RENTAL INCOME

12 Months Ended

Dec. 31, 2024

NOTE 10. RENTAL INCOME

During the year ended December 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 December 31, 2024 as follows:


	Commercial
	Property Leases
2025	$	3,380,837
2026		2,928,971
2027		2,561,508
2028		2,242,427
2029		1,726,315
Thereafter		8,699,145
	$	21,539,203

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 $766,000, $683,000 and $541,000 for the years ended December 31, 2024, 2023 and 2022 respectively. Trader Joe’s and Blue Pearl, tenants at Staples Plaza and Walgreen’s, a tenant at 653 Worcester Road, Framingham, MA. respectively, are approximately 32% 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 December 31,	expiring leases		for expiring leases	leases expiring	expiring leases
2025	$	204,081	24,171	23	6	%
2026		513,440	18,467	11	14	%
2027		379,869	11,043	8	11	%
2028		385,816	10,423	4	11	%
2029		480,127	16,639	7	14	%
2030		—	—	—	—	%
2031		—	—	—	—	%
2032		110,600	1,106	1	3	%
2033		—	—	—	—	%
2034		533,784	20,897	2	15	%
Thereafter		947,722	27,140	3	26	%
Totals	$	3,555,439	129,886	59	100	%

Rents receivable are net of an allowance for doubtful accounts of approximately $1,085,000 and $1,195,000 at December 31, 2024 and 2023. Included in rents receivable at December 31, 2024 is approximately $572,000 resulting from recognizing rental income from non-cancelable commercial leases with future rental increases on a straight-line basis.

NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP 10-K