MASSACHUSETTS CREDIT UNION SHARE INSURANCE CORPORATION AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED SEPTEMBER 30, 2023 AND 2022
N OTE 6 - R EAL E STATE H ELD FOR I NVESTMENT (C ONTINUED ) A summary of the net loss of MSIC Properties, LLC for the years ended September 30, 2023 and 2022 is as follows:
2022
2023
Rental income, including income from MSIC and MSIC Partners, LLC of $215,327 and $184,255, repectively, eliminated in consolidation
$ 1,758,157
$ 1,329,918
Interest and other income
11,210
2,677
1,769,367
1,332,595
Rental expenses Depreciation expense
886,373 443,203 332,425 222,400
838,308 522,855 347,068 188,360 17,506 75,600
Property maintenance and other
Real estate taxes
Utilities
Interest expense Management fees
--
90,691
1,975,092
1,989,697
Net Loss
$
(205,725)
$
(657,102)
Future minimum rental income to be collected under all non-cancellable lease agreements to unaffiliated third parties, not including renewal options or reimbursed expenses at September 30, 2023 is as follows: Years ending September 30:
2024 2025 2026 2027 2028
$ 1,526,833
1,236,468 993,286 723,536 391,887
14,341 $ 4,886,351
Thereafter
23
2023 ANNUAL REPORT 95
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