Diversification has been at the forefront of Dexus’ strategy in recent years. Once Australia’s largest office landlord, Dexus is shifting focus to managing third-party assets rather than having investment properties on its own balance sheet. Dexus has a record of selling stakes in assets into funds management vehicles. Dexus' third-party funds under management grew substantially over the last five years, to AUD 36 billion at the end of June 2026, largely thanks to the acquisition of AMP Capital’s domestic real estate and infrastructure platform in 2023. The funds platform was subsequently hit by property devaluations due to higher interest rates and a slew of large investor redemptions. The recent Melbourne Airport debacle is another setback. We expect FUM to shrink in the near to medium term before rising again.