NOTE 10. RENTAL INCOME

During the year ended December 31, 2012, 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, 2012 as follows:

	Commercial Property Leases

2013	$	2,384,000
2014		2,011,000
2015		1,583,000
2016		1,165,000
2017		485,000
Thereafter		775,000

	$	8,403,000

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 $661,000, $633,000 and $653,000 for the years ended December 31, 2012, 2011 and 2010 respectively.

The following information is provided for commercial leases:

Thru December 31,	Annual base rent for expiring leases

2013	$	470,463	23,773	11	17	%
2014		588,422	29,523	10	22	%
2015		266,098	8,471	8	10	%
2016		593,346	27,073	3	22	%
2017		448,101	11,997	6	16	%
2018		58,050	1,262	1	2	%
2019		200,375	5,800	2	7	%
2020		64,657	1,106	1	2	%
2021		64,800	1,800	1	2	%
2022		0	—	—	0	%

Totals	$	2,754,312	110,805	43	100	%

Rents receivable are net of an allowance for doubtful accounts of approximately $381,000 and $448,000. at December 31, 2012 and 2011. Included in rents receivable at December 31, 2012 is approximately $268,000 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 at December 31, 2012 also includes approximately $25,000 representing the deferral of rental concession primarily related to the residential properties.

For the year ended December 31, 2012 rent at the commercial properties includes approximately $4,100 of amortization of deferred rents arising from the fair values assigned to in-place leases upon the purchase of Cypress Street in Brookline, Massachusetts.