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Qualitas Real Estate Income Fund Units
(Sydney:QRI)
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Rating:68Neutral
Price Target:
AU$1.50
â–¼(-1.96% Downside)
Action:N/A
Date:08/29/26
The score is primarily supported by strong balance-sheet quality (no reported leverage and growing equity) and a solid income profile with a high dividend yield at a reasonable P/E. Offsetting these positives are uneven multi-year operating results and inconsistent cash flow history, while technical indicators point to a largely neutral/sideways setup rather than strong momentum.
Positive Factors
Conservative Balance Sheet
The absence of reported debt reduces refinancing and interest-rate risk, while substantial equity growth strengthens loss-absorption capacity. This provides QRI with financial resilience to support lending activity through changing commercial property and credit conditions.
Negative Factors
Volatile Revenue Performance
The uneven revenue path makes it difficult to establish a dependable earnings base for a lending fund. Volatility may reflect portfolio timing, loan repayments, or recognition effects, but it reduces confidence that current profitability will persist across reporting periods.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
The absence of reported debt reduces refinancing and interest-rate risk, while substantial equity growth strengthens loss-absorption capacity. This provides QRI with financial resilience to support lending activity through changing commercial property and credit conditions.
Read all positive factors
Qualitas Real Estate Income Fund Units (QRI) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$975.09M
Dividend Yield7.71%
Average Volume (3M)952.37K
Price to Earnings (P/E)13.6
Beta (1Y)0.11
Revenue Growth11.79%
EPS Growth-14.45%
CountryAU
EmployeesN/A
SectorFinancial
Sector Strength70
IndustryREIT - Diversified
Share Statistics
EPS (TTM)0.08
Shares Outstanding631,125,370
10 Day Avg. Volume1,380,431
30 Day Avg. Volume952,369
Financial Highlights & Ratios
PEG Ratio-0.36
Price to Book (P/B)0.95
Price to Sales (P/S)10.79
P/FCF Ratio26.66
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$1.60Price Target Upside4.58% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.12
Revenue Forecast (FY)AU$92.79M
Qualitas Real Estate Income Fund Units Business Overview & Revenue Model
Company Description
The Qualitas Real Estate Income Fund is structured to deliver consistent monthly income to its investors while actively working to preserve their initial capital. It achieves this by strategically allocating its assets into a diverse portfolio of ...
How the Company Makes Money
QRI makes money primarily by earning interest and fee income from its portfolio of real estate debt investments. The core revenue stream is net interest income: the fund lends capital (or invests in loan instruments) and receives contractual inter...
Qualitas Real Estate Income Fund Units Financial Statement Overview
Summary
Income Statement
61
Positive
Balance Sheet
84
Very Positive
Cash Flow
56
Neutral
| Breakdown | TTM | Jun 2025 | Jun 2023 | Jun 2022 | Jun 2021 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | -32.58M | 88.92M | 0.00 | 57.12M | 38.91M | 28.98M |
| Gross Profit | -37.23M | 72.75M | -9.88M | 47.49M | 30.57M | 23.09M |
| EBITDA | -39.86M | 70.91M | -12.18M | -10.89M | -9.89M | -6.88M |
| Net Income | 28.23M | 70.91M | 55.91M | 46.47M | 29.00M | 22.02M |
Balance Sheet | ||||||
| Total Assets | 684.06M | 1.02B | 684.06M | 607.52M | 604.69M | 418.06M |
| Cash, Cash Equivalents and Short-Term Investments | 12.66M | 12.58M | 12.66M | 11.68M | 9.55M | 4.11M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 7.38M | 9.38M | 7.38M | 6.36M | 4.25M | 3.04M |
| Stockholders Equity | 676.68M | 1.01B | 676.68M | 601.16M | 600.43M | 415.02M |
Cash Flow | ||||||
| Free Cash Flow | -5.34M | 35.99M | -19.49M | 44.13M | 68.63M | -32.49M |
| Operating Cash Flow | -5.34M | 35.99M | -19.49M | 44.13M | 68.63M | -32.49M |
| Investing Cash Flow | -304.00K | 1.93M | 402.00K | 1.37M | -3.69M | -193.00K |
| Financing Cash Flow | 5.85M | -34.73M | 20.06M | -43.36M | 157.34M | 31.57M |
Qualitas Real Estate Income Fund Units Technical Analysis
Negative
1.53
Price Trends
1.53
Negative
1.52
Negative
1.51
Positive
Market Momentum
>-0.01
Negative
44.54
Neutral
66.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:QRI, the sentiment is Negative. The current price of 1.53 is above the 20-day moving average (MA) of 1.53, below the 50-day MA of 1.53, and above the 200-day MA of 1.51, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 44.54 is Neutral, neither overbought nor oversold. The STOCH value of 66.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:QRI.
