi No:28<\/td>\n<td>359<\/td>\n<td>0<\/td>\n<td>100,00<\/td>\n<td>100,00<\/td>\n<\/tr>\n<tr>\n<td>Borazan Sokak No:7<\/td>\n<td>999<\/td>\n<td>978<\/td>\n<td>2,10<\/td>\n<td>2,10<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><b>50.407<\/b><\/td>\n<td><b>2.506<\/b><\/td>\n<td><b>95,03<\/b><\/td>\n<td><b>95,56<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Gayrimenkul De\u011ferlemeleri<\/h3>\n<p>Portf\u00f6ydeki ana gayrimenkullerin de\u011ferleme bilgileri (TSKB Gayrimenkul De\u011ferleme A.\u015e. taraf\u0131ndan yap\u0131lm\u0131\u015ft\u0131r):<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Gayrimenkul<\/td>\n<td>Konum<\/td>\n<td>Piyasa De\u011feri (31.12.2024, KDV Hari\u00e7)<\/td>\n<td>Enflasyona D\u00fczeltilmi\u015f De\u011fer (30.09.2025)<\/td>\n<td>Ayl\u0131k Kira De\u011feri (31.12.2024)<\/td>\n<\/tr>\n<tr>\n<td><b>Atakule AVM ve Kule<\/b><\/td>\n<td>\u00c7ankaya, Ankara<\/td>\n<td>2.546.844.600 TL<\/td>\n<td>3.194.496.684 TL<\/td>\n<td>15.985.000 TL<\/td>\n<\/tr>\n<tr>\n<td><b>Obak\u00f6y \u0130\u015f Merkezi<\/b><\/td>\n<td>Zeytinburnu, \u0130stanbul<\/td>\n<td>757.725.000 TL<\/td>\n<td>950.411.344 TL<\/td>\n<td>3.119.000 TL<\/td>\n<\/tr>\n<tr>\n<td><b>Ha\u015fim \u0130\u015fcan \u0130\u015f Merkezi<\/b><\/td>\n<td>Muratpa\u015fa, Antalya<\/td>\n<td>274.085.000 TL<\/td>\n<td>343.783.686 TL<\/td>\n<td>1.311.495 TL<\/td>\n<\/tr>\n<tr>\n<td><b>Kuleli Cad. No:3<\/b><\/td>\n<td>G.O.P, Ankara<\/td>\n<td>41.090.000 TL<\/td>\n<td>51.539.018 TL<\/td>\n<td>181.500 TL<\/td>\n<\/tr>\n<tr>\n<td><b>Farabi Sok. No:27<\/b><\/td>\n<td>\u00c7ankaya, Ankara<\/td>\n<td>52.240.000 TL<\/td>\n<td>65.524.417 TL<\/td>\n<td>244.250 TL<\/td>\n<\/tr>\n<tr>\n<td><b>GOP Borazan Sok. No:7<\/b><\/td>\n<td>\u00c7ankaya, Ankara<\/td>\n<td>84.670.000 TL<\/td>\n<td>106.201.232 TL<\/td>\n<td>394.500 TL<\/td>\n<\/tr>\n<tr>\n<td><b>GOP Arjantin Cad. No:28<\/b><\/td>\n<td>\u00c7ankaya, Ankara<\/td>\n<td>44.600.000 TL<\/td>\n<td>55.941.596 TL<\/td>\n<td>206.500 TL<\/td>\n<\/tr>\n<tr>\n<td><b>Tarla (Arsa)<\/b><\/td>\n<td>Dilovas\u0131, Kocaeli<\/td>\n<td>79.268.150 TL<\/td>\n<td>99.425.714 TL<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td><b>Arsalar (Toplam 5 adet)<\/b><\/td>\n<td>Riva, \u0130stanbul<\/td>\n<td>861.120.250 TL<\/td>\n<td>1.080.099.580 TL<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td><b>Arsalar (Toplam 2 adet)<\/b><\/td>\n<td>M\u00fchye, Ankara<\/td>\n<td>66.908.351 TL<\/td>\n<td>83.922.869 TL<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>Ekonomik Konjonkt\u00fcr ve Sekt\u00f6rel De\u011ferlendirme<\/h2>\n<h3>K\u00fcresel Ekonomik Geli\u015fmeler (Eyl\u00fcl 2025)<\/h3>\n<ul>\n<li><b>ABD:<\/b> Senato&#8217;daki b\u00fct\u00e7e anla\u015fmazl\u0131\u011f\u0131 nedeniyle h\u00fck\u00fcmetin kapanmas\u0131, Fed&#8217;in dokuz ay sonra ilk faiz indirimini yapmas\u0131 ve Ba\u015fkan Trump&#8217;\u0131n a\u011f\u0131r kamyon, kereste ve ila\u00e7 \u00fcr\u00fcnlerine y\u00f6nelik yeni g\u00fcmr\u00fck vergileri getirmesi \u00f6ne \u00e7\u0131kan geli\u015fmelerdir. Y\u0131ll\u0131k T\u00dcFE enflasyonu %2,9&#8217;a y\u00fckselmi\u015ftir.