Viva Industrial Trust posts 2.4% decline in Q3 DPS

VIVA Industrial Trust (VIT) on Tuesday reported a 2.4 per cent decline in distribution per stapled security (DPS) for the third quarter ended Sept 30 to 1.647 cents.

This was attributable to an enlarged DPS base following the issuance of 80.3 million new stapled securities under the recent placement exercise completed in June to partially fund the asset enhancement initiative at Technopark@Chai Chee (TPCC).

Distributable income rose 15.1 per cent to S$11.6 million and net property income for the quarter rose 29.6 per cent year-on-year to S$12.5 million, driven by additional rental contribution from Jackson Square and Jackson Design Hub, and higher rental and other income from TPCC.

"We achieved healthy increments to our net property income and distributable income, and are confident that our efforts to seek further growth opportunities will continue to enhance long-term value for our stapled securityholders," said Wilson Ang, CEO of Viva Industrial Trust Management Pte Ltd.

Based on VIT's closing price of S$0.735 on Sept 30, the annualised DPS of 6.534 cents for the third quarter translates to an annualised yield of 8.9 per cent.