XML 32 R14.htm IDEA: XBRL DOCUMENT v3.19.1
Marketable Securities
3 Months Ended
Mar. 31, 2019
Marketable Securities [Abstract]  
Marketable Securities Marketable Securities

Lexington Realty Trust ("Lexington") (NYSE: LXP)

On March 1, 2019, we sold all of our 18,468,969 common shares of Lexington realizing net proceeds of $167,698,000. For the three months ended March 31, 2019, we recorded a $16,068,000 mark-to-market increase in the fair value of our common shares for the period from January 1, 2019 through the date of sale, which is included in "interest and other investment income (loss), net" on our consolidated statements of income.

Pennsylvania Real Estate Investment Trust (“PREIT”) (NYSE: PEI)

On March 12, 2019 ("Conversion Date"), we converted all of our 6,250,000 operating partnership units into common shares and began accounting for our investment as a marketable security in accordance with ASC Topic 321, Investments - Equity Securities ("ASC 321"). Prior to the Conversion Date, we accounted for our investment under the equity method. For the three months ended March 31, 2019, we recorded a $15,649,000 decrease in the value of our investment, representing the difference between the carrying amount of our investment at the Conversion Date and the fair value of our common shares based on PREIT's March 29, 2019 quarter ended closing share price, which is included in "interest and other investment income (loss), net" on our consolidated statements of income.

The table below summarizes the changes of our marketable securities portfolio for the three months ended March 31, 2019.
(Amounts in thousands)
For the Three Months Ended March 31, 2019
 
Total
 
Lexington Realty Trust
 
PREIT
 
Other
Balance, December 31, 2018
$
152,198

 
$
151,630

 
$

 
$
568

Sale of marketable securities
(167,755
)
 
(167,698
)
 

 
(57
)
Transfer of PREIT investment balance at Conversion Date
54,962

 

 
54,962

 

Increase (decrease) in fair value of marketable securities(1)
461

 
16,068

 
(15,649
)
 
42

Balance, March 31, 2019
$
39,866

 
$

 
$
39,313

 
$
553

____________________
(1)
Included in “interest and other investment income (loss), net” on our consolidated statements of income (see Note 17 - Interest and Other Investment Income (Loss), Net).