Principles Relating to Real Estate Investment Trusts
Discussed below is some of the data on the founders and procedures of incorporation of real estate investment trusts, registration of REIT shares under the CMB records, their public offering, the qualities required in their management and managers, their fields of activity and portfolio exposures and periodical public dislosure. Further details may be found at www.spk.gov.tr
REITs are required to hold investment portfolios at least 50 % of which consits of real estate properties, rights backed by real estate properties, and real estate development projects. By the same token, no more than 50 % (by value) of their portfolios may be invested in other types of assets such as capital market instruments or cash assets.
General-purpose REITs must diversify their portfolios in terms of sector, region, and type of property.
REITs must take into account the appraisal values set by the independent appraisal firm authorized by the CMB in the leasing and selling properties in their portfolios and in buying them for their portfolios.
REITs may in no way undetake the construction works of the real estate properties and may not employ personnel and acquire equipment for such purpose.
REITs may borrow up to three times of their net-asset values.
Net Asset Value Distribution(USD)
Total Net Asset Value of the sector as of 30.09.2008 : 3.310.022.637 USD
Mcap Value Distribution(USD)
Total Mcap of the sector as of 30.09.2008 : 1.445.590.379 USD
Fitch Ratings, the international rating agency, upgraded İş REIT’s National Long-term rating from AA-(tur) to AA+(tur) with ‘Stable’ outlook.
