RENTAL INCOME

3 Months Ended

Mar. 31, 2024

RENTAL INCOME

RENTAL INCOME

NOTE 10. RENTAL INCOME

During the three months ended March 31, 2024, 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, 2024 as follows:

	Commercial
	Property Leases
2025	$	3,103,182
2026		2,809,317
2027		2,509,650
2028		2,223,676
2029		1,986,170
Thereafter		9,837,638
	$	22,469,633

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 $211,000 and $147,000 for the three months ended March 31, 2024 and 2023 respectively. Trader Joe’s and Walgreen’s, tenants at Staples Plaza and 653 Worcester Road, Framingham, Massachusetts respectively, are approximately 16% 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
2025	$	477,248	31,876	29	13	%
2026		211,470	6,145	9	6	%
2027		395,326	15,162	8	11	%
2028		189,605	5,493	2	5	%
2029		394,176	10,041	4	11	%
2030		291,029	12,026	1	8	%
2031		—	—	—	—	%
2032		—	—	—	—	%
2033		110,600	1,106	1	3	%
2034		533,784	20,897	2	15	%
Thereafter		947,722	27,140	3	28	%
Totals	$	3,550,960	129,886	59	100	%

Rents receivable are net of an allowance for doubtful accounts of approximately $1,043,000 and $1,195,000 at March 31, 2024 and December 31, 2023. Included in rents receivable at March 31, 2024 is approximately $538,000 resulting from recognizing rental income from non-cancelable commercial leases with future rental increases on a straight-line basis.