COMPONENTS OF RENTAL INCOME AND EXPENSE

9 Months Ended

Sep. 30, 2018

Operating Leases, Income Statement, Lease Revenue [Abstract]

COMPONENTS OF RENTAL INCOME AND EXPENSE

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,
	2018		2017		2018		2017
Minimum rents
Retail	$	19,034	$	19,520	$	58,236	$	56,598
Office	24,061		23,494		71,507		69,829
Multifamily	11,866		11,473		35,073		28,957
Mixed-use	2,703		2,671		8,268		7,813
Cost reimbursement	8,405		8,838		25,238		24,854
Percentage rent	633		700		1,424		1,611
Hotel revenue	10,960		11,006		30,273		30,216
Other	417		433		1,153		1,222
Total rental income	$	78,079	$	78,135	$	231,172	$	221,100

Minimum rents include $1.2 million and $0.0 million for the three months ended September 30, 2018 and 2017, respectively, and $(2.4) million and $(0.3) million for the nine months ended September 30, 2018 and 2017, 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 $0.8 million and $0.8 million for the three months ended September 30, 2018 and 2017, respectively, and $2.2 million and $2.5 million for the nine months ended September 30, 2018 and 2017, respectively.

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
Rental operating	$	8,997	$	8,625	$	26,399	$	25,135
Hotel operating	6,302		6,233		18,329		18,530
Repairs and maintenance	3,163		3,202		9,553		8,717
Marketing	482		506		1,397		1,404
Rent	816		774		2,416		2,325
Hawaii excise tax	1,094		1,231		3,096		3,201
Management fees	529		606		1,495		1,565
Total rental expenses	$	21,383	$	21,177	$	62,685	$	60,877