{"id":904,"date":"2026-01-30T23:49:15","date_gmt":"2026-01-30T20:49:15","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=904"},"modified":"2026-02-07T14:19:29","modified_gmt":"2026-02-07T11:19:29","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-tsgyo-tskb-gayrimenkul-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/904","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 TSGYO | TSKB Gayrimenkul 2025\/12 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #TSGYO | TSKB Gayrimenkul 2025\/12 Bilan\u00e7o Analizi - TSKB GYO Sa\u011flam Bilan\u00e7o ve Sanal K\u00e2r\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/lNG1rurgmsU?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>Bir Finansal Raporun Perde Arkas\u0131: Milyarlarca Liral\u0131k Emlak D\u00fcnyas\u0131 Hakk\u0131nda 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<h3>Giri\u015f: Rakamlar\u0131n Ard\u0131ndaki Hikayeler<\/h3>\n<p>Finansal raporlar&#8230; Y\u00fczlerce sayfa, karma\u015f\u0131k tablolar ve anla\u015f\u0131lmaz dipnotlar. \u0130lk bak\u0131\u015fta bu belgeler, rakamlarla dolu s\u0131k\u0131c\u0131 birer \u00f6dev gibi g\u00f6r\u00fcnebilir. Ancak bu yo\u011fun verilerin ard\u0131nda, bir \u015firketin, bir sekt\u00f6r\u00fcn ve hatta bir ekonominin sa\u011fl\u0131\u011f\u0131na dair \u00e7arp\u0131c\u0131 hikayeler yatar. Bir analistin g\u00f6z\u00fcyle bak\u0131ld\u0131\u011f\u0131nda her bir sat\u0131r, stratejik bir karar\u0131n, gizli bir riskin ya da &#8220;ka\u011f\u0131t \u00fczerindeki de\u011fer&#8221; ile &#8220;kasadaki para&#8221; aras\u0131ndaki devasa fark\u0131n izini ta\u015f\u0131r.<\/p>\n<p>Bu yaz\u0131da, TSKB Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.&#8217;nin 2025 y\u0131l\u0131na ait ba\u011f\u0131ms\u0131z denetim raporunun derinliklerine inerek, milyarlarca liral\u0131k bir portf\u00f6y\u00fcn ard\u0131ndaki en \u015fa\u015f\u0131rt\u0131c\u0131 ve birbiriyle ba\u011flant\u0131l\u0131 5 ger\u00e7e\u011fi ortaya \u00e7\u0131karaca\u011f\u0131z. Haz\u0131rsan\u0131z, rakamlar\u0131n ard\u0131ndaki hikayeleri ke\u015ffetmeye ba\u015flayal\u0131m.<\/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. Milyarlarca Liral\u0131k Varl\u0131\u011f\u0131n De\u011feri Bir Bilim Dal\u0131 De\u011fil, Bir Sanatt\u0131r<\/h3>\n<p>Bir gayrimenkul imparatorlu\u011funun temelinde ne yatar? Beton, \u00e7elik ve cam m\u0131? Rakamlara g\u00f6re evet, ama as\u0131l temel \u00e7ok daha soyut: profesyonel muhakeme. TSKB GYO&#8217;nun finansal durum tablosuna bakt\u0131\u011f\u0131m\u0131zda, \u015firketin toplam <b>7.005.226.752 TL<\/b>&#8216;lik varl\u0131\u011f\u0131n\u0131n neredeyse tamam\u0131n\u0131n, <b>6.694.866.305 TL<\/b> de\u011ferindeki yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkullerden olu\u015ftu\u011funu g\u00f6r\u00fcyoruz. Peki, bu ak\u0131l almaz rakam nas\u0131l belirleniyor?<\/p>\n<p>\u0130\u015fte bu noktada i\u015f, bir bilim dal\u0131 olmaktan \u00e7\u0131k\u0131p bir sanata d\u00f6n\u00fc\u015f\u00fcyor. Ba\u011f\u0131ms\u0131z denet\u00e7i PwC, bu de\u011ferleme s\u00fcrecini raporunda bir &#8220;Kilit Denetim Konusu&#8221; olarak tan\u0131ml\u0131yor; yani s\u00fcrecin ne kadar karma\u015f\u0131k, \u00f6znel ve denetim a\u00e7\u0131s\u0131ndan en \u00e7ok dikkat gerektiren alanlardan biri oldu\u011funun alt\u0131n\u0131 \u00e7iziyor. \u00c7\u00fcnk\u00fc bu de\u011ferleme, &#8220;kapitalizasyon oran\u0131&#8221; ve &#8220;iskonto oran\u0131&#8221; gibi terimlere dayan\u0131r. Bu oranlar, asl\u0131nda gelece\u011fe dair tahminler y\u00fcr\u00fctme sanat\u0131d\u0131r. De\u011ferlemeyi yapan uzmanlar, &#8220;Bu AVM gelecekte ne kadar kira geliri \u00fcretir?&#8221;, &#8220;10 y\u0131l sonra bu semt ne kadar de\u011ferli olur?&#8221; ve &#8220;Gelecekteki o paran\u0131n bug\u00fcnk\u00fc de\u011feri nedir?&#8221; gibi sorulara yan\u0131t arar. Varsay\u0131mlardaki ufac\u0131k bir de\u011fi\u015fiklik, milyarlarca liral\u0131k de\u011feri milyonlarca lira yukar\u0131 veya a\u015fa\u011f\u0131 \u00e7ekebilir. Bu durum, finansal de\u011feri mutlak bir ger\u00e7ekten \u00e7ok, tecr\u00fcbe ve \u00f6ng\u00f6r\u00fcyle \u015fekillenen bir sanat eserine d\u00f6n\u00fc\u015ft\u00fcr\u00fcyor ve raporun geri kalan\u0131ndaki t\u00fcm &#8220;k\u00e2r&#8221; ve &#8220;zarar&#8221; hikayelerinin temelini olu\u015fturuyor.