Overview Key strengths Key risks Ownership and interaction with the Australian government, and its strategic importance to the Australian Defence Force (ADF). Development and constructions risks associated with higher than anticipated provisioning needs. Long-term service agreement and highly rated revenue counterparty (Australia). Direct exposure to Australia's cyclical residential property market. Strong liquidity, with credit lines provided by the Australian government. The strong credit quality of, and stable revenue streams from, the government mitigates DHA's tenant concentration to government entities. We expect DHA will continue to play a pivotal role in providing housing and the administration of key home ownership initiatives for ADF. DHA's operations are governed by its mandate to provide housing accommodation for ADF personnel. DHA continually assesses and
