RENTAL INCOME

3 Months Ended

Mar. 31, 2022

RENTAL INCOME

RENTAL INCOME

NOTE 10. RENTAL INCOME

During the three months ended March 31, 2022, 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 March 31, 2022 as follows:

	Commercial
	Property Leases
2023	$	2,104,837
2024		1,563,302
2025		934,703
2026		695,022
2027		408,280
Thereafter		414,114
	$	6,120,258

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 $175,000 and $150,000 for the three months ended March 31, 2022 and 2021 respectively. Staples and Trader Joe’s, tenants at Staples Plaza, are approximately 31% 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
2023	$	939,617	50,247	20	35	%
2024		611,637	18,170	8	22	%
2025		426,122	15,998	9	15	%
2026		223,001	3,473	4	8	%
2027		395,326	15,162	8	14	%
2028		38,874	1,254	1	1	%
2029		—	—	—	—	%
2030		142,450	3,850	1	5	%
2031		—	—	—	—	%
2032		—	—	—	—	%
Totals	$	2,777,027	108,154	51	100	%

Rents receivable are net of an allowance for doubtful accounts of approximately $805,000 and $832,000 at March 31, 2022 and December 31, 2021. Included in rents receivable at March 31, 2022 is approximately $44,000 resulting from recognizing rental income from non-cancelable commercial leases with future rental increases on a straight-line basis.

Rents receivable at March 31, 2022 also includes approximately $183,000 representing the deferral of rental concession primarily related to the residential properties.