Real estate investment trusts, "Communiqué on Principles Regarding Real Estate Investment Partners" within the established rules and procedures; real estates, real estate-based capital market instruments, real estate projects, real estate-based rights and can invest in capital market instruments, which can establish ordinary partnerships to realize specific projects and capital markets are institutions that can be found in other activities permitted by Regulation.
Partnerships; The time to undertake a specific project, term or unlimited time to invest in certain areas, can be installed temporarily or indefinitely without any limitation on purpose.
Real estate investment trusts, may be established by immediate, modifying existing partnerships in accordance with the provisions of the Articles of Incorporation and Notification Act, it may turn into a real estate investment trust. of the establishment of real estate investment trusts or companies with different activities that the transformation of the real estate investment trust to be deemed appropriate by the Board, the following conditions must be satisfied.
REIT sector, our country has entered the enterprise, although not in a significant amount of new capital into the industry until now. tax incentives provided by the state, the property, plant and equipment taken in as many companies active in real estate investment trusts were set up by it in the way of providing new financial resources. Be a growing demand in the real estate sector by sector, the need for institutional capital to meet this demand and REITs to small investors in small amounts to make it possible to make real estate investments, albeit in exchange for new REIT has been effective s in entering the sector. Considering that our country exhibits consisting of the largest real estate professionals can enter the human part of the savings-governed corporate capital importance to the construction industry. Long-term housing that provides the industry with the introduction of corporate capital funding becomes applicable REIT 's in the market as a new capital market instruments are expected to play a more active role.
In accordance with the Capital Markets Law, the Capital Markets Board of the properties held by real estate investment trusts, real estate-based projects and real estate capital markets is a special type of portfolio management company that operates by investing in instruments.
the basic purpose of real estate investment trusts
· Return on investing in high potential properties,
· Investing in real estate based project,
· Obtaining rental income from the properties in the portfolio,
· Obtain real estate buying and selling earnings
We can sort.
real estate investment trust that is profiting from the purchase and sale of properties in its portfolio, as the end of the year to distribute dividends to its shareholders and profits are transferred to the income of the common property. Thus, an investor buying the shares of the common real estate investment trust, is benefited indirectly from the income of the properties of high yield. Real estate investment trust in the system, liquidity is lower than the property itself, rather than the purchase of a company's shares that her investment, eliminating the problem of the liquidity of real estate investments.
In addition, the state's housing and real estate issues as a result of the recognition of the tax incentives as a public phenomenon, real estate financing makes the model attractive real estate investment trusts. Real estate and real estate-based investments, the trust formed a psychological factor for investors is the fact can not be denied. Furthermore, the distribution of risk through diversification for investors in the real estate investment trust is another important factor that makes it attractive.
On the other hand, the activities of real estate investment trusts are subject to certain limitations. Real estate investment trusts could act only within the real estate-based portfolio management activities. As a natural consequence, active in real estate investment trusts machinery and equipment of any description. In addition, construction of the building outside can not provide funding for projects implemented by other companies and projects not conduct.
Real estate investment trusts, such as business centers, shopping malls or large-scale real estate projects provide financing sources. the company must assume the substantial financial burden for the realization of such large projects. This often means that their equity financing through loans, which means the interest burden for companies is insufficient. Moreover, even if the companies have sufficient equity capital is the equity cost is concerned. However, such projects can be financed with the money to be collected from the public in exchange for shares of real estate investment trusts. Thus, the company would have alleviated the financial burden greatly.
Besides being able to sell their shares in the stock market investors, real estate investment trusts, they benefit from the price fluctuations of the exchange for shares. In addition, the company is managed by experts in the field of real estate portfolio, more effective results can be obtained from any person investing on their own.
This company of some of the investors who are seen as international organizations. These organizations, in order to benefit from the return of real estate in developing countries, working in an organized way to get your real estate investment trust shares are traded in the secondary market, they prefer direct real estate investments.
investors who invest in the shares of a real estate investment trust, the source is listed below have the rights that the Turkish Commercial Code.
· The right to the falling share of the profits derived by the Partnership,
· The right to share liquidation in case of liquidation of the Partnership,
· The Company's right to receive interest due to the share capital increase will be made from its own resources free of charge,
· Priority in acquiring new shares in the share capital increase (pre-emptive) rights,
· General Assembly to participate in the meeting, speech and the right to make suggestions,
· The right to vote at the General Assembly meeting,
· Partnership's activities and get information about their accounts, inspection and audit rights.
Investors who want to invest in real estate investment shares, giving instructions to the authorized intermediaries to trade in the stock market can buy shares of real estate investment trusts as they wish.
