Marketable Securities

9 Months Ended

Sep. 30, 2016

Marketable Securities [Abstract]

Marketable Securities

6.Marketable Securities

As ofSeptember 30,2016 and December 31, 2015, we owned 535,265 common shares of The Macerich Company (“Macerich”) (NYSE: MAC).These shares have an economic cost of $56.05 per share, or $30,000,000 in the aggregate. As of September 30,2016 and December 31, 2015, the fair value of these shares was $43,287,000 and $43,191,000, respectively, based on Macerich’s closing share price of $80.87 per share and $80.69 per share, respectively. These shares are included in “marketable securities” on our consolidated balance sheets and are classified as available-for-sale. Available-for-sale securities are presented at fair value and unrealized gains and losses resulting from the mark-to-market of these securities are included in “other comprehensive income.”