Quidnet REIT Ltd

10th May 2022

Quidnet REIT Ltd

("Quidnet" or the "Company")

Audited Year End Results for the Year Ended 31 December 2021

Quidnet (TISE: QUIDGL), a commercial real estate investment company, announces results for the year ended 31 December 2021.

Highlights in 2021

• Rental revenue up 13.9% to £1.52 million (2020: £1.34 million)
• Net profit of £5.37 million (2020: £0.92 million) after valuation uplift of £4.54 million
• Adjusted earnings per share of 11.45 pence per share (2020: 12.55 pence)
• Net asset value per share £2.24 up 39.9% in 12 months (2020: £1.60 per share)
• New equity raised of £600,000 at £1.60 per share from new investors
• Continued to work closely with occupiers to support them during the Covid crisis, using rent holidays, deferrals alongside break clause removals and lease extensions
• Important lease renewal negotiations and new letting prospects with significant rental growth
• Ongoing Equity Raise – we continue to look at raising additional equity as we consider new acquisition opportunities
• Debt Facility – after the year end, the Company successfully secured a new replacement debt facility for 7 years with our existing lender at advantageous terms. This will enable more acquisitions, capex on existing properties and infill developments where we have secured planning consent, such as at Wigan.
• Post year end acquisitions have been completed of two industrial properties at Northampton and Darlington, totalling £3.6 million, for 167,957 sq ft. Northampton is vacant and the Darlington property is let to British Steel.
• Final dividend of 5.3p per share declared, bringing the total dividends for the year to 10.8. The final dividends will be payable on 13th May 2022.
• The company is still aiming to rejoin the REIT tax regime as soon as practical and is working on a variety of plans to achieve this. We will keep shareholders updated, but it may or may not occur this financial year.

Richard Tice, Chief Executive Officer of Quidnet REIT Ltd, commented:

“We have continued to witness strong occupier demand in the industrial sector across the entire portfolio in the UK. We are pleased our policy of capital investment into void units to bring them to a well refurbished condition is paying off. We have enjoyed success in securing both new lettings and lease renewals comfortably ahead of historic ERVs in Wigan, Ilkeston and Crawley.

Our drive to support sensible green initiatives across the portfolio continues; with more investment planned in super fast electric vehicle points and solar panels on our roofs. Our first solar panel scheme is on a building roof at Ilkeston.

Our refurbishment of a large unit at Wigan, that became vacant and we have split it into 4 smaller units, was completed and 3 of the 4 units have been let at rents over double what the previous occupier was paying.

We are delighted with our two new acquisitions post the year end which will increase our rental income substantially and provide additional asset management opportunities to further increase value.

Investors are still very keen on this industrial sector of the real estate market where we have been focussing and continue to do so. Retail and city centre offices struggle. Thus, I remain very optimistic that we can continue to generate profit and value growth over time.”

Enquiries

Quidnet REIT Ltd

Richard Tice, Chief Executive Officer

Nick Tribe, Asset Management Director

Samuel Jolapamo, Finance Director

Ravenscroft Consultancy & Listing Services Limited (Listing Sponsor) +44 (0)1481 729100