RENTAL INCOME

6 Months Ended

Jun. 30, 2011

RENTAL INCOME

RENTAL INCOME

NOTE 10. RENTAL INCOME

During the six months ended June 30, 2011, approximately 90% of rental income was related to residential apartments and condominium units with leases of one year or less. Approximately 10% was related to commercial properties, which have minimum future annual rental income on non-cancellable operating leases at June 30, 2011 as follows:

	Commercial Property Leases
2012	$	2,751,000
2013	2,136,000
2014	1,914,000
2015	1,322,000
2016	1,071,000
Thereafter	474,000
	$	9,668,000

The aggregate minimum future rental income does not include contingent rentals that may be received under various leases in connection with percentage rents, common area charges and real estate taxes. Aggregate contingent rentals from continuing operations were approximately $363,000 and $315,000 for the six months ended June 30, 2011 and 2010 respectively.

Rents receivable are net of an allowance for doubtful accounts of approximately $559,000 at June 30, 2011 and $595,000 at December 31, 2010.  Included in rents receivable at June 30, 2011 is approximately $322,000 resulting from recognizing rental income from non-cancelable commercial leases with future rental increases on a straight-line basis.  The majority of this amount is for long-term leases with Staples and Trader Joe’s at Staples Plaza in Framingham, Massachusetts.

Rents receivable at June 30, 2011 also includes approximately $57,000 representing the deferral of rental concession primarily related to the residential properties.

For the six months ended June 30, 2011 rent at the commercial properties includes approximately $5,600 of amortization of deferred rents arising from the fair values assigned to in-place leases upon the purchase of Cypress Street in Brookline, Massachusetts.