RENTAL INCOME

12 Months Ended

Dec. 31, 2021

RENTAL INCOME

RENTAL INCOME

NOTE 10. RENTAL INCOME

During the year ended December 31, 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 December 31, 2021 as follows:

	Commercial
	Property Leases
2022	$	2,149,089
2023		1,646,522
2024		1,009,657
2025		686,461
2026		402,592
Thereafter		389,210
	$	6,283,531

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 $563,000, $512,000 and $629,000 for the years ended December 31, 2021, 2020 and 2019 respectively. Staples and Trader Joes, 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 December 31,	expiring leases		for expiring leases	leases expiring	expiring leases
2022	$	882,541	52,750	20	33	%
2023		390,984	12,609	6	15	%
2024		654,055	21,839	12	24	%
2025		150,851	1,523	3	6	%
2026		349,966	12,733	6	13	%
2027		100,650	2,850	2	4	%
2028		—	—	—	—	%
2029		142,450	3,850	1	5	%
2030		—	—	—	—	%
2031		—	—	—	—	%
2032		—	—	—	—	%
2033		—	—	—	—	%
Totals	$	2,671,497	108,154	50	100	%

Rents receivable are net of an allowance for doubtful accounts of approximately $832,000 and $1,454,000 at December 31, 2021 and 2020. Included in rents receivable at December 31, 2021 is approximately $86,000 resulting from recognizing rental income from non-cancelable commercial leases with future rental increases on a straight-line basis.

Rents receivable at December 31, 2021 and 2020 also includes approximately $266,000 and $508,000 respectively representing the deferral of rental concession primarily related to the residential properties.