Marketable Securities

12 Months Ended

Dec. 31, 2012

Marketable Securities [Abstract]

Marketable Securities [Text Block]

5.MARKETABLE SECURITIES

As of December 31, 2012, we own 535,265 Macerich common shares, or approximately 0.39% of its outstanding common shares. These shares were receivedas part of the consideration for the sale of Kings Plazaand have an economic basis of $56.05 per share, or $30,000,000 in the aggregate. As of December 31, 2012, these shares have an aggregate fair value of $31,206,000, based on Macerich's closing share price of $58.30 per share at December 31, 2012. These shares are included in “marketable securities” on our consolidated balance sheet and are classified as available-for-sale. Available-for-sale securities are presented at fair value. Unrealized gains and losses resulting from the mark-to-market of these securities are included in “other comprehensive income” and are recognized in earnings only upon the sale of the securities. Other comprehensive income includes a $1,206,000 unrealized gain for the year ended December 31, 2012.