<\/p>\n<p>Kilit denetim konular\u0131, mesleki muhakememize g\u00f6re cari d\u00f6neme ait finansal tablolar\u0131n ba\u011f\u0131ms\u0131z denetiminde en \u00e7ok \u00f6nem arz eden konulard\u0131r&#8230; de\u011ferlemelerin \u00f6znel niteli\u011fi, \u00f6nemli varsay\u0131m ve muhakemeler i\u00e7ermesi sebebiyle kilit denetim konusu olarak belirlenmi\u015ftir.<\/p>\n<h3>2. &#8220;K\u00e2r&#8221; Her Zaman Kasaya Giren Para Anlam\u0131na Gelmez<\/h3>\n<p>\u0130\u015fte o &#8220;sanat eseri&#8221; de\u011ferlemenin bizi getirdi\u011fi ikinci \u015fa\u015f\u0131rt\u0131c\u0131 ger\u00e7ek: K\u00e2r her zaman nakit demek de\u011fildir. TSKB GYO&#8217;nun 2025 y\u0131l\u0131 k\u00e2r-zarar tablosunda, &#8220;Esas faaliyetlerden di\u011fer gelirler&#8221; kalemi alt\u0131nda <b>150.428.953 TL<\/b> gibi dikkat \u00e7ekici bir rakam g\u00f6r\u00fcyoruz. Bu gelirin nereden geldi\u011fini merak edip raporun dipnotlar\u0131na indi\u011fimizde ise s\u0131r ortaya \u00e7\u0131k\u0131yor.<\/p>\n<p>Not 20, bu tutar\u0131n tam <b>143.189.795 TL<\/b>&#8216;lik devasa k\u0131sm\u0131n\u0131n &#8220;Gayrimenkul de\u011fer art\u0131\u015f\u0131&#8221;ndan kaynakland\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Basit bir dille ifade etmek gerekirse, \u015firketin gelirlerinin b\u00fcy\u00fck bir b\u00f6l\u00fcm\u00fc, ilk maddede bahsetti\u011fimiz uzman varsay\u0131mlar\u0131 sonucunda sahip olunan binalar\u0131n ve AVM&#8217;lerin de\u011ferinin ka\u011f\u0131t \u00fczerinde artmas\u0131ndan geliyor. Bu, maa\u015flar\u0131 \u00f6demek, bor\u00e7lar\u0131 kapatmak veya yeni projelere yat\u0131r\u0131m yapmak i\u00e7in kullan\u0131labilecek bir nakit de\u011fil; varl\u0131klar\u0131n yeniden de\u011ferlemesiyle ortaya \u00e7\u0131kan bir &#8220;ka\u011f\u0131t \u00fczerinde kazan\u00e7&#8221;t\u0131r. Bu durum, Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 modelinin do\u011fas\u0131n\u0131 ve bir \u015firketin finansal sa\u011fl\u0131\u011f\u0131n\u0131 analiz ederken nakit ak\u0131\u015f\u0131 ile k\u00e2\u011f\u0131t \u00fczerindeki k\u00e2r aras\u0131ndaki hayati fark\u0131 anlaman\u0131n ne kadar kritik oldu\u011funu g\u00f6steriyor.<\/p>\n<h3>3. Bir Y\u0131lda 45 Milyon Liral\u0131k De\u011fi\u015fim: Zarardan K\u00e2ra Keskin D\u00f6n\u00fc\u015f<\/h3>\n<p>Ka\u011f\u0131t \u00fczerindeki de\u011fer art\u0131\u015flar\u0131n\u0131n bir \u015firketin kaderini nas\u0131l de\u011fi\u015ftirebilece\u011finin en somut kan\u0131t\u0131, bir \u00f6nceki y\u0131l ile yap\u0131lan kar\u015f\u0131la\u015ft\u0131rmada gizli. Finansal tablolar, bir \u015firketin sadece belirli bir andaki durumunu de\u011fil, zaman i\u00e7indeki yolculu\u011funu da anlat\u0131r. TSKB GYO&#8217;nun performans\u0131 bu duruma m\u00fckemmel bir \u00f6rnek te\u015fkil ediyor. \u015eirket, 2024 y\u0131l\u0131nda <b>29.362.588 TL zarar<\/b> a\u00e7\u0131klam\u0131\u015fken, sadece bir y\u0131l sonra, 2025&#8217;te, <b>15.618.196 TL k\u00e2r<\/b> elde etmeyi ba\u015farm\u0131\u015f.<\/p>\n<p>Bu, iki y\u0131l aras\u0131nda yakla\u015f\u0131k 45 milyon TL&#8217;lik pozitif bir d\u00f6n\u00fc\u015f\u00fcm demek. Bu keskin d\u00f6n\u00fc\u015f\u00fcm\u00fcn arkas\u0131ndaki ana itici g\u00fc\u00e7lerden biri, ikinci maddede inceledi\u011fimiz ve b\u00fcy\u00fck \u00f6l\u00e7\u00fcde varsay\u0131mlara dayanan gayrimenkul de\u011fer art\u0131\u015flar\u0131d\u0131r. \u00dcstelik bu 45 milyon liral\u0131k pozitif d\u00f6n\u00fc\u015f\u00fcm, paran\u0131n al\u0131m g\u00fcc\u00fcndeki \u015fiddetli erimeye kar\u015f\u0131 d\u00fczeltilmi\u015f, yani reel rakamlar \u00fczerinden ger\u00e7ekle\u015fti. Bu y\u00fczden finansal tablolar\u0131 sadece anl\u0131k bir foto\u011fraf olarak de\u011fil, ayn\u0131 zamanda bir \u015firketin ini\u015f ve \u00e7\u0131k\u0131\u015flar\u0131n\u0131 g\u00f6steren bir film \u015feridi gibi okumak, b\u00fcy\u00fck resmi anlamak i\u00e7in hayati \u00f6nem ta\u015f\u0131r.