Frequently Asked Questions

Real Estate Investment Company (REIC) is a type of capital market institution which is founded in order to issue its shares for the purpose of operating and managing a portfolio composed of real estates, real estate projects, real estate-based rights, infrastructural investments and services, capital market instruments, Clearing Bank money market and reverse repurchase transactions, time deposits or participation accounts in Turkish Lira, demand and time deposits or special current and participation accounts in foreign currency, subsidiaries and affiliates, and other assets, rights and instruments to be determined by the Board, in accordance with the procedures and principles set forth in this Communique, and which may engage in other activities permitted in this Communiqué, within the limits of activities delineated in Article 48 of the Law.

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

REITs must offer at least 25% of their capital to the public.

REITs Are under obligation to invest at least 51% of their total assets in real estates, real estate projects and real estate-based rights.

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

As a Turkish joint stock company, a REIT is subject to Turkish income tax regulations. However, all profits of a REIT become exempt from Turkish corporate income tax under the Turkish Corporate Tax Law once it is recognized as REIT under Capital Markets Law and rules introduced by the Capital Markets Board and remain exempt as long as the REIT status is maintained. Pursuant to Article 5/1-d-4 of the Corporate Tax Law ("CTL"), revenues of REITs are exempted from the corporate tax. The withholding tax rate imposed pursuant to the CTL 15/3 on such revenues which are exempted from the corporate tax is 0%. The purchase and sale agreements of REITs exclusively for real estate portfolios and their real estate off-plan presales contracts are exempted from stamp duty. The original copies of all other written and signed contracts (including lease contracts) which are not exempted shall be subject to stamp duty. There is no general charge exemption for REITs. Therefore, they are subject to title deed and cadastral charges in particular

The proportion of lands in the portfolio of REITs, on which no planning have been made for the development of projects even after five years have passed, cannot exceed 20% of the total assets.

REITs cannot undertake the construction works of real estates themselves, and cannot acquire personnel and equipment in this context. If the control works of the projects carried out will be carried out internally, the personnel employed for this purpose are out of the scope. The construction works of the projects are done by the contractor companies.

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

There is no such obligation. According to Communiqué on Principles Regarding Real Estate Investment Companies, Capital Markets Board may place an obligation for REITs regarding distribution of cash dividends.

REITs are exempt from the corporation tax.

REITs; sell, buy or rent real estates based on the appraisal values determined by property valuation companies.

REITs can trade with a value above their appraisal value when buying real estate, and below their appraisal value when selling or renting. 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.

Ziraat REIT was founded on 01.11.2016.

Ziraat REIT started to be traded on Borsa Istanbul on May 6, 2021.

Ziraat GYO shares are traded on Borsa Istanbul, BIST Stars Market, with the share code "ZRGYO".

Ziraat GYO is in the indexes: BIST REAL EST. INV. TRUSTS / BIST FINANCIALS / BIST ALL SHARES / BIST ALL-100 / BIST 500 / BIST STARS SHARES

The board of directors of Ziraat REIT consists of 5 people, including 2 independent members

Ziraat REIT has a capital size of TL 4.693.620.000

Ziraat REIT's shareholding structure can be accessed from the link below:

https://www.ziraatgyo.com.tr/en/shareholder-structure

Company dividend policy and other policy texts can be accessed from the link below:

https://www.ziraatgyo.com.tr/en/policies

The fiscal year of Ziraat REIT is a 12-month calendar year. (January-December)

Ziraat REIT discloses its financial results at quarterly intervals.

Ziraat REIT's independent audit firm is PwC.

For your questions, you can contact the Investor Relations Department.

yatirimciiliskileri@ziraatgyo.com.tr

investorrelations@ziraatgyo.com.tr

Tel: +90 216 590 1563-64