{"id":643,"date":"2025-12-28T02:43:59","date_gmt":"2025-12-27T23:43:59","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=643"},"modified":"2025-12-28T20:14:30","modified_gmt":"2025-12-28T17:14:30","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-avgyo-avrasya-gayrimenkul-yatirim-ortakligi-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/643","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #AVGYO | Avrasya 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 #AVGYO | Avrasya Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 2025\/9 Bilan\u00e7o Analizi\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/xKEWFeOZm3g?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>Finansal Raporundan \u00c7\u0131kan 5 \u015ea\u015f\u0131rt\u0131c\u0131 S\u0131r: Bu GYO Bildi\u011finiz Gibi De\u011fil!<\/h1>\n<h3>Giri\u015f: Rakamlar\u0131n \u00d6tesindeki Hikaye<\/h3>\n<p>Finansal raporlar&#8230; Bu iki kelime bile \u00e7o\u011fu zaman zihinlerde karma\u015f\u0131k tablolar, anla\u015f\u0131lmaz dipnotlar ve s\u0131k\u0131c\u0131 rakam y\u0131\u011f\u0131nlar\u0131n\u0131 canland\u0131r\u0131r. Ancak bu belgeler, dikkatli bir g\u00f6zle incelendi\u011finde bir \u015firketin stratejisi, kar\u015f\u0131la\u015ft\u0131\u011f\u0131 zorluklar ve gelece\u011fe y\u00f6nelik vizyonu hakk\u0131nda ne kadar \u00e7arp\u0131c\u0131 hikayeler bar\u0131nd\u0131rabilece\u011fini g\u00f6sterir. Rakamlar, asl\u0131nda bir \u015firketin att\u0131\u011f\u0131 ad\u0131mlar\u0131n, ald\u0131\u011f\u0131 risklerin ve kurdu\u011fu hayallerin dilidir.<\/p>\n<p>Bu yaz\u0131da, Avrasya Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131&#8217;n\u0131n (AVGYO) kamuya a\u00e7\u0131k son finansal raporlar\u0131n\u0131 bir strateji analisti g\u00f6z\u00fcyle inceleyerek, sat\u0131r aralar\u0131nda gizlenmi\u015f en \u015fa\u015f\u0131rt\u0131c\u0131 ve d\u00fc\u015f\u00fcnd\u00fcr\u00fcc\u00fc tespitleri sizler i\u00e7in derledik. Gelin, bir gayrimenkul \u015firketinin nas\u0131l T\u00fcrkiye&#8217;nin g\u00f6r\u00fcnmez otogar imparatoru haline geldi\u011fini ve kirac\u0131lar\u0131yla nas\u0131l birer i\u015f orta\u011f\u0131na d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fcn\u00fc birlikte ke\u015ffedelim.<\/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>1. Bir Gayrimenkul Devi, Ama Bildi\u011finiz Gibi De\u011fil: Otogar \u0130mparatorlu\u011fu<\/h3>\n<p>Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 (GYO) denildi\u011finde akla genellikle konut projeleri, ofis binalar\u0131 veya al\u0131\u015fveri\u015f merkezleri gelir. Ancak AVGYO&#8217;nun portf\u00f6y\u00fc, bu alanda olduk\u00e7a s\u0131ra d\u0131\u015f\u0131 ve stratejik bir farkl\u0131l\u0131k i\u00e7eriyor. \u015eirket, T\u00fcrkiye&#8217;deki GYO&#8217;lar aras\u0131nda portf\u00f6y\u00fcnde \u015fehirleraras\u0131 otob\u00fcs terminali bulunduran <b>tek<\/b> \u015firket olma unvan\u0131n\u0131 ta\u015f\u0131yor.<\/p>\n<p>Portf\u00f6y\u00fcn temel ta\u015flar\u0131ndan biri, resmi ad\u0131yla &#8220;Yusuf Ziya Y\u0131lmaz Samsun \u015eehirleraras\u0131 Otob\u00fcs Terminali&#8221; ba\u015fta olmak \u00fczere Havza ve \u00c7ar\u015famba&#8217;daki otogarlard\u0131r. Bu terminaller sadece birer binadan ibaret de\u011fil; Samsun&#8217;daki kompleks, ayn\u0131 zamanda i\u00e7inde akaryak\u0131t istasyonlar\u0131 gibi ili\u015fkili ticari m\u00fclkleri de bar\u0131nd\u0131r\u0131yor. Bu varl\u0131klar, kopyalanmas\u0131 zor, kritik altyap\u0131 tesisleridir. Y\u00fcksek giri\u015f engelleri ve s\u00fcrekli bir operasyonel ihtiyaca hizmet etmeleri, bu yat\u0131r\u0131mlardan elde edilen kira gelirini sadece \u00f6ng\u00f6r\u00fclebilir de\u011fil, ayn\u0131 zamanda son derece savunulabilir k\u0131l\u0131yor. Bu durum, \u015firkete dalgal\u0131 bir ekonomide istikrarl\u0131 ve korunakl\u0131 bir nakit ak\u0131\u015f\u0131 sa\u011flayan \u00f6nemli bir rekabet avantaj\u0131 sunuyor.<\/p>\n<h3>2. Rakamlar\u0131n Dili: Bir Y\u0131lda K\u00e2rdan Zarara Keskin D\u00f6n\u00fc\u015f\u00fcn Perde Arkas\u0131<\/h3>\n<p>Bir \u015firketin finansal sa\u011fl\u0131\u011f\u0131n\u0131 anlaman\u0131n en net yollar\u0131ndan biri, k\u00e2r-zarar tablosundaki de\u011fi\u015fimleri analiz etmektir. AVGYO&#8217;nun raporlar\u0131 bu konuda \u00e7arp\u0131c\u0131 bir tablo ortaya koyuyor. \u015eirket, 2024 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda <b>93.551.938 TL net k\u00e2r<\/b> a\u00e7\u0131klarken, 2025&#8217;in ayn\u0131 d\u00f6neminde <b>59.188.342 TL net zarara<\/b> ge\u00e7mi\u015f durumda.<\/p>\n<p>Bu dramatik d\u00f6n\u00fc\u015f\u00fcm\u00fcn ard\u0131ndaki temel neden ise tek bir kalemde gizli: &#8220;Gayrimenkul sat\u0131\u015flar\u0131&#8221;. 