<\/p>\n<h3>4. Dev Portf\u00f6y, Minimalist Ekip: 7 Milyar Liray\u0131 Sadece 13 Ki\u015fi Y\u00f6netiyor<\/h3>\n<p>7 milyar liral\u0131k bir imparatorlu\u011fun d\u00fcmeninde ka\u00e7 ki\u015fi olmas\u0131n\u0131 beklersiniz? Y\u00fczlerce? Belki de binlerce? Cevap sizi \u015fa\u015fk\u0131na \u00e7evirecek: Sadece 13. Raporun 1 numaral\u0131 dipnotuna g\u00f6re, 31 Aral\u0131k 2025 tarihi itibar\u0131yla TSKB GYO&#8217;nun toplam \u00e7al\u0131\u015fan say\u0131s\u0131 tam olarak <b>13 ki\u015fi<\/b>.<\/p>\n<p>Evet, yanl\u0131\u015f okumad\u0131n\u0131z. Bu ultra-minimalist ekip, milyarlarca liral\u0131k devasa bir gayrimenkul portf\u00f6y\u00fcn\u00fcn stratejik y\u00f6netiminden sorumlu. Bu nas\u0131l m\u00fcmk\u00fcn oluyor? Cevap, Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 (GYO) modelinin do\u011fas\u0131nda gizli. Ayn\u0131 b\u00fcy\u00fckl\u00fckte varl\u0131\u011fa sahip bir sanayi devi, fabrikalarda ve operasyonlarda binlerce ki\u015fiyi istihdam ederken, bir GYO adeta bir finansal komuta merkezi gibi \u00e7al\u0131\u015f\u0131r; varl\u0131klar\u0131 sahiplenir, stratejiyi belirler ve operasyonel y\u00fck\u00fc (g\u00fcvenlik, temizlik, de\u011ferleme gibi) d\u0131\u015far\u0131daki uzmanlara devreder. Bu yap\u0131, modern finans d\u00fcnyas\u0131n\u0131n \u00e7ok k\u00fc\u00e7\u00fck ekiplerle ne kadar b\u00fcy\u00fck de\u011ferler y\u00f6netebilece\u011finin en \u00e7arp\u0131c\u0131 \u00f6rneklerinden biridir.<\/p>\n<h3>5. Enflasyon Muhasebesi: B\u00fct\u00fcn Rakamlar Yeniden Yaz\u0131l\u0131yor<\/h3>\n<p>Buraya kadar inceledi\u011fimiz t\u00fcm rakamlar\u0131 bir de bamba\u015fka bir g\u00f6zle okumam\u0131z\u0131 gerektiren son ve belki de en \u00f6nemli ger\u00e7ekle kar\u015f\u0131 kar\u015f\u0131yay\u0131z. Raporun 2.1.4 numaral\u0131 dipnotu, &#8220;Y\u00fcksek enflasyonlu ekonomilerde finansal raporlama&#8221; ba\u015fl\u0131\u011f\u0131yla, okudu\u011fumuz her \u015feye yeni bir anlam kat\u0131yor. SPK karar\u0131 uyar\u0131nca, \u015firket finansal tablolar\u0131n\u0131 TMS 29 standard\u0131na, yani enflasyon muhasebesine g\u00f6re haz\u0131rlamak zorunda.<\/p>\n<p>Peki bu ne anlama geliyor? Enflasyon muhasebesini, her g\u00fcn biraz daha k\u00fc\u00e7\u00fclen bir cetvelle \u00f6l\u00e7\u00fcm yapmaya benzetebiliriz. E\u011fer d\u00fczelme yapmazsan\u0131z, bug\u00fcn 30 cm \u00f6l\u00e7t\u00fc\u011f\u00fcn\u00fcz bir nesne, d\u00fcn 25 cm gibi g\u00f6r\u00fcnecektir. TMS 29, raporu okumadan \u00f6nce bu cetveli standart boyuna geri uzatmam\u0131z\u0131 sa\u011flar, b\u00f6ylece t\u00fcm rakamlar\u0131 ayn\u0131 ve do\u011fru \u00f6l\u00e7ekte kar\u015f\u0131la\u015ft\u0131rabiliriz. Yani raporda g\u00f6rd\u00fc\u011f\u00fcm\u00fcz t\u00fcm rakamlar, paran\u0131n sat\u0131n alma g\u00fcc\u00fcndeki d\u00fc\u015f\u00fc\u015f\u00fc yans\u0131tacak \u015fekilde d\u00fczeltilmi\u015f durumda. Durumun ciddiyetini anlamak i\u00e7in raporda verilen tek bir veriye bakmak yeterli: 31 Aral\u0131k 2025 itibar\u0131yla &#8220;\u00dc\u00e7 Y\u0131ll\u0131k Bile\u015fik Enflasyon Oran\u0131&#8221; <b>%211<\/b> olarak belirtilmi\u015f. Bu detay, finansal verileri yorumlarken i\u00e7inde bulunulan makroekonomik ko\u015fullar\u0131 g\u00f6z ard\u0131 etmenin ne kadar yan\u0131lt\u0131c\u0131 olabilece\u011fini g\u00f6steren g\u00fc\u00e7l\u00fc bir derstir.<\/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 \u00d6tesine Bakmak<\/h3>\n<p>Bu be\u015f nokta, ilk bak\u0131\u015fta s\u0131k\u0131c\u0131 g\u00f6r\u00fcnen bir finansal raporun asl\u0131nda ne kadar dinamik ve birbiriyle ba\u011flant\u0131l\u0131 bilgilerle dolu oldu\u011funu g\u00f6steriyor. Bir varl\u0131\u011f\u0131n de\u011ferinin varsay\u0131mlara dayal\u0131 bir sanat olmas\u0131ndan, bu sanat\u0131n yaratt\u0131\u011f\u0131 ka\u011f\u0131t \u00fczerindeki k\u00e2rlar\u0131n bir \u015firketi zarardan k\u00e2ra ta\u015f\u0131mas\u0131na; minimalist bir ekibin dev bir portf\u00f6y\u00fc y\u00f6netmesinden, t\u00fcm bu hikayenin y\u00fcksek enflasyonun g\u00f6lgesinde yeniden yaz\u0131lmas\u0131na kadar her detay, bize finans d\u00fcnyas\u0131n\u0131n \u00e7ok katmanl\u0131 yap\u0131s\u0131n\u0131 anlat\u0131yor.<\/p>\n<p>Bu y\u00fczden bir dahaki sefere bir finansal raporla kar\u015f\u0131la\u015ft\u0131\u011f\u0131n\u0131zda, sadece sonuca de\u011fil, rakamlar\u0131n ard\u0131ndaki hikayeye de odaklan\u0131n. Peki, milyarlarca liral\u0131k de\u011ferin bu kadar \u00e7ok varsay\u0131ma ve ekonomik d\u00fczeltmeye dayand\u0131\u011f\u0131 bir d\u00fcnyada, &#8220;ger\u00e7ek de\u011fer&#8221; sizce ne anlama geliyor?