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RENTAL INCOME | 6 Months Ended
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Jun. 30, 2012
RENTAL INCOME |
RENTAL INCOME |
NOTE 10. RENTAL INCOME During the six months ended June 30, 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 June 30, 2012 as follows:
|  | Commercial Property Leases |
2013 |  | $ | 2,549,000 |
2014 |  | 2,187,000 |
2015 |  | 1,636,000 |
2016 |  | 1,434,000 |
2017 |  | 590,000 |
Thereafter |  | 909,000 |
|  | $ | 9,305,000 |
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 $310,000 and $363,000 for the six months ended June 30, 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 |
|  | for expiring leases |  | for expiring leases |  | of leases expiring |  | expiring leases |
Through June 30, |  |  |  |  |  |  |  |  |
2013 |  | $ | 277,224 |  | 15,712 |  | 9 |  | 10 | %
2014 |  | 224,723 |  | 9,140 |  | 9 |  | 8 | %
2015 |  | 557,565 |  | 27,640 |  | 9 |  | 20 | %
2016 |  | 748,985 |  | 26,298 |  | 7 |  | 26 | %
2017 |  | 476,797 |  | 16,272 |  | 5 |  | 17 | %
2018 |  | 221,666 |  | 7,037 |  | 1 |  | 8 | %
2019 |  | 0 |  | 0 |  | 0 |  | 0 | %
2020 |  | 265,032 |  | 6,906 |  | 3 |  | 9 | %
2021 |  | 64,800 |  | 1,800 |  | 1 |  | 2 | %
2022 |  | 0 |  | 0 |  | 0 |  | 0 | %
Totals |  | $ | 2,836,792 |  | 110,805 |  | 44 |  | 100 | %
Rents receivable are net of an allowance for doubtful accounts of approximately $501,000 and $448,000 at June 30, 2012 and December 31, 2011, respectively. Included in rents receivable at June 30, 2012 is approximately $299,000 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 $17,000 representing the deferral of rental concession primarily related to the residential properties. For the six months ended June 30, 2012 rent at the commercial properties includes approximately $3,000 of amortization of deferred rents arising from the fair values assigned to in-place leases upon the purchase of Cypress Street in Brookline, Massachusetts.

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- Definition The entire disclosure for operating leases of a lessor. This may include 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6453916&loc=d3e41460-112716 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6453916&loc=d3e41457-112716 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6452767&loc=d3e37045-112695 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6452767&loc=d3e37051-112695 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e61901-109447 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 13 -Paragraph 23 -Subparagraph c -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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