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Variable Interest Entities and Investment in Unconsolidated Ventures (Tables)

12 Months Ended

Dec. 31, 2017

Equity Method Investments and Joint Ventures [Abstract]

The carrying value and classification of the related assets, liabilities and maximum exposure to loss as a result of the Company's involvement with these VIEs are summarized below as of December 31, 2017 (in millions):



VIE Type	Asset Type	Maximum Exposure to Loss		Carrying Amount
CCRC Venture opco	Investment in unconsolidated ventures	$	29.6	$	29.6
RIDEA Ventures	Investment in unconsolidated ventures	$	41.3	$	41.3
Blackstone Venture	Investment in unconsolidated ventures	$	37.1	$	37.1

Schedule of Equity Method Investments

Combined summarized financial information of the unconsolidated ventures accounted for under the equity method.



(in millions)	For the Years Ended December 31,
Statement of Operations Information	2017			2016			2015
Resident fee revenue	$	1,354		$	1,133		$	964
Facility operating expenses	(946		)	(779		)	(679		)
Net income (loss)	$	(81	)	$	(4	)	$	(18	)



(in millions)	As of December 31,
Balance Sheet Information	2017		2016
Current assets	$	164	$	128
Noncurrent assets	4,050		3,932
Current liabilities	672		1,153
Noncurrent liabilities	$	2,813	$	2,215

The Company owns interests in the following ventures that are accounted for under the equity method as of December 31, 2017:



Venture	Ownership Percentage
CCRC Venture	51%
BKD-HCN Venture opco and propco	20%
Blackstone Venture	15%
HCP 49 Venture	10%
S-H Twenty-One Venture opco and propco	10%

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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