Variable Interest Entities

12 Months Ended

Dec. 31, 2018

Variable Interest Entity Disclosure [Abstract]

We have entered into joint ventures to own certain seniors housing and outpatient medical assets which are deemed to be variable interest entities (“VIEs”). We have concluded that we are the primary beneficiary of these VIEs 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 VIEs in the aggregate (in thousands):



	December 31, 2018		December 31, 2017
Assets:
Net real property owned	$	973,813	$	1,002,137
Cash and cash equivalents	18,678		12,308
Receivables and other assets	14,600		16,330
Total assets⁽¹⁾	$	1,007,091	$	1,030,775
Liabilities and equity:
Secured debt	$	465,433	$	471,103
Accrued expenses and other liabilities	18,229		14,832
Total equity	523,429		544,840
Total liabilities and equity	$	1,007,091	$	1,030,775

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