Mapletree North Asia Commercial Trust After significant sales in Aims Apac Reit, the portfolio needs some higher yield Reit to compensate for the dividend. One of the consideration is MNACT due to Maple Story ... and of-course the yield. The main concern is the potential rights issue. Nevertheless, no harm to go ahead to initiate some token purchases. The Business update is out today so I thought is good to take a peek. The table below looks quite ugly. Not sure is an understatement. The reversion -34% on 44% of leases in Festival Walk. Not sure there is more contract focus on earning from sales which are in good recovery phase. Do note the ICR is Trailing 12 months basis. However much lower rental reliefs of S$4.0 million granted to retail tenants at FW in 1Q FY21/22 compared to the corresponding period last year (1Q FY20/21: S$17.9 million )...