Tower expects 10% growth in core earnings for FY17, revises distributions guidance

JSE-listed Tower Properties has revised its guidance for distributions for the financial year to May 31 to exclude one-off earnings, which it believes should be redeployed by the company to grow distributable income rather than be distributed to shareholders. The company had previously expected to grow its distributions by 6% year-on-year to 97.5c a share for the current financial year, of which 81.5c comprised core earnings and 16c one-off earnings.