Quidnet REIT Ltd

23 March 2023

Quidnet REIT Ltd

("Quidnet" or the "Company")

Audited Year End Results for the Year Ended 31 December 2022

Quidnet (TISE: QUIDGL), a commercial real estate investment company, announces results for the year ended 31 December 2022.

Highlights in 2022

• Rental revenue up 27 % to £1.94 million (2021: £1.52 million)
• Profit after tax was £1.21 million (2021: £5.33 million)
• Adjusted earnings per share of 8.62 pence per share (2021: 11.45 pence)
• Net asset value per share £2.44 up 8.9% in 12 months (2021: £2.24 per share)
• Important lease renewal negotiations and new letting prospects with significant rental growth
• Debt Facility – during the year, the Company successfully secured a new replacement debt facility for 7 years with our existing lender at advantageous terms. We have fixed the interest rate for £14 million of this debt for the whole of the term, reducing risk for shareholders
• Acquisitions completed in the year of two industrial properties at Northampton and Darlington totalling £3.6 million, for 167,957 sq ft, and buying in a 10,693 sq ft long leasehold unit on our estate at Wigan. The Northampton property has been let on a long lease for a kidney dialysis facility and is undergoing refurbishment. The Darlington property is currently let to British Steel with multiple opportunities for refurbishment and added value.
• Final dividend of 0.75p per share declared, bringing the total dividends for the year to 11 p per share. The final dividends will be payable on 5th April 2023.
• 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:

“The Company has made considerable further progress in the year against a backdrop of headwinds. Rental income is rising substantially, with higher rental levels. This is due both to the shortage of small cost effective industrial space and also to our success in high quality refurbishments of units prior to reletting at improved rates.

Demand for our space remains high across the UK, with national vacancy levels around 3% or less.  Occupancy is strong at 94.2% and rising.

In addition, our solar panel initiatives and electric vehicle charging points are producing strong returns and occupier demand. More installations are planned in 2023. We are ahead of many other landlords on this due to our longer term approach to investing and holding real estate.

All these initiatives should increase the overall income in 2023 and beyond.

During the year the economic outlook shifted with rising inflation and interest rates. We have fixed our debt levels and interest rates for 7 years at attractive rates. I continue to be optimistic overall that we can continue to perform for shareholders.”

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