Investors should pay attention to when making investments in shares of real estate investment trusts?
Investors considered the profitability of real estate investment trusts investing, financing structure, activities and should follow from the information about the investment company's annual report and financial statements. In addition, the company's equity investors, management, the statement reported by the company on the stock exchange on the financial structure and activities should follow closely.
Real estate investment trusts;
· The time to undertake a specific project, such as a shopping center,
·-Term or unlimited time to invest in specific areas such as tourism and health,
· Purpose without limitation as to invest in a particular project or investment, temporarily or indefinitely
as it can be established.
Contractor: construction contractor to perform the work of real estate projects located in the real estate investment portfolio are natural or legal persons.
Operator Company: hotels where the Company's owned or chartered it, hospitals, shopping centers, business centers, commercial parks, retail stores, residential sites, supermarkets and properties of a similar nature to them are commercially operating company.
Consultant: Real estate investment trusts, including project development and control services in this work for the development of the company's portfolio of alternative investment opportunities and the investigation can receive consulting services from specialized companies.
Real Estate Appraisal Company: the properties included in the company's portfolio, companies are serving in the field to determine the fair value of real estate projects and real estate-based rights and rents.
Real estate investment trusts listed by the Capital Markets Board for the following transactions considered an independent real estate appraisal company, are obliged to move and identify the asset value and the fair rental value of the rights that are.
· The properties in the portfolio, the sale or purchase of rights and real estate-based projects,
· Giving the lease of the properties in the portfolio,
· Renting real estate to be given to Rent,
· Renewal or extension of the lease agreement the lease of properties in the portfolio,
· Adopt Mortgages,
· In order to initiate the construction of real estate based projects that comply with the legal procedures and documents required to be fully and accurately determine the presence,
· Within the company's portfolio and for any reason during the year to determine the year-end value of the assets which the fair value has not been determined,
· Putting real capital partnership.
In addition, real estate investment trusts, the assets in the portfolio are subjected to valuation through the real estate appraisal company in the period. Thus, the fair value of real estate in the valuation day is reflected in the real estate investment portfolio. This valuation results, the company will be announced during a certain period with the company's financial statements, and investors will be ensured that knowledge of the actual value.
Real estate investment trusts,
· It can be installed as a new joint stock company in accordance with the Turkish Commercial Code.
· Previously founded another company purpose of the Articles of Association of the Capital Market may also be formed by the conversion of real estate investment trusts changing in accordance with the Board's regulations.
Either way, it is also necessary to be deemed appropriate by the Board of the establishment of real estate investment trusts. If it deemed appropriate by the Capital Markets Board, to apply for permission to the Ministry of Industry and Trade organizations. Real estate investment trusts, following the registration of the organization after giving the permission of the Ministry of the organization, using the invested capital, they start to build the company's portfolio.
IPO different times according to the amount of capital they have paid for real estate investment trusts have been prescribed. In this context, the real estate investment trusts,
· Paid-up capital of less than 50 million YTL, the establishment of or amendments within one year following the registration in the trade register,
· Paid-in capital of YTL 50 million to YTL 100 million and is on the less, the establishment of or amendments within three years following the registration in the trade register,
· Paid-in capital of YTL 100 million and more that of, organizations or amendments of five years following the registration in the trade register
the space required for the activities, equipment and personnel to establish and organizations to provide and apply to the Capital Markets Board in addition to the initial public offering of 25% of the minimum paid-in capital is required. Eligible to be registered with the Board, the shares of real estate investment trusts, are offered to the public in markets after the announcement and notice period required.
Investors, during the initial public offering of shares of real estate investment trusts and the information they need after they obtain the following documents. The information and documents contained on the websites of real estate investment trusts "continuous disclosure forms" which can be accessed.
Association: With regard to the establishment of the company organized under the Turkish Commercial Code and the company's trade name, purpose, nature of operations, time is a document that includes issues such as the competent bodies. The company won a legal entity with the registration of the association.
Prospectus: the IPO, the company shares will be a partner in the company by buying investors to the company's purpose, duration, trade name, registration date and number, the amount and proportion of shares to be offered to the public, the company's operations and investments, the company's financial statements, which aims to provide information on issues such as preference shares it is a public lighting tool.
Circular: Company common shares that investors buy the company through an announcement published in order to be called IPO. This announcement in the newspaper show the number and date of announcement of the prospectus is required.
Quarterly Portfolio Statements: Real estate investment trusts, regarding the quarterly assets in as portfolio and their cost specified in the latest appraisal report dated fair value basis Assembly will organize the designated portfolio statements and quarterly to the Board within six business days following the end and they send the stock exchange traded equity. Investors can obtain information about the value of assets in real estate investment trusts that invest in the stock exchange release published this table structure and asset portfolio.
