Variable Interest Entities

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

Variable Interest Entities 

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

	December 31, 2022		December 31, 2021
Assets:
Net real estate investments	$	1,499,078	$	445,776
Cash and cash equivalents	15,582		9,964
Receivables and other assets	9,949		7,617
Total assets(1)	$	1,524,609	$	463,357
Liabilities and equity:
Secured debt	$	155,992	$	163,519
Lease liabilities	1,329		1,324
Accrued expenses and other liabilities	28,417		12,394
Total equity	1,338,871		286,120
Total liabilities and equity	$	1,524,609	$	463,357

(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.