NOTE 10. RENTAL INCOME

During the year ended December 31, 2014, 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, 2014 as follows:

	Commercial Property Leases
2015	$	2,699,000
2016		2,218,000
2017		1,510,000
2018		1,181,000
2019		724,000
Thereafter		746,000

	$	9,078,000

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 $638,000, $670,000 and $661,000 for the years ended December 31, 2014, 2013 and 2012 respectively. Staples and Trader Joes, tenants at Staples Plaza are approximately 32% of the total commercial rental income.

The following information is provided for commercial leases:

Through December 31,	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
2015	$	452,620		21,266		11		16	%
2016		628,628		28,600		7		21	%
2017		569,511		16,516		8		19	%
2018		298,551		8,707		6		10	%
2019		742,785		25,277		9		25	%
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	%
2024		0		0		0		0	%

Totals	$	2,978,995		108,043		44		100	%

Rents receivable are net of an allowance for doubtful accounts of approximately $366,000 and $344,000 at December 31, 2014 and 2013. Included in rents receivable at December 31, 2014 is approximately $163,000 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, 2014 also includes approximately $109,000 representing the deferral of rental concession primarily related to the residential properties.

For the year ended December 31, 2014 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.