Viva Industrial Trust (VIT) got a boost in its fourth quarter from income contributions by newly acquired properties in its Singapore-focused business park and industrial portfolio.

Gross revenue for the three months to Dec 31 jumped 18.5 per cent to $19.7 million on new contributions from Home-Fix Building and 11 Ubi Road 1, which were acquired in November last year.

Higher income contributions also came from Viva Business Park (formerly known as Technopark@Chai Chee) and the business park space at UE BizHub EAST, the trust manager said.

Distributable income jumped 20.6 per cent from a year earlier to $12.5 million, and net property income surged 24.5 per cent to $13.7 million. However, distribution per stapled security (DPS) for the fourth quarter fell 3.9 per cent to 1.634 cents as a result of the "dilutive effect" of the issuance of about 233.4 million new stapled securities in the 2015 financial year, the trust manager said.

The shares were issued to raise funds for the renovation of Viva Business Park and for three property acquisitions.

VIT comprises Viva Industrial Real Estate Investment Trust and Viva Industrial Business Trust.

For the full year, distributable income rose 15.9 per cent from 2014 to $47.5 million, as gross revenue increased 19.8 per cent to $74 million. This brought VIT's full-year DPS up 2.4 per cent to seven cents.

Based on VIT's closing price of 71 cents on Dec 31, that amounts to an impressive yield of 9.9 per cent.

Income contributions from Jackson Square and Jackson Design Hub, which were acquired in November 2014, also lifted full-year earnings.

Mr Wilson Ang, chief executive of Viva Industrial Trust Management, said: "We are starting financial year 2016 on a firm footing, with a more robust portfolio that is underpinned by steady rental income, positive revaluation and a higher portfolio occupancy."

At the end of December, VIT had a portfolio of seven properties here valued at $1.1 billion. This is expected to rise to $1.2 billion with the acquisition of another property, at 30 Pioneer Road, in the first quarter and the completion of renovation works at Viva Business Park in the third quarter of this year.

VIT had a gearing of 38.6 per cent and borrowing cost was 3.99 per cent as at Dec 31. Nearly 80 per cent of the borrowings are on fixed rates and there is "not that much exposure from the fluctation of interest rates", the trust manager said.

Net asset value per stapled security rose to 81.29 cents as at Dec 31, up from 75.82 cents a year ago.

Despite potential headwinds on industrial and business park rentals due to the weaker economic outlook, the trust manager is optimistic about the prospects ahead.