Viva Industrial Trust has reported a DPS of 1.81 Singapore cents for its 3Q 2016, an increase of of 9.9% from the 1.647 cents reported in the corresponding period of 2015.

Net property income for the quarter grew by 39.2% to SGD17.4 million (USD12.5 million), on the back of a 31.9% increase in gross revenue that came in at SGD24.3 million.

Correspondingly, distributable income for the period increased by 35.2% to SGD15.7 million.

The trust’s portfolio weighted average occupancy has also improved to 88.6%, from the 87.0% recorded at the end of the last financial year.

Viva Industrial Trust has attributed the figures mainly to contribution from its three newly acquired properties, namely 11 Ubi Road 1, 30 Pioneer Road, and the Home-Fix Building in Tai Seng.

“We are today reaping the fruits of the REIT manager enhancing value through asset enhancements within Viva Industrial Trust’s portfolio, strategically acquiring quality properties that diversify our revenue streams, whilst continuing to maximise tenant retentions with positive rental reversions”, said Wilson Ang, CEO of the trust’s manager.

In light of softer demand for industrial spaces in Singapore, the trust said that it expects the business park sector to remain resilient due to its flexible layout, choice of amenities, and clustered configuration within established zones.

The trust also expects the lack of new supply in business park properties in the medium term to be supportive of rentals.

“We look forward to finishing 2016 on a high note as we complete the AEI at [Viva Business Park] and enjoy the contributions from our newly acquired properties”, added Ang.

Units of Viva Industrial Trust last changed hands on the Singapore Exchange at SGD0.79.