<\/p>\n<p>&nbsp;<\/p>\n<h1>TSKB Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e. 2025 Mali Y\u0131l\u0131 Ba\u011f\u0131ms\u0131z Denet\u00e7i Raporu ve Finansal Tablolar\u0131 Bilgilendirme Notu<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu bilgilendirme notu, TSKB Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.&#8217;nin (\u015eirket) 31 Aral\u0131k 2025 tarihinde sona eren hesap d\u00f6nemine ait ba\u011f\u0131ms\u0131z denet\u00e7i raporu ve finansal tablolar\u0131n\u0131 sentezlemektedir. PwC Ba\u011f\u0131ms\u0131z Denetim ve Serbest Muhasebeci Mali M\u00fc\u015favirlik A.\u015e. taraf\u0131ndan y\u00fcr\u00fct\u00fclen denetim sonucunda, \u015eirket&#8217;in finansal tablolar\u0131n\u0131n T\u00fcrkiye Finansal Raporlama Standartlar\u0131&#8217;na (TFRS) uygun olarak t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sunuldu\u011fu y\u00f6n\u00fcnde <b>olumlu (niteliksiz) g\u00f6r\u00fc\u015f<\/b> bildirilmi\u015ftir.<\/p>\n<p>Denetim raporunda \u00f6ne \u00e7\u0131kan <b>kilit denetim konusu<\/b>, \u015eirket&#8217;in toplam varl\u0131klar\u0131n\u0131n b\u00fcy\u00fck bir b\u00f6l\u00fcm\u00fcn\u00fc olu\u015fturan <b>yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkullerin ger\u00e7e\u011fe uygun de\u011ferlerinin belirlenmesi<\/b> olmu\u015ftur. 31 Aral\u0131k 2025 itibar\u0131yla 6,7 milyar TL de\u011ferindeki bu varl\u0131klar\u0131n de\u011ferlemesi, \u00f6nemli muhakeme ve \u00f6znel varsay\u0131mlar (iskonto oranlar\u0131, doluluk oranlar\u0131, kira gelirleri vb.) i\u00e7ermesi nedeniyle denetimin en \u00e7ok \u00f6nem arz eden konusu olarak tan\u0131mlanm\u0131\u015ft\u0131r.<\/p>\n<p>Finansal performans a\u00e7\u0131s\u0131ndan \u015eirket, 2024 mali y\u0131l\u0131ndaki 29,4 milyon TL&#8217;lik net zarara kar\u015f\u0131l\u0131k, 2025 mali y\u0131l\u0131nda <b>15,6 milyon TL net kar<\/b> elde ederek pozitif bir d\u00f6n\u00fc\u015f\u00fcm sergilemi\u015ftir. \u015eirket&#8217;in toplam varl\u0131klar\u0131 bir \u00f6nceki y\u0131la g\u00f6re hafif bir art\u0131\u015fla 7,0 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. Nakit ak\u0131\u015flar\u0131nda ise yat\u0131r\u0131m ve finansman faaliyetleri sonucunda nakit ve nakit benzerlerinde bir \u00f6nceki y\u0131la k\u0131yasla \u00f6nemli bir d\u00fc\u015f\u00fc\u015f g\u00f6zlemlenmi\u015ftir. Finansal tablolar, SPK&#8217;n\u0131n karar\u0131 uyar\u0131nca T\u00fcrkiye&#8217;deki y\u00fcksek enflasyon ortam\u0131 g\u00f6z \u00f6n\u00fcnde bulundurularak TMS 29 standard\u0131na g\u00f6re d\u00fczeltilmi\u015f ve 31 Aral\u0131k 2025 tarihindeki paran\u0131n sat\u0131n alma g\u00fcc\u00fcyle sunulmu\u015ftur.<\/p>\n<h2>Ba\u011f\u0131ms\u0131z Denet\u00e7i Raporu Analizi<\/h2>\n<h3>Denet\u00e7i Bilgileri ve Denetimin Kapsam\u0131<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Konu<\/td>\n<td>A\u00e7\u0131klama<\/td>\n<\/tr>\n<tr>\n<td><b>Denetim Firmas\u0131<\/b><\/td>\n<td>PwC Ba\u011f\u0131ms\u0131z Denetim ve Serbest Muhasebeci Mali M\u00fc\u015favirlik A.\u015e.<\/td>\n<\/tr>\n<tr>\n<td><b>Sorumlu Denet\u00e7i<\/b><\/td>\n<td>Talar G\u00fcl, SMMM<\/td>\n<\/tr>\n<tr>\n<td><b>Rapor Tarihi<\/b><\/td>\n<td>30 Ocak 2026<\/td>\n<\/tr>\n<tr>\n<td><b>Denetlenen \u015eirket<\/b><\/td>\n<td>TSKB Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.<\/td>\n<\/tr>\n<tr>\n<td><b>Denetlenen D\u00f6nem<\/b><\/td>\n<td>1 Ocak 2025 &#8211; 31 Aral\u0131k 2025<\/td>\n<\/tr>\n<tr>\n<td><b>Denetlenen Tablolar<\/b><\/td>\n<td>Finansal durum tablosu, kar veya zarar ve di\u011fer kapsaml\u0131 gelir tablosu, \u00f6zkaynaklar de\u011fi\u015fim tablosu, nakit ak\u0131\u015f tablosu ve ilgili dipnotlar.<\/td>\n<\/tr>\n<tr>\n<td><b>Uygulanan Standartlar<\/b><\/td>\n<td>Kamu G\u00f6zetimi, Muhasebe ve Denetim Standartlar\u0131 Kurumu (KGK) taraf\u0131ndan yay\u0131mlanan T\u00fcrkiye Denetim Standartlar\u0131 (BDS&#8217;ler).