2024&#8217;\u00fcn ilk dokuz ay\u0131nda bu kalemden 242,7 milyon TL gelir elde eden \u015firket, 2025&#8217;in ayn\u0131 d\u00f6neminde hi\u00e7 gayrimenkul sat\u0131\u015f\u0131 yapmam\u0131\u015f. Bu durum, \u015firketin gelir modelinin proje geli\u015ftirip satmaya ne kadar ba\u011fl\u0131 oldu\u011funu ve bu t\u00fcr proje bazl\u0131 gelirlerin yaratt\u0131\u011f\u0131 dalgalanman\u0131n sekt\u00f6r\u00fcn bir ger\u00e7e\u011fi oldu\u011funu net bir \u015fekilde g\u00f6zler \u00f6n\u00fcne seriyor. Kira gelirleri istikrar sa\u011flarken, b\u00fcy\u00fck k\u00e2rlar proje sat\u0131\u015flar\u0131na dayan\u0131yor.<\/p>\n<h3>3. Enflasyonun Gizli Eli: Rakamlar Nas\u0131l Yeniden Yaz\u0131l\u0131yor?<\/h3>\n<p>Finansal raporlarda &#8220;Y\u00fcksek Enflasyon D\u00f6nemlerinde Finansal Tablolar\u0131n D\u00fczeltilmesi (TMS 29)&#8221; gibi teknik bir ba\u015fl\u0131k, asl\u0131nda ekonomik ger\u00e7ekli\u011fin \u015firket bilan\u00e7olar\u0131n\u0131 nas\u0131l yeniden \u015fekillendirdi\u011fini anlat\u0131r. Rapora g\u00f6re T\u00fcrkiye&#8217;de son \u00fc\u00e7 y\u0131ll\u0131k k\u00fcm\u00fclatif enflasyon oran\u0131 <b>%222&#8217;ye<\/b> ula\u015fm\u0131\u015f durumda.<\/p>\n<p>Bu ne anlama geliyor? Basit\u00e7e, d\u00fcn\u00fcn 100 TL&#8217;si ile bug\u00fcn\u00fcn 100 TL&#8217;si ayn\u0131 al\u0131m g\u00fcc\u00fcne sahip de\u011fil. Bu nedenle \u015firketler, varl\u0131klar\u0131n\u0131n ve bor\u00e7lar\u0131n\u0131n de\u011ferini bug\u00fcn\u00fcn paras\u0131yla ifade etmek i\u00e7in finansal tablolar\u0131n\u0131 enflasyona g\u00f6re d\u00fczeltmek zorunda kal\u0131yorlar. Bu d\u00fczeltme, \u015firketin varl\u0131klar\u0131n\u0131n ger\u00e7ek de\u011ferini ve operasyonel performans\u0131n\u0131 daha do\u011fru anlamam\u0131z\u0131 sa\u011flar. AVGYO&#8217;nun raporlar\u0131ndaki bu detay, mevcut ekonomik ortam\u0131n sadece bireylerin de\u011fil, dev \u015firketlerin bile finansal verilerini nas\u0131l derinden etkiledi\u011finin somut bir kan\u0131t\u0131d\u0131r.<\/p>\n<h3>4. S\u0131n\u0131rlar\u0131n \u00d6tesinde Bir Strateji: G\u00fcrcistan&#8217;daki Stratejik Hamle<\/h3>\n<p>AVGYO&#8217;nun stratejisi sadece T\u00fcrkiye s\u0131n\u0131rlar\u0131 i\u00e7inde kalm\u0131yor. \u015eirket, %100 oran\u0131nda i\u015ftiraki olan &#8220;Joy Hotel Batumi Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 JSC&#8221; arac\u0131l\u0131\u011f\u0131yla G\u00fcrcistan&#8217;\u0131n Batum \u015fehrinde \u00f6nemli bir yat\u0131r\u0131m portf\u00f6y\u00fcne sahip. Bu i\u015ftirakin portf\u00f6y\u00fcnde, Batum Metrocity projesinde yer alan tam <b>108 adet rezidans dairesi<\/b> bulunuyor.<\/p>\n<p>\u0130lk bak\u0131\u015fta bu, riski co\u011frafi olarak da\u011f\u0131tma hamlesi gibi g\u00f6r\u00fcnebilir, ancak raporun dipnotlar\u0131nda \u00e7ok daha derin bir strateji yat\u0131yor: &#8220;&#8230;gayrimenkul sat\u0131\u015flar\u0131 dolar ($) kuru \u00fczerinden yap\u0131lmaktad\u0131r.&#8221; Bu k\u00fc\u00e7\u00fck detay, hamlenin as\u0131l amac\u0131n\u0131 ortaya koyuyor. Bu yat\u0131r\u0131m, sadece farkl\u0131 bir pazara girmek de\u011fil, ayn\u0131 zamanda d\u00f6viz bazl\u0131 gelir ak\u0131\u015f\u0131 yaratarak T\u00fcrk Liras\u0131&#8217;ndaki de\u011fer kay\u0131plar\u0131na kar\u015f\u0131 do\u011fal bir koruma (hedge) mekanizmas\u0131 olu\u015fturma ve kur riski y\u00f6netimi stratejisinin somut bir ad\u0131m\u0131d\u0131r. Bu, \u015firketin gelece\u011fini g\u00fcvence alt\u0131na almak i\u00e7in at\u0131lm\u0131\u015f bilin\u00e7li ve ak\u0131ll\u0131ca bir ad\u0131md\u0131r.<\/p>\n<h3>5. Sabit Kira m\u0131, Ciro Pay\u0131 m\u0131? Al\u0131\u015f\u0131lm\u0131\u015f\u0131n D\u0131\u015f\u0131ndaki Kiralama Modelleri<\/h3>\n<p>Gayrimenkul kiralamas\u0131nda standart model, genellikle ayl\u0131k sabit bir bedeldir. Ancak AVGYO, baz\u0131 m\u00fclklerinde bu gelene\u011fin d\u0131\u015f\u0131na \u00e7\u0131karak olduk\u00e7a esnek ve yarat\u0131c\u0131 kiralama modelleri uyguluyor. \u00d6rne\u011fin, \u0130stanbul Arnavutk\u00f6y&#8217;de otel olarak kullan\u0131lan parsellerin kiras\u0131, kirac\u0131n\u0131n ayl\u0131k cirosunun <b>%15&#8217;i veya 300.000 TL+KDV&#8217;den y\u00fcksek olan tutar<\/b> \u00fczerinden hesaplan\u0131yor. Benzer \u015fekilde, Samsun \u00c7ar\u015famba&#8217;daki okul binas\u0131 da kirac\u0131s\u0131n\u0131n cirosunun <b>%20&#8217;si<\/b> oran\u0131nda bir kira bedeliyle faaliyet g\u00f6steriyor.