Investments In Marketable Securities

12 Months Ended

Dec. 31, 2015

Marketable Securities [Abstract]

Investments In Marketable Securities [Text Block]

INVESTMENTS IN MARKETABLE SECURITIES

Our investments in marketable securities include available-for-sale securities which are reported at fair value and investments in marketable debt securities, also classified as available-for-sale, which consist of U.S. government agency debt and long-term certificates of deposit. Unrealized gains and losses on available-for-sale securities are presented as a component of accumulated other comprehensive income. Realized gains and losses from securities sales are determined based upon specific identification of the securities.

Marketable securities consist of the following (in thousands):

	December 31, 2015				December 31, 2014
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Common stock of other healthcare REITs	$	21,040	$	55,815	$	4,088	$	15,503
Debt securities	$	17,037	$	16,929	$	—	$	—

Our marketable debt securities mature in amounts of $4,089,000 within one to five years, $5,758,000 in years five through ten, and $7,220,000 after ten years. Included among those maturing within five to ten years and beyond ten years are securities callable in 2016 totaling $5,020,000 and $2,000,000, respectively. Included among those maturing beyond ten years are securities callable in 2018, totaling $1,645,000. Marketable debt securities classified earlier in 2015 as held-to-maturity were reclassified as of December 31, 2015, as available-for-sale upon management's strategic decision to entertain alternative investment options.

Net unrealized gains related to available-for-sale securities were $34,667,000 at December 31, 2015 and $11,415,000 at December 31, 2014.

During 2015, 2014 and 2013 we recognized $1,330,000, $716,000, and $667,000, respectively, of dividend and interest income from our marketable securities and have included these amounts in investment income and other in the Consolidated Statements of Income.

During the fourth quarter of 2015 we sold 1,000,000 shares of LTC common stock, for net proceeds of $42,164,000 and recognized a gain of $23,098,000 on the disposition. During 2015 we also sold the common shares of other REITs for net proceeds of $2,448,000 and recorded a gains totaling $334,000.