<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Denet\u00e7i G\u00f6r\u00fc\u015f\u00fc<\/h3>\n<p>PwC, denetim raporunda olumlu bir g\u00f6r\u00fc\u015f bildirmi\u015ftir. Rapordaki ifade aynen \u015f\u00f6yledir:<\/p>\n<p>&#8220;G\u00f6r\u00fc\u015f\u00fcm\u00fcze g\u00f6re, ili\u015fikteki finansal tablolar \u015eirket\u2019in 31 Aral\u0131k 2025 tarihi itibar\u0131yla finansal durumunu ve ayn\u0131 tarihte sona eren hesap d\u00f6nemine ait finansal performans\u0131n\u0131 ve nakit ak\u0131\u015flar\u0131n\u0131 T\u00fcrkiye Finansal Raporlama Standartlar\u0131\u2019na (\u201cTFRS\u2019lere\u201d) uygun olarak t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sunmaktad\u0131r.&#8221;<\/p>\n<p>Bu g\u00f6r\u00fc\u015f, finansal tablolar\u0131n hata veya hile kaynakl\u0131 \u00f6nemli yanl\u0131\u015fl\u0131klar i\u00e7ermedi\u011fine dair makul bir g\u00fcvence sa\u011flamaktad\u0131r.<\/p>\n<h3>Kilit Denetim Konusu: Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkullerin De\u011ferlemesi<\/h3>\n<p>Denet\u00e7inin mesleki muhakemesine g\u00f6re, cari d\u00f6nem denetiminde en \u00e7ok \u00f6nem arz eden konu, yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkullerin ger\u00e7e\u011fe uygun de\u011ferlemesidir.<\/p>\n<ul>\n<li><b>Konunun \u00d6nemi:<\/b>\n<ul>\n<li>31 Aral\u0131k 2025 itibar\u0131yla yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkullerin de\u011feri <b>6.694.866.305 TL<\/b> olup, bu rakam \u015eirket&#8217;in toplam varl\u0131klar\u0131n\u0131n \u00f6nemli bir b\u00f6l\u00fcm\u00fcn\u00fc olu\u015fturmaktad\u0131r.<\/li>\n<li>De\u011ferleme s\u00fcreci, &#8220;gelir yakla\u015f\u0131m\u0131&#8221; ve &#8220;emsal yakla\u015f\u0131m\u0131&#8221; gibi y\u00f6ntemler kullan\u0131larak yap\u0131lm\u0131\u015ft\u0131r ve bu y\u00f6ntemler \u00f6nemli muhakeme ve \u00f6znel varsay\u0131mlar gerektirmektedir.<\/li>\n<li>De\u011ferlemeyi do\u011frudan etkileyen kritik varsay\u0131mlar aras\u0131nda kapitalizasyon oran\u0131, iskonto oran\u0131, kiralanabilir alanlar\u0131n doluluk oranlar\u0131 ve kira gelirleri bulunmaktad\u0131r.<\/li>\n<\/ul>\n<\/li>\n<li><b>Denetimde Konunun Ele Al\u0131n\u0131\u015f\u0131:<\/b> Denet\u00e7i, bu kilit konuyu ele almak i\u00e7in a\u015fa\u011f\u0131daki prosed\u00fcrleri uygulam\u0131\u015ft\u0131r:\n<ol>\n<li>\u015eirket y\u00f6netiminin, ba\u011f\u0131ms\u0131z gayrimenkul de\u011ferleme uzman\u0131 (Vera Gayrimenkul De\u011ferleme ve Dan\u0131\u015fmanl\u0131k A.\u015e.) taraf\u0131ndan haz\u0131rlanan rapor \u00fczerindeki kontrollerini anlam\u0131\u015ft\u0131r.<\/li>\n<li>De\u011ferleme uzman\u0131n\u0131n ehliyetini, yetkinli\u011fini ve tarafs\u0131zl\u0131\u011f\u0131n\u0131 de\u011ferlendirmi\u015ftir.<\/li>\n<li>Kullan\u0131lan de\u011ferleme metotlar\u0131n\u0131n (gelir ve pazar yakla\u015f\u0131mlar\u0131) uygunlu\u011funu de\u011ferlendirmi\u015ftir.<\/li>\n<li>De\u011ferleme raporlar\u0131ndaki hesaplamalar\u0131n matematiksel do\u011frulu\u011funu test etmi\u015ftir.<\/li>\n<li>Nakit ak\u0131\u015f tahminlerinin tutarl\u0131l\u0131\u011f\u0131n\u0131 \u015eirket&#8217;in b\u00fct\u00e7e projeksiyonlar\u0131 ile kar\u015f\u0131la\u015ft\u0131rm\u0131\u015ft\u0131r.<\/li>\n<li>Kendi g\u00f6revlendirdi\u011fi ba\u011f\u0131ms\u0131z de\u011ferleme uzmanlar\u0131 ile birlikte, \u015eirket&#8217;in uzman\u0131 taraf\u0131ndan kullan\u0131lan \u00f6nemli varsay\u0131mlar\u0131n (iskonto oranlar\u0131 vb.) makul olup olmad\u0131\u011f\u0131n\u0131 de\u011ferlendirmi\u015ftir.<\/li>\n<li>De\u011ferleme raporlar\u0131ndaki tutarlar\u0131n finansal tablo dipnotlar\u0131 ile tutarl\u0131 oldu\u011funu ve dipnot a\u00e7\u0131klamalar\u0131n\u0131n TFRS a\u00e7\u0131s\u0131ndan yeterli oldu\u011funu teyit etmi\u015ftir.<\/li>\n<\/ol>\n<\/li>\n<\/ul>\n<h3>Mevzuattan Kaynaklanan Di\u011fer Y\u00fck\u00fcml\u00fcl\u00fckler<\/h3>\n<ul>\n<li><b>TTK Madde 402:<\/b> \u015eirket&#8217;in defter tutma d\u00fczeninin kanun ve esas s\u00f6zle\u015fme h\u00fck\u00fcmlerine uygun olmad\u0131\u011f\u0131na dair \u00f6nemli bir hususa rastlanmam\u0131\u015ft\u0131r.<\/li>\n<li><b>Y\u00f6netim Kurulu:<\/b> Denetim kapsam\u0131nda istenen t\u00fcm a\u00e7\u0131klamalar\u0131 yapm\u0131\u015f ve belgeleri sunmu\u015ftur.<\/li>\n<li><b>Riskin Erken Saptanmas\u0131 Sistemi ve Komitesi Raporu:<\/b> TTK Madde 398 uyar\u0131nca haz\u0131rlanan rapor, 30 Ocak 2026 tarihinde \u015eirket Y\u00f6netim Kurulu&#8217;na sunulmu\u015ftur.