RENTAL INCOME

9 Months Ended

Sep. 30, 2024

RENTAL INCOME.

RENTAL INCOME

NOTE 10. RENTAL INCOME

During the nine months ended September 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 September 30, 2024 as follows:

	Commercial
	Property Leases
2025	$	3,324,692
2026		3,043,129
2027		2,646,809
2028		2,332,876
2029		1,852,297
Thereafter		9,073,091
	$	22,272,894

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 $580,000 and $515,000 for the nine months ended September 30, 2024 and 2023 respectively. Trader Joe’s and Blue Pearl, tenants at Staples Plaza and Walgreen’s, a tenant at 653 Worcester Road, Framingham, Massachusetts respectively, are approximately 30% 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
2025	$	136,081	22,038	22	4	%
2026		432,277	12,275	10	12	%
2027		423,964	15,825	9	12	%
2028		339,978	9,195	4	10	%
2029		637,570	21,410	8	18	%
2030		—	—	—	0	%
2031		—	—	—	—	%
2032		110,600	1,106	1	3	%
2033		—	—	—	—	%
2034		533,784	20,897	2	15	%
Thereafter		947,721	27,140	3	26	%
Totals	$	3,561,975	129,886	59	100	%

Rents receivable are net of an allowance for doubtful accounts of approximately $1,093,000 and $1,195,000 at September 30, 2024 and December 31, 2023. Included in rents receivable at September 30, 2024 is approximately $561,000 resulting from recognizing rental income from non-cancelable commercial leases with future rental increases on a straight-line basis.