Financial Statements

18 Leasing

Operating leases with tenants

The Group leases out all of its investment properties under operating leases for average lease terms of 16 years to expiry. The future aggregate minimum rentals receivable under non-cancellable operating leases are as follows:

	2006 £m	2005 £m
Less than one year	488	507
Between two and five years	2,031	2,215
Between six and ten years	2,332	2,601
Between 11 and 15 years	1,856	2,166
Between 16 and 20 years	1,062	1,332
After 20 years	1,112	1,331
	8,881	10,152

Contingent rents of £2m (2005: £1m) were recognised in the year.

Obligations under finance leases

The Group's leasehold investment properties are typically under non-renewable leases without significant restrictions.

Finance lease liabilities are payable as follows, no contingent rents are payable in either period:

	2006			2005
	Minimum lease payments £m	Interest £m	Principal £m	Minimum lease payments £m	Interest £m	Principal £m
British Land Group
Less than one year	2	2		2	2
Between one and five years	9	8	1	9	8	1
More than five years	200	173	27	203	176	27
	211	183	28	214	186	28