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Other Investments
 6 Months Ended
Jun. 30, 2013
Investments, All Other Investments [Abstract]  
Other Investments
Other Investments
The following table details the unrealized gains and losses on investment securities as of June 30, 2013 and December 31, 2012 (amounts in thousands):
 
 
Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
Investments in real estate fund as of June 30, 2013
 
$
10,000

 
$
—

 
$
(80
)
 
$
9,920

Preferred securities as of December 31, 2012
 
$
41,747

 
$
223

 
$
(316
)
 
$
41,654


At June 30, 2013, the Company had investments in a real estate fund, which was invested primarily in equity securities of other publicly traded REITS.
At December 31, 2012, the Company had investments in redeemable preferred stock and senior notes, accounted for as debt securities, with a fair value of $41.7 million. These investment securities were sold during the six months ended June 30, 2013, resulting in a gain on sale of investments of $0.5 million.
Investments are considered available-for-sale securities and therefore increases or decreases in the fair value of these investments are recorded in accumulated other comprehensive income as a component of equity on the consolidated balance sheets unless the securities are considered to be permanently impaired at which time the losses are reclassified to expense.