NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2023 33 DIVESTMENT OF INVESTMENT PROPERTY On 24 January 2022, the Manager announced the divestment of JCube to Tanglin R.E. Holdings Pte. Ltd. and the sale was completed on 10 March 2022. Accordingly, the Group recognised a net gain on divestment of investment property of $57.3 million. Net cash inflow on divestment of investment property Group 2022 $’000 Consideration received in cash 340,000 Less: Divestment-related costs (8,872) Net proceeds from divestment of investment property 331,128 34 COMMITMENTS Group Trust 2023 2022 2023 2022 $’000 $’000 $’000 $’000 Capital commitments – contracted but not provided for 113,993 97,297 50,168 53,535 Operating lease rental receivable The Group leases out its investment 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. Rental income from investment properties recognised by the Group in FY 2023 was $1,377,716,000 (2022: $1,280,544,000). The following table sets out a maturity analysis of lease payments, showing the undiscounted lease payments to be received after the reporting date. Group 2023 2022 $’000 $’000 Less than one year 1,310,685 1,263,313 One to two years 1,059,396 932,898 Two to three years 711,840 667,639 Three to four years 447,046 409,850 Four to five years 299,091 292,699 More than five years 1,239,977 1,340,573 5,068,035 4,906,972 272 CAPITALAND INTEGRATED COMMERCIAL TRUST
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