Tower Property Fund Limited provided earnings guidance for the six months ended November 30, 2020. The company expects that its distributable earnings per share for the six months ended 30 November 2020 will be 19.35381 cents per share. This is 26% lower than the 26.23006 cents per share for the most recent six months ended 31 May 2020 and 42% lower than the 35.00817 cents per share for the six months ended 30 November 2019. The company's distributable income for the six months of 19.4 cents per share is as a result of a number of factors, including (i) the conversion of Euro debt into Rand debt ­ a strategic and stated target; (ii) the sale of assets to reduce LTV; and (iii) reversions of above market office rentals. These factors will have an impact on sustainable distributable income going forward. However, Tower expects a number of other factors, including (i) the impact of Covid-19 related rent relief; (ii) increases in bad debts attributable to Covid-19; and (iii) the temporary increase in vacancies at Cape Quarter as a result of the departure of a number of key office tenants, to only impact distributions over the relatively short term.