This REIT is heavily weighted to early-learning centres, which continue to do well in the current property climate. Arena’s Weighted Average Lease Expiry is a very high 20 years and the weighted average passing yield is a healthy 5.77%. The properties are fully occupied and rent increases are higher than 3%. The REIT has a strong pipeline of new projects which will deliver over the next couple of years. We see Arena REIT as a key beneficiary of any ongoing support from the government for childcare. Labor will be campaigning federally in 2022 with childcare as a key plank in its platform.