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RENTAL INCOME | 3 Months Ended
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Mar. 31, 2024
RENTAL INCOME |
RENTAL INCOME | NOTE 10. RENTAL INCOME During the three months ended March 31, 2024, 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 March 31, 2024 as follows: ​
​ | ​ | ​ | ​ | ​
​ |  | Commercial |
​ | ​ | Property Leases |
2025 | ​ | $ | 3,103,182 | ​
2026 | ​ |  | 2,809,317 | ​
2027 | ​ |  | 2,509,650 | ​
2028 | ​ |  | 2,223,676 | ​
2029 | ​ |  | 1,986,170 | ​
Thereafter | ​ |  | 9,837,638 | ​
​ | ​ | $ | 22,469,633 | ​
​ 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 $211,000 and $147,000 for the three months ended March 31, 2024 and 2023 respectively. Trader Joe’s and Walgreen’s, tenants at Staples Plaza and 653 Worcester Road, Framingham, Massachusetts respectively, are approximately 16% 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 |
2025 | ​ | $ | 477,248 | ​ | 31,876 | ​ | 29 | ​ | 13 | %
2026 | ​ |  | 211,470 | ​ | 6,145 | ​ | 9 | ​ | 6 | %
2027 | ​ |  | 395,326 | ​ | 15,162 | ​ | 8 | ​ | 11 | %
2028 | ​ |  | 189,605 | ​ | 5,493 | ​ | 2 | ​ | 5 | %
2029 | ​ |  | 394,176 | ​ | 10,041 | ​ | 4 | ​ | 11 | %
2030 | ​ |  | 291,029 | ​ | 12,026 | ​ | 1 | ​ | 8 | %
2031 | ​ |  | — | ​ | — | ​ | — | ​ | — | %
2032 | ​ |  | — | ​ | — | ​ | — | ​ | — | %
2033 | ​ |  | 110,600 | ​ | 1,106 | ​ | 1 | ​ | 3 | %
2034 | ​ |  | 533,784 | ​ | 20,897 | ​ | 2 | ​ | 15 | %
Thereafter | ​ | ​ | 947,722 | ​ | 27,140 | ​ | 3 | ​ | 28 | %
Totals | ​ | $ | 3,550,960 |  | 129,886 |  | 59 |  | 100 | %
​ Rents receivable are net of an allowance for doubtful accounts of approximately $1,043,000 and $1,195,000 at March 31, 2024 and December 31, 2023. Included in rents receivable at March 31, 2024 is approximately $538,000 resulting from recognizing rental income from non-cancelable commercial leases with future rental increases on a straight-line basis.

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- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-30/tableOfContent + Details
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