QRF: Rental Income and EPRA Results Up in Third Quarter, Driven by The Mint
Belgian real estate company Qrf, specializing in city center retail properties, published its third quarter 2026 results on October 22, 2026. The company attributes the increase in its net rental income and EPRA result to two external growth drivers: acquisitions completed in 2025 and a 50% stake in The Mint, finalized in June 2026.
The period's growth is therefore first based on portfolio expansion. Qrf combines this with a second engine, an internal one: value creation generated by its redevelopment projects in Ghent and Ostend.
Net Rental Income and EPRA Result Up in Third Quarter
Qrf reported, for the third quarter of 2026, an increase in its net rental income, that is, rents collected after deduction of charges directly related to buildings. The company describes this trend as "strong growth". The same movement concerns the EPRA result.
This latter indicator, established according to the recommendations of the European association of listed real estate companies, excludes changes in fair value of buildings. It therefore measures a real estate company's recurring ability to generate income from its rental activity. This is the aggregate that investors primarily monitor, as it serves as the basis for dividend distribution.
As a reminder, when publishing annual results on April 21, 2026, Qrf had set a dividend of €0.84 per share for fiscal year 2025.
Growth Based on 2025 Acquisitions and The Mint
The press release explicitly identifies the source of the increase. The contribution of acquisitions completed in 2025 and that of the 50% stake in The Mint, acquired in June 2026, explain the growth in net rental income and EPRA result. This is therefore essentially a scope effect: the group receives rents on assets that were not, or not fully, in its portfolio one year earlier.
For a real estate company, this mechanism matters. An increase driven by acquisitions first reflects the increased size of the leased assets. The third quarter of 2026 is also the first full quarter incorporating the stake in The Mint, which entered the portfolio in June.
The company also highlights value creation within its redevelopment projects in Ghent, where its headquarters is located, and in Ostend. This second lever relates to existing asset management. It complements external growth through work on already-owned assets.
A Simplified Structure and Expected Revenue Growth
These results come a few weeks after Qrf published, on October 7, 2026, a document devoted to a merger operation with its subsidiary Arioso Investments Belgium. This operation concerns the group's legal structure.
For the entire 2026 fiscal year, the two analysts surveyed before publication anticipate average revenue of €17 million, compared to €13 million for the previous fiscal year. They expect average earnings per share of €0.90, then €0.98 for fiscal year 2027.
Today's press release establishes the driver of the period: the growth in net rental income and EPRA result stems from 2025 acquisitions and the 50% stake in The Mint acquired in June 2026.
