SCA (ASX:SCP) share price rises on double-digit increase in dividend and profit

The Shopping Cntrs Austrls Prprty Gp Re Ltd (ASX: SCP) share price will be on watch this morning after it posted an increase in profits and dividends.

You might not have guessed that COVID-19 had hit retail landlords hard. But SCA Property Group’s focus on neighbourhood centres provided it some protection.

The group reported a 14.1% increase in interim net profit to $102.9 million compared with the same period last year.

Watch the cash not profit

But profits aren’t really the focus when it comes to property groups. It’s more the Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO) that I watch.

On these two metrics, the group posted a weaker result compared to 1HFY20, which was before COVID.

However,…