Qualitas Real Estate Income Fund : Appendix 4D and HY21 Financial Statements

For personal use only

Qualitas Real Estate Income Fund

ARSN 627 917 971

Appendix 4D

Interim report

For the half-year ended 31 December 2021

		Qualitas Real Estate Income Fund
			Appendix 4D
		For the half-year ended 31 December 2021
only	Details of Reporting Period
Current:	Half-year ended 31 December 2021
	Previous corresponding:	Half-year ended 31 December 2020
	The Directors of The Trust Company (RE Services) Limited, the Responsible Entity of the Qualitas Real Estate Income Fund (the
	"Trust") announce the reviewed results of the Trust for the half-year ended 31 December 2021 as follows:
	Results for announcement to the market
use	Extracted from Condensed Interim Financial Statements for the half-year ended 31 December 2021:
			2021		2020		Increase/	Increase/
				$'000	$'000	(decrease) $'000	(decrease) %
	Revenue from ordinary activities			17,523		14,828	2,695	18.18%
	Profit/(loss) from the period			13,021		11,502	1,519	13.21%
	Total comprehensive income/(loss) for the period		13,021		11,502	1,519	13.21%
	Details of distributions
personal	Distributions for the half-year ended 31 December 2021 were $12,960,127 (4.32 cents per ordinary unit).
On 24 January 2022, the Directors declared a distribution of 0.6318 cents per ordinary unit which amounted to $2.37m and was paid
on 17 February 2022.
	Details of distribution reinvestment plan
	The Responsible Entity established a Distribution Reinvestment Plan ("DRP") on 25 July 2019.
	The Responsible Entity makes distributions on a monthly basis. For such distributions, the record date will be the last ASX trading
	day of each month and the last day for electing into the DRP will be 5.00pm (Melbourne, time) at the relevant DRP Election Date.
	Units under the DRP are currently issued at the net asset value of a unit as determined in accordance with the constitution
	on the record date.
	Net Tangible Assets							As at	As at
								31 December 2021	31 December 2020
	Total Net Tangible Assets attributable to unitholders ($'000)					599,909	361,354
	Units on issue ('000)							374,889	225,494
	Net Tangible Assets attributable to unit holders per unit ($)					1.6002	1.6025
	Control gained or lost over entities during the period
For	There were no entities over which control was gained or lost during the half-year ended 31 December 2020 or 2021.
Details of associates and joint venture entities

The Trust did not have any interest in associates and joint venture entities during this current half-year.

Other information

The Trust is not a foreign entity.

Independent review report

This report is based on the condensed interim financial statements which has been subject to an independent review by the Trust's Auditors, KPMG. All the documents comprise the information required by Listing Rule 4.2A.

For personal use only

Qualitas Real Estate Income Fund

ARSN 627 917 971

Condensed interim financial statements For the half-year ended 31 December 2021

Qualitas Real Estate Income Fund

For personal use only

ARSN 627 917 971

Condensed interim financial statements

For the half-year ended 31 December 2021

Contents	Page
Directors' report	2
Lead auditor's independence declaration	5
Condensed interim statement of comprehensive income	6
Condensed interim statement of financial position	7
Condensed interim statement of changes in equity	8
Condensed interim statement of cash flows	9
Notes to the condensed interim financial statements	10
Directors' declaration	18
Independent auditor's review report to the unitholders of the Qualitas Real Estate Income Fund	19

This interim report does not include all the notes of the type normally included in an annual financial report. Accordingly, this interim report is to be read in conjunction with the annual report for the year ended 30 June 2021 and any public announcements made in respect of Qualitas Real Estate Income Fund during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

The condensed interim financial statements cover the Qualitas Real Estate Income Fund as an individual entity. The Responsible Entity of the Qualitas Real Estate Income Fund is The Trust Company (RE Services) Limited (ABN 45 003 278 831, AFSL 235 150).

The Responsible Entity's registered office is: Level 18, Angel Place

123 Pitt Street Sydney NSW 2000

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Qualitas Real Estate Income Fund

Directors' report For the half-year ended 31 December 2021

For personal use only

Directors' report

The Trust Company (RE Services) Limited (ABN 45 003 278 831, AFSL 235 150) is the Responsible Entity (the "Responsible Entity") of the Qualitas Real Estate Income Fund (the "Trust"). The Directors of the Responsible Entity (the "Directors") present their report together with the condensed interim financial statements of the Trust for the half-year ended 31 December 2021 and the auditor's review report thereon.

Principal activities

The Trust is a registered managed investment scheme domiciled in Australia.

The Trust's investment strategy is for QRI Manager Pty Ltd (the "Manager") to invest the Trust's capital in a portfolio of investments that provide unitholders with exposure to real estate loans secured by first and second mortgages, predominantly located in Australia and from time to time in New Zealand. Amounts raised by the Trust are invested in the Qualitas Wholesale Real Estate Income Fund. As at 31 December 2021, the Qualitas Wholesale Real Estate Income Fund invested directly in loans and unlisted wholesale funds, which currently comprise of Qualitas Senior Debt Fund and the Qualitas Mezzanine Debt Fund.

The Trust was constituted on 2 August 2018, registered with the Australian Securities and Investments Commission on 16 August 2018, commenced operations on 22 November 2018 and its units commenced trading on the Australian Securities Exchange (ASX: QRI) on 27 November 2018.

The Trust did not have any employees during the half-year.

There were no significant changes in the nature of the Trust's activities during the half-year.

Directors

The following persons held office as Directors of the Responsible Entity during the half-year and up to the date of this report are shown below. The Directors were in office for this entire period except where noted otherwise:

Glenn Foster
Simone Mosse
Vicki Riggio
Phillip Blackmore	Alternate Director for Vicki Riggio
Richard McCarthy	Resigned 1 February 2022
Units on issue
Units on issue in the Trust at the end of the half-year are set out below:
	As at	As at
	31 December 2021	30 June 2021
	Units ('000)	Units ('000)
Units on issue	374,889	259,370

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