CapitaLand Mall Trust has announced their 2Q2020 financial results on 22nd July 2020. As expected, the financial results were in a sea of red. Retail REITs are the hardest hit by the COVID-19 pandemic due to lock down measures by the government. Despite phase two reopening, the safe distancing measures have continued to pose challenges. Most tenants have resumed operations and average shopper traffic has
recovered to 53% of the level a year ago. Suburban malls continue to outperform downtown malls. Gross revenue declined by 39.8% to S$114.1 million. Net property income declined by 48.9% to S$68.1 million. Distributable Income declined 27.5% to S$78.1 million which include the S$23.2 million, part of the S$69.6 million of taxable income available for distribution retained in 1Q 2020 to Unitholders. 2Q2020 Financial Results 2Q2020
(S$’000)1Q2019
(S$’000)YoY(%)Gross Revenue114,091189,539(39.8%)Net Property Income68,052133,152(48.9%)Distributable Amount (To Unitholders)78,128107,716(27.5%)Distribution Per Unit (“DPU”) (cents)2.112.92(27.7%) Occupancy As of 30th June 2020,...