Investments in and Advances to Unconsolidated Joint Ventures (Tables)

9 Months Ended

Sep. 30, 2020

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
				September 30,		December 31,
Entity(1)(2)	Segment	Property Count(3)	Ownership %(3)	2020		2019
SWF SH JV(4)	SHOP	19	54	$	374,198	$	428,258
MBK JV	SHOP	5	50	36,034		33,415
Other SHOP JVs(5)	SHOP	2	50 - 90	15,973		17,719
Medical Office JVs(6)	MOB	3	20 - 67	9,719		9,845
CCRC JV(7)	CCRC	2	49	347		325,830
Other JVs(8)	Other	—	—	—		10,372
Advances to unconsolidated joint ventures, net				—		76
				$	436,271	$	825,515

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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)The property count, ownership percentage, and carrying amount at September 30, 2020 exclude the Discovery Naples JV (41%) and Discovery Sarasota JV (47%), which are classified as assets held for sale and had an aggregate carrying value of $9 million at September 30, 2020. At December 31, 2019, the carrying value for both investments is included in Other JVs. The Discovery Naples JV and Discovery Sarasota JV are joint ventures that are developing senior housing facilities and the Company’s investments in those joint ventures are preferred equity investments earning a 10% per annum fixed-rate return.

(3)Property count and ownership percentage are as of September 30, 2020.

(4)In December 2019, the Company formed the SWF SH JV with a sovereign wealth fund (see Note 4).

(5)Unconsolidated other SHOP joint ventures (and the Company’s ownership percentage) include: (i) Waldwick JV (85%); (ii) Otay Ranch JV (90%); and (iii) MBK Development JV (50%).

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

(7)See Note 3 for discussion of the 2019 MTCA with Brookdale, including the acquisition of Brookdale’s interest in 13 of the 15 communities in the CCRC JV in January 2020.

(8)In January 2020, the Company sold its interest in the remaining K&Y joint venture for $12 million. At December 31, 2019, the K&Y joint venture includes an ownership percentage of 80% and one unconsolidated joint venture. In October 2019, the Company sold its interest in one of the K&Y joint ventures for $4 million.