RENTALS UNDER OPERATING LEASES / RENTAL INCOME

12 Months Ended

Dec. 31, 2015

RENTALS UNDER OPERATING LEASES / RENTAL INCOME

RENTALS UNDER OPERATING LEASES / RENTAL INCOME

NOTE 17 - RENTALS UNDER OPERATING LEASES / RENTAL INCOME

Residential apartment units are rented to individual tenants with lease terms of one year or less. Gross revenues from residential rentals totaled $75,914 and $53,499 for the years ended December 31, 2015 and 2014, respectively.

Commercial properties are leased to tenants under terms expiring at various dates through 2034. Lease terms often include renewal options.  For the years ended December 31, 2015 and 2014, gross revenues from commercial property rentals, including CAM income (common area maintenance) of $3,852 and $2,230, respectively, totaled $21,268 and $17,437, respectively.

Commercial space is rented under long-term agreements. Minimum future rentals on non-cancelable operating leases as of December 31, 2015 are as follows:

Years ending December 31,	Amount
	(in thousands)
2016	$	18,818
2017		17,961
2018		16,695
2019		16,004
2020		15,012
Thereafter		69,741
	$	154,231