INANCIAL STATE
MASSACHUSETTS CREDIT UNION SHARE INSURANCE CORPORATION AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED SEPTEMBER 30, 2022 AND 2021
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, 2022 and 2021 is as follows: 2022 2021
Rental income, including income from MSIC and MSIC Partners, LLC of $184,255 and $178,329, repectively, eliminated in consolidation
$ 1,329,918
$ 1,502,889
Interest and other income
2,677
9,325
1,332,595
1,512,214
Rental expenses Depreciation expense
838,308 522,855 347,068 188,360 17,506 75,600
586,009 410,098 339,126 156,169 91,740 82,398
Property maintenance and other
Real estate taxes
Utilities
Interest expense Management fees
1,989,697
1,665,540
$
(153,326)
Net Loss
$
(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, 2022 is as follows: Years ending September 30:
2023 2024 2025 2026 2027
$ 1,401,315
1,524,901 1,315,490 1,156,303 916,516
501,122 $ 6,815,647
Thereafter
23
2022 ANNUAL REPORT
71
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