Viva Industrial Trust's net property income jumped 25.8% to $12.4m in Q1

Due to higher rental contribution from new tenants.

Viva Industrial Trust reported that its net property income jumped 25.8% year-on-year to $12.4m in the first quarter, while gross revenue grew 20.8% to $18.1m.

The stronger-than-expected performance was mainly due to higher actual rental contribution from new business park tenancies at UE BizHub EAST the effect of recognising higher rental income on a straight-line basis over the contracted lease term as well as additional revenue contribution from Jackson Square and Jackson Design Hub which were acquired in November 2014.

These were partially offset by lower-than-forecast revenue derived from Technopark@Chai Chee on the back of lower occupancy ahead of preparations for the proposed asset enhancement initiative.