ESR AR 2019 EN

Notes to the Consolidated Financial Statements 31 December 2019 215 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ESR Annual Report 2019 39. COMMITMENTS (a) Operating lease commitments As lessor The Group leases out its completed investment properties under operating lease arrangements on terms ranging from one to ten years and with an option for renewal after the expiry dates, at which time all terms will be renegotiated. At 31 December 2019 and 2018, the Group had total future minimum lease receivable under non-cancellable operating leases with its tenants falling due as stated in note 19. (b) Capital commitments As at 31 December As at 31 December 2019 2018 USD’000 USD’000 Contracted, but not provided for investment properties 377,558 306,725 Authorised, but not contracted for investment properties 10,855 – Undrawn capital calls to real estate investment funds 360,179 50,581 748,592 357,306 40. RELATED PARTY TRANSACTIONS In addition to the transactions and balances detailed elsewhere in the financial statements, the Group had the following material transactions with related parties during the years ended 31 December 2019 and 2018: (a) Transactions with related parties: 2019 2018 USD’000 USD’000 Associates: – Management fee income (note(i)) 17,368 2,358 Joint ventures: – Management fees income (note(i)) 25,291 30,256 – Advances to joint ventures (note(ii)) 3,824 3,652 – Repayment to joint ventures (note(ii)) (2,166) (1,197) – Construction income 22,243 –