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RENTAL INCOME | 6 Months Ended
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Jun. 30, 2023
RENTAL INCOME. |
RENTAL INCOME | NOTE 10. RENTAL INCOME ​ During the six months ended June 30, 2023, approximately 94% 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 6% was related to commercial properties, which have minimum future annual rental income on non-cancellable operating leases at June 30, 2023 as follows: ​
​ | ​ | ​ | ​ | ​
​ |  | Commercial |
​ | ​ | Property Leases |
2024 | ​ | $ | 2,595,339 | ​
2025 | ​ |  | 2,292,661 | ​
2026 | ​ |  | 2,478,151 | ​
2027 | ​ |  | 1,919,558 | ​
2028 | ​ |  | 1,685,361 | ​
Thereafter | ​ |  | 10,703,368 | ​
​ | ​ | $ | 21,674,438 | ​
​ 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 $328,000 and $437,000 for the six months ended June 30, 2023 and 2022 respectively. Trader Joe’s and Walgreen’s, tenants at Staples Plaza and 653 Worcester Road, Framingham, MA. respectively, are approximately 23% 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 June 30, | ​ | expiring leases | ​ | for expiring leases | ​ | leases expiring | ​ | expiring leases |
2024 | ​ | $ | 776,396 | ​ | 34,544 | ​ | 22 | ​ | 21 | %
2025 | ​ |  | 443,854 | ​ | 16,663 | ​ | 9 | ​ | 12 | %
2026 | ​ |  | 214,265 | ​ | 6,132 | ​ | 8 | ​ | 6 | %
2027 | ​ |  | 294,550 | ​ | 12,440 | ​ | 6 | ​ | 8 | %
2028 | ​ |  | 283,478 | ​ | 7,651 | ​ | 3 | ​ | 8 | %
2029 | ​ |  | 142,860 | ​ | 3,112 | ​ | 2 | ​ | 4 | %
2030 | ​ |  | — | ​ | — | ​ | — | ​ | — | %
2031 | ​ |  | — | ​ | — | ​ | — | ​ | — | %
2032 | ​ | ​ | 110,600 | ​ | 1,106 | ​ | 1 | ​ | 3 | %
2033 | ​ | ​ | 1,428,261 | ​ | 46,987 | ​ | 4 | ​ | 38 | %
Totals | ​ | $ | 3,694,264 |  | 128,635 |  | 55 |  | 100 | %
​ Rents receivable are net of an allowance for doubtful accounts of approximately $1,291,000 and $1,007,000 at June 30, 2023 and December 31, 2022. Included in rents receivable at June 30, 2023 is approximately $199,000 resulting from recognizing rental income from non-cancelable commercial leases with future rental increases on a straight-line basis. ​ Rents receivable at June 30, 2023 also includes approximately $28,000 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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -URI https://asc.fasb.org/subtopic&trid=77888252 + Details
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