RENTAL INCOME

12 Months Ended

Dec. 31, 2022

RENTAL INCOME.

RENTAL INCOME

NOTE 10. RENTAL INCOME

During the year ended December 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 December 31, 2022 as follows:

	Commercial
	Property Leases
2023	$	2,464,018
2024		1,867,002
2025		1,546,485
2026		1,362,578
2027		1,041,464
Thereafter		6,864,094
	$	15,145,641

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 $541,000, $563,000 and $512,000 for the years ended December 31, 2022, 2021 and 2020 respectively. Staples and Trader Joes, tenants at Staples Plaza, are approximately 20% 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
2023	$	467,961	30,041	21	16	%
2024		661,688	22,054	13	23	%
2025		102,329	1,786	3	4	%
2026		347,891	13,721	6	12	%
2027		197,585	5,341	4	7	%
2028		93,873	2,158	1	3	%
2029		38,874	1,254	1	1	%
2030		—	—	—	—	%
2031		—	—	—	—	%
Thereafter		968,518	31,688	3	34	%
Totals	$	2,878,719	108,043	52	100	%

Rents receivable are net of an allowance for doubtful accounts of approximately $1,007,000 and $832,000 at December 31, 2022 and 2021. Included in rents receivable at December 31, 2022 is approximately $73,000 resulting from recognizing rental income from non-cancelable commercial leases with future rental increases on a straight-line basis.

Rents receivable at December 31, 2022 and 2021 also includes approximately $4,000 and $266,000 respectively representing the deferral of rental concession primarily related to the residential properties.