NOTE 10. RENTAL INCOME

During the six months ended June 30, 2015, approximately 92% 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 8% was related to commercial properties, which have minimum future annual rental income on non-cancellable operating leases at June 30, 2015 as follows:

	Commercial Property Leases
2016	$	2,639,000
2017	1,877,000
2018	1,444,000
2019	1,062,000
2020	475,000
Thereafter	603,000

	$	8,100,000

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 $345,000 and $315,000 for the six months ended June 30, 2015 and 2014 respectively. Staples and Trader Joes, tenants at Staples Plaza, are approximately 30% of the total commercial rental income.

The following information is provided for commercial leases:

	Annual base rent for expiring leases		Total square feet for expiring leases	Total number of leases expiring	Percentage of annual base rent for expiring leases
Through June 30,
2016	$	864,371	38,641	11	29	%
2017	525,725		18,157	7	18	%
2018	408,902		13,175	9	14	%
2019	211,965		6,626	5	7	%
2020	753,497		24,873	10	25	%
2021	64,800		1,800	1	2	%
2022	0		0	0	0	%
2023	0		0	0	0	%
2024	157,443		4,771	1	5	%
2025	0		0	0	0	%

Totals	$	2,986,703	108,043	44	100	%

Rents receivable are net of an allowance for doubtful accounts of approximately $452,000 and $366,000 at June 30, 2015 and December 31, 2014. Included in rents receivable at June 30, 2015 is approximately $168,000 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 June 30, 2015 also includes approximately $109,000 representing the deferral of rental concession primarily related to the residential properties.

For the six months ended June 30, 2015 rent at the commercial properties includes approximately $1,100 of amortization of deferred rents arising from the fair values assigned to in-place leases upon the purchase of Cypress Street in Brookline, Massachusetts.