Real-estate investment trusts can be established as a new joint stock company in an instant manner within the framework of the Turkish Commercial Code, or it is possible for previously established companies to "transform" into real-estate investment trusts by changing their articles of association in accordance with the regulations of the Capital Markets Board. Either way, the establishment or transformation of real-estate investment trusts must be approved by the Board. In both forms of establishment, real-estate investment trusts are established with registered capital. Thus, real-estate investment trusts can increase their capital by issuing new shares up to the registered capital amount determined in the articles of association, regardless of the provisions of the Turkish Commercial Code regarding the increase of the basic capital. In addition, provided that it is authorized by the articles of association, the board of directors of the trust may issue privileged shares above their nominal value, limit the rights of the shareholders to purchase new shares, and take decisions restricting the rights of the privileged shareholders.

Contractor: Real or legal persons who undertake to realize the construction works of real-estate projects included in the portfolio of real-estate investment trusts. Operating Company: They are companies that operate hotels, hospitals, shopping centers, business centers, commercial parks, commercial warehouses, housing estates, supermarkets and similar real estate owned or leased by the company for commercial purposes. Consultant Company: Real-estate investment trusts can receive consultancy services from companies specialized in these works for the development of the partnership portfolio and the search for alternative investment opportunities, including project development and control services, Real-Estate Appraisal Company: They are companies that provide services to determine the fair values and rental rates of real estate, real-estate projects and real-estate-based rights that take place in the trust portfolio.

The investor investing in the shares of a real-estate investment trust has the following rights, the source of which is the Turkish Commercial Code:
Right to receive his/her share from the profits gained by the trust, Right to liquidation share in case of liquidation of the Trust, Right to receive free of charge shares to be issued by the Trust due to the capital increase to be made from its own resources, Priority (privilege) right in acquiring new shares in the capital increase of the Trust Right to participate in General Assembly meetings, speak and make suggestions, Right to vote at General Assembly meetings, Right to obtain information about, examine and audit the activities and accounts of the Trust

REITs, as Turkish joint stock companies, are subject to Turkish income tax regulations. However, after being recognized as a REIT within the scope of the Capital Markets Law and the rules set by the Capital Markets Board, all of its incomes are exempt from corporate income tax under the Turkish Corporate Tax Law and this exemption continues as long as it maintains its REIT status.

Earnings of REITs due to 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 earnings.

REITs are not obliged to distribute profits. However, in accordance with the REIT communiqué, the Capital Markets Board may impose an obligation to distribute cash dividends to REITs.

REITs can invest in money and capital market instruments, provided that they do not exceed 49% of their total asset size.

REITs cannot undertake construction work on real estate themselves in any way, and cannot acquire personnel and equipment in this context. If the control work of the projects undertaken will be carried out internally, the personnel employed for this purpose are out of the scope. The construction work for the projects is done by contractor companies.

Real-Estate Investment Trusts are required to offer at least 25% of their capital to the public.

Portfolio purchases, portfolio sales and leases to be made by REITs are carried out by taking into account the appraisal values determined by real-estate appraisal companies authorized by the CMB.

A real-estate investment trust is subject to constant independent audit as of the accounting period in which its shares are offered to the public. As a result, the financial statements of the company as of the end of the 6th and 12th months are audited by an independent audit firm listed by the Board.

Investors can sell their real-estate investment trust shares on the stock market, as well as benefit from price fluctuations in shares on the stock market. In addition, since the portfolio of the company is managed by experts in the field of real estate, more effective results can be obtained than any individual investing on his own. It is seen that some of the investors investing in these companies are international organizations. In order to benefit from real-estate returns in developing countries, these institutions prefer to buy real-estate investment trust shares, which are traded in the secondary markets that operate in an organized manner, rather than directly investing in real estate.