The manager of Mapletree Commercial Trust (MCT) has reported 10.5% lower gross revenue of $100.3 million for 1Q20/21 ended June, compared to the $112.1 million last year.

In a July 23 business update, MCT says the decline was mainly due to the rental rebates granted to eligible retail tenants during the quarter, and mitigated by contributions from Mapletree Business City II, which was acquired in November 2019.

Property operating expenses for the quarter increased 9.7% y-o-y.

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