Marketable Securities

12 Months Ended

Dec. 31, 2016

Marketable Securities [Abstract]

Marketable Securities

4. MARKETABLE SECURITIES

As of December 31, 2016 and 2015, we owned 535,265 Macerich common shares, which were received in connection with the sale of Kings Plaza Regional Shopping Center (“Kings Plaza”)to Macerich in 2012. These shares have an economic cost of $56.05 per share, or $30,000,000 in the aggregate. As of December 31, 2016 and 2015, the fair value of these shares were $37,918,000and $43,191,000, respectively, based on Macerich’s closing share price of $70.84per share and $80.69 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 income.” Other comprehensive income includes unrealized losses of $5,273,000 and $1,455,000 for the years ended December 31, 2016and 2015, respectively.

In October 2015, we recognized $2,141,000 of dividend income as a result of a special dividend declared by Macerich, which is included as a component of “interest and other income, net,” in our consolidated statement of income for the year ended December 31, 2015.