ARTA Annual Report 2009 - Auckland Transport

The finance leases (see Land (finance lease) above) over the Downtown Ferry Terminal waterspace and land
are for an indefinite lease term until such time as ARTA does not comply with the required and permitted
use clauses in the finance leases. The land subject to these leases is therefore recognised at its fair value until
such time as the leases are not to be renewed in perpetuity.
No classes of property, plant and equipment were revalued during the financial year (2008: $nil).
No impairment losses have been recognised during the financial year (2008: $nil).
There is no restricted property, plant or equipment, nor has any property, plant and equipment been
pledged as security for liabilities.
The net carrying amount of land held under finance lease is $15,050,000 (2008: $15,050,000).
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