Tower Property Fund Limited declared a total distribution of 92 cents per shares per share for the year ended 31 May 2016, and provided guidance of 6% distribution growth for the year ending May 2017, equating to a projected distribution of 97.5 cents per shares for the year ending 31 May 2017. Circa 75 cents per shares of the total distribution paid for the year ended 31 May 2016 comprised core earnings (being tenant rental income, less operating costs and cost of debt) and the balance of 17 cents per shares included certain once-off earnings. The 2017 distribution guidance similarly comprised core earnings of circa 81.5 cents per shares and the distribution of once-off earnings of 16 cents per shares to meet the guidance of 97.5 cents per shares for the year ending 31 May 2017. The anticipated 2017 once-off earnings were to be realised through profits from the sale of newly constructed residential apartments at Napier Street (part of the Cape Quarter precinct) and certain non-core buildings currently held for sale. Tower has revised its guidance for the year ending 31 May 2017 to a distribution of 80 cents per shares to 82 cents per shares which comprises core earnings only. On a rolled, 12-month forward basis, Tower anticipates a distribution of 84 cents per shares to 86 cents per shares.