OPERATING LEASES

12 Months Ended

Dec. 31, 2012

OPERATING LEASES

NOTE 13. OPERATING LEASES

At December 31, 2012, our retail, office and mixed-use properties are located in five states: California, Oregon, Hawaii, Washington and Texas. At December 31, 2012, we had approximately 837 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 had approximately 780 leases with residential tenants at December 31, 2012, 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, 2012, 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):

2013	$	150,979
2014		132,087
2015		119,871
2016		101,595
2017		86,081
Thereafter		152,651
Total	$	743,264

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