<\/li>\n<li><b>Avrupa:<\/b> ECB, referans faiz oranlar\u0131n\u0131 de\u011fi\u015ftirmemi\u015f, 2025 ve 2026 enflasyon tahminlerini yukar\u0131 y\u00f6nl\u00fc revize etmi\u015ftir. \u0130ngiltere Merkez Bankas\u0131 da politika faizini %4,0 seviyesinde sabit tutmu\u015ftur.<\/li>\n<li><b>Asya:<\/b> Japonya Merkez Bankas\u0131, ETF varl\u0131klar\u0131nda sat\u0131\u015fa gitme karar\u0131 al\u0131rken, \u00c7in&#8217;de deflasyonist bask\u0131lar devam etmi\u015f, y\u0131ll\u0131k T\u00dcFE %0,4 gerilemi\u015ftir.<\/li>\n<li><b>K\u00fcresel B\u00fcy\u00fcme:<\/b> OECD, k\u00fcresel b\u00fcy\u00fcme tahminini 2025 i\u00e7in %2,9&#8217;dan %3,2&#8217;ye y\u00fckseltmi\u015ftir. T\u00fcrkiye i\u00e7in 2025 b\u00fcy\u00fcme tahminini ise %2,9&#8217;dan %3,2&#8217;ye revize etmi\u015ftir.<\/li>\n<\/ul>\n<h3>T\u00fcrkiye Ekonomisi De\u011ferlendirmesi (Eyl\u00fcl 2025)<\/h3>\n<ul>\n<li><b>Enflasyon:<\/b> Ayl\u0131k T\u00dcFE enflasyonu %3,23 ile beklentilerin \u00fczerinde ger\u00e7ekle\u015fmi\u015f, y\u0131ll\u0131k T\u00dcFE %33,29&#8217;a y\u00fckselerek dezenflasyon s\u00fcrecini kesintiye u\u011fratm\u0131\u015ft\u0131r. \u00dcretici fiyatlar\u0131ndaki y\u0131ll\u0131k enflasyon ise %26,59 olmu\u015ftur.<\/li>\n<li><b>B\u00fcy\u00fcme ve \u00dcretim:<\/b> Sanayi \u00fcretim endeksi Temmuz&#8217;da ayl\u0131k %1,8 gerilemi\u015ftir. \u0130malat PMI, Eyl\u00fcl&#8217;de 46,7&#8217;ye gerileyerek sekt\u00f6rdeki zay\u0131fl\u0131\u011f\u0131n devam etti\u011fini g\u00f6stermi\u015ftir. \u0130\u00e7 talepte yava\u015flama sinyalleri mevcuttur.<\/li>\n<li><b>Para Politikas\u0131:<\/b> TCMB, 11 Eyl\u00fcl&#8217;deki toplant\u0131s\u0131nda politika faizini %43&#8217;ten %40,5&#8217;e indirmi\u015ftir.<\/li>\n<li><b>Piyasalar:<\/b> BIST-100 endeksi Eyl\u00fcl ay\u0131n\u0131 %2,4 kay\u0131pla tamamlam\u0131\u015ft\u0131r. USD\/TL ve EUR\/TL s\u0131ras\u0131yla %1,1 ve %1,4 y\u00fckselmi\u015ftir. T\u00fcrkiye&#8217;nin 5 y\u0131ll\u0131k CDS risk primi 249 baz puana gerilemi\u015ftir.<\/li>\n<li><b>Orta Vadeli Program (OVP):<\/b> 2026-2028 d\u00f6nemini kapsayan OVP&#8217;de temel hedefler makroekonomik istikrar\u0131n g\u00fc\u00e7lendirilmesi ve enflasyonun tek haneye d\u00fc\u015f\u00fcr\u00fclmesi olarak belirlenmi\u015ftir.<\/li>\n<\/ul>\n<h2>Stratejik ve Operasyonel Hususlar<\/h2>\n<h3>Mevzuattaki \u00d6nemli De\u011fi\u015fiklikler<\/h3>\n<p>2 A\u011fustos 2024&#8217;te yay\u0131nlanan 7524 numaral\u0131 Kanun ile Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131klar\u0131n\u0131 etkileyen \u00f6nemli bir de\u011fi\u015fiklik yap\u0131lm\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li><b>Tarih:<\/b> 1 Ocak 2025&#8217;ten itibaren ge\u00e7erli olmak \u00fczere.<\/li>\n<li><b>De\u011fi\u015fiklik:<\/b> Kurumlar Vergisi Kanunu m.5\/1(d)-4 uyar\u0131nca kurumlar vergisi istisnas\u0131n\u0131n uygulanabilmesi, GYO&#8217;lar\u0131n ta\u015f\u0131nmazlardan elde ettikleri kazan\u00e7lar\u0131n <b>en az %50&#8217;sini<\/b> ilgili d\u00f6nem kurumlar vergisi beyannamesinin verilmesi gereken ay\u0131 izleyen ikinci ay\u0131n sonuna kadar da\u011f\u0131tmalar\u0131 \u015fart\u0131na ba\u011flanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Sonu\u00e7:<\/b> Bu \u015fart yerine getirilmezse GYO kazan\u00e7lar\u0131 <b>%30 kurumlar vergisine<\/b> tabi olacakt\u0131r. Ayr\u0131ca, ta\u015f\u0131nmaz kazan\u00e7lar\u0131 i\u00e7in <b>%10 asgari kurumlar vergisi<\/b> uygulamas\u0131 getirilmi\u015ftir.