Viva Industrial Trust Q1 DPS down 12.4%

SINGAPORE - Singapore-focused business park and industrial property trust Viva Industrial Trust on Thursday morning (April 28) posted a first quarter distributable income of S$14.1 million, up 21.6 per cent from a year ago.

However, distribution per stapled security (DPS) fell 12.4 per cent to 1.638 Singapore cents, due to funding efforts last year which increased the number of issued stapled securities by about 233.4 million or 37.4 per cent, the trust manager said.

Gross revenue in the three months ended March 31 was S$21.9 million, up 21.2 per cent from the same period a year ago.

This was driven by additional rental contributions of S$2.6 million from the Home-Fix Building and 11 Ubi Road 1, as well as higher revenue contributions from Viva Business Park and Jackson Square by S$0.9 million and S$0.3 million, respectively.

Net property income rose 27.3 per cent to S$15.8 million, on higher contributions from both existing and newly acquired properties.

Net asset value per stapled security was 81.1 cents as at March 31, from 81.29 cents as at Dec 31 last year.

The trust manager also noted that in February, it had successfully refinanced Viva's outstanding loans which will mature in 2016 and 2017. As such, Viva's weighted average debt maturity has lengthened from 2.2 years as at Dec 31 to four years as at March 31.