Frequently Asked Questions

  • What is the fundamental legal regulation relating to REITS?

    REITs are subject to the “Principles Pertaining to Real Estate Investment Trusts” of the Capital Markets Board No.III-48.1

  • At what ratio must REITs be publicly held?

    At least 25% of REITs must be publicly held.

  • What is the minimum real estate sector investment ratio for REITS?

    REITs must invest at least 51% of their total asset value, in real estate, real estate backed rights and real estate backed projects.

  • Can REITs invest in cash and capital market instruments?

    REITs can invest in cash and capital market instruments. However, their total investment in cash and capital market instruments cannot exceed 49% of their total asset value.

  • Can REITs invest in real estate or companies established abroad?

    REITs can invest in foreign capital instruments, real estate and companies established abroad, which exclusively operate in the field of real estate, at a maximum ratio of 49% of its assets.

  • Is there a limit for plot investments by REITs?

    The ratio of plots and land in the portfolios of REITs, which are not used in any way for development of any projects, despite the fact that it has been more than five years since they have been purchased, to the total assets of the REITs cannot exceed 20%.

  • Are REITs themselves allowed to engage in construction work of their projects?

    REITs are not allowed to engage in construction work of real estate, or hire personnel or acquire equipment for this purpose. The staff employed for the control of the projects are excluded. Construction work of the projects are carried out by the subcontractors.

  • What is the borrowing limit for REITs?

    REITs may obtain loans up to five times their non-consolidated equity stated in their year-end financial statements.

  • Are REITs obliged to distribute their profit?

    Currently there is no such obligation in valid. According to Communiqué on Principles Regarding Real Estate Investment Companies, CMB may place an obligation for REITs regarding distribution of cash dividends.

  • What is the corporation tax rate applicable on earnings of REITs?

    Earnings acquired by REITs as a result of their activities are exempt from corporation tax and are subject to 0% income tax withholding. Within this scope, they do not pay corporation tax over their portfolio earnings.

  • Which values are used by REITs when they are purchasing, selling or leasing real estate?

    Purchases to be included in the portfolio and sales and leasing transactions from the portfolio carried out by REITs are realized by taking into consideration the appraisal values determined by real estate appraisal companies.

  • Can REITs transact at values which are under the appraisal value when selling or leasing real estate?

    Although in principle REITs should take into account the appraisal value of the expert when selling or leasing real estate, they may also transact over values that are lower than the appraisal value in sales and leasing transactions. However, if the sales or leasing transactions are carried out over values lower than appraised values, such transactions must be publicly announced as material event disclosures and included in the agenda of the first general assembly meeting to inform the shareholders.

  • When was Doğuş REIT established?

    Doğuş REIT was established on July, 25 1997.

  • What is the main operating activity of Doğuş REIT?

    It is a capital market business, which is established to issue its shares for the purpose of operating a portfolio composed of real estate properties, real estate projects, real estate based rights, infrastructure investments and services, capital market instruments, settlement and custody bank money market and reverse repo transactions, time deposits or participation accounts in terms of Turkish Lira, time deposits or demand deposits or special current and participation accounts in terms of foreign currency and other assets and rights determined by the subsidiaries and the Board and, which engages in other permitted activities within the limits as set forth under the capital market law.

  • When was Doğuş REIT's initial public offering held?

    Doğuş REIT’s initial public offering was held on March 25, 1998.

  • In which market and stock exchange is Doğuş REIT traded in?

    Shares of Doğuş REIT are transacted in Borsa İstanbul with “DGGYO” ISIN code.

  • What type of investments does Doğuş REIT’s portfolio comprise?

    The portfolio of Doğuş REIT comprises real estate investments, real estate projects as well as investments in money and capital markets instruments.

  • What is the capital size of Doğuş REIT?

    Doğuş REIT has a capital size of TL 500,000,000 and paid-in capital is TL 332,007,786.

  • What is the current shareholding structure of Doğuş REIT?

    Partnership Structure(with shareholding higher than 1% / as of May 26, 2017)

    Shareholder Name/ Title Group Type Share Amount Capital (TL)
    Doğuş Holding A.Ş. A Registered 2.604.451,264 2.604.451,264
    Doğuş Holding A.Ş. (Private) B Bearer 48.693.875,297 48.693.875,297
    Other (Public) B Bearer 280.709.459,439 280.709.459,439
    TOTAL - - 332.007.786 332.007.786
  • How many people does the Board of Directors of Doğuş REIT consist of?

    The board of directors of Doğuş REIT consists of 6 people, including 2 independent members.

  • What are the sources of income for Doğuş REIT?

    The income resources of Doğuş REIT are lease income from real estate portfolio and financial assets.

  • What constitutes the financial year of Doğuş REIT?

    The financial year of Doğuş REIT is a 12-month calendar year. (January-December)

  • What is the frequency of disclosing financial results for Doğuş REIT?

    Doğuş REIT discloses its financial results at quarterly intervals.

  • When is the ordinary general meeting of Doğuş REIT held?

    A general meeting may be held in the form of ordinary and extraordinary meetings. Pursuant to the articles of association, an ordinary general meeting is held within three months from the end of each fiscal period ant at least one time. A call for an extraordinary general meeting may be made whenever it is deemed necessary. An extraordinary general meeting is held pursuant to the pertinent provisions of the Turkish Commercial Code and the articles of association and, resolutions are adopted therein accordingly.            

  • What is the profit distribution policy of Doğuş REIT?

    Profit Distribution Policy

    There is no privilege in respect of profit distribution within the Company.

