SWIRE PROPERTIES ANNUAL REPORT 2023 39. Lease Commitments Accounting Policy Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Receipts by the Group as a lessor under operating leases (net of any incentives paid to lessees) are recognised as income in the consolidated statement of profit or loss on a straight-line basis over the period of the lease. For commenced leases (which are not identified as low-value or short-term leases) undertaken by the Group as a lessee, right-of- use assets and the corresponding lease liabilities are recognised in the financial statements when the leased assets become available for use. Commitments in respect of leases payable by the Group as a lessee represent the future lease payments for (i) committed leases which have not yet commenced at the year-end date and (ii) short-term leases. The Group acts as both lessor and lessee under operating leases. Details of the Group’s commitments under non-cancellable operating leases are set out as follows: (a) Lessor – lease receivables The leases for investment properties typically run for periods of three to six years. The retail turnover-related rental income received from investment properties during the year amounted to HK$1,224 million (2022: HK$837 million). The future aggregate minimum lease receipts under non-cancellable operating leases were receivable by the Group at the year end as follows: 2023 2022 HK$M HK$M Investment properties Within 1 year 8,753 8,100 Between 1 and 2 years 6,908 6,691 Between 2 and 3 years 5,150 4,955 Between 3 and 4 years 3,414 3,561 Between 4 and 5 years 1,997 2,317 After 5 years 2,932 3,006 29,154 28,630 Assets held for deployment on operating leases at the year end were as follows: 2023 2022 HK$M HK$M Investment properties at fair value 256,786 248,114 (b) Lessee At 31st December 2023, there were no future lease payments under leases committed but not yet commenced by the Group and no short-term leases commitments which were significantly dissimilar to those relating to the portfolio of short-term leases for which expenses were recognised for the year ended 31st December 2023 (2022: none). 201