RENTAL INCOME

9 Months Ended

Sep. 30, 2021

RENTAL INCOME

RENTAL INCOME

NOTE 10. RENTAL INCOME

During the nine months ended September 30, 2021, 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, 2021 as follows:

	Commercial
	Property Leases
2022	$	2,119,000
2023		1,472,000
2024		935,000
2025		460,000
2026		241,000
Thereafter		410,000
	$	5,637,000

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 $417,000 and $383,000 for the nine months ended September 30, 2021 and 2020 respectively. Staples and Trader Joe’s, tenants at Staples Plaza, are approximately 32% 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
2022	$	975,407	61,058	21	38	%
2023		300,556	9,894	6	11	%
2024		778,079	26,033	12	30	%
2025		135,210	2,461	4	5	%
2026		247,084	4,858	5	10	%
2027		—	—	—	—	%
2028		—	—	—	—	%
2029		142,450	3,850	1	6	%
2030		—	—	—	—	%
2031		—	—	—	—	%
Totals	$	2,578,786	108,154	49	100	%

Rents receivable are net of an allowance for doubtful accounts of approximately $907,000 and $1,454,000 at September 30, 2021 and December 31, 2020. Included in rents receivable at September 30, 2021 is approximately $94,000 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 53 Lincoln Street in Massachusetts.

Rents receivable at September 30, 2021 also includes approximately $368,000 representing the deferral of rental concession primarily related to the residential properties.