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ASX / MEDIA ANNOUNCEMENT 8 February 2021 SCA Property Group SCA PROPERTY GROUP ANNOUNCES FIRST HALF FY21 RESULTS SCA Property Group ( ASX : SCP ) ( " SCP ” or “ the Group " ) is pleased to announce its results for the half year ended 31 December 2020 ( " 1H FY21 ” ) . Financial highlights : • • Net Profit After Tax of $ 102.9 million , up by 14.1 % compared to the same period last year ( " 1H FY20 " ) due to an increase in the fair value of investment properties ( 1 ) Funds From Operations ( " FFO " ) and Adjusted Funds From Operations ( " AFFO " ) have decreased compared to 1H FY20 , which was prior to the COVID - 19 pandemic FFO and AFFO have improved strongly compared to the second half of the FY20 financial year ( " 2H FY20 " ) , as the negative impact of COVID - 19 begins to recede : - FFO of $ 72.3 million , up by 16.1 % compared to 2H FY20 • • - FFO per unit of 6.72 cents per unit ( " cpu " ) ( 2 ) , up by 8.2 % compared to 2H FY20 AFFO of $ 62.4 million , up by 15.1 % compared to 2H FY20 AFFO per unit of 5.80 cpu , up by 7.4 % compared to 2H FY20 Distributions of 5.70 cpu , up by 14.0 % compared to 2H FY20 , a payout ratio of 98 % of AFFO ( 2 ) Weighted average cost of debt currently 3.2 % pa . Gearing of 29.1 % as at 31 December 2020 , up from 25.6 % at 30 June 2020 primarily due to $ 178.9 million in acquisitions completed during the period Investment property portfolio value of $ 3,403.3 million , up by $ 265.1 million since 30 June 2020 , primarily due to a like - for - like valuation increase and acquisitions Net tangible assets of $ 2.25 per unit as at 31 December 2020 , up by 1.4 % from $ 2.22 as at 30 June 2020 primarily due to the like - for - like valuation increase Management expense ratio ( “ MER " ) of 0.46 % as at 31 December 2020 , up from 0.38 % as at 30 June 2020 due to increased D & O insurance costs and no KMP STIP in FY20 Operational highlights : Supermarket moving annual turnover ( " MAT ” ) growth of 8.6 % ( up from 5.1 % as at 30 June 2020 ) and discount department store MAT growth of 15.0 % ( up from 7.6 % as at 30 June 2020 ) • Portfolio occupancy of 98.2 % by GLA as at 31 December 2020 ( no change from 30 June 2020 ) , with specialty vacancy of 4.8 % of GLA ( down from 5.1 % as at 30 June 2020 ) • • • Leasing activity continuing with 96 renewals and 63 new lease deals completed during the period . Average leasing spreads were -4.6 % for renewals and + 0.8 % for new leases Acquisitions of Bakewell ( NT ) for $ 39.4 million and Auburn Central ( NSW ) for $ 129.5 million ( excluding transaction costs ) were completed during the period “ SURF 1 " fund was wound up during the period , crystalising an internal rate of return of 11 % per annum for unitholders ( 1 ) Refer to the Interim Financial Report for the half year ended 31 December 2020 released today ( 2 ) Based on weighted average units on issue of 1,075.1 million . FFO per unit is calculated as FFO of $ 72.3 million divided by 1,075.1 million . Payout ratio is calculated as total 1H FY21 distributions declared of $ 61.4 million divided by 1H FY21 AFFO of $ 62.4 million . Shopping Centres Australasia Property Group RE Limited ABN 47 158 809 851 AFS Licence 426603 as responsible entity of the Shopping Centres Australasia Property Retail Trust ARSN 160 612 788 and as responsible entity of the Shopping Centres Australasia Property Management Trust ARSN 160 612 626