SCA Property Group (ASX:SCP) withdrew its FY20 earnings and distribution guidance in the wake of uncertainty in relation to the effect and duration of the COVID-19 pandemic.
- The Company suggested that numerous of its tenants are required to close for an indefinite period including gyms, cinemas, massage, beauty, tanning salons and nail bars over the Prime Minister’s announcement, which represent ~ 1.0 million per month of our gross rental income.
- Apart from that, cafes and restaurants which represent approximately $0.7 million per month of gross rental income would be offering takeaway services; and,
- SCP suggests that the total annual gross property income is currently around $300 million and the gross rental income from all tenants in the effected categories is approximately 0.6 per cent of our annual gross property income.
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