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RENTAL INCOME

3 Months Ended

Mar. 31, 2012

NOTE 10. RENTAL INCOME

During the three months ended March 31, 2012, approximately 90% 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 10% was related to commercial properties, which have minimum future annual rental income on non-cancellable operating leases at March 31, 2012 as follows:

	Commercial Property Leases
2013	$	2,585,000
2014	2,130,000
2015	1,691,000
2016	1,408,000
2017	785,000
Thereafter	778,000
	$	9,377,000

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 $156,000 and $153,000 for the three months ended March 31, 2012 and 2011 respectively.

The following information is provided for commercial leases:

					Percentage of
	Annual base rent		Total square feet	Total number	Annual base rent for
Through March 31,	for expiring leases		for expiring leases	of leases expiring	expiring leases
2013	$	877,128	26,879	13	28	%
2014	129,675		4,784	6	4	%
2015	603,167		29,816	10	19	%
2016	173,189		4,762	4	7	%
2017	1,065,382		37,808	8	34	%
2018	0		0	0	0	%
2019	0		0	0	0	%
2020	123,200		3,850	1	4	%
2021	64,657		1,106	1	2	%
2022	64,800		1,800	1	2	%
Totals	$	3,101,197	110,805	44	100	%

Rents receivable are net of an allowance for doubtful accounts of approximately $480,000 and $537,000 at March 31, 2012 and 2011, respectively. Included in rents receivable at March 31, 2012 is approximately $280,000 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 $27,000 representing the deferral of rental concession primarily related to the residential properties.

For the three months ended March 31, 2012 rent at the commercial properties includes approximately $2,500 of amortization of deferred rents arising from the fair values assigned to in-place leases upon the purchase of Cypress Street in Brookline, Massachusetts.

- Definition

The entire disclosure for operating leases of a lessor. This may inlcude a general description of lessor's leasing arrangements for operating leases, including the basis on which contingent rental payments are determined, the existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions.

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