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RENTAL INCOME

12 Months Ended

Dec. 31, 2011

NOTE 10. RENTAL INCOME

During the year ended December 31, 2011, approximately 90% of rental income was related to residential apartments and condominium units with leases of one year or less. The majority of these leases expire in June, July and August. Approximately 10% was related to commercial properties, which have minimum future annual rental income on non-cancellable operating leases at December 31, 2011 as follows:

	Commercial Property Leases

2012	$	2,561,000
2013		2,150,000
2014		1,826,000
2015		1,455,000
2016		998,000
Thereafter		893,000

	$	9,883,000

The aggregate minimum future rental income does not include contingent rentals that may be received under various leases in connection with common area charges and real estate taxes. Aggregate contingent rentals from continuing operations were approximately $633,000, $653,000 and $583,000 for the years ended December 31, 2011, 2010 and 2009 respectively.

The following information is provided for commercial leases:

	Annual base rent for expiring leases

Thru December 31,
2012	$	745,785	21,843	14	25	%
2013		262,941	9,919	6	9	%
2014		550,459	27,884	9	18	%
2015		223,014	6,595	4	7	%
2016		759,741	30,285	6	25	%
2017		305,641	7,523	2	10	%
2018		0	0	0	0	%
2019		123,200	3,850	1	3	%
2020		64,657	1,106	1	1	%
2021		64,800	1,800	1	2	%

Totals	$	3,100,238	110,805	44	100	%

Rents receivable are net of an allowance for doubtful accounts of approximately $448,000, $483,000 and $476,000 at December 31, 2011, 2010, and 2009 respectively. Included in rents receivable at December 31, 2011 is approximately $304,000 resulting from recognizing rental income from non-cancelable commercial leases with future rental increases on a straight-line basis. The majority of this amount is for long-term leases with Staples and Trader Joe's at Staples Plaza in Framingham, Massachusetts.

Rents receivable also includes approximately $22,000 representing the deferral of rental concession primarily related to the residential properties.

For the year ended December 31, 2011 rent at the commercial properties includes approximately $11,000 of amortization of deferred rents arising from the fair values assigned to in-place leases upon the purchase of Cypress Street in Brookline, Massachusetts.

- Definition

The entire disclosure for operating leases of a lessor. This may inlcude a general description of lessor's leasing arrangements for operating leases, including the basis on which contingent rental payments are determined, the existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions.

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