Components Of Rental Income And Expense

6 Months Ended

Jun. 30, 2011

Components Of Rental Income And Expense

Components Of Rental Income And Expense

NOTE 13. COMPONENTS OF RENTAL INCOME AND EXPENSE

The principal components of rental income are as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Minimum rents
Retail	$	16,244	$	14,244	$	32,215	$	28,566
Office		14,010		5,676		27,213		11,279
Multifamily		3,251		3,267		6,288		6,572
Mixed-use		2,237		—		4,036		—
Cost reimbursement		6,505		4,705		12,576		9,210
Percentage rent		364		312		635		428
Hotel revenue		6,819		—		12,264		—
Other		364		210		686		454
Total rental income	$	49,794	$	28,414	$	95,913	$	56,509

Minimum rents include $1.4 million and $0.3 million for the three months ended June 30, 2011 and 2010, respectively, and $1.7 million and $0.7 million for the six months ended June 30, 2011 and 2010, respectively, to recognize minimum rents on a straight-line basis. In addition, minimum rents include $(0.4) million and $(0.5) million for the three months ended June 30, 2011 and 2010, respectively, and $(0.8) million and $(0.9) million for the six months ended June 30, 2011 and 2010, respectively, to recognize the amortization of above and below market leases.

The principal components of rental expenses are as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Rental operating	$	5,473	$	3,202	$	10,030	$	6,354
Hotel operating		4,768		—		8,651		—
Repairs and maintenance		1,947		1,253		3,758		2,599
Marketing		453		148		869		334
Rent		798		—		1,599		—
Hawaii excise tax		781		243		1,488		525
Management fees		352		24		644		52
Total rental expenses	$	14,572	$	4,870	$	27,039	$	9,864