NOTE 10. RENTAL INCOME

During the three months ended March 31, 2013, approximately 91% 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 9% was related to commercial properties, which have minimum future annual rental income on non-cancellable operating leases at March 31, 2013 as follows:

	Commercial Property Leases
2014	$	2,294,000
2015	1,926,000
2016	1,528,000
2017	1,094,000
2018	432,000
Thereafter	679,000
	$	7,953,000

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 $175,000 and $156,000 for the three months ended March 31, 2013 and 2012, respectively.

The following information is provided for commercial leases:

	Annual base rent for expiring leases		Total square feet for expiring leases	Total number of leases expiring	Percentage of Annual base rent for expiring leases
Through March 31,
2014	$	117,290	4,243	5	5	%
2015	664,999		32,537	13	28	%
2016	189,521		5,457	5	8	%
2017	657,732		29,023	4	27	%
2018	383,715		10,047	5	16	%
2019	58,050		1,262	1	2	%
2020	200,375		5,800	2	8	%
2021	64,657		1,106	1	3	%
2022	64,800		1,800	1	3	%
2023	0		0	0	0	%
Totals	$	2,401,138	91,275	37	100	%

Rents receivable are net of an allowance for doubtful accounts of approximately $449,000 and $381,000 at March 31, 2013 and December 31, 2012. Included in rents receivable at March 31, 2013 is approximately $194,000 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 at March 31, 2013 also includes approximately $27,000 representing the deferral of rental concession primarily related to the residential properties.

For the three months ended March 31, 2013 rent at the commercial properties includes approximately $550 of amortization of deferred rents arising from the fair values assigned to in-place leases upon the purchase of Cypress Street in Brookline, Massachusetts.