Abacus Property Group – Annual Financial Report 2018

ABACUS PROPERTY GROUP
NOTES TO THE FINANCIAL STATEMENTS
30 JUNE 2018
17. COMMITMENTS AND CONTINGENCIES
Abacus
(a) Operating lease commitments – Group as lessee
The Group has entered into a commercial lease on its offices. The lease has a term of five years with an option to
renew for another five years.
Future minimum rentals payable under non-cancellable operating leases as at 30 June 2018 are as follows:
2018 2017
$'000
$'000
Within one year 1,034 1,030
After one year but not more than five years 3,357 3,227
More than five years - 1,163
4,391 5,420
(b) Operating lease commitments – Group as lessor
Future minimum rentals receivable under non-cancellable operating leases as at 30 June 2018 are as follows:
2018 2017
$'000
$'000
Within one year 65,911 72,465
After one year but not more than five years 163,353 163,080
More than five years 62,749 76,649
292,013 312,194
These amounts do not include contingent rentals which may become receivable under certain leases on the basis
of retail sales in excess of stipulated minimums and, in addition, do not include recovery of outgoings.
(c) Capital and other commitments
At 30 June 2018 the Group had numerous commitments and contingent liabilities which principally related to
property acquisition settlements, loan facility guarantees for the Group's interest in the jointly controlled property
developments and funds management vehicles, commitments relating to property refurbishing costs and unused
mortgage loan facilities to third parties.
Commitments planned and/or contracted at reporting date but not recognised as liabilities are as follows:
2018 2017
$'000
$'000
Within one year
- gross settlement of property acquisitions 15,750 -
- property refurbishment costs 6,574 15,136
- property development costs 19,546 11,176
- unused portion of loan facilities to outside parties 35,694 28,087
77,564 54,399
Contingent liabilities:
Within one year
- corporate guarantee 3,520 18,712
3,520 18,712
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