Within the framework of the Capital Markets Law; they are capital market institutions that can invest in real estate, real estate projects, rights based on real estate and capital market instruments, can be established for the purpose of carrying out certain projects or investing in a certain real estate and can engage in other permitted activities, and whose income is exempt from corporate tax (Corporate Tax Law Article 5/1-d-4).

REITs are subject to the Capital Markets Board's Communiqué on Principles Regarding Real Estate Investment Trusts No. III-48.1.

REITs are subject to the Capital Markets Board's Communiqué on Principles Regarding Real Estate Investment Trusts No. III-48.1.

REITs must invest at least 51% of their total assets in real estate, real estate-based rights and real estate-based projects.

REITs can invest in money and capital market instruments. Investments of REITs in money and capital market instruments cannot exceed 49% of their total assets.

REITs can invest up to 49% of their total assets in foreign real estate, capital market instruments based on real estate, and companies established abroad that operate solely in real estate.

The ratio of lands and plots in the portfolio of REITs on which no project development has been made despite five years having passed since their acquisition cannot exceed 20% of the total assets.

REITs can use loans up to five times their unconsolidated equity capital stated in their financial statements at the end of the accounting period.

REITs can use loans up to five times their unconsolidated equity capital stated in their financial statements at the end of the accounting period.

Real Estate Investment Trusts are not obliged to distribute profits. However, in accordance with the Real Estate Investment Trusts Communiqué, the Capital Markets Board may impose an obligation to distribute cash dividends.

The profits obtained by REITs from their activities are exempt from corporate tax, and the income tax withholding rate is 0%. In this context, REITs do not pay corporate tax on their portfolio profits.

The portfolio purchases, sales from the portfolio and rentals to be made by REITs are carried out by taking into account the appraisal values determined by real estate appraisal companies authorized by the Capital Markets Board.

Although it is essential for REITs to take the appraisal value into consideration when purchasing, selling or renting real estate, if higher than the appraisal value is taken as basis in purchase transactions to be made considering the current market or payment conditions, and if less than 95% of the appraisal value is taken as basis in sales and rental transactions, this situation must be disclosed to the public within the framework of the Capital Markets Board's regulations on public disclosure of special circumstances, and the partners must be informed by including it on the agenda of the first general assembly meeting to be held.