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RENTAL INCOME
9 Months Ended
Sep. 30, 2011
RENTAL INCOME 
RENTAL INCOME

NOTE 10. RENTAL INCOME

 

During the nine months ended September 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 September 30, 2011 as follows:

 

Thru September 30,

 

Commercial
Property Leases

 

2012

 

$

2,612,000

 

2013

 

2,126,000

 

2014

 

1,830,000

 

2015

 

1,269,000

 

2016

 

989,000

 

Thereafter

 

678,000

 

 

 

$

9,504,000

 

 

The aggregate minimum future rental income does not include contingent rentals that represent expense reimbursements in excess of base rent including percentage rents, common area charges and real estate taxes. Aggregate contingent rentals from continuing operations were approximately $461,000 and $490,000 for the nine months ended September 30, 2011 and 2010 respectively.

 

The leases on residential apartments are substantially for a period of one year or less. The majority expire in June, July and August.

 

The following information is provided for commercial leases:

 

 

 

 

 

 

 

 

 

Percentage of

 

 

 

Annual base rent

 

Total square feet

 

Total number

 

Annual base rent for

 

Thru September 30,

 

for expiring leases

 

for expiring leases

 

of leases expiring

 

expiring leases

 

 

 

 

 

 

 

 

 

 

 

2012

 

$

795,316

 

27,536

 

15

 

26

%

2013

 

292,900

 

10,684

 

5

 

10

%

2014

 

654,557

 

31,351

 

11

 

21

%

2015

 

105,150

 

4,645

 

2

 

3

%

2016

 

709,312

 

24,210

 

6

 

23

%

2017

 

382,816

 

9,473

 

3

 

13

%

2018

 

—

 

—

 

—

 

0

%

2019

 

—

 

—

 

—

 

0

%

2020

 

64,657

 

1,106

 

1

 

2

%

2021

 

63,000

 

1,800

 

1

 

2

%

Totals

 

$

3,067,708

 

110,805

 

44

 

100

%

 

Rents receivable at September 30, 2011 are net of an allowance for doubtful accounts of approximately $656,000 at September 30, 2011 and $595,000 at December 31, 2010.  Included in rents receivable at September 30, 2011 is approximately $386,000 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 also includes approximately $24,000 representing the deferral of rental concession primarily related to the residential properties.

 

For the nine months ended September 30, 2011 rent at the commercial properties includes approximately $8,500 of amortization of deferred rents arising from the fair values assigned to in-place leases upon the purchase of Cypress Street in Brookline, Massachusetts.