<\/li>\n<\/ul>\n<h3>Temett\u00fc ve Risk Y\u00f6netimi Politikalar\u0131<\/h3>\n<ul>\n<li><b>Temett\u00fc Politikas\u0131:<\/b> \u015eirketin temett\u00fc politikas\u0131, SPK&#8217;n\u0131n uygulamalar\u0131na paralel olarak y\u00fcr\u00fct\u00fclmektedir. Mevcut d\u00fczenlemeler \u00e7er\u00e7evesinde halka a\u00e7\u0131k anonim ortakl\u0131klar i\u00e7in asgari bir k\u00e2r da\u011f\u0131t\u0131m zorunlulu\u011fu bulunmamaktad\u0131r.<\/li>\n<li><b>Risk Y\u00f6netim Politikas\u0131:<\/b> \u015eirket, risklerini portf\u00f6y\u00fcn\u00fc T\u00fcrkiye&#8217;nin en b\u00fcy\u00fck illeri olan \u0130stanbul, Ankara ve Antalya&#8217;da \u00e7e\u015fitlendirerek azaltmaktad\u0131r. Portf\u00f6yde AVM, i\u015f merkezi ve ofis binalar\u0131n\u0131n dengeli da\u011f\u0131l\u0131m\u0131 istikrarl\u0131 kira geliri sa\u011flamaktad\u0131r. Ayr\u0131ca, TTK 378. Madde uyar\u0131nca olu\u015fturulan <b>Riskin Erken Saptanmas\u0131 Komitesi<\/b>, iki ayl\u0131k d\u00f6nemlerde raporlar haz\u0131rlayarak muhtemel riskleri y\u00f6netim kuruluna sunmaktad\u0131r.<\/li>\n<\/ul>\n<h3>Dan\u0131\u015fman ve Hizmet Al\u0131nan Kurulu\u015flar<\/h3>\n<ul>\n<li><b>Ba\u011f\u0131ms\u0131z Denetim:<\/b> Eren Ba\u011f\u0131ms\u0131z Denetim Anonim \u015eirketi<\/li>\n<li><b>Yeminli Mali M\u00fc\u015favirlik (Tasdik):<\/b> ENF Yeminli Mali M\u00fc\u015favirlik Anonim \u015eirketi<\/li>\n<li><b>Gayrimenkul De\u011ferleme:<\/b> REEL Gayrimenkul De\u011ferleme A.\u015e. ve TSKB Gayrimenkul De\u011ferleme A.\u015e.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"521\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Atakule GYO Raporunun Derinliklerinden: Yat\u0131r\u0131mc\u0131lar\u0131 \u015ea\u015f\u0131rtacak 5 \u00d6nemli Bulguyu A\u00e7\u0131kl\u0131yoruz Giri\u015f: Kule&#8217;nin Ard\u0131ndaki Ger\u00e7ekler Bir gayrimenkul yat\u0131r\u0131m ortakl\u0131\u011f\u0131n\u0131n (GYO) onlarca sayfal\u0131k faaliyet raporunu incelemek, \u00e7o\u011fu yat\u0131r\u0131mc\u0131 i\u00e7in karma\u015f\u0131k tablolar ve s\u0131k\u0131c\u0131 yasal metinler aras\u0131nda kaybolmak anlam\u0131na gelebilir. Genellikle bu raporlar,&#8230; <\/p>\n","protected":false},"author":1,"featured_media":522,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[114],"class_list":["post-521","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-agyo"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/521","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=521"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/521\/revisions"}],"predecessor-version":[{"id":523,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/521\/revisions\/523"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/522"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=521"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=521"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=521"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}