<\/li>\n<\/ul>\n<h2>Finansal Tablolar\u0131n Detayl\u0131 \u0130ncelenmesi<\/h2>\n<p>Finansal tablolar, TMS 29 standard\u0131 gere\u011fince enflasyon muhasebesi uygulanarak 31 Aral\u0131k 2025 tarihi itibar\u0131yla sat\u0131n alma g\u00fcc\u00fc esas\u0131na g\u00f6re TL olarak ifade edilmi\u015ftir. Kar\u015f\u0131la\u015ft\u0131rmal\u0131 2024 verileri de ayn\u0131 sat\u0131n alma g\u00fcc\u00fcne g\u00f6re yeniden d\u00fczenlenmi\u015ftir.<\/p>\n<h3>Finansal Durum Tablosu (Bilan\u00e7o) \u00d6zeti<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (TL)<\/td>\n<td>31 Aral\u0131k 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nen Varl\u0131klar<\/b><\/td>\n<td>174.917.274<\/td>\n<td>317.482.496<\/td>\n<td>\u25bc Azal\u0131\u015f<\/td>\n<\/tr>\n<tr>\n<td><i>Nakit ve Nakit Benzerleri<\/i><\/td>\n<td><i>40.333.538<\/i><\/td>\n<td><i>113.660.572<\/i><\/td>\n<td><i>\u25bc %64,5 Azal\u0131\u015f<\/i><\/td>\n<\/tr>\n<tr>\n<td><b>Duran Varl\u0131klar<\/b><\/td>\n<td>6.830.309.478<\/td>\n<td>6.607.412.003<\/td>\n<td>\u25b2 Art\u0131\u015f<\/td>\n<\/tr>\n<tr>\n<td><i>Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller<\/i><\/td>\n<td><i>6.694.866.305<\/i><\/td>\n<td><i>6.521.556.463<\/i><\/td>\n<td><i>\u25b2 %2,7 Art\u0131\u015f<\/i><\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM VARLIKLAR<\/b><\/td>\n<td><b>7.005.226.752<\/b><\/td>\n<td><b>6.924.894.499<\/b><\/td>\n<td><b>\u25b2 %1,2 Art\u0131\u015f<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>236.314.517<\/td>\n<td>296.116.998<\/td>\n<td>\u25bc Azal\u0131\u015f<\/td>\n<\/tr>\n<tr>\n<td><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>565.073.298<\/td>\n<td>440.565.875<\/td>\n<td>\u25b2 Art\u0131\u015f<\/td>\n<\/tr>\n<tr>\n<td><i>Ertelenmi\u015f Vergi Y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc<\/i><\/td>\n<td><i>563.033.368<\/i><\/td>\n<td><i>438.257.791<\/i><\/td>\n<td><i>\u25b2 %28,5 Art\u0131\u015f<\/i><\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6ZKAYNAKLAR<\/b><\/td>\n<td><b>6.203.838.937<\/b><\/td>\n<td><b>6.188.211.626<\/b><\/td>\n<td><b>\u25b2 %0,3 Art\u0131\u015f<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM KAYNAKLAR<\/b><\/td>\n<td><b>7.005.226.752<\/b><\/td>\n<td><b>6.924.894.499<\/b><\/td>\n<td><b>\u25b2 %1,2 Art\u0131\u015f<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Varl\u0131klar:<\/b> Toplam varl\u0131klar hafif bir art\u0131\u015f g\u00f6sterirken, en b\u00fcy\u00fck kalem olan Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller ger\u00e7e\u011fe uygun de\u011fer art\u0131\u015f\u0131 ve yeni yat\u0131r\u0131mlarla b\u00fcy\u00fcm\u00fc\u015ft\u00fcr. Nakit ve nakit benzerlerindeki belirgin d\u00fc\u015f\u00fc\u015f dikkat \u00e7ekicidir.<\/li>\n<li><b>Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> K\u0131sa vadeli bor\u00e7lanmalar azal\u0131rken, ertelenmi\u015f vergi y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcndeki art\u0131\u015f nedeniyle uzun vadeli y\u00fck\u00fcml\u00fcl\u00fckler artm\u0131\u015ft\u0131r.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> \u00d6zkaynaklar, d\u00f6nem kar\u0131n\u0131n etkisiyle yatay bir seyir izlemi\u015ftir.<\/li>\n<\/ul>\n<h3>Kar veya Zarar Tablosu \u00d6zeti<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (TL)<\/td>\n<td>1 Ocak &#8211; 31 Aral\u0131k 2025<\/td>\n<td>1 Ocak &#8211; 31 Aral\u0131k 2024<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td>Has\u0131lat<\/td>\n<td>218.761.116<\/td>\n<td>211.315.405<\/td>\n<td>\u25b2 %3,5 Art\u0131\u015f<\/td>\n<\/tr>\n<tr>\n<td>Br\u00fct Kar<\/td>\n<td>95.606.998<\/td>\n<td>92.244.632<\/td>\n<td>\u25b2 %3,6 Art\u0131\u015f<\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet Kar\u0131<\/td>\n<td>184.202.143<\/td>\n<td>307.737.899<\/td>\n<td>\u25bc %40,1 Azal\u0131\u015f<\/td>\n<\/tr>\n<tr>\n<td>Vergi \u00d6ncesi Kar \/ (Zarar)<\/td>\n<td>140.389.866<\/td>\n<td>294.295.818<\/td>\n<td>\u25bc %52,3 Azal\u0131\u015f<\/td>\n<\/tr>\n<tr>\n<td>Ertelenmi\u015f Vergi Gideri<\/td>\n<td>(124.771.670)<\/td>\n<td>(323.658.406)<\/td>\n<td>\u25bc Giderde Azal\u0131\u015f<\/td>\n<\/tr>\n<tr>\n<td><b>NET D\u00d6NEM KARI \/ (ZARARI)<\/b><\/td>\n<td><b>15.618.196<\/b><\/td>\n<td><b>(29.362.588)<\/b><\/td>\n<td><b>\u25b2 Pozitife D\u00f6n\u00fc\u015f<\/b><\/td>\n<\/tr>\n<tr>\n<td>Pay Ba\u015f\u0131na Kazan\u00e7 \/ (Zarar)<\/td>\n<td>0,0240<\/td>\n<td>(0,0451)<\/td>\n<td>\u25b2 Pozitife D\u00f6n\u00fc\u015f<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Performans:<\/b> \u015eirket, 2025 y\u0131l\u0131nda kar a\u00e7\u0131klam\u0131\u015ft\u0131r. Has\u0131lat ve br\u00fct karda hafif art\u0131\u015flar ya\u015fanmas\u0131na ra\u011fmen, esas faaliyetlerden di\u011fer gelirlerdeki (gayrimenkul de\u011fer art\u0131\u015flar\u0131n\u0131 i\u00e7eren) d\u00fc\u015f\u00fc\u015f nedeniyle Esas Faaliyet Kar\u0131 azalm\u0131\u015ft\u0131r. Net kardaki pozitif d\u00f6n\u00fc\u015f\u00fcm\u00fcn ana sebebi, bir \u00f6nceki y\u0131la g\u00f6re daha d\u00fc\u015f\u00fck bir ertelenmi\u015f vergi gideri kaydedilmesidir.<\/li>\n<\/ul>\n<h3>Nakit Ak\u0131\u015f Tablosu \u00d6zeti<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (TL)<\/td>\n<td>1 Ocak &#8211; 31 Aral\u0131k 2025<\/td>\n<td>1 Ocak &#8211; 31 Aral\u0131k 2024<\/td>\n<\/tr>\n<tr>\n<td>\u0130\u015fletme Faaliyetlerinden Net Nakit<\/td>\n<td>56.449.629<\/td>\n<td>(798.700)<\/td>\n<\/tr>\n<tr>\n<td>Yat\u0131r\u0131m Faaliyetlerinden Net Nakit<\/td>\n<td>(31.242.478)<\/td>\n<td>(109.256.151)<\/td>\n<\/tr>\n<tr>\n<td>Finansman Faaliyetlerinden Net Nakit<\/td>\n<td>(90.253.201)<\/td>\n<td>132.961.171<\/td>\n<\/tr>\n<tr>\n<td><b>Nakit ve Nakit Benzerlerinde Net Art\u0131\u015f\/(Azal\u0131\u015f)<\/b><\/td>\n<td><b>(65.042.262)<\/b><\/td>\n<td><b>22.915.512<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Sonu Nakit ve Nakit Benzerleri<\/b><\/td>\n<td><b>39.813.641<\/b><\/td>\n<td><b>110.765.768<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Nakit Durumu:<\/b> 2025 y\u0131l\u0131nda i\u015fletme faaliyetleri pozitif nakit ak\u0131\u015f\u0131 yaratm\u0131\u015ft\u0131r. Yat\u0131r\u0131m harcamalar\u0131 bir \u00f6nceki y\u0131la g\u00f6re \u00f6nemli \u00f6l\u00e7\u00fcde azalm\u0131\u015ft\u0131r. Finansman faaliyetlerinde ise faiz \u00f6demeleri nedeniyle \u00f6nemli bir nakit \u00e7\u0131k\u0131\u015f\u0131 ya\u015fanm\u0131\u015ft\u0131r. Bu fakt\u00f6rler, d\u00f6nem sonunda nakit pozisyonunun ciddi \u015fekilde azalmas\u0131na neden olmu\u015ftur.<\/li>\n<\/ul>\n<h2>Finansal Tablolara \u0130li\u015fkin \u00d6nemli Notlar<\/h2>\n<h3>\u015eirket Profili ve Faaliyetleri<\/h3>\n<ul>\n<li><b>Ana Faaliyet:<\/b> Gayrimenkullere, gayrimenkul projelerine ve gayrimenkule dayal\u0131 sermaye piyasas\u0131 ara\u00e7lar\u0131na yat\u0131r\u0131m yapmak.<\/li>\n<li><b>Kurulu\u015f ve Ortakl\u0131k:<\/b> 3 \u015eubat 2006&#8217;da kurulmu\u015f olup, T\u00fcrkiye S\u0131nai Kalk\u0131nma Bankas\u0131 A.\u015e.\u2019nin (TSKB) ba\u011fl\u0131 ortakl\u0131\u011f\u0131d\u0131r.<\/li>\n<li><b>Sermaye:<\/b> \u00d6denmi\u015f sermayesi 31 Aral\u0131k 2025 itibar\u0131yla 650.000.000 TL&#8217;dir.<\/li>\n<li><b>\u0130\u015f Ortakl\u0131klar\u0131:<\/b> Bilici Yat\u0131r\u0131m Sanayi ve Ticaret A.\u015e. ile %50-%50 ortakl\u0131kla kurulan Anavarza Otelcilik A.\u015e. gibi m\u00fc\u015fterek y\u00f6netime tabi ortakl\u0131klar\u0131 bulunmaktad\u0131r. Bu yat\u0131r\u0131m, finansal tablolara \u00f6zkaynak y\u00f6ntemiyle yans\u0131t\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller (Detaylar)<\/h3>\n<p>\u015eirket portf\u00f6y\u00fcndeki ana gayrimenkullerin de\u011ferleme y\u00f6ntemleri ve varsay\u0131mlar\u0131 a\u015fa\u011f\u0131daki gibidir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Gayrimenkul<\/td>\n<td>De\u011ferleme Y\u00f6ntemi<\/td>\n<td>2025 \u0130skonto Oran\u0131<\/td>\n<td>2025 Y\u0131ll\u0131k Kira Art\u0131\u015f Oran\u0131<\/td>\n<td>2025 Kapitalizasyon Oran\u0131<\/td>\n<\/tr>\n<tr>\n<td>Pendorya AVM<\/td>\n<td>Gelir \u0130ndirgeme<\/td>\n<td>%25<\/td>\n<td>%30<\/td>\n<td>%7<\/td>\n<\/tr>\n<tr>\n<td>Divan Adana Oteli<\/td>\n<td>Gelir \u0130ndirgeme<\/td>\n<td>%25<\/td>\n<td>%27<\/td>\n<td>%7<\/td>\n<\/tr>\n<tr>\n<td>F\u0131nd\u0131kl\u0131 Binalar\u0131<\/td>\n<td>Pazar Yakla\u015f\u0131m\u0131<\/td>\n<td>&#8211;<\/td>\n<td>&#8211;<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td>Tahir Han<\/td>\n<td>Pazar Yakla\u015f\u0131m\u0131<\/td>\n<td>&#8211;<\/td>\n<td>&#8211;<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>2025 y\u0131l\u0131 i\u00e7inde yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkullere <b>30.120.047 TL<\/b> tutar\u0131nda yat\u0131r\u0131m harcamas\u0131 yap\u0131lm\u0131\u015f ve ger\u00e7e\u011fe uygun de\u011fer art\u0131\u015f\u0131 olarak <b>143.189.795 TL<\/b> kar\/zarar tablosuna yans\u0131t\u0131lm\u0131\u015ft\u0131r.