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Qualitas Real Estate Income Fund - Monthly Activities/Appendix 4C Cash Flow Report

As of 31 May 2022, the Trust’s capital is 93% invested. As mentioned in the April performance update, any increases in Bank Bill Swap Bid Rate (BBSY) for loans with a variable interest rate will be passed on to fund investors. In May 2022, QRI delivered an attractive monthly risk adjusted distribution of 6.00% on NAV of $1.60 as at 31 May 2022. This represents an annualised distribution return of 7.17% at QRI current unit price of $1.34 as at 16 June 2022.12 The last twelve month distribution of 5.36% as at May 2022 is within target range. Subject to no unexpected repayments and no further settlement delays, the Manager expects that the monthly distribution return should remain within target range for the remainder of this financial year.

Repayments of loans are occurring in the ordinary course and as expected. This is evident from the repayment of $20.3m of loans during the month predominantly from residual stock loans which also evidences that residual stock in completed apartments continue to be sold down and ultimately settled by vendors. This supports the valuations adopted by the Manager. Investment activity for the month encompassed settlement of the three facilities totalling $51.0m. The Trust’s portfolio continues to perform in line with investment objectives with no interest arrears or impairments recorded on any loans. QRI has a strong pipeline of investment opportunities totalling $700m and pleasing to us is the potential to move pricing upwards in line with increases in both benchmark and risk pricing premiums.

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