NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2024 36 LEASES (CONT’D) Operating lease The Group and the Company lease out some of their investment properties and development properties. The Group has classified these leases as operating leases, because they do not transfer substantially all of the risks and rewards incidental to the ownership of the assets. Note 5 sets out information about the operating leases of investment properties. Rental income from investment properties and property subleases recognised by the Group during 2024 was $487,828,000 (2023: $436,380,000). Contingent rents generally determined based on a percentage of tenants’ revenue, of $19,634,000 (2023: $14,760,000) has been recognised as revenue by the Group, in profit or loss during the year. The following table sets out a maturity analysis of lease rental receivables, showing the undiscounted lease payments to be received after the reporting date. Group Company 2024 2023 2024 2023 $’000 $’000 $’000 $’000 Less than one year 258,959 272,875 3,588 8,361 One to two years 187,895 193,978 779 4,974 Two to three years 125,913 128,925 – 1,993 Three to four years 82,664 82,308 – 317 Four to five years 50,030 62,975 – 44 More than five years 114,838 149,164 – – Total 820,299 890,225 4,367 15,689 Included in the non-cancellable operating lease rental receivables above are commitments with related parties which are set out below. Group Company 2024 2023 2024 2023 $’000 $’000 $’000 $’000 Non-cancellable operating lease rentals receivable from: – associates 4,840 27,921 – – – joint ventures 76 169 – – – a fellow subsidiary 1,017 277 – – 5,933 28,367 – – ANNUAL REPORT 2024 FINANCIALS 165
RkJQdWJsaXNoZXIy ODIwNTc=