By Ben Otto

CapitaLand Mall Trust's distribution per unit fell 28% in the second quarter as the Singapore-based trust preserved cash and extended rental waivers to tenants affected by the Covid-19 pandemic.

Distribution per unit for the second quarter was 2.11 Singapore cents (1.53 U.S. cents), the trust said Wednesday.

Net property income fell 49% from a year earlier to S$68.1 million, largely due to lower gross rental income arising from rental waivers.

"Although the phased reopening of Singapore's economy from June 2020 has brought some relief to businesses, (the trust) maintains a cautious view of near-term market conditions, given the uncertain economic climate and softening demand for retail space," said Tony Tan, chief executive of the trust's manager.

The trust said that its operating performance remains below pre-crisis levels, but was encouraged by weekly rises in shopper traffic since Singapore began easing movement restrictions designed to stem the spread of the coronavirus. 



  Write to Ben Otto at ben.otto@wsj.com