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COVID-19 restrictions: specialty retailers behind in rent – NEWS.com.au

Specialty retailers fall behind in rent, dent shopping centre owner profit

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Shopping Centres Australasia Property Group has reported a 22 per cent slump in full-year net profit as specialty tenants fall behind paying rent, with coronavirus restrictions denting their sales.The shopping centre investment and management group posted a net profit for the year to June 30 of $85.5 million, mainly due to a COVID-19 earnings impact of $20.5 million and an investment property like-for-like valuation decrease of $87.9 million.
Chief executive Anthony Mellowes said convenience-ba…

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