    The Board of Directors prepares its proposal for profit distribution and submits it to the General Meeting for approval in accordance with the pertinent provisions of the Capital Market Legislation, Tax Legislation and Articles of Association concerning the profit distribution policy. Whether the profit is to be distributed and, when and how it will be distributed are discussed and a resolution is adopted accordingly at the respective General Meeting and, all notices are carried out within the respective legal periods set forth under the pertinent legislation.

    The Company complies with the respective arrangements as set forth under the Turkish Commercial Code and the Capital Market Legislation in respect of the profit distribution and setting aside a reserve fund.

    A balanced policy is followed within the profit distribution policy between the shareholders’ benefits and the partnership’s benefits.

    It is obligated to set off the net losses from the current and previous years in the financial statements of the Company from the appropriate stockholder’s equity items. However, the losses from the previous years not being set off due to a requirement from the legislation or a tax obligation may be subject to a deduction for the determination of the net distributable profit.


    The amount left after the losses from the previous years are deducted from the net profit as seen in the annual balance sheet and left after the amounts that need to be paid and set aside by the company pursuant to the general accounting principles such as general expenses and various depreciation values of the Company and the provisions set aside for such taxes and financial liabilities that need to be paid by the Company will be distributed according to the following order and principles:

    Primary Legal Reserve

    a) Five percent (5 percent) of the remaining amount will be allocated as primary legal reserve until it amounts to 20 percent of the paid-in capital as per Article 519 of the Turkish Commercial Code.

    First Dividend

    b) From the tax base which is calculated by adding donations granted within the related fiscal year, if any, to the remaining amount, the first dividend is distributed with the amount decided by the General Meeting as per the Company’s profit distribution policy, provided that it does not remain below the rate and amount specified by the Capital Markets Board.

    Second Dividend

    c) After the deduction of items mentioned in paragraphs (a) and (b) from the net profit, the General Meeting is authorized to distribute the remaining portion partially or totally as second dividend, retain it as year-end profit in the balance sheet, add it to legal or voluntary reserves, or allocate it as extraordinary reserves.

    Secondary Legal Reserve

    d) As per Article 519, paragraph 2, sub-paragraph (c) in the Turkish Commercial Code, secondary legal reserve is allocated.

    e) Unless necessary legal reserves are set aside as required by law and the first dividend is reserved for shareholders as specified in Articles of Association, the Company cannot decide to set aside any other reserves, to transfer them to the following year as profit, or to distribute dividends to members of the Board of Directors or officials, clerks, and workers, as much as dividends cannot be distributed to these people unless the allocated first dividend is paid.

    f) As per Article 20 in the Capital Markets Law, advance dividends can be distributed to shareholders.

    Profit Distribution Time

    Upon the proposal of the Board of Directors, the distribution dates and method of the annual profit are decided by the General Meeting in compliance with the related regulations by the Capital Markets Board. Profits distributed as such cannot be withdrawn.

    The Company’s dividends are paid within the legally-prescribed periods of time.

    Dividends may be paid in equal or varying installments, as decided by the General Meeting. The payment of dividends in installments is performed in accordance with the Capital Market Law.

    Dividends are distributed equally to all existing shares on the date of the dividend distribution, regardless of the date of issue or acquisition. Rights on dividend privileges are reserved. According to Article 20 of the Capital Markets Law, the total dividend advance to be provided in an accounting period cannot exceed half of the profit of the previous year. No decision shall be taken regarding giving additional dividend advances or distributing dividends before offsetting the dividend advances paid during the previous period

    The proposal of the Board of Directors on dividend distribution, or the resolution of the Board of Directors on distribution of dividend advances are announced to public together with the dividend distribution table or the dividend advance distribution table of which the method and the content is decided by the Board, in accordance with the Board’s regulatory guidelines on public disclosure of material events. It is mandatory to disclose the dividend distribution to public no later than the announcement date of the Ordinary General Meeting agenda.

    Resolved in the General Meeting, the location and date of dividend distribution is announced to public via the corporate website and in a newspaper printed at the location area of the Company’s headquarters, as well as through a material event disclosure on Public Disclosure Platform.

    The amount of dividend resolved by the General Meeting to be distributed to non-shareholders is paid proportionally with the installments of shareholder dividend payments and pursuant to the same principles and procedures.

    In the event of a request for amendment in dividend distribution policy, the resolution of the Board of Directors and the reason for such amendment are announced to public in accordance with the Board’s regulatory guidelines on public disclosure of material events.

  • Which independent audit company audits Doğuş REIT?

    The independent audit company of Doğuş REIT is Başaran Nas Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş.

  • What are the real estate valuation companies from which Doğuş REIT receives valuation services?

    A REIT is required to work with real estate valuation companies authorized by the Capital Market Board for each asset recorded in the portfolio or the assets acquired within the year, for which a valuation must be made. Accordingly, we receive such services from the following real estate valuation companies authorized by the Capital Market Board for the real estate properties recorded in our portfolio: "Taksim Kurumsal Gayrimenkul Değerleme ve Danışmanlık A.Ş.” and “TSKB Gayrimenkul Değerleme A.Ş.”.

  • Who should Doğuş REIT investors contact for further queries?

    You may contact Investor Relations Department for further queries.

    Contact information of Investor Relations Department;

    Hasan Hüsnü Güzelöz – Section Director
    Tel: 0 212 335 2850
    Faks:0 212 335 2899
    E-Posta Adresi:

    Nazlı Yılmaz – Section Staff
    Tel: 0 212 335 2850
    Faks:0 212 335 2899
    E-Posta Adresi: