Charter Hall’s Retail REIT also reported a healthy statutory profit of $291.2 million, up $44.2 million on the previous year. Operating earnings were $156.2 million, up 9.5 per cent.

It provided rent relief of $6.7 million for the financial year compared to $10.7 million the previous year.

“Where COVID-19 mandated closures and restrictions have occurred, we’ve seen tenants trading rebound quickly in the period that follows,” the fund’s chief executive Greg Chubb said.

About 428 specialty stores, providing 10.8 per cent of total monthly income or $2.6 million , are temporarily closed because of lockdowns and trading restrictions around the country, he said.

Portfolio rent collections for the month of July were 93 per cent, but landlords will be required to provide rent waivers to some tenants in NSW and Victoria after both reintroduced new codes of conduct.

“Importantly, specialty sales and customer traffic have rebounded strongly and quickly after recent lockdowns in South Australia, regional Victoria and South-East Queensland,” he said.

SCA paid distributions of 5.7¢ per unit in January and will pay another 6.7¢ per unit later this month. Charter Hall’s Retail REIT will pay a final distribution of 12.7¢ at the end of the month.

SCA said it was aiming for net zero scope 1 and 2 carbon emissions across its property portfolio by 2030 and will spend $21.2 million over the next year to get there.

The group will also raise $72.4 million in new equity by underwriting its dividend reinvestment plan this month, allowing it to fund a further $190 million in acquisitions and still keep its gearing below 35 per cent.