Jackson Square, a property in Viva Industrial Trust's portfolio. (Photo: REITsWeek)

Viva Industrial Trust announced on 28 April that it has achieved a DPS of 1.854 Singapore cents for its 1Q 2017, a jump of 13.2% over the 1.638 cents recorded for the corresponding period of 2016.

Gross revenue and net property income increased 24.9% and 28.8% year-on-year to SGD27.3 million (USD19.5 million) and SGD20.3 million respectively, while distributable income came in 25.9% higher at SGD17.8 million.

Viva Industrial Trust has attributed the set of results mainly to new income from newly acquired properties such as 6 Chin Bee Avenue, and retail units at existing assets including 750 and 750A of Viva Business Park.

“Furthermore, [Viva Industrial Trust’s] portfolio occupancy improved from 86.9% in 1Q 2016 to 91.1% in 1Q2017”, said the trust, in a statement on 28 April.

Weighted average lease expiry (WALE) for the quarter was maintained at 3.2 years.

The trust has downplayed possible repercussions from the liquidation of Jackson International Private Limited, a significant rental contributor.

“With the rental support bank guarantee in place, we do not expect this matter to have a material impact on the financials or distributions of [Viva Industrial Trust] for FY2017”, said Wilson Ang, CEO of the trust’s manager.

“Furthermore, we are seeking legal advice on the appropriate course of action and will work to protect the interests of our stapled security holders”, he added.

Units of Viva Industrial Trust are currently listed on the Singapore Exchange at SGD0.805.

By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.