Variable Interest Entities

12 Months Ended

Dec. 31, 2019

Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [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, 2019		December 31, 2018
Assets:
Net real estate investments	$	960,093	$	973,813
Cash and cash equivalents	27,522		18,678
Receivables and other assets	14,586		14,600
Total assets⁽¹⁾	$	1,002,201	$	1,007,091
Liabilities and equity:
Secured debt	$	460,117	$	465,433
Lease liabilities	1,326		—
Accrued expenses and other liabilities	22,215		18,229
Total equity	518,543		523,429
Total liabilities and equity	$	1,002,201	$	1,007,091

⁽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.