Components Of Rental Income And Expense

9 Months Ended

Sep. 30, 2011

Components Of Rental Income And Expense [Abstract]

Components Of Rental Income And Expense

NOTE 13. 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,
	2011		2010		2011		2010
Minimum rents
Retail	$	15,847	$	14,548	$	48,062	$	43,114
Office		16,423		9,708		41,324		18,792
Multifamily		3,501		3,327		9,789		9,899
Mixed-use		2,239		—		6,275		—
Cost reimbursement		6,406		5,774		18,963		14,980
Percentage rent		455		272		1,090		700
Hotel revenue		8,010		—		20,274		—
Other		397		274		1,083		728
Total rental income	$	53,278	$	33,903	$	146,860	$	88,213

Minimum rents include $2.0 million and $0.1 million for the three months ended September 30, 2011 and 2010, respectively, and $3.6 million and $0.7 million for the nine months ended September 30, 2011 and 2010, respectively, to recognize minimum rents on a straight-line basis. In addition, minimum rents include $(0.9) million and $(0.6) million for the three months ended September 30, 2011 and 2010, respectively, and $(1.6) million and $(1.5) million for the nine months ended September 30, 2011 and 2010, respectively, to recognize the amortization of above and below market leases.

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
Rental operating	$	6,031	$	3,834	$	15,747	$	9,592
Hotel operating		5,168		—		13,819		—
Repairs and maintenance		2,497		1,069		6,073		3,861
Marketing		402		209		1,261		462
Rent		555		566		2,154		566
Hawaii excise tax		1,028		286		2,516		812
Management fees		506		13		1,150		65
Total rental expenses	$	16,187	$	5,977	$	42,720	$	15,358