Quidnet REIT Ltd

26 February 2024

Quidnet REIT Ltd

("Quidnet" or the "Company")

Audited Year End Results for the Year Ended 31 December 2023

Quidnet (TISE: QUIDGL), a commercial real estate investment company, announces results for the year ended 31 December 2023.

Highlights in 2023

• Rental revenue up 22 % to £2.37 million (2022: £1.94 million)
• Profit after tax was £1.24 million (2022: £1.21 million)
• Adjusted earnings per share of 18.8 pence per share (2022: 8.62 pence)
• Net asset value per share is £2.43 per share (2022: £2.43 per share)
• Final dividend of 1p per share declared, bringing the total dividends for the year to 12 p per share. The final dividends will be payable on 28th March 2024.
• 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:

“Occupier demand remains strong for small to medium industrial units, with national vacancy at very low levels leading to further rental growth. We have continued to secure higher rental levels on all our reviews and renewals, with more growth to come, especially in Wigan and Metana House Crawley. We have completed the refurbishment of the larger Northampton unit at the year end and viewings are encouraging to secure an occupier. A major lease renewal is under negotiation at our Balderton unit near Newark.

In early 2024 the large Darlington comes back to us as a vacant for refurbishment, which will take much of the year. This should then lead to higher rental levels and increased values. The Gatwick House office building has also let up well.

We remain optimistic about the resilience of the portfolio against an uncertain economic backdrop.”

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 732746