SINGAPORE (May 15): The managers of Viva Industrial Trust (VIT) have announced distribution per stapled security (DPS) of 1.838 cents for the 1Q ended March, down slightly by 0.9% from DPS of 1.854 cents a year ago.
The decline was mainly due to all of the management fees payable to the managers of VIT for 1Q18 being paid in cash, instead of a combination of cash and VIT stapled securities. This was partially offset by the release of all the previously retained distributable income of $1.8 million arising from the Jackson Square Rental Support Settlement.
Without these, 1Q18 DPS would have been 4.9% higher at 1.945 cents.
1Q18 gross revenue grew 4.8% to $28.7 million, from $27.4 million a year ago, on the back of higher rental and other contribution from 6 Chin Bee Avenue, Viva Business Park (VBP), and UE BizHub East (UEBH).
Net property income rose 3.5% to $21.1 million in 1Q18, from $20.3 million a year ago.
As at end March, cash and cash equivalents stood at $11.3 million.
“The industrial property market remains soft although business parks have emerged as the most resilient asset type,” says Wilson Ang, CEO of the REIT manager.
“We are pleased to have in our portfolio, quality business parks and high-specs light industrial properties that cater to the growing new economy tenants. VIT’s portfolio occupancy reached a new high of 91.5% in 1Q2018, a testament to our proactive leasing and asset management strategy,” he adds.
Units of Viva Industrial Trust closed half a cent higher at 89 cents on Tuesday.
