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Investors hoping that dividends from property stocks will quickly bounce back to pre-Covid levels shouldn’t hold their breath.

It’s true that the sector has emerged from lockdowns and trading restrictions in better shape than many expected. Mall owners, whose revenues were particularly hard-hit in 2020 by the widespread rental relief granted to struggling tenants, saw an encouraging rebound in foot count and sales turnover last year. And overstretched balance sheets have by and large been restored...

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