Notes to The
Financial Statements
Year ended 31 December 2015
22 Commitments (Cont’d)
Operating lease commitments
(a)
Operating lease rental payable
Future minimum lease payments for the Group on non-cancellable operating leases with a term of more
than one year are as follows:
Group
2015
2014
$’000
$’000
Within 1 year
141
132
After 1 year but within 5 years
564
530
After 5 years
5,130
4,949
5,835
5,611
(b)
Operating lease rental receivable
The Group leases out its investment properties. Non-cancellable operating lease rentals receivable are
as follows:
Group
Trust
2015
2014
2015
2014
$’000
$’000
$’000
$’000
Within 1 year
105,291
96,318
65,102
64,426
After 1 year but within 5 years
411,696
377,221
260,410
257,704
More than 5 years
394,406
433,141
106,661
170,155
911,393
906,680
432,173
492,285
Since August 2007, the Group leases out its investment properties in Singapore to PHS, a related party of
the Manager of the Trust, under separate master lease agreements for a period of fifteen years. PHS has
the option to extend the leases for another fifteen years on terms to be mutually agreed between the Trust
and PHS provided that the revised rent for the first year of the extended term shall not exceed the amount
equivalent to 15% of the Adjusted Hospital Revenue for FY2021.
As at 31 December 2015, the investment properties in Japan which include one pharmaceutical product
distributing and manufacturing facility and forty-two nursing homes (including five nursing homes and one
group home acquired during the financial year) are leased to a master lessee and several nursing home
operators based in Japan, respectively.
As at 31 December 2015, the Group leased out its strata titled units/lots within Gleneagles Intan Medical
Centre Kuala Lumpur Malaysia to Gleneagles Hospital (Kuala Lumpur) Sdn. Bhd. and CIMB Bank Berhad.
Both lessees are related corporations of the Manager of the Trust.
126
ParkwayLife REIT
Annual Report 2015
