CQUniversity Annual Report - Central Queensland University

32Central Queensland Universityand Controlled EntitiesNotes to the Financial Statementsfor the year ended 31 December 2012ConsolidatedParent EntityNotes 2012 2011 2012 2011$'000 $'000 $'000 $'000Note 24. Investment propertiesAt fair valueOpening balance at 1 January 1,650 9,500 1,650 9,500Change in fair value - 350 - 350Disposals - (8,200) - (8,200)Closing balance at 31 December 1,650 1,650 1,650 1,650(a) Amounts recognised in profit and loss for investment propertiesRental Income 141 712 141 712Direct operating expenses (rent generating properties) (3) (251) (3) (251)Total recognised in profit and loss 138 461 138 461(b) Valuation basisInvestment property was last comprehensively revalued at fair value as at 31 October 2012 by M.D. Sheehan, RegisteredValuer (No. 1011). The valuation was based on publicly available data on recent rentals and sales of similar buildings innearby localities. Such valuations were also influenced by details supplied by the University in respect of the age, internalfeatures/design and physical condition of each building.(c) Leasing arrangementsInvestment properties consist of one property that is leased to third parties under individually negotiated lease terms.