RENTAL INCOME

6 Months Ended

Jun. 30, 2022

RENTAL INCOME

RENTAL INCOME

NOTE 10. RENTAL INCOME

During the six months ended June 30, 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 June 30, 2022 as follows:

	Commercial
	Property Leases
2023	$	1,945,000
2024		1,413,000
2025		829,000
2026		649,000
2027		339,000
Thereafter		370,000
	$	5,545,000

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 $437,000 and $290,000 for the six months ended June 30, 2022 and 2021 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
2023	$	492,297	55,049	22	23	%
2024		491,548	14,668	8	22	%
2025		463,171	15,804	8	21	%
2026		240,827	5,089	5	11	%
2027		294,550	12,440	6	14	%
2028		—	—	—	—	%
2029		38,874	1,254	1	2	%
2030		142,450	3,850	1	7	%
2031		—	—	—	—	%
2032		—	—	—	—	%
Totals	$	2,163,717	108,154	51	100	%

Rents receivable are net of an allowance for doubtful accounts of approximately $733,000 and $832,000 at June 30, 2022 and December 31, 2021. Included in rents receivable at June 30, 2022 is approximately $79,000 resulting from recognizing rental income from non-cancelable commercial leases with future rental increases on a straight-line basis.

Rents receivable at June 30, 2022 also includes approximately $49,000 representing the deferral of rental concession primarily related to the residential properties.