Qualitas Real Estate Income Fund (QRI) H2 2025 earnings summary

Executive summary

• Net assets attributable to unitholders rose 44% year-over-year to $974.5 million, driven by capital raised through placements and an entitlement offer.

• Operating profit increased 19.6% to $66.9 million for the year ended 30 June 2025, reflecting improved portfolio performance and disciplined cost control.

• The Trust maintained its investment focus on real estate loans secured by first and second mortgages, primarily in Australia.

• No impairments, no interest arrears, and no external leverage were reported for the year.

Financial highlights

• Total investment income grew 18.4% year-over-year to $80.6 million.

• Distributions paid and payable totaled $66.5 million (13.21 cents per unit), up from $56.1 million (14.18 cents per unit) in the prior year.

• Net tangible assets per security were $1.6009 at year-end, stable from $1.6005 a year earlier.

• Total assets reached $983.2 million, up from $684.1 million the previous year.

Outlook and guidance

• The Trust will continue to be managed in line with its investment objectives and guidelines.

• Future results will be influenced by investment market performance, with no guarantee of returns.

• Early signs of renewed commercial real estate activity are emerging as financing conditions improve.