Marketable Securities

12 Months Ended

Dec. 31, 2017

Marketable Securities [Abstract]

Marketable Securities

MARKETABLE SECURITIES

As of December 31, 2017 and 2016, we owned 535,265 common shares of Macerich.  These shares have an economic cost of $56.05 per share, or $30,000,000 in the aggregate.  As of December 31, 2017 and 2016, the fair value of these shares was $35,156,000 and $37,918,000, respectively, based on Macerich’s closing share price of $65.68 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 on our consolidated balance sheets. Prior to January 1, 2018, unrealized gains and losses resulting from the mark-to-market of these securities were included in “other comprehensive (loss) income.”  Effective January 1, 2018, changes in the fair value of these securities are recognized in current period earnings in accordance with ASC 825. Other comprehensive (loss) income includes unrealized losses of $2,762,000, $5,273,000 and $1,455,000 for the years ended December 31, 2017, 2016 and 2015, respectively.

In October 2015, we recognized $2,141,000 of dividend income as a result of a special dividend declared by Macerich, which is included as a component of “interest and other income, net,” in our consolidated statement of income for the year ended December 31, 2015.