Qualitas Real Estate Income Fund (QRI) H1 2025 earnings summary

Executive summary

• Net assets attributable to unitholders rose 17.5% to $755.4 million as of 31 December 2024, driven by successful capital raisings and portfolio growth.

• Operating profit for the half-year increased 14.6% year-over-year to $31.7 million, reflecting improved portfolio performance and cost control.

• The Fund maintained its strategy of investing in real estate loans secured by first and second mortgages, primarily in Australia.

Financial highlights

• Total investment income for the half-year was $38.6 million, up 15.3% from $33.5 million in the prior period.

• Distributions paid and payable totaled $31.2 million (6.93 cents per unit), compared to $27.3 million (7.19 cents per unit) a year earlier.

• Net tangible assets per unit were $1.6015 at period end, stable compared to $1.6018 a year earlier.

• Total assets increased to $763.4 million from $684.1 million at 30 June 2024.

• Cash and cash equivalents at period end were $13.9 million, up from $12.7 million at 30 June 2024.

Outlook and guidance

• The Fund will continue to be managed according to its investment objectives and guidelines, with future results dependent on investment market performance.

• No specific forward-looking financial guidance was provided, but the Fund highlighted ongoing portfolio growth and diversification.