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RENTAL INCOME

6 Months Ended

Jun. 30, 2024

NOTE 10. RENTAL INCOME

During the six months ended June 30, 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 June 30, 2024 as follows:


	Commercial
	Property Leases
2025	$	3,048,338
2026		2,812,231
2027		2,467,300
2028		2,233,941
2029		1,895,581
Thereafter		9,470,229
	$	21,927,620

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 $398,000 and $328,000 for the six months ended June 30, 2024 and 2023 respectively. Trader Joe’s and Walgreen’s, tenants at Staples Plaza and 653 Worcester Road, Framingham, Massachusetts respectively, are approximately 18% 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
2025	$	441,070	31,292	29	12	%
2026		304,000	8,601	10	9	%
2027		300,625	12,440	6	8	%
2028		283,478	7,651	3	8	%
2029		352,839	8,733	4	10	%
2030		291,029	12,026	1	8	%
2031		—	—	—	—	%
2032		110,600	1,106	1	3	%
2033		—	—	—	—	%
2034		533,784	20,897	2	15	%
Thereafter		947,722	27,140	3	27	%
Totals	$	3,565,147	129,886	59	100	%

Rents receivable are net of an allowance for doubtful accounts of approximately $981,000 and $1,195,000 at June 30, 2024 and December 31, 2023. Included in rents receivable at June 30, 2024 is approximately $551,000 resulting from recognizing rental income from non-cancelable commercial leases with future rental increases on a straight-line basis.