Quarterly Report: Real estate investment trusts, as a minimum, the last three-month period for development of summarizing and Board prepared by the annual report, the Company's respective period of the portfolio statement, the information on the assets included in the portfolio, the current status of the projects, if any, completion rate and time , predicts realization of the partnership issue, the Bank's balance sheet prepared in comparison with the previous three-month period to prepare and submit quarterly reports to the Board including the income statement in accordance with standards and must submit to the Board. These reports are taken at the same time ready for review by the investors in the company's headquarters and on its website. Also sent to the shareholders upon request.
Shares in real estate investment trusts traded as each company, annual and interim financial statements shall notify the Board and the stock market. The consolidated annual financial statements no business regulating, by the end of the accounting period following the annual financial statements within ten weeks they will send their audit reports to the Board and the relevant stock exchanges on. Businesses that prepare interim unconsolidated financial statements; Search audited period in the interim following six weeks about with financial statements audit report, the audit before which interim financial statements of the trading of the Board and the shareholders in the following four weeks of the relevant interim period are sent to the stock exchange.
The consolidated annual and interim financial statements of the Board and the related stock exchange notification is made within four weeks from the last day of the period of notice stipulated above. Also for the first time held in case of financial statements, the Board and to the stock exchange notice period also added two more weeks.
In addition, real estate investment trusts in the annual financial statements every year following the annual general meeting within 30 days, Turkey is obliged to publish in the Trade Registry Gazette. But you get the general meeting be held, the latest annual period made this announcement following the completion of the end of the sixth month.
Real estate investment trusts, accounting period when the IPO of shares are subject to continuous audit as of. As a result, the company's financial statements as of the end of 6 and 12 months are listed by the Board are audited by an independent auditing firm.
Real estate investment trusts in general are active substances within the scope specified below. In this context, real estate investment trusts;
· Form the company's portfolio.
· If necessary, make changes to the portfolio.
· Partnership distribute investment risk by diversifying its portfolio to minimize.
· Property, based on real estate transactions and developments on securities they take the necessary measures for the management of the partnership continuously monitor the portfolio.
· Conduct research to improve and protect the value of their portfolio or conduct a.
· Can investigate whether the company's portfolio or the portfolio constitutes the receipt of the necessary legal conditions are satisfied or about the planned assets and ensure the preparation of necessary reports in this regard.
· Shall ensure the preparation of reports relating to the determination of the value of assets in the portfolio.
· Portfolio outside consultant and / or portfolio management services form the activities of their respective organizations is managed by taking the necessary legislation and organization in order to monitor the compliance of contract.
· Perform other duties attributed to them, and they are allowed to execute other activities.
· Banks not collect deposits as defined in the Code, and will give the deposit collection business and results of operations can not.
· Commercial, industrial or agricultural activity may not attend.
· To be limited to the permissible areas of investment, capital market activities except the activities of portfolio management can under its own name.
· There is no way not undertake the construction of real estates themselves and acquire personnel and equipment for this purpose.
· Individuals and institutions in project development, project control, financial feasibility, we can not follow the legal permits and similar services.
· Hotel under any circumstances, except as permitted in the legislation, hospitals, shopping centers, business centers, commercial parks, retail stores, residential sites, supermarkets and properties of a similar nature to them can not operate a commercial purpose and that purpose employment, they can not.
· You can take the car to the capital market and sell, reverse repurchase agreements and money market can do, can open sight and time deposits denominated in Turkish lira or foreign currency.
· Trading profit or rental income in order to obtain the office, residential, business centers, shopping malls, hospitals, hotels, commercial warehouses, commercial parks, and you can buy a similar property and can sell. Hotel, hospital or similar activities before it can be passed to the rental or lease of real property that needs a certain minimum hardware can ensure the furnishing.
· Obtain trading profits or servitude facility can take land and land with the aim of developing the project through.
· Project properties that are right of construction for the purpose of improving on them can sell in order to earn After obtaining the property.
· Land has been annotated index of sales agreements of real estate can sell the property in order to obtain profits concluded.
· The real estate-based projects that all the conditions prescribed in accordance with the applicable legislation, they can invest in real estate development in order to achieve profit or rental income.
· Establish usufruct over the property and may exercise this right, the circuit can contact the property easement and to obtain commercial profit on the land they own may be required in order to upper right.
· Make prejudice-Operate-Transfer model Special arrangements will be developed by the project, provided that the conditions laid down in the relevant legislation, can perform itself or by bringing the top right of property in favor of others.
