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Marketable Securities | 9 Months Ended
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Sep. 30, 2018
Investments, Debt and Equity Securities [Abstract] |
Marketable Securities | Marketable Securities As of September 30, 2018 and December 31, 2017, we owned 535,265 common shares of Macerich (NYSE: MAC). These shares have an economic cost of $56.05 per share, or $30,000,000 in the aggregate. As of September 30, 2018 and December 31, 2017, the fair value of these shares was $29,595,000 and $35,156,000, respectively, based on Macerich’s closing share price of $55.29 per share and $65.68 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 on our consolidated balance sheets. Prior to January 1, 2018, unrealized gains and losses resulting from the change in fair value of these securities were included in “other comprehensive loss.” Effective January 1, 2018, changes in the fair value of these securities are recognized in current period earnings in accordance with ASC 825. For the three months ended September 30, 2018 we recorded a decrease in the fair value of our marketable securities of $824,000, resulting from Macerich’s closing share price of $55.29 as of September 30, 2018, compared to $56.83 as of June 30, 2018. For the nine months ended September 30, 2018 we recorded a decrease in the fair value of our marketable securities of $5,561,000, resulting from Macerich’s closing share price of $55.29 as of September 30, 2018, compared to $65.68 as of December 31, 2017.

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