Commonwealth Property Office Fund (CPA) has upgraded its distribution guidance for fiscal 2014, driven by further leasing success.
In a statement to the Australian Securities Exchange, Commonwealth Managed Investments Limited (CMIL), the responsible entity of CPA, announced a 3.1% increase on the original distribution guidance of 6.55 cents, to 6.75 cents per share.
The company said, the upgrade assumes no change in the payout ratio of approximately 75% of funds from operations.
CPA fund manager Charles Moore said the upgrade was driven by further leasing success as well as a number of favourable one off outcomes.
"These successes are a reflection of the quality of the assets in our portfolio and the calibre of our asset management team," he said.
Mr Moore also announced CPA's estimated distribution for the six-month period ending December 31 of 3.5 cents per unit.