A 57% discount with a statutory payout — why is the dividend only 2.6%?

Because the statutory obligation binds on '70% of the lower of exempt-segment profit and total profit' — and IGD's 2024 was a consolidated net-loss year (EUR 31.1M of fair-value writedowns), with FFO down to EUR 35.6M. The distribution's decision chain runs: deleverage first, compute the obligation on the statutory basis, top up from disposal reserves — and EUR 0.10 is what comes out. The discount answers 'what are the assets worth'; the dividend answers 'what do this year's statutory profit and cash arrangements pay'. At IGD, for now, the two questions do not intersect — which is exactly why it is characterised as a discount story, not a cash-flow story.

Are there really no other SIIQs? What is an 'Italian REIT basket' fund selling?

Only IGD is investably listed. Aedes still has a quote, but at a market cap of about EUR 11M and average daily traded value of about EUR 10.5k, no real position can be built or exited; Next Re claims SIIQ status but this site could not obtain its filing-grade dividend series. A 'basket' assembled from IGD plus Aedes plus delisted names is padding untradeable names onto paper. This site's treatment is in the title: a single name, bought (or not) as a single name — never called a basket.

The withholding is 26% and the treaty's 10% needs a refund claim — do the 16 points actually come back?

There is a legal path: a refund claim to the Agenzia delle Entrate with residency certification and beneficial-ownership documents. In practice it is slow (measured in years), paper-based, and most international brokers will not do it for you — on a EUR 5,000–10,000 position the refund's expected value is often below the cost of the chase. This site's basis matches its Belgium page: price it as unrecoverable (in-hand of 1.9–2.8% at 26%), treat a successful reclaim as a bonus, and count it in only when the position is large enough to justify the dedicated process.

Opportunity rank #98 (cash-flow board) · Italy

Italy's one-stock REIT sector: IGD alone — a discount of about 57%, a still-small dividend, part-funded from disposal reserves

Our take: Do, with conditions

2.6–3.8% IGD SIIQ dividend yield (filing-grade and aggregator tiers) · Verified range · Data as of: 2026-11-06

Composite-board score: 4.6 · Where it is strong: Hands-off degree, Net cash flow · methodology

Data updated: 2026-11-08

This site's position is stated up front: there is no 'Italian REIT basket'. Of the 2015 SIIQ trio — Beni Stabili was absorbed into Covivio (now a French SIIC, see entry No. 91), Aedes was acquired in 2022 and survives as a shell of about EUR 11M market cap (about EUR 10.5k of average daily traded value), and COIMA RES was delisted in 2022 — the only investable Italian listed REIT left is IGD (a shopping-centre landlord: 25 malls/retail parks and 8 hypermarkets/supermarkets in Italy, plus Romanian centres; a portfolio market value of EUR 1,810.4M). A fourth name, Next Re, claims SIIQ status, but this site captured no filing-grade dividend series for it in this pass — it is not padded in. IGD's figures (FY2024, AGM materials): a dividend of EUR 0.10 per share — with the materials stating it was part-funded by allocating reserves released from exempt operations on the 'Food portfolio' disposal (EUR 258M), not purely from recurring earnings; FFO fell from EUR 55.4M to EUR 35.6M (−36%) in the year, and the net financial position improved from −EUR 968.4M to −EUR 806.5M on the disposal — deleveraging is its current main line. Yields are printed in two tiers: the filing tier, EUR 0.10 over EUR 3.91 (6 Nov 2026 close) = 2.6% gross; the aggregator tier, an FY2025 dividend of EUR 0.15 (aggregator basis, not verified against AGM materials) = 3.8% gross. Withholding for non-residents is 26%: in-hand of about 1.9% on the filing tier and about 2.8% on the aggregator tier; the Italy–Singapore treaty cap of 10% is recoverable only by refund claim (scenarios of about 2.3%/3.5%), which omnibus brokers generally do not perform. The discount of about 57% is measured against IFRS book value of about EUR 9.06 per share (aggregator balance-sheet basis) — a filing-grade EPRA NTA was not captured in this pass, and this site prints no EPRA discount. On the regime: the SIIQ obligation is at least 70% of the lower of exempt-segment and total statutory profit (a statutory-profit basis that can decouple from cash in a parent-company loss year), plus 50% of disposal gains within two years; a 20% entry tax and crystallisation on exit make the status nearly one-way. Verdict: do, on conditions — its character is a discount-recovery story, not a cash-flow story: the dividend is small and part-funded from disposal reserves, and what a buyer owns is the gap between EUR 1.8B of property and a EUR 0.4B market cap, plus deleveraging delivery — not a 2.6% yield.

