CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014
Real estate:
Buildings and improvements		$ 12,384,413	$ 10,972,973
Development costs and construction in progress		355,174	275,233
Land		2,016,606	1,889,438
Accumulated depreciation and amortization		(2,506,844)	(2,250,757)
Net real estate		12,249,349	10,886,887
Net investment in direct financing leases		6,891,030	7,280,334
Loans receivable, net		765,593	906,961
Investments in and advances to unconsolidated joint ventures		607,790	605,448
Accounts receivable, net of allowance of $3,683 and $3,785, respectively		49,994	36,339
Cash and cash equivalents		120,498	183,810
Restricted cash		65,709	48,976
Intangible assets, net		559,677	481,013
Other assets, net		883,333	940,172
Total assets	[1]	22,192,973	21,369,940
LIABILITIES AND EQUITY
Bank line of credit		1,000,824	838,516
Term loan		540,784	213,610
Senior unsecured notes		8,568,729	7,626,194
Mortgage debt		939,982	984,431
Other debt		94,561	97,022
Intangible liabilities, net		73,233	84,723
Accounts payable and accrued liabilities		401,838	432,934
Deferred revenue		112,565	95,411
Total liabilities	[2]	$ 11,732,516	$ 10,372,841
Commitments and contingencies
Common stock, $1.00 par value: 750,000,000 shares authorized; 464,441,628 and 459,746,267 shares issued and outstanding, respectively		$ 464,442	$ 459,746
Additional paid-in capital		11,612,246	11,431,987
Cumulative dividends in excess of earnings		(1,876,486)	(1,132,541)
Accumulated other comprehensive loss		(32,450)	(23,895)
Total stockholders' equity		10,167,752	10,735,297
Joint venture partners		106,572	73,214
Non-managing member unitholders		186,133	188,588
Total noncontrolling interests		292,705	261,802
Total equity		10,460,457	10,997,099
Total liabilities and equity		$ 22,192,973	$ 21,369,940

[1] HCP, Inc.’s consolidated total assets at September 30, 2015 and December 31, 2014 include assets of certain variable interest entities (“VIEs”) that can only be used to settle the liabilities of those VIEs. Total assets at September 30, 2015 include VIE assets as follows: buildings and improvements $770 million; land $125 million; accumulated depreciation and amortization $128 million; accounts receivable $15 million; cash $61 million; intangible assets, net $31 million; and other assets, net $13 million. Total assets at December 31, 2014 include VIE assets as follows: buildings and improvements $677 million; land $113 million; accumulated depreciation and amortization $111 million; accounts receivable $5 million; cash $42 million; and other assets, net $23 million. See Note 18 to the Consolidated Financial Statements for additional information.

[2] HCP, Inc.’s consolidated total liabilities at September 30, 2015 and December 31, 2014 include certain liabilities of VIEs for which the VIE creditors do not have recourse to the Company. Total liabilities at September 30, 2015 include accounts payable and accrued liabilities $62 million and deferred revenue $16 million from VIEs. Total liabilities at December 31, 2014 include accounts payable and accrued liabilities $34 million and deferred revenue $12 million from VIEs. See Note 18 to the Consolidated Financial Statements for additional information.