<\/p>\n<p>Arnavutk\u00f6y&#8217;deki model, basit bir ciro payla\u015f\u0131m\u0131ndan \u00e7ok daha fazlas\u0131d\u0131r. Bu, &#8220;iki d\u00fcnyan\u0131n en iyisi&#8221; olarak tan\u0131mlanabilecek bir stratejidir. \u015eirket, kirac\u0131n\u0131n i\u015fleri iyi gitti\u011finde cirodan pay alarak kazanc\u0131n y\u00fckselmesine ortak olurken, i\u015fler k\u00f6t\u00fc gitti\u011finde ise 300.000 TL&#8217;lik taban kira ile kendini a\u015fa\u011f\u0131 y\u00f6nl\u00fc riske kar\u015f\u0131 korumaya al\u0131yor. Bu yakla\u015f\u0131m, klasik ev sahibi-kirac\u0131 ili\u015fkisini bir i\u015f ortakl\u0131\u011f\u0131na d\u00f6n\u00fc\u015ft\u00fcrerek hem riski hem de kazanc\u0131 payla\u015ft\u0131ran, g\u00fcn\u00fcm\u00fcz\u00fcn de\u011fi\u015fken ekonomik ko\u015fullar\u0131na m\u00fckemmel uyum sa\u011flayan zeki bir stratejiyi g\u00f6zler \u00f6n\u00fcne seriyor.<\/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: Her Rapor Bir F\u0131rsatt\u0131r<\/h3>\n<p>\u00d6zetle, Avrasya GYO&#8217;nun raporlar\u0131, \u015firketin farkl\u0131 bir oyun oynad\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Temelini otogarlar gibi al\u0131\u015f\u0131lmad\u0131k ve savunulabilir varl\u0131klar \u00fczerine kuruyor, kirac\u0131lar\u0131yla bir ortak gibi risk ve \u00f6d\u00fcl\u00fc payla\u015f\u0131yor ve gelece\u011fini yurt d\u0131\u015f\u0131ndaki d\u00f6viz bazl\u0131 varl\u0131klarla stratejik olarak koruyor. Bu sadece bir gayrimenkul \u015firketi de\u011fil; dikkatle hesaplanm\u0131\u015f stratejik bahislerden olu\u015fan bir portf\u00f6y.<\/p>\n<p>\u015eirketleri de\u011ferlendirirken, sadece son sat\u0131rdaki k\u00e2r ya da zarara de\u011fil, o sonuca giden yolda anlat\u0131lan hikayeye de kulak vermek gerekir. Peki, bir sonraki finansal tablolar, \u015firketlerin adapte oldu\u011fu hangi yeni ve yarat\u0131c\u0131 stratejileri g\u00f6zler \u00f6n\u00fcne serecek?<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Avrasya Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e. Durum Raporu (30.09.2025)<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu rapor, Avrasya Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.&#8217;nin (Grup) 30 Eyl\u00fcl 2025 tarihi itibar\u0131yla konsolide finansal durumunu, 2025&#8217;in ilk dokuz ayl\u0131k faaliyet sonu\u00e7lar\u0131n\u0131, kurumsal yap\u0131s\u0131n\u0131 ve stratejik geli\u015fmelerini detayl\u0131 bir \u015fekilde analiz etmektedir. Rapor, \u015firketin resmi finansal tablolar\u0131 ve faaliyet raporundan derlenen bilgilere dayanmaktad\u0131r.<\/p>\n<p><b>Temel Finansal Bulgular:<\/b><\/p>\n<ul>\n<li><b>Net Zarar:<\/b> Grup, 2025&#8217;in ilk dokuz ay\u0131n\u0131 59,2 milyon TL net zararla kapatm\u0131\u015ft\u0131r. Bu, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6neminde kaydedilen 93,6 milyon TL&#8217;lik net k\u00e2ra k\u0131yasla \u00f6nemli bir d\u00fc\u015f\u00fc\u015f\u00fc ifade etmektedir. Bu zarar\u0131n ana nedeni, d\u00f6nem i\u00e7inde kaydedilen 96,8 milyon TL&#8217;lik vergi gideridir.<\/li>\n<li><b>Has\u0131lat D\u00fc\u015f\u00fc\u015f\u00fc:<\/b> Has\u0131lat, 2024&#8217;\u00fcn ayn\u0131 d\u00f6nemindeki 292,3 milyon TL&#8217;den 2025&#8217;te 52,2 milyon TL&#8217;ye gerilemi\u015ftir. Bu d\u00fc\u015f\u00fc\u015f\u00fcn temel sebebi, 2024&#8217;te ger\u00e7ekle\u015fen 242,8 milyon TL&#8217;lik gayrimenkul sat\u0131\u015f\u0131n\u0131n 2025 d\u00f6neminde tekrarlanmamas\u0131d\u0131r. 2025 y\u0131l\u0131 has\u0131lat\u0131 tamamen kira gelirlerinden olu\u015fmaktad\u0131r.<\/li>\n<li><b>Finansal Durum:<\/b> 30 Eyl\u00fcl 2025 itibar\u0131yla \u015firketin toplam varl\u0131klar\u0131 2,05 milyar TL, toplam \u00f6zkaynaklar\u0131 ise 1,93 milyar TL olarak ger\u00e7ekle\u015fmi\u015ftir. Varl\u0131klar\u0131n b\u00fcy\u00fck bir b\u00f6l\u00fcm\u00fcn\u00fc 1,67 milyar TL de\u011ferindeki Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller olu\u015fturmaktad\u0131r.<\/li>\n<li><b>Nakit Ak\u0131\u015f\u0131:<\/b> \u015eirketin nakit ve nakit benzerleri, d\u00f6nem ba\u015f\u0131ndaki 55,1 milyon TL&#8217;den d\u00f6nem sonunda 15,9 milyon TL&#8217;ye d\u00fc\u015fm\u00fc\u015ft\u00fcr. Bu d\u00fc\u015f\u00fc\u015fte, 35 milyon TL&#8217;lik geri al\u0131nan paylar (hisse geri al\u0131m\u0131) ve yat\u0131r\u0131m faaliyetlerinden kaynaklanan 30,8 milyon TL&#8217;lik nakit \u00e7\u0131k\u0131\u015f\u0131 etkili olmu\u015ftur.<\/li>\n<\/ul>\n<p><b>Stratejik ve Operasyonel Geli\u015fmeler:<\/b><\/p>\n<ul>\n<li><b>Hisse Geri Al\u0131m Program\u0131:<\/b> \u015eirket, Mart 2025&#8217;te 125 milyon TL b\u00fct\u00e7eli bir hisse geri al\u0131m program\u0131 ba\u015flatm\u0131\u015ft\u0131r. 30 Eyl\u00fcl 2025 itibar\u0131yla bu program kapsam\u0131nda 35 milyon TL&#8217;lik geri al\u0131m ger\u00e7ekle\u015ftirilmi\u015ftir.<\/li>\n<li><b>Stratejik Sat\u0131n Alma:<\/b> Raporlama d\u00f6neminden sonra, \u015firket 3 Ekim 2025&#8217;te Avrasya Petrol ve Turistik Tesisler Yat\u0131r\u0131mlar A.\u015e.