NOTE 10. RENTAL INCOME

During the year ended December 31, 2013, approximately 92% 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 8% was related to commercial properties, which have minimum future annual rental income on non-cancellable operating leases at December 31, 2013 as follows:

	Commercial Property Leases

2014	$	2,686,000
2015		2,445,000
2016		2,027,000
2017		1,339,000
2018		1,054,000
Thereafter		1,372,000


	$	10,923,000

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 $670,000, $661,000 and $633,000 for the years ended December 31, 2013, 2012 and 2011 respectively. Staples and Trader Joes, tenants at Staples Plaza are approximately 30% of the total commercial rental income.

The following information is provided for commercial leases:

Through December 30,	Annual base rent for expiring leases

2014	$	364,575	18,610	11	13	%
2015		264,567	8,471	8	9	%
2016		610,382	27,796	5	21	%
2017		510,074	14,134	7	17	%
2018		298,551	8,707	6	10	%
2019		611,721	21,586	4	21	%
2020		64,657	1,106	1	2	%
2021		64,800	1,800	1	2	%
2022		0	0	0	0	%
2023		157,443	4,771	1	5	%


Totals	$	2,946,770	106,981	44	100	%

Rents receivable are net of an allowance for doubtful accounts of approximately $344,000 and $381,000 at December 31, 2013 and 2012. Included in rents receivable at December 31, 2013 is approximately $196,000 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 December 31, 2013 also includes approximately $82,000 representing the deferral of rental concession primarily related to the residential properties.

For the year ended December 31, 2013 rent at the commercial properties includes approximately $2,000 of amortization of deferred rents arising from the fair values assigned to in-place leases upon the purchase of Cypress Street in Brookline, Massachusetts.