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Marketable Securities | 12 Months Ended
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Dec. 31, 2015
Marketable Securities [Abstract] |
Marketable Securities | 5. MARKETABLE SECURITIES As of December 31, 2015 and 2014, we own ed 535,265 Macerich co mmon shares, which were received in connection with the sale of Kings Plaza to Macerich. These shares have an economic cost of $56.05 per share, or $30,000,000 in the aggregate. A s of December 31, 2015 and 2014, the fair value of these shares were $43,191,000 and $44,646,000, respectively, based on Macerich's closing share price of $80.69 per share and $83.41 per share, respectively. These shares are included in “marketable securities” on our consolidated balance sheet s and are classified as available-for-sale. Avail able-for-sale securities are presented at fair value and u nrealized g ains and losses resulting from the mark-to-market of these securities are included in “other comprehensive income.” Other comprehensive income includes unrealized losse s of $1,455,000 and unrealized gains of $13,124,000 for the year s ended December 31, 2015 and 2014, respectively. In October 2015, we reco gnized $2,141,000 of dividend income as a result of special common dividends declared by Macerich, which is included as a component of “interest and other income, net,” i n our consolidated statement of income for the year ended December 31, 2015.

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