v3.25.4
COMPONENTS OF RENTAL INCOME AND EXPENSE
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
COMPONENTS OF RENTAL INCOME AND EXPENSE COMPONENTS OF RENTAL INCOME AND EXPENSE
The principal components of rental income are as follows (in thousands): 
    
 Year Ended December 31,
 202520242023
Minimum rents
Office$196,056 $197,256 $200,870 
Retail92,220 102,848 99,504 
Multifamily64,635 61,112 57,643 
Mixed-Use13,194 12,359 12,194 
Percentage rent1,876 4,353 3,625 
Hotel revenue39,914 43,030 42,881 
Other2,598 2,652 2,656 
Total rental income$410,493 $423,611 $419,373 
Minimum rents include $2.5 million, $3.1 million and $3.9 million for the years ended December 31, 2025, 2024 and 2023, respectively, to recognize minimum rents on a straight-line basis. In addition, minimum rents include $2.1 million, $2.7 million and $3.1 million for the years ended December 31, 2025, 2024 and 2023, respectively, to recognize the amortization of above and below market leases.
The principal components of rental expenses are as follows (in thousands):
 
 Year Ended December 31,
 202520242023
Rental operating$58,301 $56,810 $53,028 
Hotel operating29,440 29,903 29,380 
Repairs and maintenance24,145 23,214 22,639 
Marketing2,552 3,054 3,485 
Rent3,480 3,585 3,536 
Hawaii excise tax4,337 4,516 4,387 
Management fees2,346 2,421 2,346 
Total rental expenses$124,601 $123,503 $118,801