Singapore-focused business park and industrial property trust Viva Industrial Trust (VIT) (SGX:T8B) has announced a distribution per stapled security (DPS) of 1.687 Singapore cents for its 3Q 2014, missing the IPO forecast of 1.729 Singapore cents by 2.4%.

VIT’s gross revenue for the quarter was higher than forecast, driven mainly by higher actual rental contribution from new tenancies secured at UE BizHub EAST (UEBH), along with the effect of recognising accounting rental income of SGD0.2 million.

But rental income contribution from Technopark@Chai Chee (TPCC) remains below forecast as a result of the upcoming asset enhancement initiative (AEI).

Actual finance expenses were also higher than forecast due to the interest expense on the SGD100 million of Medium Term Notes (MTN) issued in September 2014. These have partly contributed to VIT missing its DPS forecast for the quarter.

However Wilson Ang, CEO for the manager of VIT’s REIT component, has said that results for the quarter are “generally in line with forecast” and “reflects the prudent management” of VIT’s core business park assets.

“We are pleased to have our maiden yield accretive acquisition of two prime assets that will contribute to VIT’s distributions and enhance the return to our investors", said Ang referring to the acquisition of Jackson Square and Jackson Design Hub announced earlier. The properties are expected to start contributing to VIT’s performance in the fourth quarter of 2014.

VIT’s gearing for the quarter stands at 45.7%. The trust now has three properties with a weighted average lease to expiry (WALE) by rental income of 3.5 years.

VIT’s distribution for the quarter will be paid on 21 November 2014 and its units are currently listed on the Singapore Exchange at SGD0.805.