Mapletree Commercial Trust (MCT) owns a mix of retail and commercial properties in Singapore. As of 31 December 2019, MCT’s portfolio of five properties – VivoCity, Mapletree Business City I, PSA Building, Mapletree Anson, and Bank of America Merrill Lynch HarbourFront – is valued at S$7.0 billion.

MCT has been one of the better-performing REITs in Singapore since its IPO in 2011. I decided to attend its latest annual general meeting and get an update on the REIT’s latest performance and developments.

Here are 12 things I learned from the 2019 Mapletree Commercial Trust AGM:

1. Gross revenue grew 2.4% year-on-year to S$443.9 million and net property income grew by 2.6% y-o-y to S$347.6 million. This was driven by higher rental income across the portfolio except for Mapletree Anson due to a decline in occupancy rate recorded there.

2. Distributable income