&#8217;nin ba\u011fl\u0131 ortakl\u0131\u011f\u0131 olan Metro Turizm Otelcilik ve Petrol \u00dcr\u00fcnleri Ticaret A.\u015e.&#8217;nin tamam\u0131n\u0131 530 milyon TL bedelle sat\u0131n alma karar\u0131 alm\u0131\u015ft\u0131r. Bu sat\u0131n alma i\u015flemi 4 Kas\u0131m 2025&#8217;te tescil edilmi\u015f ve ard\u0131ndan iki \u015firketin birle\u015fmesi y\u00f6n\u00fcnde karar al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<li><b>&#8220;Metro Hotel Apartments&#8221; Projesi:<\/b> Edirne&#8217;de yap\u0131lmas\u0131 planlanan ancak daha \u00f6nce durdurulan &#8220;Metro Hotel Apartments&#8221; projesinin yeniden aktifle\u015ftirilmesine karar verilmi\u015ftir.<\/li>\n<li><b>Portf\u00f6y ve Y\u00f6netim:<\/b> \u015eirket, T\u00fcrkiye&#8217;deki GYO&#8217;lar aras\u0131nda portf\u00f6y\u00fcnde \u015fehirleraras\u0131 otob\u00fcs terminalleri bulunduran tek \u015firket olma \u00f6zelli\u011fini korumaktad\u0131r. Portf\u00f6y\u00fcnde Samsun, \u00c7ar\u015famba ve Havza otogarlar\u0131, \u0130stanbul Metrocity&#8217;de ofisler, G\u00fcrcistan\/Batum&#8217;da rezidans daireler ve \u00e7e\u015fitli illerde farkl\u0131 ticari m\u00fclkler bulunmaktad\u0131r.<\/li>\n<\/ul>\n<p>Sonu\u00e7 olarak, 2025&#8217;in ilk dokuz ay\u0131, gayrimenkul sat\u0131\u015flar\u0131n\u0131n olmamas\u0131ndan kaynaklanan has\u0131lat d\u00fc\u015f\u00fc\u015f\u00fc ve y\u00fcksek vergi gideri nedeniyle finansal olarak zorlu ge\u00e7mi\u015ftir. Ancak \u015firket, hisse geri al\u0131m program\u0131, \u00f6nemli bir stratejik sat\u0131n alma ve kilit bir projenin yeniden ba\u015flat\u0131lmas\u0131 gibi ad\u0131mlarla gelece\u011fe y\u00f6nelik aktif bir strateji izlemektedir.<\/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<h2>1. Kurumsal Profil ve Faaliyet Alan\u0131<\/h2>\n<p>Avrasya Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e., 1 Mart 1996 tarihinde \u0130stanbul&#8217;da kurulmu\u015f, halka a\u00e7\u0131k bir anonim ortakl\u0131kt\u0131r. \u015eirketin ana faaliyet konusu, Sermaye Piyasas\u0131 Kurulu (SPK) d\u00fczenlemeleri \u00e7er\u00e7evesinde gayrimenkullere, gayrimenkule dayal\u0131 sermaye piyasas\u0131 ara\u00e7lar\u0131na, projelere ve haklara yat\u0131r\u0131m yapmakt\u0131r.<\/p>\n<ul>\n<li><b>Unvan:<\/b> Avrasya Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.<\/li>\n<li><b>Merkez Adres:<\/b> B\u00fcy\u00fckdere Cd. No:171 Metrocity A Blok K:17 1.Levent\/\u015ei\u015fli\/\u0130STANBUL<\/li>\n<li><b>Ticaret Sicil No:<\/b> \u0130stanbul Ticaret Sicil M\u00fcd\u00fcrl\u00fc\u011f\u00fc &#8211; 343593<\/li>\n<li><b>\u0130nternet Adresi:<\/b> www.avrasyagyo.com.tr<\/li>\n<li><b>Telefon \/ Faks:<\/b> 0212 344 12 88 \/ 0212 344 12 86<\/li>\n<li><b>Personel Say\u0131s\u0131:<\/b> 30 Eyl\u00fcl 2025 itibar\u0131yla 8 ki\u015fi (31 Aral\u0131k 2024: 6 ki\u015fi).<\/li>\n<\/ul>\n<h3>1.1. Ba\u011fl\u0131 Ortakl\u0131klar ve Uluslararas\u0131 Faaliyetler<\/h3>\n<p>Grup, yurt d\u0131\u015f\u0131 yat\u0131r\u0131mlar\u0131 kapsam\u0131nda G\u00fcrcistan&#8217;da faaliyet g\u00f6stermektedir. Bu operasyonlar, tam konsolidasyon y\u00f6ntemiyle finansal tablolara dahil edilen ba\u011fl\u0131 ortakl\u0131klar \u00fczerinden y\u00fcr\u00fct\u00fclmektedir.<\/p>\n<ul>\n<li><b>Joy Hotel Batumi Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 JSC:<\/b> \u015eirket, G\u00fcrcistan&#8217;daki faaliyetlerini bu ba\u011fl\u0131 ortakl\u0131k \u00fczerinden y\u00fcr\u00fctmektedir. Bu yap\u0131, 2017&#8217;de sat\u0131n al\u0131nan Metro Avrasya G\u00fcrcistan Gayrimenkul Yat\u0131r\u0131m \u015eirketi ile 2020&#8217;de sat\u0131n al\u0131nan Joy Hotel Batumi Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 JSC&#8217;nin birle\u015fmesiyle olu\u015fmu\u015ftur. \u015eirketin bu ba\u011fl\u0131 ortakl\u0131ktaki i\u015ftirak oran\u0131 %100&#8217;d\u00fcr. Ba\u011fl\u0131 ortakl\u0131\u011f\u0131n finansal tablolar\u0131 G\u00fcrcistan Larisi&#8217;nden (GEL) TL&#8217;ye \u00e7evrilerek konsolide edilmektedir.<\/li>\n<\/ul>\n<h2>2. Finansal Performans Analizi (30.09.2025)<\/h2>\n<p>Grup&#8217;un finansal tablolar\u0131, T\u00fcrkiye Muhasebe Standartlar\u0131 (TMS) ve T\u00fcrkiye Finansal Raporlama Standartlar\u0131 (TFRS) uyar\u0131nca haz\u0131rlanm\u0131\u015ft\u0131r. Y\u00fcksek enflasyon ortam\u0131 nedeniyle, finansal veriler TMS 29 standard\u0131na g\u00f6re d\u00fczeltilmi\u015f ve TL&#8217;nin 30 Eyl\u00fcl 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fc cinsinden ifade edilmi\u015ftir.