Arena (ASX:ARF) share price charges higher after upgrading distribution guidance

The Arena REIT (ASX: ARF) share price was a strong performer on Thursday.

The property company’s shares rose a solid 2% to finish the day at $2.87.

Why did the Arena share price push higher?

Investors were buying the company’s shares today after the release of a positive update.

According to the release, Arena is expecting the completion of eight existing Early Learning Centre (ELC) development projects in the first half of FY 2021. These will be at a total cost of $41 million with an average initial yield on all costs of 6.7%. They will also have a weighted average initial lease term of 20 years.

In addition to this, the company has completed the acquisition of seven established ELCs for a total cost of $40.3 million at a net…