Qualitas Real Estate Income Fund Units Peers Comparison
UnderperformOutperform
Sector (68)
AU:QRI
Qualitas Real Estate Income Fund Units
1.53
0.01
0.93%
AU:GCI
Gryphon Capital Income Trust
2.05
0.14
7.22%
AU:KKC
KKR Credit Income fund Units
2.14
>-0.01
-0.14%
AU:PCX
Pengana Global Private Credit Trust
1.99
0.08
4.13%
AU:MA1
MA Credit Income Trust
1.95
0.09
4.74%
AU:LF1
La Trobe Private Credit Fund
1.89
0.03
1.83%
Qualitas Real Estate Income Fund Units Corporate Events
Qualitas Real Estate Income Fund Updates NTA Backing and Highlights Real Estate Credit Focus
Aug 26, 2026
Qualitas Real Estate Income Fund has reported an estimated unaudited net tangible asset backing of $1.6084 per unit as at 24 August 2026, with net asset value and net tangible assets stated to be equivalent for reporting purposes. The announcement...
Qualitas Real Estate Income Fund Files 2026 Corporate Governance Statement with ASX
Aug 21, 2026
Qualitas Real Estate Income Fund has lodged its updated corporate governance statement and accompanying Appendix 4G with the ASX for the financial year ended 30 June 2026. The statement, included in the fund’s annual report and current as of...
Qualitas Real Estate Income Fund Maintains 8% Yield Amid Stable Loan Portfolio
Aug 21, 2026
Qualitas Real Estate Income Fund reported a current monthly distribution of $0.010875 per unit, equivalent to an 8.00% per annum yield on NAV, supported by gross income of 9.60% p.a. and no fund gearing. The portfolio totals 61 loans with a weight...
Qualitas Real Estate Income Fund posts $1.606 NTA per unit
Aug 19, 2026
Qualitas Real Estate Income Fund has reported an estimated unaudited net tangible asset backing of $1.6060 per unit as at 17 August 2026. The NTA figure, stated in Australian dollars and aligned with net asset value for reporting purposes, provide...
Qualitas Real Estate Income Fund Adds Units via Distribution Plan
Aug 17, 2026
Qualitas Real Estate Income Fund has applied for quotation on the ASX of 773 fully paid ordinary units issued under a distribution plan, with an issue date of August 17, 2026. The modest increase in units on issue reflects routine capital manageme...
Qualitas Real Estate Income Fund Announces July 2026 Distribution at 8% Annualised Yield
Aug 14, 2026
Qualitas Real Estate Income Fund has declared a July 2026 distribution of 1.0875 cents per unit, representing an annualised distribution return of 8.00% based on a net tangible asset value of $1.60 per unit as at 31 July 2026. The announcement und...
Qualitas Real Estate Income Fund posts latest NTA per unit update
Aug 12, 2026
Qualitas Real Estate Income Fund, listed on the ASX, invests in Australian real estate loans backed by first and second mortgages with an objective of delivering monthly income and preserving capital. The trust is overseen by The Trust Company (RE...
Qualitas Real Estate Income Fund Reports Updated NTA Per Unit
Aug 5, 2026
Qualitas Real Estate Income Fund has reported an estimated unaudited net tangible asset backing of $1.6012 per unit as at 3 August 2026, with net asset value and net tangible assets defined equivalently for reporting purposes. The announcement pro...