<\/p>\n<h3>2.1. Konsolide Finansal Durum Tablosu (Bilan\u00e7o)<\/h3>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla Grup&#8217;un toplam varl\u0131klar\u0131 2.052.653.566 TL olarak ger\u00e7ekle\u015fmi\u015ftir. Bu rakam, 31 Aral\u0131k 2024&#8217;teki 2.065.523.773 TL&#8217;lik varl\u0131k toplam\u0131na g\u00f6re hafif bir d\u00fc\u015f\u00fc\u015f g\u00f6stermektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Varl\u0131klar (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>D\u00f6nen Varl\u0131klar<\/td>\n<td>294.815.641<\/td>\n<td>297.451.232<\/td>\n<td>-0,9%<\/td>\n<\/tr>\n<tr>\n<td><i>Nakit ve Nakit Benzerleri<\/i><\/td>\n<td>15.930.220<\/td>\n<td>55.115.224<\/td>\n<td>-71,1%<\/td>\n<\/tr>\n<tr>\n<td><i>Finansal Yat\u0131r\u0131mlar<\/i><\/td>\n<td>142.456.497<\/td>\n<td>91.050.978<\/td>\n<td>+56,5%<\/td>\n<\/tr>\n<tr>\n<td><i>Ticari Alacaklar<\/i><\/td>\n<td>86.364.731<\/td>\n<td>77.869.492<\/td>\n<td>+10,9%<\/td>\n<\/tr>\n<tr>\n<td>Duran Varl\u0131klar<\/td>\n<td>1.757.837.925<\/td>\n<td>1.768.072.541<\/td>\n<td>-0,6%<\/td>\n<\/tr>\n<tr>\n<td><i>Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller<\/i><\/td>\n<td>1.665.451.995<\/td>\n<td>1.673.430.609<\/td>\n<td>-0,5%<\/td>\n<\/tr>\n<tr>\n<td><i>Maddi Duran Varl\u0131klar<\/i><\/td>\n<td>66.958.320<\/td>\n<td>64.658.706<\/td>\n<td>+3,6%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>2.052.653.566<\/b><\/td>\n<td><b>2.065.523.773<\/b><\/td>\n<td><b>-0,6%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kaynaklar (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>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>24.281.882<\/td>\n<td>26.955.674<\/td>\n<td>-9,9%<\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>102.148.486<\/td>\n<td>8.537.471<\/td>\n<td>+1096,5%<\/td>\n<\/tr>\n<tr>\n<td><i>Ertelenmi\u015f Vergi Y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc<\/i><\/td>\n<td>100.309.630<\/td>\n<td>5.336.730<\/td>\n<td>+1779,5%<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td><b>1.926.223.198<\/b><\/td>\n<td><b>2.030.030.628<\/b><\/td>\n<td><b>-5,1%<\/b><\/td>\n<\/tr>\n<tr>\n<td><i>\u00d6denmi\u015f Sermaye<\/i><\/td>\n<td>111.600.000<\/td>\n<td>111.600.000<\/td>\n<td>0,0%<\/td>\n<\/tr>\n<tr>\n<td><i>Geri Al\u0131nan Paylar (-)<\/i><\/td>\n<td>(34.980.079)<\/td>\n<td>&#8211;<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td><i>Net D\u00f6nem Kar\u0131\/Zarar\u0131<\/i><\/td>\n<td>(59.188.342)<\/td>\n<td>81.816.483<\/td>\n<td>-172,3%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Kaynaklar<\/b><\/td>\n<td><b>2.052.653.566<\/b><\/td>\n<td><b>2.065.523.773<\/b><\/td>\n<td><b>-0,6%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Bilan\u00e7o Analizi:<\/b><\/p>\n<ul>\n<li><b>Varl\u0131k Yap\u0131s\u0131:<\/b> Toplam varl\u0131klar\u0131n %81&#8217;ini olu\u015fturan yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkuller, \u015firketin ana varl\u0131k kalemidir.<\/li>\n<li><b>Likidite:<\/b> Nakit ve nakit benzerlerinde ya\u015fanan %71&#8217;lik d\u00fc\u015f\u00fc\u015f, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde hisse geri al\u0131m program\u0131 i\u00e7in kullan\u0131lan finansman ve yat\u0131r\u0131m faaliyetlerinden kaynaklanmaktad\u0131r.<\/li>\n<li><b>Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> Uzun vadeli y\u00fck\u00fcml\u00fcl\u00fcklerdeki dramatik art\u0131\u015f, ertelenmi\u015f vergi y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcndeki 95 milyon TL&#8217;lik art\u0131\u015ftan kaynaklanmaktad\u0131r.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> \u00d6zkaynaklardaki d\u00fc\u015f\u00fc\u015f, 59,2 milyon TL&#8217;lik d\u00f6nem zarar\u0131 ve 35 milyon TL&#8217;lik hisse geri al\u0131m\u0131ndan kaynaklanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>2.2. K\u00e2r veya Zarar ve Di\u011fer Kapsaml\u0131 Gelir Tablosu<\/h3>\n<p>Grup, 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131n\u0131 zararla tamamlarken, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6neminde \u00f6nemli bir k\u00e2r elde etmi\u015fti.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kar veya Zarar Kalemleri (TL)<\/td>\n<td>1 Ocak \u2013 30 Eyl\u00fcl 2025<\/td>\n<td>1 Ocak \u2013 30 Eyl\u00fcl 2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td>Has\u0131lat<\/td>\n<td>52.232.431<\/td>\n<td>292.265.999<\/td>\n<td>-82,1%<\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015flar\u0131n Maliyeti (-)<\/td>\n<td>(1.961.886)<\/td>\n<td>(204.865.163)<\/td>\n<td>-99,0%<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Kar<\/b><\/td>\n<td><b>50.270.545<\/b><\/td>\n<td><b>87.400.836<\/b><\/td>\n<td><b>-42,5%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet Kar\u0131 \/ (Zarar\u0131)<\/td>\n<td>71.924.787<\/td>\n<td>126.335.055<\/td>\n<td>-43,1%<\/td>\n<\/tr>\n<tr>\n<td>Vergi \u00d6ncesi Kar \/ (Zarar)<\/td>\n<td>37.656.429<\/td>\n<td>93.551.938<\/td>\n<td>-59,7%<\/td>\n<\/tr>\n<tr>\n<td>Vergi