In short: four lines first

What it costs to get in

Listed shares; a practical position is EUR 5,000–10,000 (liquidity-capped)

Roughly what it earns

2.6–3.8%（IGD SIIQ dividend yield (filing-grade and aggregator tiers)）

How much work for you

Very hands-off (listed route)

The biggest catch

Single name, single sector, single country: the fate of Italian secondary shopping centres is this stock's fate — the diversification the word "sector" implies does not exist here, so size it as a single-name risk.

The numbers that matter

IGD SIIQ dividend yield (filing-grade and aggregator tiers)

2.6–3.8%

Verified range As of: 2026-11-06 Source: IGD AGM materials (16 Apr 2025): an FY2024 dividend of EUR 0.10 per share (part-funded from disposal reserves), FFO of EUR 35.6M, a portfolio market value of EUR 1,810.4M, net financial position of -EUR 806.5M

Why we think it makes money

The single-name fact is itself information: a G7 economy's listed REIT sector has converged to one EUR 0.4B retail landlord — this site making 'there is no basket' the entry's first paragraph is its standard answer to every 'Italian REIT fund' marketing sheet.

The deleveraging path carries numbers: a EUR 162M one-year improvement in the net financial position (disposal-driven) and a EUR 1,810.4M portfolio value backed by four appraisal firms — every part of the discount-recovery story is checkable, a high specification among this site's story-grade entries.

The distribution's funding source is disclosed by the company's own materials (disposal reserves): IGD is another of this site's "check the headline dividend's source" specimens, and this time the disclosure comes from the AGM materials themselves — Italy's disclosure quality earns its evidence score of 8.

How to actually get in

Listed route: buy IGD (IGD.MI) through a broker with Borsa Italiana access; the share price is EUR 3.91 and a practical position is EUR 5,000–10,000 — average daily traded value is only about EUR 0.44M, so size is liquidity-capped and entries should be staged with limits.

What it costs, what it earns

Entry amount: Listed shares; a practical position is EUR 5,000–10,000 (liquidity-capped)
How much work for you: Very hands-off (listed route)

Costs & taxes, item by item:

Euro exposure and the Italian sovereign spread: inside IGD's valuation sits a country-layer discount — recognise that layer before any company-level view.
Thin-book entry and exit spreads: at about EUR 0.44M of daily turnover, exit cost is a real part of total cost, not a footnote.

Basis: this site uses full-cost net returns only — income minus vacancy, management, maintenance, taxes and insurance, then financing interest, with entry costs in the denominator. See the methodology。

Identity & tax

Status (residency / citizenship)

投资者签证无地产路径（已确认）

This asset does not count toward the channel No status channel

Threshold: 国债 €200 万 / 公司资本 €50 万 / 创新初创 €25 万 / 慈善 €100 万

意大利投资者签证（Legislative Decree 286/1998 art. 26-bis，Law 232/2016 设立）只有四条合格路径：€200 万意大利国债、€50 万意大利运营公司资本（2024-12 起含风投基金）、€25 万注册创新初创、€100 万公共利益慈善捐赠——房地产购买在任何金额下都不是合格投资。买房、买 IGD 股份都不产生居留权。

Source: investorvisa.mise.gov.it；art. 26-bis

Tax (investor level)

