Qualitas Real Estate Income Fund NTA Holds Steady as FY26 Earnings Improve

Key Highlights

• September-end NTA remained stable at AU$1.6000 per unit.
• QRI maintained its monthly distribution profile through September.
• FY26 operating profit increased 6.05% as investment income strengthened.

September NTA Remains Stable

Qualitas Real Estate Income Fund (ASX: QRI) released its latest update on 2 October 2026, reporting an estimated unaudited net tangible asset value of AU$1.6000 per unit as at 30 September 2026. The figure remained broadly aligned with the AU$1.6001 per unit reported at 30 June 2026, indicating that the Fund’s underlying asset backing remained relatively stable entering FY27.

Weekly NTA Signals Limited Valuation Movement

On 30 September 2026, QRI reported an estimated weekly NTA of AU$1.6093 per unit, based on a 28 September valuation date. The update provided a more recent indication of portfolio value ahead of the month-end calculation and showed that asset backing continued to remain close to the AU$1.60 per unit level.

September Distribution Extends Monthly Income Profile

QRI also announced its September distribution on 30 September 2026, setting an estimated payment of AU$0.01006 per unit. The ex-distribution date was 5 October, followed by a record date of 6 October and a scheduled payment date of 15 October. The Distribution Reinvestment Plan remained available to eligible unitholders.

August Performance Update Highlights Portfolio Positioning

In its performance update released on 25 September 2026, QRI reported an annualised monthly distribution rate of 7.85% on NAV for August and a one-year net return of 7.35%. The portfolio comprised 57 loans and carried a weighted loan-to-value ratio of 66%, while interest-rate exposure remained fully floating.

Senior loans accounted for 95% of portfolio exposure, while 98% of the relevant loan book remained classified as performing. Two loans linked to the same borrower group were in payment default following maturity. However, no impairments or enforcement activity had been recorded at 31 August, with the manager continuing to assess refinancing and recovery options.

FY26 Results Strengthen Earnings Base

QRI released its FY26 results on 21 August 2026 for the year ended 30 June. Total investment income increased 9.51% to AU$88.3 million from AU$80.6 million in FY25, while operating profit rose 6.05% to AU$70.9 million from AU$66.9 million.

Net assets attributable to unitholders increased 3.62% to approximately AU$1.01 billion, while total assets reached about AU$1.02 billion. The Fund distributed AU$71.4 million during the year, equivalent to 11.4455 cents per unit. QRI also raised approximately AU$34.6 million through an entitlement offer, providing additional capital to expand and diversify its real estate credit portfolio.

Outlook and Portfolio Priorities

QRI enters FY27 with stable asset backing, recurring monthly distributions and a portfolio weighted toward senior real estate credit. Future performance will remain influenced by borrower credit quality, refinancing conditions, property valuations and interest-rate movements. Continued disciplined underwriting and active portfolio oversight will be important in supporting income generation while preserving portfolio quality.

Note- All data presented is based on information available at the time of writing.

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