Tower Property Fund Limited provided earnings guidance for the year ended 31 May 2020. the company expects distributable earnings per share for the year ended 31 May 2020 will be 59.38219 cents per share, being 14.8% lower than the 69.67412 cents per share for the year ended 31 May 2019, as a result of a relatively small decrease in net property income including Covid-19 concessions, an increase in interest expense (on debt raised to fund capital expenditure), the sale during the period of non-core properties at a yield higher than the cost of debt and tax raised on undistributed income; and distribution per share for the year ended 31 May 2020 will be 44.52847 cents per share, being 40.0% lower than the 74.19478 cents per share for the year ended 31 May 2019, as a result of Tower's decision to pay out only 75% of distributable earnings, as well as the board's decision, in the current environment, to no longer add back, and distribute, rental income lost due to development activity.