CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Real estate:
Buildings and improvements		$ 12,314,826	$ 12,198,704
Development costs and construction in progress		430,104	388,576
Land		1,956,841	1,948,757
Accumulated depreciation and amortization		(2,636,636)	(2,541,334)
Net real estate		12,065,135	11,994,703
Net investment in direct financing leases		5,857,210	5,905,009
Loans receivable, net		768,896	768,743
Investments in and advances to unconsolidated joint ventures		608,665	605,244
Accounts receivable, net of allowance of $4,161 and $3,261, respectively		45,224	48,929
Cash and cash equivalents		94,665	346,500
Restricted cash		46,280	60,616
Intangible assets, net		585,330	603,706
Other assets, net		817,279	802,273
Real estate assets held for sale, net		311,243	314,126
Total assets	[1]	21,199,927	21,449,849
LIABILITIES AND EQUITY
Bank line of credit		810,313	397,432
Term loans		511,737	524,807
Senior unsecured notes		8,623,376	9,120,107
Mortgage debt		895,289	932,212
Other debt		95,229	94,445
Intangible liabilities, net		52,794	56,147
Intangible liabilities on assets held for sale, net		18,064	19,126
Accounts payable and accrued liabilities		433,144	436,239
Deferred revenue		129,656	123,017
Total liabilities	[1]	$ 11,569,602	$ 11,703,532
Commitments and contingencies
Common stock, $1.00 par value: 750,000,000 shares authorized; 466,924,935 and 465,488,492 shares issued and outstanding, respectively		$ 466,925	$ 465,488
Additional paid-in capital		11,685,541	11,647,039
Cumulative dividends in excess of earnings		(2,890,046)	(2,738,414)
Accumulated other comprehensive loss		(31,673)	(30,470)
Total stockholders' equity		9,230,747	9,343,643
Joint venture partners		218,110	217,066
Non-managing member unitholders		181,468	185,608
Total noncontrolling interests		399,578	402,674
Total equity		9,630,325	9,746,317
Total liabilities and equity		$ 21,199,927	$ 21,449,849

[1] HCP, Inc.’s consolidated total assets and total liabilities at March 31, 2016 and December 31, 2015 include certain assets of variable interest entities (“VIEs”) that can only be used to settle the liabilities of the related VIE. The VIE creditors do not have recourse to HCP, Inc. Total assets at March 31, 2016 include VIE assets as follows: buildings and improvements $3.4 billion; development costs $60 million; land $327 million; accumulated depreciation and amortization $567 million; investments in unconsolidated joint ventures $14 million; accounts receivable $18 million; cash $60 million; restricted cash $23 million; intangible assets, net $197 million; and other assets, net $66 million. Total assets at December 31, 2015 include VIE assets as follows: buildings and improvements $3.4 billion; development costs $54 million; land $327 million; accumulated depreciation and amortization $537 million; investments in unconsolidated joint ventures $14 million; accounts receivable $19 million; cash $61 million; restricted cash $21 million; intangible assets, net $204 million; and other assets, net $63 million. Total liabilities at March 31, 2016 include VIE liabilities as follows: mortgage debt $573 million; intangible liabilities, net $10 million; accounts payable and accrued liabilities of $107 million and deferred revenue of $23 million from VIEs. Total liabilities at December 31, 2015 include VIE liabilities as follows: mortgage debt $589 million; intangible liabilities, net $10 million; accounts payable and accrued liabilities of $107 million and deferred revenue of $19 million. See Note 16 to the Consolidated Financial Statements for additional information.