REITs are subject to “Communique on Principles of Real Estate Investment Companies” of the Capital Markets Board No. III-48.1
At least 25% of the capital of REITs should be publicly listed.
REITs are required to invest in real estates, rights based on real estates and projects based on real estates by 51% of their total assets as a minimum.
The REITs can invest in money and capital market instruments. The investments of REITs in money and capital market instruments cannot exceed 49% of the total asset size.
REITs can invest in foreign real estates, foreign capital market instruments and companies which are established abroad and of which the sole activity is on real estates by 49% of their total assets as maximum.
The ratio of the lands which are included in the portfolio of the REITs and about which there is no disposition for developing a project despite the fact that that five years have passed cannot exceed 20% of the total assets.
The REITs cannot undertake the construction work of their real estates in any way; they cannot hire personnel or equipment in this scope. If the control of the projects that are carried out will be realized internally, the personnel employed for this purpose out of the scope. The construction of the projects is realized by contractors.
REITs can utilize credits up to 5 times of their unconsolidated equity included in their financial statements announced at the end of accounting period..
REITs are not required to diversify their portfolios on region or real estate basis.
REITs are not obliged to distribute profit. However, as per REIT Communique, the Capital Markets Board may introduce the liability of distribution of cash profit for REITs.
The earnings of the REITs obtained from their activities are exempt from corporate tax, and the income tax withholding ratio is 0%. In this scope, REITs do not pay corporate tax over their portfolio earnings.
The buying transactions for the portfolio, selling transactions from the portfolio and renting to be realized by the REITs are all realized by taking into consideration the appraisal values determined by real estate valuation companies authorized by CMB.
Although the REITs should take into consideration the appraisal values while buying, selling or renting real estate, they can buy above the appraisal value, sell or rent below the appraisal values. However in case of buying above the appraisal value, selling or renting below the appraisal value, the material event should be disclosed to public and this should be included in the agenda of the first general assembly meeting and shareholders should be informed.
Deniz REIT was established on 05/05/1995.
The shares of Deniz REIT are traded in Istanbul Stock Exchange, Corporate Products Market with “DZGYO” share code.
Deniz REIT is included in BIST Real Estate Investment Trust Index (XGMYO), BIST 100 Index (XU100) and BIST ALL Index.
The main activity of Deniz REIT is investing in the real estates and rights based on real estates and developing real estate projects to obtain income from increase in value or rent.
Deniz REIT portfolio consists of real estate investments from which rent income is obtained and investments in money and capital market instruments.
The income sources of Deniz REIT consist of the rent income obtained from the real estate portfolio, income obtained from the sale of the real estates and income obtained from financial assets.
The capital size of Deniz REIT is 50.000.000 TL.
The issued capital of Deniz REIT consists of 50.000.000 shares, with an individual nominal value of 1 TL and all of the shares are registered. 5.000 TL of the shares belongs to A Group, 49.995.000 TL of them belongs to B Group. A Group shares include the privilege of nominating a candidate for the selection of Board Members. All of the Board Members are selected among the candidates nominated by A Group shareholders. Apart from this, there is no privilege on voting in the Articles of Association.
While 91% of the capital of Deniz REIT is represented by Deniz Yatırım Menkul Kıymetler A.Ş., company of Deniz Financial Services Group, 9% of the capital is publicly listed.
The Board of Directors of Deniz REIT consists of 5 members and the number of the independent board members is 2.
Deniz REIT releases its financial results quarterly.
The General Assembly Meetings are held within three months as of the end of the accounting period in line with the Articles of Association. The Extraordinary General Assembly Meetings are held in cases which require a meeting to be held for the company.
The independent auditor of Deniz REIT is Güney Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş. (A Member of Ernst&Young Global Limited).
REITs are required to work with the real estate valuation companies authorized by CMB for any asset included in the company portfolio or any asset that may be included in the portfolio within the year and may require valuation. In this scope, concerning the existing real estates in our portfolio, we receive service from “Harmoni Gayrimenkul Değerleme ve Danışmanlık A.Ş.” among the real estate valuation companies authorized by CMB.
We receive valuation service from “Harmoni Gayrimenkul Değerleme ve Danışmanlık A.Ş.” or “Ekol Gayrimenkul Değerleme ve Danışmanlık A.Ş.” for assets that may be included in the portfolio in 2014 and may require valuation.
For your questions, please contact Investor Relations and Corporate Compliance Department.
Phone Number: 0212 348 57 45 – 0212 348 57 46
Fax : 0212 336 61 84
E-mail : email@example.com