· Qualifications deemed appropriate by the Board, provided that collateralized, with no intention of acquiring ownership or servitude without the constitution, provided that the conditions laid down in the relevant legislation, can make investments in accordance with contractual provisions to real estate-based projects.
· Provided that the conditions laid down in the relevant legislation, real estate-based projects, they can jointly invest joint owners who are between the contract in the Company's shares provided that there is a restriction on the disposal of falling parts layer by easement facility.
· Can buy and sell real estate abroad on condition to obtain the property.
· Activities are subject only to invest in foreign capital market instruments based on the condition that they established companies and real estate abroad on condition of real estate.
· Subject to the available private contract, lease real estate can be rented from a third party in order to obtain rental income and can give them back,
· They can swap and forward transactions to hedge against risk, can write options, futures contracts can get except on trowel.
· In any way to the capital of the company they bought their shares and not güdek the aim to dominate the government and therefore can not have no more than 5% of capital or voting rights in a company.
· Gold and can not invest in precious metals,
· It must be made through the stock exchange trading of capital market instruments channels. Therefore, the non-listed on a stock exchange or traded in an active market can not invest in capital market instruments.
· Investments in commodity futures contracts or trowel can not.
· Securities are open to not sell.
· Borrowing unable securities transactions.
· Transactions can not exceed the protection purpose of using derivative instruments.
· By law they are obliged to pay taxes, fees and other similar expenses during the sale of the asset value of the portfolio asset acquisition and the portfolio except exceeding the 3% commission fee and other expenses are not.
· Transferable assets and rights to assets not subject to a limitation on the issue.
· Continuous short-term buying and selling real estate can not.
Real estates, real estate-based rights and obliged to invest at least 50% of the portfolio value of real estate projects.
· Capital market instruments, reverse repurchase agreements and money market transactions with affiliates of all the maximum portfolio value of 50% of the rate of these assets are located within the investment of Turkish Lira or foreign currency denominated while the demand and time deposit the maximum portfolio value 10% u ratio can invest.
· Foreign real estate and real estate-based capital market instruments portfolio value can most investment rate of 49%.
· In its portfolio and despite the expiry of five years from the intake at about the project can not exceed 10% of the land and buildings are not made of the proportion of the portfolio value of any savings for development.
· Operate in specific areas, or at least 75% of the portfolio of partnerships to invest in specific projects, title WORKERS AND / or are required to be specified in the articles of association of the entity.
· Portfolio of general purpose real estate investment trust industry, region, and real estate on the basis of diversification and long-term management is essential.
Can Give Guarantees
by real estate investment trusts, the project made provision times, the project partnered by the owners of the land will be carried out free of charge or if it is right of construction low remuneration partnership in favor of, as a guarantee of the project landowners in favor of the mortgage or limited real rights in can be. In addition, property may be pledged and other limited real rights established on real estate projects and during the purchase of real estate interest only for the financing of these transactions or assets in the portfolio in order to provide loans for investments.
Borrowing
Real estate investment trusts, can use short-term funding requirements and portfolio related costs in order to meet financial period to prepare the public to explain their most recent quarterly portfolio statement of up to three times their net asset values in loans and may issue debt securities within the limitations in the capital market legislation.
Asset Backed Securitization
Real estate investment trusts, in accordance with the regulations are based on notes receivable related to sales or sales agreements with the sale of properties in the portfolio may issue asset-backed securities.
Participation
Partnerships only
· The operator companies,
· To other real estate investment trusts,
· Established under the build-operate-transfer projects, companies,
· Certain real estate or limited rights in order to obtain a portfolio-based real estate activity only to companies established abroad with real estate,
· Portfolio and planned real estate appraisal value at the acquisition date of the balance sheet assets constituting at least 75% of board companies in Turkey
They can participate. However, the operating companies will be participating in the partnership by the partnership at the end of the accounting period of the most recent quarterly portfolio statement of the portfolio value that can not be disclosed to the public to prepare more than 10%.
2005
of earnings
Taxation 01.01.2006 - 22.07.2006
Between Dates
Taxation on earnings 23.07.2006
Post history
Taxation on earnings
Real estate
Investment
Partnerships
(REIT)
Asset management income
It is exempt from tax. Asset management income
It is exempt from tax. Asset management income
It is exempt from tax.
Asset management income
on withholding tax rate is 0%. and equity securities held in the portfolio
The difference between the market price of the car trade
It made over 15% withholding tax. and equity securities held in the portfolio
The difference between the market price of the car trade
withholding is made out of 10%.
* More detailed information can be found at the following link.