SINGAPORE (THE BUSINESS TIMES) - CapitaLand Mall Trust's (CMT) distribution per unit rose 1.3 per cent to 3.1 cents for its third quarter ended Sept 30, from 3.06 cents a year ago.

The distribution for Q3 2020 included the release of $36.4 million, or about 78 per cent of the $46.4 million of taxable income available for distribution retained in H1 2020. In Q3 2019, CMT had released $1.5 million of its taxable income available for distribution retained in H1 2019.

For the third quarter this year, CMT's gross revenue tumbled 25.3 per cent to $150.3 million, from $201.1 million a year earlier.

This was mainly due to lower gross rental income arising from rental waivers of $29.5 million granted to tenants affected by Covid-19, as well as lower gross turnover and other income, the manager said on Thursday.

Net property income (NPI) fell 27.6 per cent on the year to $104.4 million for the quarter, from $144.2 million.

Distributable income was up 1.2 per cent year on year to $114.3 million, from $113 million.

Unitholders can expect to receive the distribution on Nov 19, following books closure on Oct 20.

Mr Tony Tan, CEO of CMT's manager, said almost all of CMT's tenants have resumed operations and portfolio occupancy remained stable at 98 per cent as at Sept 30 this this year.

He said portfolio shopper traffic and tenants' sales per square foot per month for the third quarter had 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, he added.

"We are encouraged by the steady recovery in the operational performance of CMT malls and the broader market since Phase 2 reopening," said Mr Tan. "We will continue to focus on operational recovery while staying vigilant in adhering to safe management measures."

CMT units were unchanged at $1.91 as of 9.52am on Thursday.