Components of Rental Income and Expense

6 Months Ended

Jun. 30, 2012

Components of Rental Income and Expense [Abstract]

Components of Rental Income and Expense

NOTE 12. 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,
	2012		2011		2012		2011
Minimum rents
Retail	$	16,772	$	16,244	$	32,847	$	32,215
Office		17,856		12,849		35,226		24,901
Multifamily		3,252		3,251		6,527		6,288
Mixed-use		2,252		2,237		4,535		4,036
Cost reimbursement		6,557		6,488		13,476		12,557
Percentage rent		434		364		726		635
Hotel revenue		7,461		6,819		15,125		12,264
Other		380		364		822		686
Total rental income	$	54,964	$	48,616	$	109,284	$	93,582

Minimum rents include $2.0 million and $1.2 million for the three months ended June 30, 2012 and 2011, respectively, and $4.0 million and $1.3 million for the six months ended June 30, 2012 and 2011, respectively, to recognize minimum rents on a straight-line basis. In addition, minimum rents include $(0.2) million and $(0.4) million for the three months ended June 30, 2012 and 2011, respectively, and $(0.7) million and $(0.8) million for the six months ended June 30, 2012 and 2011, respectively, to recognize the net 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,
	2012		2011		2012		2011
Rental operating	$	6,100	$	5,133	$	11,961	$	9,716
Hotel operating		5,156		4,768		10,112		8,651
Repairs and maintenance		2,424		1,959		4,572		3,576
Marketing		264		520		570		859
Rent		627		816		1,241		1,599
Hawaii excise tax		895		774		1,757		1,488
Management fees		486		352		982		644
Total rental expenses	$	15,952	$	14,322	$	31,195	$	26,533