RENTAL INCOME

9 Months Ended

Sep. 30, 2023

RENTAL INCOME.

RENTAL INCOME

NOTE 10. RENTAL INCOME

During the nine months ended September 30, 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 September 30, 2023 as follows:

	Commercial
	Property Leases
2024	$	2,773,886
2025		2,381,341
2026		2,351,100
2027		1,848,798
2028		1,622,423
Thereafter		10,319,884
	$	21,297,432

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 $515,000 and $441,000 for the nine months ended September 30, 2023 and 2022 respectively. Trader Joe’s and Walgreen’s, tenants at Staples Plaza and 653 Worcester Road, Framingham, MA. respectively, are approximately 21% 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 September 30,	expiring leases		for expiring leases	leases expiring	expiring leases
2024	$	680,831	43,065	25	20	%
2025		241,720	7,383	8	7	%
2026		295,021	8,313	8	9	%
2027		347,210	13,666	6	10	%
2028		205,478	5,701	2	6	%
2029		142,860	3,112	2	4	%
2030		—	—	—	—	%
2031		—	—	—	—	%
2032		110,600	1,106	1	3	%
2033		1,428,261	46,987	4	41	%
Totals	$	3,451,981	129,333	56	100	%

Rents receivable are net of an allowance for doubtful accounts of approximately $1,270,000 and $1,007,000 at September 30, 2023 and December 31, 2022. Included in rents receivable at September 30, 2023 is approximately $347,000 resulting from recognizing rental income from non-cancelable commercial leases with future rental increases on a straight-line basis.

Rents receivable at September 30, 2023 also includes approximately $51,000 representing the deferral of rental concession primarily related to the residential properties.