13 Operating lease revenue
| 2012 $000 |
2011 $000 |
|
|---|---|---|
|
Rental income from Freight network infrastructure (i) |
5,383 | 5,383 |
|
Rental income from grain receival sites (ii) |
83 | 83 |
| 5,466 | 5,466 | |
(i) The sale of the Westrail Freight Business on 17 December 2000 included an operating lease of the freight network infrastructure for 49 years between the Western Australian Government Railways Commission (WAGR) - now Public Transport Authority of Western Australia (PTA) and Westnet Rail Pty Ltd - now Brookfield Rail Pty Ltd. The lease rentals were fully prepaid on 17 December 2000, and credited to deferred operating lease revenue.
(ii) A 99 year operating lease for 118 grain receival sites was entered into with Co-operative Bulk Handling (CBH) in 2003. Rental Income for 99 years of $7.45 million was received in full at the commencement of the lease, and is accounted for as revenue over the 99 year lease period, with the prepaid portion shown as deferred income. (See note 31 “Deferred income - operating leases’).
A further 99 year operating lease for 15 grain receival sites was entered into with CBH in 2004. Rental Income for 99 years of $775,000 was received in full at the commencement of the lease, and is accounted for as revenue over the 99 year lease period, with the prepaid portion shown as deferred income. (See note 31 “Deferred income - operating leases’).