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RENTAL INCOME

9 Months Ended

Sep. 30, 2025

NOTE 10. RENTAL INCOME

During the nine months ended September 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 September 30 2025 as follows:


	Commercial
	Property Leases
2026	$	3,893,699
2027		3,238,918
2028		2,807,987
2029		2,196,741
2030		1,711,516
Thereafter		8,046,620
	$	21,895,481

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 $679,000 and $580,000 for the nine months ended September 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 September 30,	expiring leases		for expiring leases	leases expiring	expiring leases
2026	$	541,546	26,565	27	13	%
2027		738,806	23,066	12	18	%
2028		348,885	9,458	5	8	%
2029		726,517	22,210	9	17	%
2030		164,448	5,378	4	4	%
2031		—	—	—	—	%
2032		110,600	1,106	1	3	%
2033		—	—	—	—	%
2034		533,784	20,897	2	13	%
2035		—	—	—	—	%
Thereafter		1,003,246	27,801	4	24	%
Totals	$	4,167,832	136,481	64	100	%

Rents receivable are net of an allowance for doubtful accounts of approximately $828,000 and $1,085,000 at September 30, 2025 and December 31, 2024. Included in rents receivable at September 30, 2025 is approximately $99,000 resulting from recognizing rental income from non-cancelable commercial leases with future rental increases on a straight-line basis.