| 43.1 |
Minimum contracted rental income
The Group leases a number of retail, office and industrial properties under operating leases. Leases
typically run for a period of three to five years for the South African portfolio. The leases for GOZ,
on average, run for a period of eight to ten years. Contractual amounts due in terms of operating
lease agreements:
| |
2015
Rm |
|
2014
Rm |
|
| Less than one year |
7 463 |
|
6 066 |
|
| Between one and five years |
19 231 |
|
16 348 |
|
| More than five years |
9 765 |
|
10 216 |
|
| |
36 459 |
|
32 630 |
|
|
| 43.2 |
Minimum contracted rental expense
The Group is party to leasing contracts as the lessee of the following properties:
| |
2015
Rm |
|
2014
Rm |
|
| — Foreshore |
|
|
|
|
| — Grand Parade |
|
|
|
|
| — Golden Acre |
|
|
|
|
| — Metprop Cape |
|
|
|
|
| — Middestad Mall |
|
|
|
|
| — Nestle |
|
|
|
|
| — River Park |
|
|
|
|
| — Tygerberg Office Park |
|
|
|
|
| — Walmer Park Shopping Centre |
|
|
|
|
| — Woodmead Retail (99-year lease commenced April 2008, rentals being 10% of net property
income to March 2018, 12% to March 2033 and 18% thereafter, assumed net property income
to be the same as in 2014) |
|
|
|
|
| — 10 properties in Australia |
|
|
|
|
| Contractual amounts payable in terms of operating lease agreements: |
|
|
|
|
| Less than one year |
(38) |
|
(36) |
|
| Between one and five years |
(86) |
|
(99) |
|
| More than five years |
(598) |
|
(608) |
|
| |
(722) |
|
(743) |
|
Included in the minimum contracted rental expenses are obligations payable in Australia relating to 10 land leases for buildings owned by GOZ. These land leases generally expire in 2047 and 2048 and are common in the Australian property industry. Future land lease payments in Australia are contingent on a number of variable factors, such as whether the building is tenanted or not and market rent reviews which can take place during or after the expiration of the building occupancy lease. Future land rental expenses amounting to R78 million (FY14: R94 million) have been included above, which have been calculated based on building occupancy lease periods and land rentals which could be reliably estimated. |