RENTAL INCOME

6 Months Ended

Jun. 30, 2021

RENTAL INCOME

RENTAL INCOME

NOTE 10. RENTAL INCOME

During the six months ended June 30, 2021, approximately 94% 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 6% was related to commercial properties, which have minimum future annual rental income on non-cancellable operating leases at June 30, 2021 as follows:

	Commercial
	Property Leases
2022	$	2,268,000
2023		1,507,000
2024		996,000
2025		437,000
2026		260,000
Thereafter		450,000
	$	5,918,000

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 $290,000 and $251,000 for the six months ended June 30, 2021 and 2020 respectively. Staples and Trader Joe’s, tenants at Staples Plaza, are approximately 30% 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 June 30,	expiring leases		for expiring leases	leases expiring	expiring leases
2022	$	1,011,281	59,188	20	39	%
2023		428,967	11,761	8	16	%
2024		491,548	14,668	8	18	%
2025		414,562	14,674	7	15	%
2026		172,427	3,289	4	6	%
2027		23,340	724	1	1	%
2028		—	—	—	—	%
2029		—	—	—	—	%
2030		142,450	3,850	1	5	%
2031		—	—	—	—	%
Totals	$	2,684,575	108,154	49	100	%

Rents receivable are net of an allowance for doubtful accounts of approximately $1,177,000 and $1,454,000 at June 30, 2021 and December 31, 2020. Included in rents receivable at June 30, 2021 is approximately $285,000 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 at 62 Boylston Street, Cypress Street, and Staples Plaza in Massachusetts.

Rents receivable at June 30, 2021 also includes approximately $227,000 representing the deferral of rental concession primarily related to the residential properties.