Mapletree North Asia Commercial Trust's Q3 net property income up 13.1%

Singapore

MALL and office landlord Mapletree North Asia Commercial Trust (MNACT), the target of a proposed merger with Mapletree Commercial Trust, posted higher third quarter net property income (NPI) of S$85.6 million, rising 13.1 per cent from a year ago.

Gross revenue for the 3 months to Dec 31, 2021 increased 11.8 per cent to S$112.6 million. In addition to the full-quarter contribution from the Hewlett-Packard Japan Headquarters Building acquired on June 18, there was an absence of rental reliefs during the quarter. The year before, rental reliefs totalled S$8.7 million.