The manager of CapitaLand Mall Trust (SGX: C38U) (CMT) announced on Thursday morning a net property income (NPI) of S$104.4 million for the quarter ended 30 September (3Q 2020), a 27.6% drop year-on-year. The drop in NPI was mainly due to lower gross rental income arising from rental waivers for tenants of S$29.5 million due to Covid-19, as well as lower gross turnover and other income. Distributable income for the quarter was at S$114.3 million and distribution per unit (DPU) at 3.10 cents. Year-to-date distributable income was S$224.0 million, with the release of S$36.4 million, or about 78% of the S$46.4 million of taxable income available for distribution retained in 1H 2020. YTD DPU was down 31.6% year-on-year, at 6.06 cents. The operational performance of CMT malls have been recovering steadily with operations resumed for almost all of CMT’s tenants and portfolio occupancy stable at 98%. Portfolio shopper...