Mapletree Commercial Trust has announced their 3QFY19/20 financial results on 22nd January 2020. There are no surprises as all financial results are positive. Income available for distribution increased by 18.0% while Distribution Per Unit (DPU) increased by 5.6%. It was mentioned that the strong financial performance was driven by the newly acquired Mapletree Business City II (MBC II). Here are the 3QFY19/20 financial results compared with 3QFY18/19. 3QFY19/20 (S$’000) 3QFY18/19 (S$’000) Change Gross Revenue 131,336 112,543 16.7% Net Property Income 103,298 87,868 17.6% Distributable Income 79,049 66,992 18.0% Distribution Per Unit (“DPU”) (cents) 2.46 2.33 5.6% Debt As of 31st December 2019, the gearing ratio stood at 33.4%. The average term to maturity of debt is 4.4 years. Occupancy Overall portfolio committed occupancy stood at 98.9%.   One of the things that worry me is the decline of shopper traffic. As you can see, shopper traffic declined by 2.2% while...