Mapletree Commercial Trust (MCT) is a Singapore-focused REIT that invests in a diversified portfolio of income-producing real estate used primarily for office or retail. As at 31 March 2021, MCT’s portfolio comprised five properties in Singapore. During the 2021 AGM, CFO Janice Tan presented MCT’s FY20/21 financial highlights while CEO Sharon Lim covered the key operational highlights. Here are eight things I learned from MCT’s 2021 AGM. 1. MCT posted gross revenue of S$479.0 million, down 0.8% year-on-year while net property income (NPI) was S$377 million, down 0.2% year-on-year. This was due to the impact of COVID-19 and rental rebates of more than S$70 million to help eligible retail tenants, although MBC II’s (acquired in November 2019) first full-year contribution helped to cushion the impact. The amount available for distribution was S$314.7 million, up 29.4% year-on-year, while distribution per unit (DPU) was 9.49 cents, up 18.6%. The CFO shared that S$43.7 million of distribution was retained...