Mapletree Commercial Trust (MCT) has reported a net property income (NPI) of $96.9 million for the 1QFY2021/2022 ended June, up 22.9% y-o-y from $78.9 million previously.

The higher NPI is in line with the trust’s higher gross revenue of $124.1 million for the quarter, up 23.7% from $100.3 million the previous year.

MCT’s manager attributes the higher revenue and NPI to lower rental rebates compared to a year ago, as well as compensation received from a pre-terminated lease at mTower.

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