Gelir \/(Gideri)<\/td>\n<td>(96.844.771)<\/td>\n<td>&#8211;<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Net Kar\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td><b>(59.188.342)<\/b><\/td>\n<td><b>93.551.938<\/b><\/td>\n<td><b>-163,3%<\/b><\/td>\n<\/tr>\n<tr>\n<td>100 Pay Ba\u015f\u0131na Kazan\u00e7\/Kay\u0131p<\/td>\n<td>(0,53036)<\/td>\n<td>0,83828<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Kapsaml\u0131 Gelir<\/b><\/td>\n<td><b>(68.827.351)<\/b><\/td>\n<td><b>20.400.768<\/b><\/td>\n<td><b>-437,4%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Gelir Tablosu Analizi:<\/b><\/p>\n<ul>\n<li><b>Has\u0131lat:<\/b> 2025&#8217;in ilk 9 ay\u0131nda has\u0131lat\u0131n tamam\u0131 kira gelirlerinden olu\u015furken, 2024&#8217;te 242,8 milyon TL tutar\u0131nda gayrimenkul sat\u0131\u015f\u0131 ger\u00e7ekle\u015fmi\u015ftir. Bu durum, has\u0131lattaki keskin d\u00fc\u015f\u00fc\u015f\u00fc a\u00e7\u0131klamaktad\u0131r.<\/li>\n<li><b>Faaliyet K\u00e2rl\u0131l\u0131\u011f\u0131:<\/b> Gayrimenkul sat\u0131\u015f\u0131 olmamas\u0131na ra\u011fmen, esas faaliyet k\u00e2r\u0131 71,9 milyon TL olarak pozitif kalm\u0131\u015ft\u0131r. Bu k\u00e2r, esas faaliyetlerden di\u011fer gelirler kaleminde yer alan 61,4 milyon TL&#8217;lik menkul k\u0131ymet reeskont gelirleri ve 34,7 milyon TL&#8217;lik kur fark\u0131 geliri ile desteklenmi\u015ftir.<\/li>\n<li><b>Net Sonu\u00e7:<\/b> Vergi \u00f6ncesi 37,7 milyon TL k\u00e2r, 96,2 milyon TL&#8217;si ertelenmi\u015f vergi olmak \u00fczere toplam 96,8 milyon TL&#8217;lik vergi gideri nedeniyle 59,2 milyon TL net zarara d\u00f6n\u00fc\u015fm\u00fc\u015ft\u00fcr.<\/li>\n<\/ul>\n<h3>2.3. B\u00f6l\u00fcmlere G\u00f6re Raporlama<\/h3>\n<p>Grup, faaliyetlerini T\u00fcrkiye ve G\u00fcrcistan olmak \u00fczere iki co\u011frafi b\u00f6lgede y\u00fcr\u00fctmektedir. 2025&#8217;in ilk 9 ay\u0131nda her iki b\u00f6lge de faaliyet k\u00e2r\u0131 elde etmi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>1 Ocak \u2013 30 Eyl\u00fcl 2025 (TL)<\/td>\n<td>T\u00fcrkiye<\/td>\n<td>G\u00fcrcistan<\/td>\n<td>Toplam<\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015f Gelirleri<\/td>\n<td>39.202.387<\/td>\n<td>13.030.044<\/td>\n<td>52.232.431<\/td>\n<\/tr>\n<tr>\n<td>Faaliyet Kar\u0131\/Zarar\u0131<\/td>\n<td>56.684.868<\/td>\n<td>15.239.919<\/td>\n<td>71.924.787<\/td>\n<\/tr>\n<tr>\n<td>Vergi \u00d6ncesi Kar\/Zarar<\/td>\n<td>22.416.510<\/td>\n<td>15.239.919<\/td>\n<td>37.656.429<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>3. Y\u00f6netim ve Kurumsal Yap\u0131<\/h2>\n<h3>3.1. Y\u00f6netim Kurulu ve Komiteler<\/h3>\n<p>\u015eirket Y\u00f6netim Kurulu, 3 y\u0131ll\u0131k g\u00f6rev s\u00fcresi i\u00e7in se\u00e7ilmi\u015f 5 \u00fcyeden olu\u015fmaktad\u0131r. Y\u00f6netim Kurulu, 1 Ocak &#8211; 30 Eyl\u00fcl 2025 tarihleri aras\u0131nda 34 kez toplanm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>\u00c7i\u011fdem \u00d6ZT\u00dcRK PULATO\u011eLU:<\/b> Y\u00f6netim Kurulu Ba\u015fkan\u0131 ve Genel M\u00fcd\u00fcr<\/li>\n<li><b>Ceren DE\u015eEN:<\/b> Y\u00f6netim Kurulu Ba\u015fkan Vekili<\/li>\n<li><b>Fatma \u00d6zt\u00fcrk G\u00fcm\u00fc\u015fsu:<\/b> \u00dcye (08.10.2025 itibar\u0131yla atand\u0131)<\/li>\n<li><b>Ahmet SERP\u0130L:<\/b> Ba\u011f\u0131ms\u0131z \u00dcye<\/li>\n<li><b>Hasan Tuncay EROL:<\/b> Ba\u011f\u0131ms\u0131z \u00dcye<\/li>\n<\/ul>\n<p><i>Not: 28.05.2025 tarihli Genel Kurul&#8217;da Can D\u0130\u015eL\u0130 yerine Burcu Hilal KAPLAN \u00fcye olarak atanm\u0131\u015f, ancak Sn. Kaplan 08.10.2025&#8217;te istifa ederek yerine Fatma \u00d6zt\u00fcrk G\u00fcm\u00fc\u015fsu atanm\u0131\u015ft\u0131r.<\/i><\/p>\n<p><b>Komiteler:<\/b><\/p>\n<ul>\n<li><b>Denetimden Sorumlu Komite:<\/b> Hasan Tuncay EROL (Ba\u015fkan), Ahmet SERP\u0130L (\u00dcye)<\/li>\n<li><b>Kurumsal Y\u00f6netim Komitesi:<\/b> H\u00fcseyin B\u00fcrge (Ba\u015fkan), Hasan Tuncay EROL (\u00dcye), Burcu Hilal KAPLAN (\u00dcye)<\/li>\n<li><b>Riskin Erken Saptanmas\u0131 Komitesi:<\/b> Hasan Tuncay EROL (Ba\u015fkan), Ahmet SERP\u0130L (\u00dcye)<\/li>\n<\/ul>\n<h3>3.2. Ortakl\u0131k Yap\u0131s\u0131 ve Sermaye<\/h3>\n<p>\u015eirketin kay\u0131tl\u0131 sermaye tavan\u0131 360.000.000 TL, \u00e7\u0131kar\u0131lm\u0131\u015f (\u00f6denmi\u015f) sermayesi ise 111.600.000 TL&#8217;dir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ortaklar<\/td>\n<td>Pay Oran\u0131 (%)<\/td>\n<td>Pay Tutar\u0131 (TL) &#8211; 30.09.2025<\/td>\n<\/tr>\n<tr>\n<td>Metro Avrasya Investment Georgia A.\u015e.<\/td>\n<td>37,36%<\/td>\n<td>41.689.499<\/td>\n<\/tr>\n<tr>\n<td>Metro Menkul De\u011ferler A.\u015e.