RENTAL INCOME

12 Months Ended

Dec. 31, 2023

RENTAL INCOME.

RENTAL INCOME

NOTE 10. RENTAL INCOME

During the year ended December 31, 2023, 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 December 31, 2023 as follows:

	Commercial
	Property Leases
2024	$	3,099,064
2025		2,798,161
2026		2,551,671
2027		2,230,705
2028		2,014,354
Thereafter		10,105,126
	$	22,799,081

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 $683,000, $541,000 and $563,000 for the years ended December 31, 2023, 2022 and 2021 respectively. Trader Joe’s and Walgreen’s, tenants at Staples Plaza and 653 Worcester Road, Framingham, MA. respectively, are approximately 22% 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 December 31,	expiring leases		for expiring leases	leases expiring	expiring leases
2024	$	416,581	29,166	29	12	%
2025		253,320	7,455	7	7	%
2026		361,731	14,221	8	10	%
2027		309,189	8,884	5	9	%
2028		251,316	6,929	2	7	%
2029		433,890	15,138	3	12	%
2030		—	—	—	—	%
2031		—	—	—	—	%
2032		110,600	1,106	1	3	%
2033		—	—	—	—
Thereafter		1,428,261	46,987	4	40	%
Totals	$	3,564,888	129,886	59	100	%

Rents receivable are net of an allowance for doubtful accounts of approximately $1,195,000 and $1,007,000 at December 31, 2023 and 2022. Included in rents receivable at December 31, 2023 is approximately $417,000 resulting from recognizing rental income from non-cancelable commercial leases with future rental increases on a straight-line basis.