The following table is a summary of the preferred equity investments.

(Amounts in thousands)						As of
Preferred Equity Investment	% Ownership		Dividend Rate		Initial Maturity	December 31, 2015		December 31, 2014
470 Vanderbilt Avenue ⁽¹⁾		25.4%		10.3%	Feb-2019	$	35,305	$	-
2 Herald Square⁽²⁾		25.4%		10.3%	Apr-2017		18,636		-
Total Preferred Equity Investments						$	53,941	$	-

⁽¹⁾

Represents a $33,750 preferred equity investment in a partnership that owns 470 Vanderbilt Avenue, a 650,000 square foot office building located in Brooklyn, New York. The preferred equity has a dividend rate of 10.3%, of which 8.0% is being paid in cash through February 2016 and will increase thereafter to 10.3% through maturity, and the unpaid portion accretes to the balance of the investment.

⁽²⁾

Represents a $17,500 preferred equity investment in a partnership that owns 2 Herald Square, a 369,000 square foot office and retail property in Manhattan. The preferred equity has a dividend rate of 10.3%, of which 7.0% is paid currently and the remainder accretes to the balance of the investment. The preferred equity investment has two one-year extension options.