SIIQ：免税板块收入免 IRES（24%）与 IRAP（3.9%），代价是分派 ≥免税板块利润与总利润之较低者的 70%（及处置利得的 50%，两年内）。

非居民股息预扣 26%（最终税）；意新条约上限 10%——超额只能事后向 Agenzia delle Entrate 申请退税（慢、纸质、综合账户券商一般不代办），本站到手先按 26% 印、10% 标为追回情景。
进入制度的门票：带入物业的潜伏利得按 20% 替代税（可分 5 年）；退出制度则免税储备 crystallise 课税——估值上把 SIIQ 状态当单向门读。

Double-tax treaties: 条约上限 10%（1977 年公约经 2011 年议定书修订）；操作口径 26% + 追回。

Source: DPR 600/1973 art. 27；意新税收协定；Chiomenti 制度说明

This section is general information only — not immigration or tax advice. Program rules change frequently; before acting, rely on the official texts and a licensed adviser.

Risks: what could go wrong

The dividend hangs on deleveraging: FFO is down 36% and the payout is part-funded from disposal reserves — if disposals stall or retail rents step down again, the 70% statutory obligation binds on statutory profit, and the distribution can lawfully shrink. If these happen, our take changes: Checked against the FY2025 AGM materials for the dividend amount and its funding source (recurring versus reserves) — this entry's annual maintenance point.

Romanian exposure and rate sensitivity: the portfolio includes Romanian centres, and a deleveraging balance sheet is doubly sensitive to euro rates and the Italian spread. If these happen, our take changes: Checked yearly against the annual report's net financial position and LTV prints.

What we have not verified yet

The following key figures have not yet been verified; the reason is noted for each item.

The FY2025 dividend of EUR 0.15 is aggregator basis (ex-date 4 May 2026), not verified against the FY2025 AGM materials: this site cites it labelled as the aggregator tier, with the company's materials governing.
EPRA NTA per share was not captured: the discount of about 57% is on an IFRS book-value basis (aggregator balance sheet, mid-2026 reading); Next Re's SIIQ status and dividend series are unverified — it is neither basketed nor commented on.

FAQ

A 57% discount with a statutory payout — why is the dividend only 2.6%?: Because the statutory obligation binds on '70% of the lower of exempt-segment profit and total profit' — and IGD's 2024 was a consolidated net-loss year (EUR 31.1M of fair-value writedowns), with FFO down to EUR 35.6M. The distribution's decision chain runs: deleverage first, compute the obligation on the statutory basis, top up from disposal reserves — and EUR 0.10 is what comes out. The discount answers 'what are the assets worth'; the dividend answers 'what do this year's statutory profit and cash arrangements pay'. At IGD, for now, the two questions do not intersect — which is exactly why it is characterised as a discount story, not a cash-flow story.
Are there really no other SIIQs? What is an 'Italian REIT basket' fund selling?: Only IGD is investably listed. Aedes still has a quote, but at a market cap of about EUR 11M and average daily traded value of about EUR 10.5k, no real position can be built or exited; Next Re claims SIIQ status but this site could not obtain its filing-grade dividend series. A 'basket' assembled from IGD plus Aedes plus delisted names is padding untradeable names onto paper. This site's treatment is in the title: a single name, bought (or not) as a single name — never called a basket.
The withholding is 26% and the treaty's 10% needs a refund claim — do the 16 points actually come back?: There is a legal path: a refund claim to the Agenzia delle Entrate with residency certification and beneficial-ownership documents. In practice it is slow (measured in years), paper-based, and most international brokers will not do it for you — on a EUR 5,000–10,000 position the refund's expected value is often below the cost of the chase. This site's basis matches its Belgium page: price it as unrecoverable (in-hand of 1.9–2.8% at 26%), treat a successful reclaim as a bonus, and count it in only when the position is large enough to justify the dedicated process.

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Data dates are marked per metric; page updated 2026-11-08. This site publishes information and is not investment advice; the corrections channel is in the Disclaimer。