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RENTAL INCOME

6 Months Ended

Jun. 30, 2025

NOTE 10. RENTAL INCOME

During the six months ended June 30, 2025, 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 2025 as follows:


	Commercial
	Property Leases
2026	$	3,862,564
2027		3,264,636
2028		2,781,752
2029		2,279,685
2030		1,681,497
Thereafter		8,972,847
	$	22,842,981

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 $466,000 and $398,000 for the six months ended June 30, 2025 and 2024 respectively. Trader Joe’s and Blue Pearl, tenants at Staples Plaza and Walgreen’s, a tenant at 653 Worcester Road, Framingham, Massachusetts respectively, are approximately 34% 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
2026	$	459,785	26,520	26	11	%
2027		639,314	19,926	11	16	%
2028		436,121	12,454	7	11	%
2029		402,289	10,033	6	10	%
2030		541,212	18,405	8	13	%
2031		—	—	—	—	%
2032		110,600	1,106	1	3	%
2033		—	—	—	—	%
2034		533,784	20,897	2	13	%
2035		—	—	—	—	%
Thereafter		947,721	27,140	3	23	%
Totals	$	4,070,826	136,481	64	100	%

Rents receivable are net of an allowance for doubtful accounts of approximately $958,000 and $1,085,000 at June 30, 2025 and December 31, 2024. Included in rents receivable at June 30, 2025 is approximately $258,000 resulting from recognizing rental income from non-cancelable commercial leases with future rental increases on a straight-line basis.