<\/td>\n<td>10,54%<\/td>\n<td>11.761.992<\/td>\n<\/tr>\n<tr>\n<td>Barlas \u00dcnal<\/td>\n<td>5,37%<\/td>\n<td>5.995.548<\/td>\n<\/tr>\n<tr>\n<td>Fatma \u00d6zt\u00fcrk G\u00fcm\u00fc\u015fsu (A Grubu)<\/td>\n<td>0,01%<\/td>\n<td>9.300<\/td>\n<\/tr>\n<tr>\n<td>Halka A\u00e7\u0131k K\u0131s\u0131m ve Di\u011fer<\/td>\n<td>46,72%<\/td>\n<td>52.143.661<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><b>100,00%<\/b><\/td>\n<td><b>111.600.000<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>\u0130mtiyazl\u0131 Paylar:<\/b> \u015eirketin A Grubu paylar\u0131 imtiyazl\u0131d\u0131r ve tamam\u0131 Fatma \u00d6zt\u00fcrk G\u00fcm\u00fc\u015fsu&#8217;ya aittir. Bu paylar, Y\u00f6netim Kurulu&#8217;nun 5 \u00fcyesinden 3&#8217;\u00fcn\u00fc aday g\u00f6sterme imtiyaz\u0131na sahiptir.<\/p>\n<h2>4. Gayrimenkul Portf\u00f6y\u00fc<\/h2>\n<p>\u015eirketin portf\u00f6y\u00fc, T\u00fcrkiye&#8217;nin \u00e7e\u015fitli illerinde ve G\u00fcrcistan&#8217;da bulunan ticari gayrimenkullerden olu\u015fmaktad\u0131r. Portf\u00f6ydeki varl\u0131klar\u0131n 31 Aral\u0131k 2024 tarihli de\u011ferleme raporlar\u0131na dayanan de\u011ferleri ve g\u00fcncel durumlar\u0131 a\u015fa\u011f\u0131da \u00f6zetlenmi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Gayrimenkul<\/td>\n<td>Konum<\/td>\n<td>De\u011ferleme De\u011feri (31.12.2024, TL+KDV)<\/td>\n<td>G\u00fcncel Kira Durumu<\/td>\n<\/tr>\n<tr>\n<td><b>Yusuf Ziya Y\u0131lmaz Otob\u00fcs Terminali<\/b><\/td>\n<td>Samsun, \u0130lkad\u0131m<\/td>\n<td>460.325.000<\/td>\n<td>Kirac\u0131: Avrasya Terminal Hizmetleri A.\u015e. Ayl\u0131k kira 3.000.000 TL.<\/td>\n<\/tr>\n<tr>\n<td><b>\u0130ki Adet Akaryak\u0131t \u0130stasyonu<\/b><\/td>\n<td>Samsun, \u0130lkad\u0131m<\/td>\n<td>49.180.000 (Toplam)<\/td>\n<td>Kirac\u0131: Mepet Metro Petrol ve Tesisleri San.Tic. A.\u015e. Ayl\u0131k toplam kira 130.000 TL.<\/td>\n<\/tr>\n<tr>\n<td><b>\u00c7ar\u015famba Otogar\u0131<\/b><\/td>\n<td>Samsun, \u00c7ar\u015famba<\/td>\n<td>124.935.000<\/td>\n<td>Kirac\u0131: Anadolu Terminal Hizmetleri A.\u015e. Ayl\u0131k kira 279.000 TL.<\/td>\n<\/tr>\n<tr>\n<td><b>Havza Otob\u00fcs Terminali<\/b><\/td>\n<td>Samsun, Havza<\/td>\n<td>80.885.000<\/td>\n<td>Eski kirac\u0131: \u015eim\u015fir Tur (Ayl\u0131k 500.000 TL). 15.11.2025 itibar\u0131yla GMM Ula\u015f\u0131m&#8217;a ayl\u0131k 835.000 TL&#8217;ye kiralanm\u0131\u015ft\u0131r.<\/td>\n<\/tr>\n<tr>\n<td><b>\u00c7ar\u015famba Okul Binas\u0131<\/b><\/td>\n<td>Samsun, \u00c7ar\u015famba<\/td>\n<td>133.970.000<\/td>\n<td>Kirac\u0131: \u00c7ar\u015famba Vefa E\u011fitim Kurumlar\u0131. Ayl\u0131k cironun %20&#8217;si. (Kirac\u0131 ile dava s\u00fcreci devam etmektedir).<\/td>\n<\/tr>\n<tr>\n<td><b>Metrocity A Blok 17. Kat<\/b><\/td>\n<td>\u0130stanbul, \u015ei\u015fli<\/td>\n<td>119.800.000<\/td>\n<td>K\u0131smen kirac\u0131l\u0131 (Metro Menkul, Atlas Menkul, Metro Yat\u0131r\u0131m, Metro Portf\u00f6y), k\u0131smen \u015firket genel m\u00fcd\u00fcrl\u00fc\u011f\u00fc olarak kullan\u0131l\u0131yor.<\/td>\n<\/tr>\n<tr>\n<td><b>Metrocity C Blok 5. Kat<\/b><\/td>\n<td>\u0130stanbul, \u015ei\u015fli<\/td>\n<td>34.800.000<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td><b>Arnavutk\u00f6y Parselleri (261 ve 944)<\/b><\/td>\n<td>\u0130stanbul, Arnavutk\u00f6y<\/td>\n<td>109.030.000 (Toplam)<\/td>\n<td>Kirac\u0131: PNR Group. Ayl\u0131k kira, cironun %15&#8217;i veya 300.000 TL&#8217;den y\u00fcksek olan\u0131.<\/td>\n<\/tr>\n<tr>\n<td><b>Alanya Meskenleri (3 adet)<\/b><\/td>\n<td>Antalya, Alanya<\/td>\n<td>15.600.000 (Toplam)<\/td>\n<td>Kirac\u0131lar: Avrasya Petrol ve Bimal \u0130n\u015faat.<\/td>\n<\/tr>\n<tr>\n<td><b>Ankara Kargir Apartman<\/b><\/td>\n<td>Ankara, Yeni Mahalle<\/td>\n<td>24.620.000<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td><b>Tarsus Bilet Sat\u0131\u015f B\u00fcrolar\u0131 (4 adet)<\/b><\/td>\n<td>Mersin, Tarsus<\/td>\n<td>4.200.000<\/td>\n<td>Kirac\u0131: Metro Turizm Seyahat Organizasyon. Ayl\u0131k toplam kira 25.000 TL.<\/td>\n<\/tr>\n<tr>\n<td><b>Joy Hotel Batumi (108 Rezidans Dairesi)<\/b><\/td>\n<td>Batum, G\u00fcrcistan<\/td>\n<td>226.000.000 (6.400.000 USD)<\/td>\n<td>Ba\u011fl\u0131 ortakl\u0131k portf\u00f6y\u00fcnde.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>5. Stratejik Geli\u015fmeler ve Beklentiler<\/h2>\n<h3>5.1. Raporlama D\u00f6nemi Sonras\u0131 \u00d6nemli Olaylar<\/h3>\n<ul>\n<li><b>Metro Turizm Otelcilik Sat\u0131n Almas\u0131 (Ekim-Kas\u0131m 2025):<\/b> Grup, ili\u015fkili taraf\u0131 Avrasya Petrol&#8217;\u00fcn ba\u011fl\u0131 ortakl\u0131\u011f\u0131 olan Metro Turizm Otelcilik ve Petrol \u00dcr\u00fcnleri Ticaret A.\u015e.