Emirates REIT sees sharp fall in 2020 net property income DUBAI, 8 hours, 20 minutes ago UAE-based Emirates REIT, one of the largest shari'a-compliant real estate investment trusts, has recorded a 9.7 per cent decline in its rental income for the year ended December 31, 2020 compared to the year before, while its total property income fell 9.4% and net property income was down 11.3 per cent due to challenging market conditions.
Announcing the 2020 results - prepared in accordance with International Financial Reporting Standards ("IFRS") and audited by Deloitte And Touche (ME) - Equitativa (Dubai), manager of Emirates REIT, said the net asset value as of December 31, 2020 stood at $225.5 million ($0.74 per share), while the year witnessed a decrease of 1.3% in the portfolio’s total property expenses.