RENTAL INCOME |
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| RENTAL INCOME | NOTE 10. RENTAL INCOME During the six months ended June 30, 2026, 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 June 30, 2026 as follows:
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 $556,000 and $466,000 for the six months ended June 30, 2026 and 2025 respectively. Trader Joe’s and Blue Pearl, a tenant at 653 Worcester Road, Framingham, Massachusetts, are approximately 35% of the total commercial rental income. The following information is provided for commercial leases:
Rents receivable are net of an allowance for doubtful accounts of approximately $777,000 and $879,000 at June 30, 2026 and December 31, 2025. Included in rents receivable at June 30, 2026 is approximately $22,000 resulting from recognizing rental income from non-cancelable commercial leases with future rental increases on a straight-line basis. |
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