The manager of Mapletree North Asia Commercial Trust (MNACT) has reported gross revenue of $103.0 million for the 1QFY2021/2022 ended June, 10% higher than gross revenue of $93.7 million for the same period the year before.

Net property income (NPI) stood 14.3% higher y-o-y at $78.3 million, attributable to the lower rental reliefs of $4.0 million granted to retail tenants at Festival Walk in the 1QFY2021/2022, compared to the $17.9 million in the 1QFY2020/2021.

The higher NPI was also due to the higher average occupancy at IXINAL Monzen-nakacho Building (MON).

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