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CapitaLand income tumbles as tenants granted rent waivers

CapitaLand Mall Trust’s income tumbled 27.6 per cent in the September quarter as the property manager granted rental waivers of US$21.7 million to tenants impacted by the Covid-19 pandemic. 

According to CapitaLand Mall Trust Management, which runs the trust, net property income reached just $76.9 million for the quarter. Distributable income was $84.2 million. 

Tony Tan, CMTML CEO, said CMT was encouraged by the “steady recovery” in the operational performance of CMT malls and the broader market since Singapore’s Phase 2 reopening. 

“As at September 30, almost all of CMT’s tenants have resumed operations and portfolio occupancy remained stable at 98 per cent. Portfolio shopper traffic and tenants’ sales per square foot per month for the third quarter have recovered to about 60 per cent and 89 per cent of last year’s levels respectively. Suburban malls saw tenants’ sales recovering to around 97 per cent of the level a year ago.”

Tan said the company will continue to focus on operational recovery while remaining vigilant about safety.

“In the face of the Covid-19 situation, we maintain a cautious outlook for the near term. As Singapore prepares for Phase 3 reopening, CMT will stay the course to preserve the vitality of the retail ecosystem while mitigating the negative impact of the current challenging operating environment on our DPU,” he said.

The company will offer targeted relief support to tenants in order to sustain healthy occupancy levels and use technology to outreach to consumers. 

Year to date up to September 30, CMT has given $135 million in rental relief  to tenants, including rent waivers, property tax rebates and cash grants. The trust  also waived turnover rent for qualifying tenants. 

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