40 Leases
| 2009 | 2008 | |
|---|---|---|
| £m | £m | |
| Operating lease receipts | ||
| Minimum lease receipts under non-cancellable operating leases to be received: | ||
| not later than one year | 107.3 | 123.1 |
| later than one year and not later than five years | 302.4 | 356.8 |
| later than five years | 470.5 | 561.7 |
| 880.2 | 1,041.6 |
| 2009 | 2008 | |
|---|---|---|
| £m | £m | |
| Finance lease obligations | ||
| Minimum lease payments under finance leases fall due: | ||
| not later than one year | 0.6 | 1.0 |
| later than one year and not later than five years | 2.4 | 3.9 |
| later than five years | 44.1 | 69.4 |
| 47.1 | 74.3 | |
| Future contingent rent payable on finance leases | (6.0) | (22.3) |
| Future finance charges on finance leases | (33.7) | (43.4) |
| Present value of finance lease liabilities | 7.4 | 8.6 |
| Present value of minimum finance lease obligations: | ||
| later than one year and not later than five years | 0.1 | 0.1 |
| later than five years | 7.3 | 8.5 |
| 7.4 | 8.6 |
In accordance with IFRS 17, Leases, the minimum lease payments are allocated as follows:
| 2009 | 2008 | |
|---|---|---|
| £m | £m | |
| Finance charge (see note 8) | 0.6 | 0.6 |
| Contingent rent (see note 10) | 0.7 | 0.7 |
| Total | 1.3 | 1.3 |
The group has over 800 leases granted to its tenants. These vary dependent on the individual tenant and the respective property and demise but typically are let for a term of five to 15 years, at a market rent with provisions to review to market rent every five years. Standard lease provisions include service charge payments and recovery of other direct costs.
The weighted average lease length of the leases granted during 2009 was 8.9 years (2008: 13.9 years). 46% of these leases (2008: 56%) included a rent free period at the start of the lease, the weighted average being 5.0 months (2008: 10.7 months).