LEASE INCOME

9 Months Ended

Sep. 30, 2024

Lease Income

LEASE INCOME

10. LEASE INCOME

The Company generally rents its SFRs under lease agreements with a term of one or two years. Future minimum rental revenue under existing leases on our properties at September 30, 2024 in each calendar year through the end of their terms are as follows:

2024	$	603,896
2025		1,056,824
Total Future Receipts	$	1,660,720

Property Management Agreements

The Company has entered into property management agreement with the property managers under which the property managers generally oversee and direct the leasing, management and advertising of the properties in our portfolio, including collecting rents and acting as liaison with the tenants. The Company pays its property managers a monthly property management fee for each property unit and a leasing fee. For the three months ended September 30, 2024 and 2023, property management fees incurred by the property managers were $35,370 and $35,370, respectively. For the nine months ended September 30, 2024 and 2023, property management fees incurred by the property managers were $106,110 and $101,970, respectively. For the three months ended September 30, 2024 and 2023, leasing fees incurred by the property managers were $30,725 and $29,360, respectively. For the nine months ended September 30, 2024 and 2023, leasing fees incurred by the property managers were $64,990 and $96,115, respectively.