NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2023 38 ACQUISITION OF INVESTMENT PROPERTIES AND HOTEL (continued) Stapled Group Note 2023 2022 $’000 $’000 Investment properties 4 476,999 344,623 Property, plant and equipment 5 103,532 1,617 Investment properties under development 6 – 103,735 Trade and other receivables 1,939 2,030 Cash and cash equivalents 6,543 1,287 Financial liabilities (167,081) (113,354) Trade and other payables (7,534) (18,860) Current tax liabilities (253) 98 Lease liabilities (2,711) – Non-controlling interests – (5,752) Total identifiable assets 411,434 315,424 Less: amount previously accounted for as joint venture, remeasured at fair value – (24,584) Net identifiable assets acquired 411,434 290,840 Realisation of reserves previously accounted for as a joint venture – (1,299) Total consideration 411,434 289,541 Less: Deposit paid in prior year (1,875) (798) Less: Milestone payment (92,687) (28,428) Add: Consideration to be refunded from vendor – 2,442 Less: Cash and cash equivalents acquired (6,543) (1,287) Net cash outflow on acquisition 310,329 261,470 39 COMMITMENTS Leases as lessor The Stapled Group leases out some of its investment properties on long term arrangements. All leases are classified as operating leases from a lessor perspective. The leases have initial tenure ranging from three to 25 years, with options to renew for some of the leases. The operating lease receivables are based on the fixed component of the rent receivable under the lease agreements, adjusted for increases in rent where such increases have been provided for in the agreements. The following table sets out a maturity analysis of lease payments, showing the undiscounted lease payments to be received after the reporting date. CapitaLand Ascott REIT Group CapitaLand Ascott BT Group Stapled Group 2023 2022 2023 2022 2023 2022 $’000 $’000 $’000 $’000 $’000 $’000 Less than one year 57,114 54,806 27,061 29,229 73,259 72,077 One to two years 56,904 50,681 25,959 28,770 71,947 67,493 Two to three years 55,419 46,773 18,330 27,667 62,833 62,483 Three to four years 52,624 45,082 18,137 19,378 59,845 52,503 Four to five years 49,431 42,230 18,137 19,185 56,652 49,458 More than five years 238,416 231,294 67,622 91,254 259,645 259,772 Total 509,908 470,866 175,246 215,483 584,181 563,786 314 CAPITALAND ASCOTT TRUST
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