Variable Interest Entity Disclosure

6 Months Ended

Jun. 30, 2017

Variable Interest Entity Disclosure [Abstract]

Variable Interest Entity Disclosure [Text Block]

19. Variable Interest Entities

We have entered into joint ventures to own certain seniors housing and outpatient medical assets which are deemed to be variable interest entities (“VIE”). We have concluded that we are the primary beneficiary of these VIE’s based on a combination of operational control of the joint venture and the rights to receive residual returns or the obligation to absorb losses arising from the joint ventures. Except for capital contributions associated with the initial joint venture formations, the joint ventures have been and are expected to be funded from the ongoing operations of the underlying properties. Accordingly, such joint ventures have been consolidated, and the table below summarizes the balance sheets of consolidated VIE’s in the aggregate (in thousands):


		June 30, 2017		December 31, 2016
Assets
	Net real property owned	$	1,019,154	$	989,596
	Cash and cash equivalents		10,180		10,501
	Receivables and other assets		16,284		12,102
	Total assets⁽¹⁾	$	1,045,618	$	1,012,199

Liabilities and equity
	Secured debt	$	473,781	$	450,255
	Accrued expenses and other liabilities		15,396		13,803
	Redeemable noncontrolling interests		180,690		185,556
	Total equity		375,751		362,585
	Total liabilities and equity	$	1,045,618	$	1,012,199

(1) Note that assets of the consolidated variable interest entities can only be used to settle obligations relating to such variable interest entities. Liabilities of the consolidated variable interest entities represent claims against the specific assets of the variable interest entities.