RENTAL INCOME

3 Months Ended

Mar. 31, 2021

RENTAL INCOME

RENTAL INCOME

NOTE 10. RENTAL INCOME

During the three months ended March 31, 2021, 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, 2021 as follows:

	Commercial
	Property Leases
2022	$	2,137,000
2023		1,527,000
2024		1,152,000
2025		503,000
2026		284,000
Thereafter		490,000
	$	6,093,000

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 $150,000 and $121,000 for the three months ended March 31, 2021 and 2020 respectively. Staples and Trader Joe’s, tenants at Staples Plaza, are approximately 25% 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
2022	$	1,065,898	59,415	20	39	%
2023		221,861	6,392	6	8	%
2024		672,213	19,432	9	25	%
2025		395,806	14,868	8	15	%
2026		204,708	3,473	4	7	%
2027		23,340	724	1	1	%
2028		—	—	—	—	%
2029		—	—	—	—	%
2030		142,450	3,850	1	5	%
2031		—	—	—	—	%
Totals	$	2,726,276	108,154	49	100	%

Rents receivable are net of an allowance for doubtful accounts of approximately $1,271,000 and $1,454,000 at March 31, 2021 and December 31, 2020. Included in rents receivable at March 31, 2021 is approximately $84,000 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 at 62 Boylston Street, Cypress Street, and Staples Plaza in Massachusetts.

Rents receivable at March 31, 2021 also includes approximately $427,000 representing the deferral of rental concession primarily related to the residential properties.