SCA Property Group said investors would have to wait two years until earnings and distributions returned to pre-COVID levels, despite a marked improvement in the performance of its supermarket-anchored $3.4 billion mall portfolio in the six months to December.

The country’s largest owner of neighbourhood malls and sub-regional centres lifted earnings 16 per cent over the six-month period as more people shopped locally and fewer tenants needed rent waivers as the virus pandemic eased.