How to check a commercial property's rent roll
A rent roll summarises the leases producing income from a property. Before buying a commercial unit or portfolio, reconcile that summary against signed documents and actual receipts. A spreadsheet supplied by the seller is a starting point, not independent proof of income.
Reconcile one unit at a time
Create one row per leased unit. Match its number and area to the property being sold, then identify the tenant, lease dates, contracted rent, payment dates, deposit and any side agreement. Ask for the documents through a secure process; public marketing material should not contain a tenant's private financial information.
| Rent-roll item | Evidence to request | Question it resolves |
|---|---|---|
| Annual rent | Signed lease and amendments | Which amount is contractually agreed? |
| Collections | Receipt ledger and supporting payment evidence | What has actually been received? |
| Concessions | Incentive or side letter | Is any advertised rent waived or deferred? |
| Expiry and break rights | Complete lease terms | When could the income change? |
| Deposit | Deposit ledger and transfer arrangement | Who holds it and what happens at transfer? |
For a Dubai tenancy, the DLD services directory provides the route to tenancy-registration services. Registration evidence should be read alongside the full agreement, not used as a substitute for its commercial terms.
Explain every difference
Suppose a hypothetical schedule lists AED 600,000 annual rent, while the receipts supplied cover AED 450,000. The AED 150,000 difference could reflect a payment not yet due, an incentive, arrears or missing evidence. It is not automatically unpaid rent, but it must be explained before you use AED 600,000 as collectible cash.
Record the accounting period on both documents. A calendar-year receipt total cannot be compared directly with a lease year that starts in September.
Check the costs attached to that income
Ask which charges the owner pays, which can be recovered from the tenant and whether recoveries have actually occurred. Keep deposits, VAT collected and reimbursed expenses separate from rental income. Otherwise, cash passing through an account may be mistaken for investment return.
Finish with a short exceptions list: missing lease pages, unexplained receipts, expiring concessions and unresolved balances. Price negotiation should follow the evidence. When a material item is unresolved, label the return calculation provisional and agree who will verify it before completion.
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Related guide: Buying a Tenanted Property in Dubai.
Sources and scope
Official references checked on 29 October 2026: DLD: Official services directory. The comparison methods and hypothetical examples are Livrichy planning aids. Official sources do not endorse the examples; confirm current requirements for the actual transaction.