Qualitas Real Estate Income Fund Units · ASX:QRI
Qualitas Real Estate Income Fund Units — Investor Presentation (October 2025)
32 slides from Qualitas Real Estate Income Fund Units's investor presentation, Oct 16, 2025
Slide 1: Qualitas Real Estate Income Fund ASX Announcement: $162 million Entitlement Offer
The Trust Company (RE Services) Limited ABN 45 003 278 831 | AFSL 235150 Qualitas Real Estate Income Fund (ASX: QRI) ASX Announcement 16 October 2025 $162 million Non-Renounceable Entitlement Offer The Trust Company (RE Services) Limited ACN 003 278 831 AFSL 235 150 (Responsible Entity) as responsib
Slide 2: ASX announcement continued: key dates of the Offer
month1 and approximately $1.3 billion in investment committee approved or mandated investments2 potentially set to be allocated and settled across various mandates before Christmas, we’re well-positioned to capture the growing momentum in the CRE private credit market. This raise allows listed inves
Slide 3: Issue of New Units under the Entitlement Offer
Issue of New Units and Additional New Units under Wednesday, 12 November 2025 the Entitlement Offer Normal trading of New Units and Additional New Units Thursday, 13 November 2025 issued under the Entitlement Offer expected to commence on ASX Issue of New Units under the Shortfall Offer No later tha
Slide 4: Investor Queries
Investor Queries General Unit Registry P: +61 3 9612 3939 MUFG Corporate Markets (AU) Limited E: qri@qualitas.com.au P: +61 1800 628 703 Fax: 02 9287 0303 QRI website: qualitas.com.au/QRI E: qualitas@cm.mpms.mufg.com Responsible Entity Website: mpms.mufg.com/ The Trust Company (RE Services) Limited
Slide 5: Notices and disclaimers
Notices and disclaimers This communication has been issued and authorised for release by The Trust Company (RE Services) Limited (ACN 003 278 831) (AFSL 235150) as responsible entity of The Qualitas Real Estate Income Fund (ARSN 627 917 971) (QRI) and has been prepared by QRI Manager Pty Ltd (ACN 62
Slide 6: Qualitas Real Estate Income Fund - Equity Raising
Qualitas Real Estate Income Fund - Equity Raising ASX: QRI October 2025 NOT FOR RELEASE FOR DISTRIBUTION IN THE UNITED STATES
Slide 7: Important notices and disclaimer
Important notices and disclaimer The Trust Company (RE Services) Limited ABN 45 003 278 831; AFSL 235150 (TTCRESL) is the responsible entity of the Qualitas Real Estate Income Fund ARSN 627 917 971 (Trust) and the issuer of units in the Trust. This document (Presentation) has been authorised for rel
Slide 8: Important notices and disclaimer
Important notices and disclaimer Future performance This Presentation contains or may contain certain forward-looking statements and comments about future events in relation to the Trust that are based on the Manager's and the RE's beliefs, assumptions and expectations and on information currently a
Slide 9: Important notices and disclaimer
Important notices and disclaimer Disclaimer No Joint Lead Manager or Limited Party has authorised, permitted or caused the issue or lodgement, submission, dispatch or provision of this Presentation and there is no statement in this Presentation which is based on any statement made by any Joint Lead
Slide 10: Acknowledgement of Country
Acknowledgement of Country Qualitas acknowledges the Traditional Custodians of Country throughout Australia and their ongoing connection to land, sea, and community. We pay our respect to their Elders past and present. Journey of Growth – Alysha Menzel 5
Slide 11: The Offer
The Offer 01 qualitas.com.au
Slide 12: QRI Entitlement and Wholesale Shortfall Offer
QRI Entitlement and Wholesale Shortfall Offer Capital raise supported by a strong pipeline of opportunities expected to settle in 1H26 KEY DETAILS1 BENEFITS OF THE OFFER Qualitas Real Estate Income Fund ARSN 627 917 971 Strong deployment pipeline provides listed investors opportunities to Trust name
Slide 13: QRI Entitlement and Shortfall Offer
QRI Entitlement and Shortfall Offer HOW TO PARTICIPATE IN THE ENTITLEMENT OFFER SYNDICATE • An Offer Booklet containing further details of the Entitlement Offer (including eligibility criteria and how to participate) is expected to be released to the ASX, Joint Lead Arrangers and Joint Lead Managers
Slide 14: Key dates
Key dates1 Event Date and time Announcement of Offer Thursday, 16 October 2025 Units trade on an ex-Entitlement Offer Monday, 20 October 2025 Record Date for Entitlement Offer Tuesday, 21 October 2025 (7:00pm AEDT) Despatch of Offer Booklet and Application Forms Friday, 24 October 2025 Entitlement O
Slide 15: Qualitas Real Estate Income Fund (ASX:QRI)
Qualitas Real Estate Income Fund (ASX:QRI) 02 qualitas.com.au
Slide 16: QRI overview
QRI overview KEY OBJECTIVES Deliver income to investors Monthly distribution Capital preservation Portfolio diversification Monthly risk adjusted returns Net asset value per unit Short term commercial real through a portfolio of while providing daily ASX maintained at $1.60 or estate (CRE) loan port
