Rönesans Gayrimenkul’s Net Operating Profit Rose 27 Percent to EUR 175 Million in the First Nine Months

Rönesans Gayrimenkul Yatırım increased its adjusted net operating profit by 27 percent year-on-year in the first nine months of 2026, reaching EUR 175 million. The company’s adjusted gross asset value reached EUR 4.3 billion, while its adjusted net asset value calculated according to European Public Real Estate Association (EPRA) standards reached EUR 3.8 billion. The company became the sole owner of İstanbul Optimum Premium Outlet after acquiring the remaining 50 percent stake in the shopping center. It also distributed TRY 2.6 billion in dividends to its shareholders in October.

Rönesans Holding’s commercial real estate development and investment company Rönesans Gayrimenkul Yatırım A.Ş. (RGY) announced its financial results for the first nine months of 2026. One of Türkiye’s largest commercial real estate investment groups, the company maintained its operational performance through high occupancy rates, increases in tenant turnover, and active asset management. Rönesans Gayrimenkul Yatırım supported its growth through strategic acquisitions while increasing the profit-generating capacity of its existing portfolio.

Consolidation Completed in the Optimum Portfolio

After acquiring the remaining 50 percent stakes in İzmir Optimum in September 2025 and Ankara Optimum Outlet in November 2025, Rönesans Gayrimenkul Yatırım also completed the acquisition transaction for İstanbul Optimum Premium Outlet in September 2026. As a result, all three shopping centers passed entirely into the company’s ownership.

Through these transactions, which strengthened the ownership structure in the Optimum portfolio, the company completed full consolidation of the shopping centers in question. The acquisition of the three shopping centers is expected to make an additional contribution of EUR 32 million to annual net operating profit, while the transactions resulted in a EUR 602 million increase in gross asset value.

Creating Value for Shareholders Through Strong Cash Flow

Rönesans Gayrimenkul Yatırım continued in 2026 the dividend distribution it initiated in 2025. The company distributed a total of TRY 2.6 billion in dividends to its shareholders in October, while generating EUR 124 million in free cash flow in the first nine months of the year.

Strong cash flow and financial discipline support the company’s ability to evaluate new investment opportunities and deliver long-term value to its shareholders.

Net Operating Profit Increased by 27 Percent

The company’s adjusted net operating profit increased by 27 percent in Euro terms year-on-year in the first nine months of 2026, rising from EUR 138 million to EUR 175 million. This growth was driven by the organic performance of the existing portfolio as well as the İzmir Optimum and Ankara Optimum Outlet acquisitions completed in the second half of 2025.

In the same period, Rönesans Gayrimenkul Yatırım’s adjusted gross asset value reached EUR 4.3 billion, while its adjusted net asset value calculated according to EPRA standards reached EUR 3.8 billion.

“We Are Sharing the Value We Create with Our Shareholders”

In his assessment of the company’s financial performance for the first nine months of 2026, Rönesans Gayrimenkul Yatırım General Manager Yağmur Yaşar highlighted the company’s growth and investment strategy.

Yaşar stated the following:

“In the first nine months of 2026, we increased our adjusted net operating profit by 27 percent in Euro terms compared to the same period last year, reaching EUR 175 million. Through the acquisitions we carried out in our Optimum portfolio, we strengthened our portfolio by bringing all three shopping centers fully under our ownership. Thanks to our strong cash flow, we distributed TRY 2.6 billion in dividends to our shareholders in October. Going forward, we will continue to pursue sustainable growth and create value for our shareholders without compromising our financial discipline.”

Strong Operational Performance with Occupancy Rates Near 100 Percent

Operating 12 shopping centers and 4 office buildings in İstanbul, Ankara, İzmir, Adana, Şanlıurfa, Samsun and Kahramanmaraş, Rönesans Gayrimenkul Yatırım maintained its strong position in the sector with approximately 737 thousand square meters of leasable area and an occupancy rate close to 100 percent across its portfolio.

While the number of visitors to the company’s shopping centers over the past 12 months reached 114 million, tenant turnover increased by 32 percent in the first nine months of 2026 compared to the same period last year. This rate exceeded the average inflation of 31.5 percent and the sector average of 29.5 percent recorded in the same period.

In line with its active asset management approach, the company carried out re-leasing and development activities on 23,251 square meters of space in the first nine months of the year and achieved 127 store openings across its portfolio.