Qualitas Real Estate Income Fund Declares Monthly Distribution for July 2026
Jul 31, 2026
Qualitas Real Estate Income Fund has declared a monthly distribution of AUD 0.010875 per fully paid ordinary unit, covering the period ended 31 July 2026. The ex-date is set for 5 August, the record date for 6 August, and payment will be made on 1...
Qualitas Real Estate Income Fund Sets July Distribution at 8% Annualised Yield
Jul 31, 2026
Qualitas Real Estate Income Fund has declared an estimated July 2026 distribution of 1.0875 cents per unit, implying an annualised distribution return of 8.00% based on forecast net tangible assets of $1.60 per unit. The announcement underscores t...
Qualitas Real Estate Income Fund Posts Updated NTA Per Unit
Jul 29, 2026
Qualitas Real Estate Income Fund, listed on the ASX under ticker QRI, invests in a diversified portfolio of Australian real estate loans backed by first and second mortgages, aiming to deliver monthly income and capital preservation to institution...
QRI Maintains Strong Income and Stable Loan Portfolio in June 2026 Update
Jul 23, 2026
Qualitas Real Estate Income Fund (ASX:QRI) is a listed real estate credit trust investing in senior and mezzanine loans backed by residential, commercial, industrial and retail properties across major Australian states, with most exposure in New S...
Qualitas Real Estate Income Fund Posts Updated NTA of $1.61 per Unit
Jul 22, 2026
Qualitas Real Estate Income Fund reported an estimated unaudited net tangible asset backing of $1.6066 per unit as at 20 July 2026, reflecting the current value of investors’ interests in its portfolio of real estate loans. The disclosure re...
Qualitas Real Estate Income Fund posts latest NTA per unit update
Jul 15, 2026
Qualitas Real Estate Income Fund, listed on the ASX under ticker QRI, invests in Australian real estate loans backed by first and second mortgages to generate monthly income and preserve capital for institutional, wholesale and retail investors. M...
Qualitas Real Estate Income Fund Adds New Units Through Distribution Plan
Jul 15, 2026
Qualitas Real Estate Income Fund has applied for quotation of 297 fully paid ordinary units on the ASX, expanding its listed securities under the ticker QRI. The new units have been issued under a dividend or distribution plan, modestly increasing...
Qualitas Real Estate Income Fund Sets June Distribution at 8.6% Annualised
Jul 14, 2026
Qualitas Real Estate Income Fund has declared its final June 2026 distribution at 1.1309 cents per unit, equivalent to an annualised distribution return of 8.60 percent based on a net tangible asset value of $1.60 per unit. This payout underscores...
Qualitas Real Estate Income Fund Confirms Updated June Distribution
Jul 14, 2026
Qualitas Real Estate Income Fund has updated its previous distribution notification, confirming the actual dividend details for ordinary fully paid units under ASX code QRI. The distribution relates to the one-month period ended 30 June 2026, with...
Qualitas Real Estate Income Fund posts $1.6021 NTA per unit
Jul 8, 2026
Qualitas Real Estate Income Fund, listed on the ASX under the ticker QRI, operates as a specialist vehicle providing investors exposure to Australian real estate credit through loans secured by first and second mortgages. Backed by QRI Manager and...
Qualitas Real Estate Income Fund posts $1.6001 per unit NTA for June 2026
Jul 3, 2026
Qualitas Real Estate Income Fund has reported an estimated unaudited net tangible asset backing of $1.6001 per unit as at 30 June 2026. The NTA figure, reported in Australian dollars, reflects the current value of the fund’s underlying real ...
Qualitas Real Estate Income Fund Corrects Period for June Distribution
Jul 2, 2026
Qualitas Real Estate Income Fund has updated its notification regarding a monthly distribution on its fully paid ordinary units, clarifying that the payment relates to the financial period ending 30 June 2026. The fund continues to position itself...
Qualitas Real Estate Income Fund Declares July Monthly Distribution
Jul 1, 2026
Qualitas Real Estate Income Fund is an ASX-listed investment fund focused on generating income from real estate-related assets through fully paid ordinary units trading under the ticker QRI. The fund provides investors with exposure to real estate...
