NOTE 10. RENTAL INCOME

During the three months ended March 31, 2016, approximately 93% 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 7% was related to commercial properties, which have minimum future annual rental income on non-cancellable operating leases at March 31, 2016 as follows:


	Commercial
	Property Leases
2017	$	2,751,000
2018		2,164,000
2019		1,873,000
2020		1,318,000
2021		855,000
Thereafter		594,000
	$	9,555,000

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 $158,000 and $182,000 for the three months ended March 31, 2016 and 2015 respectively. Staples and Trader Joes, tenants at Staples Plaza, are approximately 29% 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 March 31,	expiring leases		for expiring leases	leases expiring	expiring leases
2017	$	563,446	22,958	10	20	%
2018		196,867	7,111	6	7	%
2019		459,360	13,540	9	16	%
2020		756,358	26,866	12	26	%
2021		121,632	1,523	3	4	%
2022		647,765	31,274	3	22	%
2023		—	—	—	—	%
2024		157,443	4,771	1	5	%
2025		—	—	—	—	%
2026		—	—	—	—	%
Totals	$	2,902,871	108,043	44	100	%

Rents receivable are net of an allowance for doubtful accounts of approximately $468,000 and $373,000 at March 31, 2016 and December 31, 2015. Included in rents receivable at March 31, 2016 is approximately $128,000 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 March 31, 2016 also includes approximately $90,000 representing the deferral of rental concession primarily related to the residential properties.

For the three months ended March 31, 2016 rent at the commercial properties includes approximately $500 of amortization of deferred rents arising from the fair values assigned to in-place leases upon the purchase of Cypress Street in Brookline, Massachusetts.