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RENTAL INCOME

9 Months Ended

Sep. 30, 2022

NOTE 10. RENTAL INCOME

During the nine months ended September 30, 2022, 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, 2022 as follows:


	Commercial
	Property Leases
2023	$	1,981,000
2024		1,409,000
2025		871,000
2026		728,000
2027		406,000
Thereafter		1,683,000
	$	7,078,000

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 $441,000 and $417,000 for the nine months ended September 30, 2022 and 2021 respectively. Staples and Trader Joe’s, tenants at Staples Plaza, are approximately 28% 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
2023	$	430,143	55,286	22	19	%
2024		785,710	26,248	13	37	%
2025		135,210	2,461	4	6	%
2026		198,266	5,396	4	9	%
2027		269,210	11,716	5	12	%
2028		93,873	2,158	1	4	%
2029		181,324	5,104	2	8	%
2030		—	—	—	—	%
2031		—	—	—	—	%
Thereafter		118,245	—	1	5	%
Totals	$	2,211,981	108,369	52	100	%

Rents receivable are net of an allowance for doubtful accounts of approximately $824,000 and $832,000 at September 30, 2022 and December 31, 2021. Included in rents receivable at September 30, 2022 is approximately $76,000 resulting from recognizing rental income from non-cancelable commercial leases with future rental increases on a straight-line basis.

Rents receivable at September 30, 2022 also includes approximately $13,000 representing the deferral of rental concession primarily related to the residential properties.