NOTE 10. RENTAL INCOME

During the nine months ended September 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 September 30, 2015 as follows:


	Commercial
	Property Leases
2016	$	2,811,000
2017		2,285,000
2018		2,003,000
2019		1,574,000
2020		936,000
Thereafter		997,000
	$	10,606,000

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 $521,000 and $532,000 for the nine months ended September 30, 2015 and 2014 respectively. Staples and Trader Joes, tenants at Staples Plaza, are approximately 27% 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
Throguh September 30,	expiring leases		for expiring leases	leases expiring	expiring leases
2016	$	123,679	6,646	8	4	%
2017		576,040	20,023	9	20	%
2018		402,653	12,357	8	14	%
2019		650,019	23,321	10	22	%
2020		335,312	9,651	5	12	%
2021		647,765	31,274	3	23	%
2022		—	—	—	—	%
2023			—	—	—	%
2024		157,443	4,771	1	5	%
2025			—	—	—	%
Totals	$	2,892,911	108,043	44	100	%

Rents receivable are net of an allowance for doubtful accounts of approximately $524,000 and $366,000 at September 30, 2015 and December 31, 2014. Included in rents receivable at September 30, 2015 is approximately $157,000 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 September 30, 2015 also includes approximately $111,000 representing the deferral of rental concession primarily related to the residential properties.

For the nine months ended September 30, 2015 rent at the commercial properties includes approximately $1,600 of amortization of deferred rents arising from the fair values assigned to in-place leases upon the purchase of Cypress Street in Brookline, Massachusetts.