Marketable Securities

6 Months Ended

Jun. 30, 2017

Investments, Debt and Equity Securities [Abstract]

5.	Marketable Securities

As of June 30, 2017 and December 31, 2016, we owned 535,265 common shares of The Macerich Company (“Macerich”) (NYSE: MAC). These shares have an economic cost of $56.05 per share, or $30,000,000 in the aggregate. As of June 30, 2017 and December 31, 2016, the fair value of these shares was $31,077,000 and $37,918,000, respectively, based on Macerich’s closing share price of $58.06 per share and $70.84 per share, respectively. These shares are included in “marketable securities” on our consolidated balance sheets and are classified as available-for-sale. Available-for-sale securities are presented at fair value and unrealized gains and losses resulting from the mark-to-market of these securities are included in “other comprehensive (loss) income.”