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RENTAL INCOME | 3 Months Ended
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Mar. 31, 2020
RENTAL INCOME |
RENTAL INCOME | NOTE 10. RENTAL INCOME During the three months ended March 31, 2020, approximately 95% 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 5% was related to commercial properties, which have minimum future annual rental income on non-cancellable operating leases at March 31, 2020 as follows:
|  | Commercial |
|  | Property Leases |
2021 |  | $ | 2,762,000 |
2022 |  |  | 2,063,000 |
2023 |  |  | 1,401,000 |
2024 |  |  | 970,000 |
2025 |  |  | 341,000 |
Thereafter |  |  | 631,000 |
|  | $ | 8,168,000 |
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 $121,000 and $129,000 for the three months ended March 31, 2020 and 2019 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:
|  | Annual base |  |  |  |  |  | Percentage of |
|  | rent for |  | Total square feet |  | Total number of |  | annual base rent for |
Through March 31, |  | expiring leases |  | for expiring leases |  | leases expiring |  | expiring leases |
2021 |  | $ | 201,568 |  | 12,982 |  | 14 |  | 7 | %
2022 |  |  | 1,143,868 |  | 47,854 |  | 10 |  | 40 | %
2023 |  |  | 273,081 |  | 8,062 |  | 6 |  | 9 | %
2024 |  |  | 672,213 |  | 19,432 |  | 9 |  | 23 | %
2025 |  |  | 395,806 |  | 14,868 |  | 8 |  | 14 | %
2026 |  |  | 64,657 |  | 1,106 |  | 1 |  | 2 | %
2027 |  |  | — |  | — |  | — |  | — | %
2028 |  |  | — |  | — |  | — |  | — | %
2029 |  |  | — |  | — |  | — |  | — | %
2030 |  |  | 142,450 |  | 3,850 |  | 1 |  | 5 | %
Totals |  | $ | 2,893,643 |  | 108,154 |  | 49 |  | 100 | %
Rents receivable are net of an allowance for doubtful accounts of approximately $198,000 and $240,000 at March 31, 2020 and December 31, 2019. Included in rents receivable at March 31, 2020 is approximately $105,000 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 at 62 Boylston Street, Cypress Street, and Staples Plaza in Massachusetts. Rents receivable at March 31, 2020 also includes approximately $120,000 representing the deferral of rental concession primarily related to the residential properties.

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- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph Note 1 -URI http://asc.fasb.org/extlink&oid=82846649&loc=d3e38371-112697 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph Note 3 -URI http://asc.fasb.org/extlink&oid=82846649&loc=d3e38371-112697 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -URI http://asc.fasb.org/subtopic&trid=77888252 + Details
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