Slide 17: Investment quality remains our priority
Investment quality remains our priority High performing portfolio with no workouts or interest in arrears and no impairments since inception 54 Loans in portfolio1 Portfolio composition1 Property sector1 Geography1 2% 3% 1% 10% 9% 10% 8% 9% 89% Senior loans in portfolio2,3 17% 36% 21% 39% 66% 1.21 y
Slide 18: Monthly risk-adjusted returns with capital preservation characteristics
Monthly risk-adjusted returns with capital preservation characteristics QRI Annualised distributions1 10% $1.620 $1.615 8% Declined several mandated opportunities which were deemed $1.610 6% unfit for QRI investor appetite $1.605 4% $1.600 2% $1.595 0% $1.590 Nov 18 May 19 Nov 19 May 20 Nov 20 May 2
Slide 19: QRI sits at the lower end of the risk spectrum relative to other funds managed by Qualitas
QRI sits at the lower end of the risk spectrum relative to other funds managed by Qualitas SENIOR CRE CREDIT ON THE RISK AND RETURN SPECTRUM1 QUALITAS’ FUNDS MANAGEMENT PLATFORM1 Opportunistic Opportunistic Equity Equity 89% of QRI portfolio is in senior real estate credit2 Core Equity Core Equity M
Slide 20: QRI highlights
QRI highlights One of the pioneers of listed MREITs in Australia, broadening the access of CRE private credit to all investors Managed by an ASX-listed alternative asset FY25 distribution returns of 8.20%1 manager with 17 years’ of experience and while providing daily liquidity on the experienced ma
Slide 21: Private credit regulatory review
Private credit regulatory review Qualitas upholds a strong governance framework but also recognises the importance of continual improvement ASIC FOCUS AREAS1 QRI CURRENT POSITION Conflicts management • No related party loans between QRI and Qualitas, other than: and governance − Disclosed manager lo
Slide 22: Strong deployment in income credit strategy
Strong deployment in income credit strategy Total pipeline of $1.5bn investment opportunities in income credit strategy with $700m being investment committee approved or closed since the start of the financial year and $840m mandated1. QRI warehouse facility of $50m is expected to be fully drawn by
Slide 23: About Qualitas
About Qualitas 03 qualitas.com.au
Slide 24: Deep expertise and trusted relationships built over years
Deep expertise and trusted relationships built over 17 years $9.5bn Funds under management1 Strong track record of investing through market cycles 82% Institutional capital 79% Allocation to composition1 residential1,2 Deep relationships with local borrowers and partners 50 Total equity Robust risk
Slide 25: Market Outlook
Market Outlook 04 qualitas.com.au
Slide 26: Significant addressable market driven by regulatory change
Significant addressable market driven by regulatory change TRADITIONAL LENDERS REDUCED SHARE OF CRE LENDING SINCE GFC1 CRE credit was dominated by the big four banks 10 90% 87% years ago... but their market share is 85% shrinking. Traditional lender’s 80% Basel III market share as % of total introdu
Slide 27: Australian housing supply/demand imbalance
Australian housing supply/demand imbalance Stabilising construction costs, increases in off-the-plan apartment sale prices boost development feasibility HIGH DEMAND IN RESIDENTIAL ASSETS 446k 1.2% High net annual overseas Low residential migration1 vacancy rate2 APARTMENTS ARE KEY TO OVERCOMING RESI
Slide 28: Residential market share maintained – well-positioned for market growth
Residential market share maintained – well-positioned for market growth INCREASING RESIDENTIAL PROJECT QUALITAS MAINTAINED ~10% DRIVERS SUPPORTING INCREASES IN COMMENCEMENTS MARKET SHARE BY NUMBER OF RESIDENTIAL DEPLOYMENT Number of apartments commenced construction APARTMENTS FINANCED1 across Austr
Slide 29: Increased CRE transaction activity creates deployment opportunities beyond residential
Increased CRE transaction activity creates deployment opportunities beyond residential TRADITIONAL FINANCING EXPOSURE CONTINUES TO LAG BEHIND THE INCREASES INCREASED CRE ACTIVITY IS FUELLING IN CRE ACTIVITY A BROADER INVESTMENT PIPELINE • Office valuation has bottomed out and is now in recovery cycl
Slide 30: Risk factors
Risk factors This section discusses some of the key risks associated with any investment in the Trust, which may affect the value of Risks relating to the portfolio units in the Trust. The risks set out below are not necessarily listed in order of importance and do not constitute an • Risk of underp
Slide 31: Foreign selling restrictions
Foreign selling restrictions This document does not constitute an offer of New Units in the Trust in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Units may not be offered or sold, in any country outside Australia excep
Slide 32: Thank you
Thank you P: +61 3 9612 3939 E: qri@qualitas.com.au Melbourne Sydney Brisbane Level 41, 101 Collins Street Level 5, 1 Bligh Street Level 54, 111 Eagle Street Melbourne VIC 3000 Sydney NSW 2000 Brisbane QLD 4000 qualitas.com.au
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