Marketable Securities

12 Months Ended

Dec. 31, 2018

Marketable Securities [Abstract]

Marketable Securities

MARKETABLE SECURITIES

As of December 31, 2018 and 2017, 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, 2018 and 2017, the fair value of these shares was $23,166,000 and $35,156,000, respectively, based on Macerich’s closing share price of $43.28 per share and $65.68 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. For the year ended December 31, 2018 we recorded a decrease in the fair value of our marketable securities of $11,990,000, resulting from Macerich’s closing share price of $43.28 as of December 31, 2018, compared to $65.68 as of December 31, 2017.