Overview Key strengths Key risks Government-owned, with a strategic role to provide accommodation to defense personnel in Australia. Development and constructions risks associated with higher provisioning needs than what it currently anticipates. 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 mitigate DHA's tenant concentration to government entities. We believe DHA will continue to play a pivotal role in providing housing and administering home ownership initiatives for the Australian Defence Force (ADF). Leasing terms are typically structured for up to 15 years at low interest rates of 1.7%-2.2%. In the
