Components of Rental Income and Expense

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
Minimum rents
Retail	$	17,019	$	15,847	$	49,866	$	48,062
Office		19,644		16,423		54,870		41,324
Multifamily		3,633		3,501		10,160		9,789
Mixed-use		2,114		2,239		6,649		6,275
Cost reimbursement		7,565		6,406		21,041		18,963
Percentage rent		533		455		1,259		1,090
Hotel revenue		9,017		8,010		24,142		20,274
Other		390		397		1,212		1,083
Total rental income	$	59,915	$	53,278	$	169,199	$	146,860

Minimum rents include $2.2 million and $1.9 million for the three months ended September 30, 2012 and 2011, respectively, and $6.2 million and $3.3 million for the nine months ended September 30, 2012 and 2011, respectively, to recognize minimum rents on a straight-line basis. In addition, net amortization of above and below market leases included in minimum rents were immaterial for the three months ended September 30, 2012 and $(0.9) million for the three months ended September 30, 2011, respectively, and $(0.7) million and $(1.6) million for the nine months ended September 30, 2012 and 2011, respectively.

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
Rental operating	$	6,516	$	6,031	$	18,477	$	15,747
Hotel operating		5,458		5,168		15,570		13,819
Repairs and maintenance		2,747		2,497		7,319		6,073
Marketing		263		402		833		1,261
Rent		510		555		1,751		2,154
Hawaii excise tax		996		1,028		2,753		2,516
Management fees		534		506		1,516		1,150
Total rental expenses	$	17,024	$	16,187	$	48,219	$	42,720