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Notes to the Consolidated Financial Statements
(Thousands of US dollars)
51
Dar Al-Maal Al-Islami Trust
Annual Report 2014
13. Investment property
2014
2013
At 1 January
334,913
385,921
Additions
108,585
-
Disposals
(5,199)
(37,243)
Fair value gains/(losses) during the year
(19,567)
(2,591)
Transfer to property, plant and equipment
-
(12,681)
Net exchange differences
(13,966)
1,507
At 31 December
404,766
334,913
Rental income from investment property amounting to $6.0 million
(2013: $3.8 million) has been included in the consolidated statement of
income under other income. There were no direct operating expenses (including
repairs and maintenance) arising from investment property that generated
rental income (2013: $Nil thousand) and no operating expenses arising from
investment property that did not generate rental income (2013: $Nil thousand).
Investment properties are located in the Middle East, Canada, Asia and Europe.
The valuation of the investment properties is based on the sales comparable
approach with the key inputs being the price per square foot. On this basis and
considering that there are no observable inputs, these investment properties are
classified as level 3.
Investment property under operating leases
The Group leases out part of its investment property under operating leases. The
leases are for terms of one to five years.
The future aggregate minimum rentals receivable under non-cancellable
operating leases are as follows:
2014
2013
Not later than one year
1,963
1,996
Later than one year and
not later than five years
1,249
2,724
Later than five years
38
-
3,250
4,720