Emirates REIT, the world’s largest sharia-compliant real estate investment trust (REIT) has recorded a 4% increase in its total property income growth for the third quarter of 2019, hitting $54.1 million, up from $52.1 million registered last year.

A Dubai-based REIT that invests primarily in income-producing real estate, inline with Sharia principles, Emirates REIT is managed by Equitativa, a leading regional asset manager. It currently owns a portfolio of 11 assets in the commercial, education and retail sector.

Announcing the results for the period ending September 30, 2019, Equitativa said that property expenses in Emirates REIT for the third quarter fell by 8% YoY to $10.7 million from $11.6 million in 2018.

The group’s property operating income increased by 7% YoY to $43.4 million, from $40.6 million last year, it added.

The portfolio value for Emirates REIT stands at $1 billion, the company added. Property expenses reduced by 8% to $10.7 million and EBITDA grew by 7% to $29 million for the period, it said.

According to Equitativa, the net asset value is at $1.67 per share as of September 30. Emirates REIT realised a year to date net profit of $5.9 million for the third quarter, less than the same period last year, due to revaluation losses influenced by market conditions.