Operating Leases

12 Months Ended

Dec. 31, 2011

Operating Leases [Abstract]

Operating Leases

NOTE 13. OPERATING LEASES

At December 31, 2011, our retail, office and mixed-use properties are located in four states: California, Oregon, Hawaii and Texas. At December 31, 2011, we have approximately 769 leases with office and retail tenants, including the retail portion of our mixed-use property. Our multifamily properties are located in Southern California, and we have approximately 753 leases with residential tenants at December 31, 2011, excluding Santa Fe Park RV Resort.

Our leases with office, retail, mixed-use and residential tenants are classified as operating leases. Leases at our office and retail properties and the retail portion of our mixed-use property generally range from three to ten years (certain leases with anchor tenants may be longer), and in addition to minimum rents, usually provide for cost recoveries for the tenant's share of certain operating costs and also may include percentage rents based on the tenant's level of sales achieved. Leases on apartments generally range from 7 to 15 months, with a majority having 12 month lease terms. Rooms at the hotel portion of our mixed-use property are rented on a nightly basis.

As of December 31, 2011, minimum future rentals from noncancelable operating leases before any reserve for uncollectible amounts and assuming no early lease terminations, at our office and retail properties and the retail portion of our mixed-use property are as follows for the years ended December 31 (in thousands):

2012	$	134,732
2013		122,102
2014		98,615
2015		84,610
2016		68,920
Thereafter		154,711
Total	$	663,690

The above future minimum rentals exclude residential leases and exclude the hotel, as rooms are rented on a nightly basis.