Operating Leases (Tables)

12 Months Ended

Dec. 31, 2015

Current minimum future rentals under the leases

Current minimum annual payments under the leases are as follows, as of December 31, 2015 (in thousands):



2016	$	2,096
2017	3,097		⁽¹⁾
2018	3,167
2019	3,240
2020	3,315
Thereafter	28,176		⁽²⁾
Total	$	43,091


(1)	Lease payments on the Waikiki Beach Walk lease will be equal to fair rental value from March 2017 through the end of the lease term. In the table, we have shown the lease payments for this period based on the stated rate for the month of February 2017 of $61,690.


(2)	Lease payments on The Landmark at One Market lease will be equal to fair rental value from July 2021 through the end of the options lease term. In the table, we have shown the option lease payments for this period based on the stated rate for the month of June 2021 of $217,744.

As of December 31, 2015, 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):



2016	$	167,417
2017	156,368
2018	123,262
2019	87,738
2020	65,087
Thereafter	181,245
Total	$	781,117