RENTAL INCOME

3 Months Ended

Mar. 31, 2025

RENTAL INCOME.

RENTAL INCOME

NOTE 10. RENTAL INCOME

During the three months ended March 31, 2025, 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 2025 as follows:

	Commercial
	Property Leases
2026	$	3,567,112
2027		3,112,257
2028		2,519,739
2029		2,160,265
2030		1,632,872
Thereafter		9,319,917
	$	22,312,162

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 $184,000 and $211,000 for the three months ended March 31, 2025 and 2024 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 March 31,	expiring leases		for expiring leases	leases expiring	expiring leases
2026	$	363,480	23,754	25	10	%
2027		437,222	21,475	11	12	%
2028		260,284	7,652	5	7	%
2029		528,676	13,535	6	15	%
2030		367,467	14,327	6	10	%
2031		—	—	—	—	%
2032		—	—	—	—	%
2033		110,600	1,106	1	3	%
2034		533,784	20,897	2	15	%
2035		—	—	—	—	%
Thereafter		947,722	27,140	3	28	%
Totals	$	3,549,235	129,886	59	100	%

Rents receivable are net of an allowance for doubtful accounts of approximately $1,009,000 and $1,085,000 at March 31, 2025 and December 31, 2024. Included in rents receivable at March 31, 2025 is approximately $11,000 resulting from recognizing rental income from non-cancelable commercial leases with future rental increases on a straight-line basis.