Qualitas Real Estate Income Fund (ASX:QRI) Distribution: Ex-Date, Amount and Pay Date

Sonal Goyal

02 October 2026 02:45 PM AEST

Qualitas Real Estate Income Fund (ASX:QRI) Distribution: Ex-Date, Amount and Pay Date

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Qualitas Real Estate Income Fund (ASX:QRI) goes ex-distribution on 5 October 2026 for an interim distribution of $0.01 per unit. The payment is unfranked, with 0% franking, and is scheduled to be paid on 15 October 2026. Investors acquiring units on or after the ex-date will not be entitled to this distribution. The fund makes distributions on a monthly basis, with the record date being the last ASX trading day of each month, so this payment forms part of a regular income stream rather than a one-off event. As the distribution is unfranked, no franking credits are attached, which is typical for trusts that pass through income from lending activities.

For investors in QRI, the monthly distribution schedule means the ex-date is part of a recurring cycle, with each month's entitlement determined by holdings on the record date. Investors who participate in the Distribution Reinvestment Plan may receive additional units rather than cash, depending on their election, with units issued at net asset value.

Company Overview

Qualitas Real Estate Income Fund is an ASX-listed investment trust that provides investors with exposure to a portfolio of loans secured by Australian real estate. The fund is managed by Qualitas, and its responsible entity is The Trust Company (RE Services) Limited. The trust aims to deliver regular monthly income by investing in commercial real estate credit, including senior and mezzanine loans, across a range of property sectors. It operates a Distribution Reinvestment Plan, which allows unitholders to reinvest distributions into additional units.

Recent Developments

The responsible entity released the trust's Appendix 4E and audited results for the year ended 30 June 2026 on 21 August 2026. Key figures include:

Net assets attributable to unitholders increased 3.62% to $1,009.8 million.
Total investment income rose 9.51% to $88.3 million.
Operating profit for the year increased 6.05% to $70.9 million.
Distributions for the year totalled 11.4455 cents per unit, or $71.4 million, compared with 13.2122 cents per unit, or $66.5 million, in FY25.

The trust said the increase in investment income and operating profit was primarily driven by improved net performance of the portfolio, supported by portfolio management and cost control. Growth in net assets was mainly due to capital raised through new unit issues, which the manager deployed to expand the portfolio in line with the investment strategy.

The Distribution Reinvestment Plan remains in place. Units under the DRP are currently issued at the net asset value of a unit as determined on the record date, or delivered by transfer at the lesser of the last reported NAV and the volume-weighted average purchase price, depending on how the units are sourced. After year end, on 5 August 2026, the directors declared a distribution of 1.0875 cents per unit, totalling about $6.9 million, which was paid on 17 August 2026.

The trust noted that distributions are expressed in Australian cents per unit, and that the DRP election date for each monthly distribution is set at 5.00pm Melbourne time on the relevant date. The growth in net assets during FY26 was driven by capital raised from new unit issues, which the manager deployed into new loans.

Sector Context

Private credit funds that lend against real estate have become a popular source of income for investors, offering regular distributions linked to interest on loans. These funds typically lend to property developers and owners, often at higher interest rates than traditional bank lending, reflecting the risk and flexibility involved.

The sector's performance depends on the credit quality of borrowers, the value of underlying property security and the interest rate environment. Higher interest rates can lift distribution yields but may also increase pressure on borrowers. Regulators have increased their attention on the private credit market, focusing on valuation practices, liquidity and disclosure. Investors in listed credit trusts often compare distribution yields with the trust's net asset value and loan book quality.

Australian real estate credit funds have grown as banks have reduced their exposure to certain types of property lending, particularly construction and development finance. Non-bank lenders have filled part of this gap, offering flexible terms to borrowers. However, the sector is exposed to property market cycles, and periods of falling prices or slower sales can increase the risk of borrower stress.

Risks

QRI's distributions depend on interest income from its loan portfolio, and any defaults or impairments could reduce income and net asset value. Real estate market conditions, construction risks and changes in property values affect the security underlying the loans. Distributions per unit declined in FY26 compared with FY25, and future payments may vary with interest rates and portfolio performance. The units can trade at a premium or discount to net asset value. Regulatory changes in the private credit sector could also affect operations. Unit prices may adjust on the ex-distribution date.

Concentration in particular property sectors or geographic areas could increase exposure to local market conditions. The trust's reliance on the manager's credit assessment and loan management capability is also a key consideration for unitholders.

Catalysts to Watch

Investors may watch for the payment of the distribution on 15 October 2026 and subsequent monthly distribution announcements. Updates on net asset value, portfolio composition, loan performance and any capital raisings will also be relevant to income expectations.

Monthly updates on the trust's net asset value per unit and any changes in the distribution rate may provide insight into how the portfolio is performing. Commentary on the loan book's credit quality and the deployment of new capital raised through unit issues will also be relevant.

In Summary

Qualitas Real Estate Income Fund's $0.01 unfranked distribution goes ex on 5 October and is due on 15 October. FY26 results showed higher investment income and operating profit, alongside a lower annual distribution per unit than FY25.

FAQs

Q: When does Qualitas Real Estate Income Fund go ex-distribution?

A: Qualitas Real Estate Income Fund (ASX:QRI) goes ex-distribution on 5 October 2026.

Q: How often does QRI pay distributions?

A: QRI makes distributions on a monthly basis, with the record date being the last ASX trading day of each month.

Q: What were QRI's total FY26 distributions?

A: Distributions for FY26 totalled 11.4455 cents per unit, or about $71.4 million.

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