Mapletree North Asia Commercial Trust (MNACT) is a REIT that owns nine commercial properties in China, Hong Kong, and Japan. As of 31 March 2019, MNACT’s portfolio of properties was valued S$7.6 billion.

The ongoing protests in Hong Kong have made headline news around the world recently and I was interested to learn more about the REIT and how the protests would affect its business in Hong Kong.

Here are 10 things I learned from the 2019 Mapletree North Asia Commercial Trust AGM:

1. Gross revenue grew 15.1% year-on-year to S$408.7 million and net property income grew 14.6% YoY to S$240.7 million. This was contributed by the acquisition of a portfolio of Japanese properties in May 2018 and higher rental income from Festival Walk, Gateway Plaza, and Sandhill Plaza.

­­2. Distributable income rose 14.1% YoY to S$240.7 million while