Deferred Charges Other Assets

12 Months Ended

Dec. 31, 2019

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, 2019 and 2018 are summarized as follows:

	2019			2018
Leasing costs	$	59,552		$	52,507
Accumulated amortization	(9,904		)	(7,577		)
	$	49,648		$	44,930
In-place leases, net	1,766			3,122
Investment in Simon common shares (Note 17)				48,738
Revolving credit facilities' deferred financing costs, net	8,229			4,374
Insurance deposit (Note 17)	11,213			10,121
Deposits	956			975
Prepaid expenses	6,091			6,671
Deferred tax asset, net	5,032			6,380
Other, net	9,724			9,825
	$	92,659		$	135,136

Simon Property Group L.P. Unit Conversions

In December 2017, we converted our investment in 340,124 partnership units of Simon Property Group L.P. (the Simon Operating Partnership) to Simon common shares. Upon conversion, we recognized a gain of $11.6 million, which was included within Nonoperating Income, Net on the Consolidated Statement of Operations and Comprehensive Income (Loss). The gain was calculated based on the change in fair value of the Simon share prices at the date of conversion from the carrying value. The Simon Operating Partnership units were previously accounted for at cost. The Simon common shares were recorded in Deferred Charges and Other Assets on the Consolidated Balance Sheet at December 31, 2018 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 Simon common shares as of December 31, 2018. Changes in fair value from the conversion date to December 31, 2018 were recorded in Nonoperating Income, Net on the Consolidated Statement of Operations and Comprehensive Income (Loss) (Note 17).

Sale of Simon Common Shares

During 2018, we sold 300,000 Simon common shares at an average price of $182.37 per share. In January 2019, we sold our remaining 290,124 Simon 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.