Investments in and Advances to Unconsolidated Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2019

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments

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

			Carrying Amount
			June 30,		December 31,
Entity(1)	Property Count	Ownership %	2019		2018
CCRC JV	15	49	$	349,732	$	365,764
U.K. JV(2)	68	49	100,581		101,735
MBK JV	5	50	34,317		35,435
Other SHOP JVs(3)	4	41- 90	21,929		25,493
Medical Office JVs(4)	3	20 - 67	9,963		10,160
K&Y JVs(5)	3	80	1,496		1,430
Advances to unconsolidated joint ventures, net			15		71
			$	518,033	$	540,088

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

(2) See Note 3 for discussion of the formation of the U.K. JV and the Company’s equity method investment.

(3) In June 2019, the Company acquired the outstanding equity interests in, and began consolidating, the Vintage Park JV (see Note 3). Remaining unconsolidated SHOP joint ventures (and the Company’s ownership percentage) include: (i) Waldwick JV (85%); (ii) Otay Ranch JV (90%); (iii) MBK Development JV (50%) and (iv) Discovery Naples JV (41%). The Company’s investment in the Discovery Naples JV is a preferred equity investment earning a 10% per annum fixed-rate return, which the Company made in April 2019.

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

(5)

At June 30, 2019, includes two unconsolidated joint ventures. At December 31, 2018, includes three unconsolidated joint ventures.