On 25 May 2018, Mapletree Greater China Commercial Trust was renamed Mapletree North Asia Commercial Trust following the completion of the acquisition of six freehold office properties located in Japan.

Mapletree North Asia Commercial Trust (MNACT) now owns nine retail and office properties located in Hong Kong, Beijing, Shanghai, Tokyo, Chiba, and Yokohama. As of 31 March 2018, its portfolio was valued at $6.3 billion.

We’ve been to the REIT’s annual meetings previously in 2015, 2016, and 2017. This year, I wanted to know more about the management’s rationale investing beyond Greater China into Japan, and to evaluate the REIT’s performance over the past year.

Here are eight things I learned from the 2018 Mapletree North Asia Commercial Trust AGM:

1. Gross revenue grew 1.3% year-on year to $355.0 million and net property income (NPI) grew 0.5% to $287.2 million. The tepid growth …