Qualitas Real Estate Income Fund sets June 2026 distribution at 8.6% annualised
Jul 1, 2026
Qualitas Real Estate Income Fund has declared an estimated June 2026 distribution of 1.1309 cents per unit, implying an annualised distribution return of 8.60% based on a forecast net tangible asset value of $1.60 per unit. The distribution unders...
Qualitas Real Estate Income Fund posts $1.61 NTA per unit for late June
Jul 1, 2026
Qualitas Real Estate Income Fund reported an estimated unaudited net tangible asset backing of $1.6101 per unit as at 29 June 2026, with net asset value and net tangible assets treated as equivalent for reporting purposes. The update provides inve...
Qualitas Director Boosts Holding in Real Estate Income Fund
Jun 30, 2026
Qualitas Limited has disclosed a change in director Andrew Schwartz’s relevant interests, noting an increase in his indirect holding of units in the Qualitas Real Estate Income Fund via Davtom Finance Pty Ltd. The transaction, executed as an...
Qualitas Real Estate Income Fund updates investors on latest NTA estimate
Jun 24, 2026
Qualitas Real Estate Income Fund has released an estimated unaudited net tangible asset backing of $1.6077 per unit as at 22 June 2026, with net asset value and net tangible assets reported as equivalent for this update. The disclosure provides in...
Qualitas Director Andrew Schwartz Increases Stake in Real Estate Income Fund
Jun 22, 2026
Qualitas Limited has disclosed a change in director Andrew Schwartz’s interests, detailing additional units acquired in the Qualitas Real Estate Income Fund via an entity associated with him. The filing reiterates his substantial shareholdin...
Qualitas Real Estate Income Fund Posts 7.85% Yield With Stable Loan Portfolio
Jun 19, 2026
Qualitas Real Estate Income Fund reported a current month distribution yield of 7.85% per annum on net asset value, with $0.010668 per unit paid and a market capitalisation of $994 million against trust NAV of $1.01 billion. The portfolio remains ...
Qualitas Real Estate Income Fund posts updated NTA of $1.6054 per unit
Jun 17, 2026
Qualitas Real Estate Income Fund reported an estimated unaudited net tangible asset backing of $1.6054 per unit as at 15 June 2026, with net asset value and net tangible assets treated equivalently for reporting purposes. The latest NTA estimate p...
Qualitas Real Estate Income Fund posts updated NTA of $1.6028 per unit
Jun 10, 2026
Qualitas Real Estate Income Fund reported an estimated unaudited net tangible asset backing of $1.6028 per unit as at 8 June 2026, with net asset value and net tangible assets treated equivalently for reporting purposes, and all figures disclosed ...
Qualitas Real Estate Income Fund posts $1.6005 NTA per unit
Jun 3, 2026
Qualitas Real Estate Income Fund reported an estimated unaudited net tangible asset backing of $1.6005 per unit as at 1 June 2026, with net asset value and net tangible assets recorded at the same level in Australian dollars. The update reinforces...
Qualitas Real Estate Income Fund posts May NTA estimate of $1.6002 per unit
Jun 3, 2026
Qualitas Real Estate Income Fund reported an estimated unaudited net tangible asset backing of $1.6002 per unit as at 31 May 2026, expressed in Australian dollars, indicating the current assessed value of investors’ holdings in the trust. Th...
Qualitas Real Estate Income Fund Announces May Distribution and Highlights Income-Focused Real Estate Credit Strategy
May 29, 2026
Qualitas Real Estate Income Fund has declared a May 2026 cash distribution of 1.0668 cents per unit, implying an annualised distribution return of 7.85% based on a forecast net tangible asset value of $1.60 per unit. The payout underlines the fund...
Qualitas Real Estate Income Fund Declares May 2026 Monthly Distribution
May 29, 2026
Qualitas Real Estate Income Fund has declared a monthly distribution of AUD 0.010668 per ordinary fully paid unit for the period ending 31 May 2026. The units will trade ex-distribution on 3 June, with a record date of 4 June and payment scheduled...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.