SINGAPORE (Jan 26): The manager of Viva Industrial Trust (VIT), the Singapore-focused business park and industrial property trust, reported a 7.7% year-on-year increase in DPS to 1.760 cents, on the back of a steady rise in distributable income by 27.9% to reach $15.9 million.
Additional income contributions came from Home-Fix Building and 11 Ubi Road, which were acquired on 24 November 2015; 30 Pioneer Road, which was acquired on 15 April 2016; and VBP, which arose mainly from its retail units at 750 and 750A, and its contestable electricity bulk purchase programme.
The FY2016 DPS of 6.958 cents was 0.6% lower than that of FY2015, due to the enlarged share base following the completion of two private placements and a preferential offering in FY2015, as well as a private placement in November 2016 to partially fund the acquisition of 6 Chin Bee Avenue.
In FY2016, the manager secured new leases for about 101,000 sq ft of space and renewed the leases for about 356,000 sq ft of space, which translates to a lease renewal rate of 90% while recording positive rental reversion of 5.2%.
Units of Viva Industrial Trust last traded at 76 cents.
