ESR Group Limited Annual Report 2022 Notes to the Consolidated Financial Statements 31 December 2022 163 5. REVENUE, OTHER INCOME AND GAINS, NET (a) Revenue An analysis of revenue is as follows: 2022 2021 US$’000 US$’000 Rental income from investment property operating leases (note (i)) 91,626 110,508 Management fee 713,296 244,042 Construction income 10,735 43,815 Solar energy income 5,497 6,061 Total 821,154 404,426 Timing of revenue recognition 2022 2021 US$’000 US$’000 Rental income from investment property operating leases 91,626 110,508 Point in time Management fee 177,569 69,286 Over time Management fee 535,727 174,756 Construction income 10,735 43,815 Solar energy income 5,497 6,061 821,154 404,426 Note: (i) Rental income from investment property operating leases does not include variable lease payments that do not depend on an index or a rate. Performance obligations Information about the Group’s performance obligations is summarised below: Construction services The performance obligation is satisfied over time as services are rendered. Management services For base management, asset management and development management fees, the performance obligation is satisfied over time as services are rendered. For acquisition/disposal and leasing fees, the performance obligation is satisfied at a point in time upon the successful acquisition/disposal of properties and carrying out leasing services, as the customers only receive and consume the benefits provided by the Group upon successful acquisition/disposal and provision of leasing services. For promote fee, the performance obligation is satisfied when the real asset investment funds exceed certain specified hurdles and it is highly probable that a significant reversal will not occur. STRATEGIC REPORT FINANCIAL STATEMENT CORPORATE GOVERNANCE
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