Preferred Equity Investment

6 Months Ended

Jun. 30, 2016

Investments, All Other Investments [Abstract]

Preferred Equity Investment

Preferred Equity Investment

During the year ended December 31, 2015, the Company invested an aggregate amount of $127,147,000 in 7.875% Series B Redeemable Cumulative Preferred Stock in a private healthcare real estate corporation, or the Preferred Equity Investment. The Preferred Equity Investment is stated at cost and consisted of a principal amount of $125,000,000, plus origination costs of $2,772,000, offset by closing fees of $625,000. For the three months ended June 30, 2016 and 2015, the Company recognized $2,461,000 and $2,460,000, respectively, and for the six months ended June 30, 2016 and 2015, the Company recognized $4,922,000 and $2,898,000, respectively, of dividend income related to the Preferred Equity Investment.