Charter Hall Social Infrastructure REIT is a reincarnation of Folkestone Education Trust, following Charter Hall Group’s acquisition of Folkestone, a smaller property fund manager, in 2019. From a pure-play childcare property trust, Charter Hall Social has expanded into other social infrastructure sectors, such as higher education, healthcare, transport, and government services. This strategic movement diversifies Charter Hall Social’s income streams. As of June 30, 2026, around 61% of earnings were generated from childcare, versus 88% in June 2021. Portfolio diversification is likely to be an ongoing strategy. We expect the weighting of childcare to continue declining to about half of the property portfolio over the next decade.