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Qualitas Real Estate Income Fund - Performance Update - February 2020

As the Coronavirus situation continues to play out on a global scale, the Manager is monitoring the impact on credit markets, in particular, the availability of credit in both the local and offshore markets. The Manager will continue to actively monitor all loans within the Trust’s portfolio in this heighted risk environment. Prior to Coronavirus outbreak, housing market conditions continued to improve with lower residential vacancy rates, solid clearance rates in Sydney and Melbourne, and reduced new apartment “residual stock” observed. Larger deal sizes are now more prevalent in the pipeline, reflective of increased investment activity from borrowers and lower cost of debt.

As at 29 February, the Trust’s capital invested was 86%. The Manager undertook portfolio rebalancing and sold down certain loans which was necessary to reduce concentration risks in the current environment noting that higher cash reserves are reflective of the Manager’s conservative measure. Remaining uncommitted capital is allocated to loans which are on track to settle in upcoming months.

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