Qualitas Real Estate Income Fund Units
AASX:QRI1.47
AUD
+0.02
(+1.38%)
Qualitas Real Estate Income Fund Units
ASX:QRI
(Australian Securities Exchange)
Recent
price
1.47
P/E
ratio
13.53
div
yld
7.42%
ROIC.AI
Capital Structure
AUD
•
in mil. unless spec.Working Capital
AUD
•
in mil. unless spec.Growth Rates
AUD
•
in mil. unless spec.Semi-annual Revenue
AUD
•
in mil. unless spec.Semi-annual Earnings Per Share
AUD
•
in mil. unless spec.Semi-annual Dividends Per Share
AUD
•
in mil. unless spec.- Similar Companies
- Business
- Qualitas Real Estate Income Fund (ASX:QRI) is a listed managed investment trust that provides unitholders with monthly income distributions and potential capital preservation through a diversified portfolio of predominantly senior secured commercial real estate (CRE) credit investments, including first mortgage senior investment loans, senior land loans, senior construction loans, mezzanine construction loans, and trust loan receivables; all primarily secured by Australian real property assets across residential, commercial, retail, industrial, and other sectors. The fund targets net returns of RBA cash rate plus 5.0% to 6.5% per annum, with weekly unit pricing, monthly cash distributions, and an active distribution reinvestment plan. Listed on the ASX on 27 November 2018 and classified under S&P Global GICS code 40204010 as a Mortgage Real Estate Investment Trust, the fund has grown to approximately $1.01 billion in size as of late 2025, with no loan impairments or interest arrears recorded since inception and consistent monthly distributions delivered. It operates principally in the Australian market, with selective exposure to New Zealand, focusing on short-tenor loans diversified by geography, property sector, loan type, and borrower to mitigate risks such as principal loss or income shortfalls through prudent loan-to-value ratios, senior debt priority, and robust asset management. The fund is managed by QRI Manager Pty Ltd, a subsidiary of Qualitas Limited (ASX:QAL), an ASX-listed alternative real estate investment manager headquartered at Level 41, 101 Collins Street, Melbourne, Victoria 3000, with the responsible entity being The Trust Company (RE Services) Limited. Qualitas, founded in 2008, leverages its expertise in real estate private credit to originate and actively manage these CRE loans for borrowers including property developers, private corporations, and high net worth individuals seeking flexible financing outside traditional bank parameters. In FY25, the fund benefited from Qualitas' platform-wide growth, including a 9% increase in deployment to $4.6 billion across CRE sectors amid recovering residential development and broadening investment opportunities, alongside a 28% rise in fee earning funds under management to $8.7 billion and heightened follow-on investments representing 54% of activity for enhanced margins. Qualitas reported record funds management EBITDA margins of 52% and normalized NPBT of $53 million (up 36% YoY), driven by strong base management fees and performance fees, with FY26 guidance projecting NPBT of $60-66 million amid anticipated CRE transaction acceleration from rate cuts. The manager continues to expand teams, technology, and AI efficiencies while maintaining defensive positioning in resilient residential sectors and no leverage on the portfolio.