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RENTAL INCOME

9 Months Ended

Sep. 30, 2020

RENTAL INCOME

NOTE 10. RENTAL INCOME

During the nine months ended September 30, 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 September 30, 2020 as follows:


		Commercial
		Property Leases
2021		$	2,480,000
2022			1,616,000
2023			1,230,000
2024			646,000
2025			199,000
Thereafter			547,000
		$	6,718,000

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 $383,000 and $450,000 for the nine months ended September 30, 2020 and 2019 respectively. Staples and Trader Joe’s, tenants at Staples Plaza, are approximately 27% 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 September 30,		expiring leases			for expiring leases		leases expiring		expiring leases
2021		$	906,712		48,746		19		32	%
2022			538,983		17,038		7		19	%
2023			361,132		11,156		7		13	%
2024			747,762		24,903		11		27	%
2025			116,916		2,461		4		4	%
2026			—		—		—		—	%
2027			—		—		—		—	%
2028			—		—		—		—	%
2029			142,450		3,850		1		5	%
2030			—		—		—		—	%
Totals		$	2,813,955		108,154		49		100	%

Rents receivable are net of an allowance for doubtful accounts of approximately $1,095,000 and $240,000 at September 30, 2020 and December 31, 2019. Included in rents receivable at September 30, 2020 is approximately $96,000 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 September 30, 2020 also includes approximately $351,000 representing the deferral of rental concession primarily related to the residential properties.