OUE Commercial REIT - Annual Report 2021

29 LEASES (CONT’D) Leases as lessor Operating lease The Group leases out its investment properties (see Note 4). 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. Note 3.8 sets out information about the operating leases of investment property. Rental income from investment properties recognised by the Group during 2021 was $242,257,000 (2020: $281,265,000) and Trust was $58,985,000 (2020: $98,567,000). The following table sets out a maturity analysis of lease payments, showing the undiscounted lease payments to be received after the reporting date. Group Trust $’000 $’000 2021 Less than one year 221,855 44,461 One to two years 182,277 37,172 Two to three years 142,526 27,578 Three to four years 113,622 20,697 Four to five years 97,365 15,932 More than five years 106,017 – Total 863,662 145,840 2020 Less than one year 217,252 38,266 One to two years 175,727 31,140 Two to three years 133,389 22,625 Three to four years 108,035 18,504 Four to five years 100,408 16,587 More than five years 191,813 13,429 Total 926,624 140,551 239 A N N U A L R E P O R T 2 0 2 1