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 |
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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Qualitas Real Estate Income Fund published this content on 22 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 February 2022 22:57:54 UTC.