CHALLENGER Diversified Property Group (ASX: CDI) has upgraded its normalised earnings per unit and distribution per unit guidance for FY2013..
Fund manager Trevor Hardie said normalised EPU is expected to be 21.4 cents, up from the previous forecast of 21.0 cents, which will be 6% higher than FY2012 normalised EPU.
The FY2013 DPU is expected to be 17.8 cents, up from previous guidance of 17.4 cents. Taking the final distribution to be 9.2 cents per unit, representing a 7% increase on the interim distribution.
The increase in both normalised EPU and DPU guidance is primarily due to a favourable outcome from the Aulnay rental litigation.
“The estimated final distribution of 9.2 cents per unit represents an annualised yield of 6.9% and we look for further opportunities to enhance the portfolio and grow earnings,” he added.
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