XML 46 R36.htm IDEA: XBRL DOCUMENT

VARIABLE INTEREST ENTITIES (Tables)

3 Months Ended

Mar. 31, 2025

The following table summarizes the contributions to joint ventures that are consolidated variable interest entities through March 31, 2025 (dollars in thousands):


					Gross Investment
Investment Year		State	Facility Type	Number of Facilities	CTRE		Noncontrolling Interests		Total
2023		CA	SNF	1	$	25,459	$	653	$	26,112
2023		CA	SNF	2	34,269		879		35,148
2024		CA	ALF	1	10,760		276		11,036
2024		CA	Multi-service campuses	2	28,076		720		28,796
2024		CA	SNF	1	24,503		628		25,131
2024 / 2025	(1)	TN, AL	SNF	28	442,327		19,156		461,483
2024 / 2025	(2)	-	-	-	33,663		867		34,530
Total				35	$	599,057	$	23,179	$	622,236

(1) The noncontrolling interest is classified as a redeemable noncontrolling interest on the consolidated balance sheets.

(2) The Company entered into a joint venture to acquire real estate. The gross investment amounts represent a deposit. See Note 15, Subsequent Events, for additional information.

Total assets and total liabilities include VIE assets and liabilities as follows (dollars in thousands):


	March 31, 2025		December 31, 2024
Assets:






Real estate investments, net	$	581,959	$	565,959
Cash and cash equivalents	6,762		6,506
Accounts and other receivables	32		—
Prepaid and other assets	41,078		8,317
Total assets	629,831		580,782
Liabilities:
Accounts payable, accrued liabilities and deferred rent liabilities	7,847		10,332
Total liabilities	$	7,847	$	10,332

- 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.

+ References + Details