RENTAL INCOME

3 Months Ended

Mar. 31, 2023

RENTAL INCOME.

RENTAL INCOME

NOTE 10. RENTAL INCOME

During the three months ended March 31, 2023, approximately 94% 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 6% was related to commercial properties, which have minimum future annual rental income on non-cancellable operating leases at March 31, 2023 as follows:

	Commercial
	Property Leases
2024	$	2,897,764
2025		2,315,063
2026		2,056,990
2027		1,799,506
2028		1,511,676
Thereafter		10,553,216
	$	21,134,215

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 $147,000 and $175,000 for the three months ended March 31, 2023 and 2022 respectively. Trader Joe’s and Walgreen’s, tenants at Staples Plaza and 653 Worcester Road, Framingham, MA. respectively, are approximately 23% 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
2024	$	593,243	35,102	21	17	%
2025		489,754	17,963	11	14	%
2026		196,439	4,516	7	6	%
2027		395,326	15,162	8	12	%
2028		189,605	5,493	2	6	%
2029		132,747	3,412	2	4	%
2030		—	—	—	—	%
2031		—	—	—	—	%
2032		—	—	—	—	%
Thereafter		1,428,260	46,987	4	41	%
Totals	$	3,425,374	128,635	55	100	%

Rents receivable are net of an allowance for doubtful accounts of approximately $1,188,000 and $1,007,000 at March 31, 2023 and December 31, 2022. Included in rents receivable at March 31, 2023 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 March 31, 2023 also includes approximately $22,000 representing the deferral of rental concession primarily related to the residential properties.