Deferred Charges Other Assets

12 Months Ended

Dec. 31, 2018

Deferred Charges and Other Assets [Abstract]

Deferred Charges and Other Assets [Text Block]

Deferred Charges and Other Assets

Deferred charges and other assets at December 31, 2018 and 2017 are summarized as follows:

	2018			2017
Leasing costs	$	52,507		$	39,252
Accumulated amortization	(7,577		)	(9,223		)
	$	44,930		$	30,029
In-place leases, net	3,122			4,462
Investment in Simon Property Group common shares (Note 17)	48,738			101,348
Revolving credit facilities' deferred financing costs, net	4,374			6,456
Insurance deposit (Note 17)	10,121			16,703
Deposits	975			3,715
Prepaid expenses	6,671			6,362
Deferred tax asset, net	6,380			1,216
Other, net	9,825			10,208
	$	135,136		$	180,499

Simon Property Group Limited Partnership Unit Conversions

In December 2017 and 2016, we converted our investment in 340,124 and 250,000 partnership units of Simon Property Group Limited Partnership (SPG LP Units) to SPG common shares. Upon conversion, we recognized gains of $11.6 million and $11.1 million in 2017 and 2016, respectively, which were included within Nonoperating Income, Net on the Consolidated Statement of Operations and Comprehensive Income. The gains were calculated based on the change in fair value of the SPG share prices at the dates of conversion from the carrying value. The SPG LP Units were previously accounted for at cost. The SPG common shares were recorded in Deferred Charges and Other Assets on the Consolidated Balance Sheet at December 31, 2018 and 2017 based on the common share price at each date and are now accounted for as equity securities at fair value as a result of the adoption of ASU No. 2016-01, "Recognition and Measurement of Financial Assets and Financial Liabilities" (Note 1). We owned 290,124 and 590,124 SPG common shares as of December 31, 2018 and 2017, respectively. Changes in fair value from conversion date to December 31, 2018 are recorded in Nonoperating Income, Net on the Consolidated Statement of Operations and Comprehensive Income (Note 17).

Sale of SPG Common Shares

During 2018, we sold 300,000 SPG common shares at an average price of $182.37 per share. In January 2019, we sold our remaining investment in 290,124 SPG common shares at an average price of $179.52 per share. Proceeds from the sales were used to pay down our revolving lines of credit.