5 TRADE AND OTHER RECEIVABLES (CONT’D) The movement in allowance for impairment losses recognised in respect of trade receivables during the year is as follows: Group 2024 2023 US$’000 US$’000 As at 1 January 1,902 1,304 Net provision for ECLs 594 634 Amount written off (747) (36) As at 31 December 1,749 1,902 Receivables not impaired The Group has trade receivables amounting to US$3.0 million (2023: US$11.6 million) that are not impaired at the end of the reporting period. As at 31 December 2023, trade receivables included a termination fee receivable of US$9.0 million which was fully received subsequent to the reporting date. The Manager believes that no provision of ECLs is necessary in respect of the remaining trade receivables as majority of the balances are not past due or relate to creditworthy debtors and counterparties with good payment record. The Group’s and Trust’s exposure to credit risk related to trade and other receivables are set out in Note 21. 6 INVESTMENT PROPERTIES Group 2024 2023 US$’000 US$’000 Consolidated Statement of Financial Position As at 1 January 1,411,800 1,947,000 Capital expenditure capitalised 33,450 43,907 Disposal of investment properties (111,129) (132,200) Fair value changes in investment properties (196,921) (446,907) Reclassification to asset held for sale (43,700) − As at 31 December 1,093,500 1,411,800 Consolidated Statement of Comprehensive Income Fair value changes in investment properties (196,921) (446,907) Net effect of amortisation and straight lining 8,985 8,346 Net fair value changes recognised in the statement of comprehensive income (187,936) (438,561) Investment properties comprise commercial office properties which are leased to external tenants. Details of the investment properties as at 31 December 2024 and 31 December 2023, which are all located in United States, are set out below. 164 | MANULIFE US REIT NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024
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