<\/p>\n<h3>B\u00f6l\u00fcmlere G\u00f6re Raporlama (Ana Gayrimenkuller)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Gelir ve Kar (TL) &#8211; 2025<\/td>\n<td>Pendorya AVM<\/td>\n<td>F\u0131nd\u0131kl\u0131 Bina 1<\/td>\n<td>F\u0131nd\u0131kl\u0131 Bina 2<\/td>\n<td>Divan Adana Oteli<\/td>\n<td>Tahir Han<\/td>\n<td>Toplam<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Gelirler<\/b><\/td>\n<td>79.618.526<\/td>\n<td>57.693.318<\/td>\n<td>58.074.759<\/td>\n<td>23.374.513<\/td>\n<td>&#8211;<\/td>\n<td><b>218.761.116<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Sat\u0131\u015flar\u0131n Maliyeti<\/b><\/td>\n<td>(105.951.618)<\/td>\n<td>(7.279.708)<\/td>\n<td>(7.307.401)<\/td>\n<td>(1.828.836)<\/td>\n<td>(786.555)<\/td>\n<td><b>(123.154.118)<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Kar \/ (Zarar)<\/b><\/td>\n<td>(26.333.092)<\/td>\n<td>50.413.610<\/td>\n<td>50.767.358<\/td>\n<td>21.545.677<\/td>\n<td>(786.555)<\/td>\n<td><b>95.606.998<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Pendorya AVM, y\u00fcksek sat\u0131\u015f maliyetleri nedeniyle br\u00fct zarar a\u00e7\u0131klamaya devam etmektedir. F\u0131nd\u0131kl\u0131&#8217;daki binalar ise en y\u00fcksek br\u00fct kar\u0131 \u00fcreten varl\u0131klar konumundad\u0131r.<\/p>\n<h3>Vergilendirme Politikas\u0131<\/h3>\n<ul>\n<li>GYO&#8217;lar normalde kurumlar vergisinden istisnad\u0131r. Ancak 1 Ocak 2025&#8217;ten itibaren y\u00fcr\u00fcrl\u00fc\u011fe giren yeni mevzuat (7524 say\u0131l\u0131 Kanun) ile ta\u015f\u0131nmazlardan elde edilen kazan\u00e7lar\u0131n en az %50&#8217;sinin temett\u00fc olarak da\u011f\u0131t\u0131lmas\u0131 halinde vergi oran\u0131 %10 olacakt\u0131r. Da\u011f\u0131t\u0131lmayan karlar i\u00e7in ise %30&#8217;luk vergi oran\u0131 ge\u00e7erlidir.<\/li>\n<li>Bu de\u011fi\u015fiklik nedeniyle \u015eirket, finansal tablolar\u0131nda ge\u00e7ici farklar \u00fczerinden %30 oran\u0131yla <b>563.033.368 TL<\/b> tutar\u0131nda ertelenmi\u015f vergi y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc hesaplam\u0131\u015ft\u0131r. Bu durum, uzun vadeli y\u00fck\u00fcml\u00fcl\u00fcklerdeki art\u0131\u015f\u0131n ana sebebidir.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"904\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>**TSKB GYO 2025 Y\u0131l\u0131 Finansal Sonu\u00e7lar\u0131n\u0131 A\u00e7\u0131klad\u0131: \u0130stikrarl\u0131 B\u00fcy\u00fcme ve Portf\u00f6y G\u00fcc\u00fc**<\/p>\n<p>TSKB Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131\u2019n\u0131n 2025 y\u0131l\u0131 sonu itibar\u0131yla haz\u0131rlanan ba\u011f\u0131ms\u0131z denetim raporuna g\u00f6re, \u015firket y\u0131l\u0131 **15,6 milyon TL karla** kapatt\u0131. Toplam varl\u0131k b\u00fcy\u00fckl\u00fc\u011f\u00fc **7 milyar TL&#8217;yi a\u015fan** \u015firketin, ba\u015fta Pendorya AVM ve F\u0131nd\u0131kl\u0131 Binalar\u0131 olmak \u00fczere gayrimenkul portf\u00f6y\u00fcnde ger\u00e7ekle\u015fen **143 milyon TL&#8217;lik de\u011fer art\u0131\u015f\u0131** dikkat \u00e7ekiyor. Enflasyon muhasebesi (TMS 29) uygulanarak haz\u0131rlanan rapor, \u015firketin zorlu piyasa ko\u015fullar\u0131nda operasyonel verimlili\u011fini korudu\u011funu g\u00f6steriyor.<\/p>\n","protected":false},"author":1,"featured_media":905,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[201],"class_list":["post-904","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-tsgyo"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/904","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=904"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/904\/revisions"}],"predecessor-version":[{"id":907,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/904\/revisions\/907"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/905"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=904"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=904"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=904"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}