XML 27 R17.htm IDEA: XBRL DOCUMENT

RENTAL INCOME

9 Months Ended

Sep. 30, 2026

NOTE 10. RENTAL INCOME

During the nine months ended September 30, 2026, approximately 95% 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 5% was related to commercial properties, which have minimum future annual rental income on non-cancellable operating leases at September 30, 2026 as follows:


		Commercial
		Property Leases
2027		$	3,409,505
2028			2,874,731
2029			2,268,104
2030			1,697,845
2031			1,589,218
Thereafter			6,164,663
		$	18,004,066

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 $800,000 and $679,000 for the nine months ended September 30, 2026 and 2025 respectively. Trader Joe’s and Blue Pearl, a tenant at 653 Worcester Road, Framingham, Massachusetts, are approximately 35% of the total commercial rental income.

The following information is provided for commercial leases:


		Annual base							Percentage of
		rent for			Total square feet		Total number of		annual base rent for
Through September 30,		expiring leases			for expiring leases		leases expiring		expiring leases
2027		$	835,544		40,318		26		20	%
2028			448,498		12,569		9		11	%
2029			882,944		27,125		14		21	%
2030			164,448		5,378		4		4	%
2031			144,651		3,671		4		4	%
2032			—		—		—		—	%
2033			110,600		1,106		1		3	%
2034			533,784		20,897		2		13	%
2035			55,524		3,785		1		1	%
2036			829,476		27,140		2		20	%
Thereafter			118,245		—		1		3	%
Totals		$	4,123,714		141,989		64		100	%

Rents receivable are net of an allowance for doubtful accounts of approximately $630,000 and $879,000 at September 30, 2026 and December 31, 2025. Included in rents receivable at September 30, 2026 is approximately $31,000 resulting from recognizing rental income from non-cancelable commercial leases with future rental increases on a straight-line basis.