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

Executive summary

• Net assets attributable to unitholders rose 44.02% year-over-year to $974.5 million as of 30 June 2025, driven by capital raised through placements and an entitlement offer.

• Operating profit increased 19.6% year-over-year to $66.9 million, 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.

Financial highlights

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

• Distributions paid and payable for the year 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 unit at year-end were $1.6009, nearly unchanged from $1.6005 a year earlier.

• Total assets reached $983.2 million, up from $684.1 million at 30 June 2024.

Outlook and guidance

• The Trust will continue to be managed in line with its investment objectives and guidelines, with future results influenced by market conditions and investment performance.

• Expectations for interest rate cuts in late FY25 and early FY26 may support renewed commercial real estate activity.