Investments in and Advances to Unconsolidated Joint Ventures

The Company owns interests in the following entities that are accounted for under the equity method (dollars in thousands):



		Carrying Amount
		December 31,
Entity⁽¹⁾	Ownership %	2017		2016
CCRC JV	49	$	400,241	$	439,449
RIDEA II	40	259,651		—
Life Science JVs⁽²⁾	50 - 63	65,581		67,879
MBK JV	50	38,005		38,909
Development JVs⁽³⁾	50 - 90	23,365		10,459
Medical Office JVs⁽⁴⁾	20 - 67	12,488		13,438
K&Y JVs⁽⁵⁾	80	1,283		1,342
Advances to unconsolidated joint ventures, net		226		15
		$	800,840	$	571,491

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(1)	These entities are not consolidated because the Company does not control, through voting rights or other means, the JV.


(2)	Includes the following unconsolidated partnerships (and the Company’s ownership percentage): (i) Torrey Pines Science Center, LP (50% ); (ii) Britannia Biotech Gateway, LP (55%); and (iii) LASDK, LP (63%).


(3)	Includes four unconsolidated development partnerships (and the Company’s ownership percentage): (i) Vintage Park Development JV (85%); (ii) Waldwick JV (85%); (iii) Otay Ranch JV (90%); and (iv) MBK Development JV (50%).


(4)	Includes three unconsolidated medical office partnerships (and the Company’s ownership percentage): HCP Ventures IV, LLC (20%); HCP Ventures III, LLC (30%); and Suburban Properties, LLC (67%).


(5)	Includes three unconsolidated joint ventures.

HCP Ventures III, LLC and HCP Ventures IV, LLC

On December 30, 2015, HCP Ventures III, LLC (“HCP Ventures III”) and HCP Ventures IV, LLC sold 61 MOBs, three hospitals and a redevelopment property for total proceeds of $634 million, recognizing gain on sales of real estate of $59 million, of which the Company’s share was $15 million. As part of these sales, the Company received aggregate distributions of $45 million, including repayment of its loan receivable. During the quarter ended December 31, 2016, HCP Ventures III sold the remaining three assets in its portfolio for $31 million, recognizing gain on sales of real estate of $5 million, of which the Company’s share was $1 million. As part of this sale, the Company received aggregate distributions of $8 million.

See Note 5 for further information on the deconsolidation and pending sale of RIDEA II.