Mall landlord SCA Property Group joined the growing club of listed property trusts to forecast lower earnings and distributions this financial year on the back of rising interest rates, which took the gloss off an otherwise solid operating performance across its $4.5 billion portfolio.

On Tuesday, the owner and manager of 90 neighbourhood and subregional shopping centres forecast adjusted from operations (AFFO) of 15¢ per unit – implying a distribution just below that – after reporting AFFO of 15.3¢ for the 2022 financial year and a full-year payout of 15.2¢ to unitholders, in line with previous guidance.