Marketable Securities

3 Months Ended

Mar. 31, 2017

Marketable Securities [Abstract]

Marketable Securities

5.Marketable Securities

As ofMarch 31,2017 and December 31, 2016, 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 March 31,2017 and December 31, 2016, the fair value of these shares was $34,471,000 and $37,918,000, respectively, based on Macerich’s closing share price of $64.40 per share and $70.84 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.”