&#8217;nin tamam\u0131n\u0131 530 milyon TL bedelle sat\u0131n alm\u0131\u015ft\u0131r. Bedelin 100 milyon TL&#8217;si nakit, 176 milyon TL&#8217;si Edirne&#8217;deki projeden d\u00fckkan devri, kalan\u0131 ise 2 y\u0131l vade ile \u00f6denecektir. Anla\u015fma kapsam\u0131nda, proje tamamland\u0131\u011f\u0131nda otel ve ticari alanlar\u0131n i\u015fletmesi 20 y\u0131l s\u00fcreyle Avrasya Petrol&#8217;e ait olacak ve kar\u015f\u0131l\u0131\u011f\u0131nda cirodan %5 pay al\u0131nacakt\u0131r. Tescil i\u015flemleri 4 Kas\u0131m 2025&#8217;te tamamlanm\u0131\u015f ve 5 Kas\u0131m&#8217;da kolayla\u015ft\u0131r\u0131lm\u0131\u015f usulde birle\u015fme karar\u0131 al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<li><b>Havza Otogar\u0131 Kira S\u00f6zle\u015fmesi (Kas\u0131m 2025):<\/b> Havza Otob\u00fcs Terminali, 15 Kas\u0131m 2025&#8217;ten itibaren 5 y\u0131ll\u0131\u011f\u0131na ayl\u0131k 835.000 TL + KDV bedelle GMM Ula\u015f\u0131m Turizm&#8217;e kiralanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>5.2. Hisse Geri Al\u0131m Program\u0131<\/h3>\n<p>Y\u00f6netim Kurulu, 20 Mart 2025 tarihinde sermaye piyasalar\u0131nda sa\u011fl\u0131kl\u0131 fiyat olu\u015fumunu desteklemek amac\u0131yla bir hisse geri al\u0131m program\u0131 ba\u015flatm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>S\u00fcre:<\/b> Azami 3 y\u0131l<\/li>\n<li><b>Fon B\u00fcy\u00fckl\u00fc\u011f\u00fc:<\/b> Azami 125.000.000 TL (\u015eirket i\u00e7 kaynaklar\u0131ndan)<\/li>\n<li><b>Pay Adedi:<\/b> Azami 11.160.000 adet<\/li>\n<\/ul>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla program kapsam\u0131nda <b>34.980.079 TL<\/b> tutar\u0131nda hisse geri al\u0131nm\u0131\u015ft\u0131r.<\/p>\n<h3>5.3. Gelece\u011fe Y\u00f6nelik Beklentiler<\/h3>\n<ul>\n<li><b>&#8220;Metro Hotel Apartments&#8221; Projesi:<\/b> Daha \u00f6nce durdurulan Edirne&#8217;deki projenin yeniden de\u011ferlemesi yap\u0131lm\u0131\u015f ve aktifle\u015ftirilmesine karar verilmi\u015ftir. Projenin \u015firket aktiflerine \u00f6nemli \u00f6l\u00e7\u00fcde katk\u0131 sa\u011flamas\u0131 beklenmektedir.<\/li>\n<li><b>Yat\u0131r\u0131m Stratejisi:<\/b> \u015eirket, k\u00e2rl\u0131 gayrimenkul ve proje f\u0131rsatlar\u0131n\u0131 hem yurt i\u00e7inde hem de yurt d\u0131\u015f\u0131nda (\u00f6zellikle G\u00fcrcistan \u00fczerinden) ara\u015ft\u0131rmaya devam etmektedir. Risk da\u011f\u0131l\u0131m\u0131, yat\u0131r\u0131m stratejisinin temel bir unsuru olarak \u00f6ne \u00e7\u0131kmaktad\u0131r.<\/li>\n<li><b>Finansal Yap\u0131:<\/b> \u015eirket, faaliyetlerini b\u00fcy\u00fck oranda \u00f6zkaynaklar\u0131na dayal\u0131 olarak s\u00fcrd\u00fcrmektedir ve 30 Eyl\u00fcl 2025 itibar\u0131yla aktif banka kredisi bulunmamaktad\u0131r. Bu durum, finansal risk y\u00f6netiminde g\u00fc\u00e7l\u00fc bir pozisyon sa\u011flamaktad\u0131r.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"643\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Bu belgeler, **Avrasya Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.**&#8217;nin 2025 y\u0131l\u0131 ilk dokuz ayl\u0131k d\u00f6nemini kapsayan **faaliyet raporu** ve kurumsal kimlik bilgilerinden olu\u015fmaktad\u0131r. Kaynaklar, firman\u0131n **y\u00f6netim yap\u0131s\u0131n\u0131**, organizasyon \u015femas\u0131n\u0131, **ortakl\u0131k verilerini** ve yurt i\u00e7i ile yurt d\u0131\u015f\u0131ndaki gayrimenkul i\u015ftiraklerini detayland\u0131rmaktad\u0131r. \u015eirketin sahip oldu\u011fu **otob\u00fcs terminalleri**, akaryak\u0131t istasyonlar\u0131 ve **ofis binalar\u0131** gibi ta\u015f\u0131nmazlar\u0131n g\u00fcncel ekspertiz de\u011ferleri ile kira gelirleri bu metinlerde sunulmaktad\u0131r. Ayr\u0131ca, yat\u0131r\u0131mc\u0131lara y\u00f6nelik **k\u00e2r da\u011f\u0131t\u0131m politikalar\u0131**, risk y\u00f6netim stratejileri ve \u00f6nemli finansal kararlar kapsaml\u0131 bir \u015fekilde izah edilmektedir. Belge, kurumun **stratejik hedeflerini** ve faaliyet g\u00f6sterdi\u011fi sekt\u00f6rdeki ekonomik g\u00f6stergelere uyum s\u00fcrecini resmi verilerle \u00f6zetlemektedir.<\/p>\n","protected":false},"author":1,"featured_media":728,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[145],"class_list":["post-643","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-avgyo"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/643","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=643"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/643\/revisions"}],"predecessor-version":[{"id":729,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/643\/revisions\/729"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/728"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=643"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=643"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=643"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}