NOTE 12. COMPONENTS OF RENTAL INCOME AND EXPENSE

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


	Three Months Ended March 31,
	2012		2011
Minimum rents
Retail	$	16,075	$	15,971
Office		17,370		12,052
Multifamily		3,275		3,037
Mixed-use		2,283		1,799
Cost reimbursement		6,919		6,069
Percentage rent		292		271
Hotel revenue		7,664		5,445
Other		442		322

Total rental income	$	54,320	$	44,966

Minimum rents include $1.9 million and $0.2 million for the three months ended March 31, 2012 and 2011, respectively, to recognize minimum rents on a straight-line basis. In addition, minimum rents include $(0.5) million and $(0.4) million for the three months ended March 31, 2012 and 2011, 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 March 31,
	2012		2011
Rental operating	$	5,861	$	4,583
Hotel operating		4,956		3,883
Repairs and maintenance		2,148		1,617
Marketing		306		339
Rent		614		783
Hawaii excise tax		862		714
Management fees		496		292

Total rental expenses	$	15,243	$	12,211