2016 was an exciting year for SoilBuild REIT. I have been following SoilBuild REIT closely since I held 5% of Soilbuild REIT in my stock portfolio. Activities in 2016 includes the Default of Technics Offshore Marine, Acquisition of Bukit Batok Connection and Preferential Shares Offering.

On 23rd January 2017, Soilbuild REIT has announced its 4Q2016 financial results. Gross Revenue, Net Property Income and Distributable Income has all increased. However, distribution per unit (“DPU”) has fallen by 2.7%. I concluded the decline in distribution per unit to the additional units available due to the preferential shares offering which has diluted its earning per share.

4Q2016
(S$’000)
4Q2015
(S$’000)
Change
Gross Revenue 21,687 20,434 1.6%
Net Property Income 18,892 17,490 8.0%
Distributable Income 16,365 15,091 8.4%
Distribution Per Unit (“DPU”) (cents) 1.570 1.614 (2.7%)

As at 31 December 2016, Soilbuild REIT had 1,042,173,741 Units as …