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Investments in Unconsolidated Ventures (Tables)
9 Months Ended
Sep. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments The following tables present the Company’s investments in unconsolidated ventures (dollars in thousands):
Carrying Value
PortfolioAcquisition DateOwnershipSeptember 30, 2020 (Unaudited)
December 31, 2019(1)
EclipseMay-20145.6 %$5,715 $9,483 
Envoy(2)
Sep-201411.4 %399 
Griffin-AmericanDec-201414.3 %85,807 125,597 
Espresso(3)
Jul-201536.7 %— — 
Trilogy(4)
Dec-201523.2 %138,726 133,361 
Subtotal$230,257 $268,840 
Operator Platform(5)
Jul-201720.0 %— 54 
Total$230,257 $268,894 
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(1)Includes $1.3 million, $13.4 million, $7.6 million, and $9.8 million of capitalized acquisition costs for the Company’s investments in the Eclipse, Griffin-American, Espresso and Trilogy joint ventures, respectively.
(2)In March 2019, the Envoy joint venture completed the sale of its remaining 11 properties for a sales price of $118.0 million, which generated net proceeds to the Company totaling $4.3 million. The Company’s carrying value for its investment in the Envoy joint venture represents additional proceeds to be received upon satisfaction of certain conditions under the sale.
(3)As a result of impairments and other non-cash reserves recorded by the joint venture, the Company’s carrying value of its Espresso unconsolidated investment was reduced to zero in the fourth quarter of 2018. The Company has recorded the excess equity in losses related to its unconsolidated venture as a reduction to the carrying value of its mezzanine loan, which was originated to a subsidiary of the Espresso joint venture.
(4)In October 2018, the Company sold 20.0% of its ownership interest in the Trilogy joint venture, which generated gross proceeds of $48.0 million and reduced the Company’s ownership interest in the joint venture from approximately 29% to 23%.
(5)Represents investment in Solstice Senior Living, LLC (“Solstice”), the manager of the Winterfell portfolio. Solstice is a joint venture between affiliates of Integral Senior Living, LLC (“ISL”), a management company of ILF, ALF and MCF founded in 2000, which owns 80.0%, and the Company, which owns 20.0%. As a result of losses recorded by the joint venture, the Company’s carrying value of its Solstice unconsolidated investment was reduced to zero in the third quarter of 2020.

Three Months Ended September 30, 2020Three Months Ended September 30, 2019
PortfolioEquity in Earnings (Losses)
Select Revenues and (Expenses), net(1)
Cash DistributionEquity in Earnings (Losses)
Select Revenues and (Expenses), net(1)
Cash Distribution
Eclipse$(191)$(463)$— $1,090 $750 $2,286 
Envoy— — 198 — — — 
Griffin-American185 (2,273)— (3,626)(6,234)1,030 
Espresso60 (2,814)— (667)(2,274)— 
Trilogy(1,091)(3,052)— 156 (3,776)1,451 
Subtotal$(1,037)$(8,602)$198 $(3,047)$(11,534)$4,767 
Operator Platform(2)
(6)— — 10 — — 
Total$(1,043)$(8,602)$198 $(3,037)$(11,534)$4,767 
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(1)Represents the net amount of the Company’s proportionate share of select revenues and expenses, including: straight-line rental income (expense), (above)/below market lease and in-place lease amortization, (above)/below market debt and deferred financing costs amortization, depreciation and amortization expense, acquisition fees and transaction costs, loan loss reserves, liability extinguishment gains, debt extinguishment losses, impairment, as well as unrealized and realized gain (loss) from sales of real estate and investments.
(2)Represents the Company’s investment in Solstice. During the three months ended September 30, 2020, the Company's unconsolidated investment in Solstice was reduced to zero. The Company did not recognize its proportionate share of losses from the joint venture totaling approximately $20,000.
Nine Months Ended September 30, 2020Nine Months Ended September 30, 2019
PortfolioEquity in Earnings (Losses)
Select Revenues and (Expenses), net(1)
Cash DistributionsEquity in Earnings (Losses)
Select Revenues and (Expenses), net(1)
Cash Distributions
Eclipse$(3,683)$(4,381)$86 $758 $(402)$2,573 
Envoy— — 390 96 (822)4,339 
(4)
Griffin-American(37,905)(44,729)1,487 (7,654)(16,046)5,581 
Espresso(522)(8,256)— (3,034)(6,324)— 
Trilogy(2)
5,365 (10,404)— 2,188 (10,433)4,353 
Subtotal$(36,745)$(67,770)$1,963 $(7,646)$(34,027)$16,846 
Operator Platform(3)
(54)— — (20)— — 
Total$(36,799)$(67,770)$1,963 $(7,666)$(34,027)$16,846 
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(1)Represents the net amount of the Company’s proportionate share of select revenues and expenses, including: straight-line rental income (expense), (above)/below market lease and in-place lease amortization, (above)/below market debt and deferred financing costs amortization, depreciation and amortization expense, acquisition fees and transaction costs, loan loss reserves, liability extinguishment gains, debt extinguishment losses, impairment, as well as unrealized and realized gain (loss) from sales of real estate and investments.
(2)For the nine months ended September 30, 2020 included in equity in earnings for the Trilogy joint venture is revenue recognized for federal COVID-19 provider relief funds totaling $30.7 million, of which the Company’s proportionate share totaled $7.1 million.
(3)Represents the Company’s investment in Solstice. During the three months ended September 30, 2020, the Company's unconsolidated investment in Solstice was reduced to zero. The Company did not recognize its proportionate share of losses from the joint venture totaling approximately $20,000.
(4)In March 2019, the Envoy joint venture completed the sale of its remaining 11 properties for a sales price of $118.0 million, which generated net proceeds to the Company totaling $4.3 million.
Summarized Financial Data
The combined balance sheets as of September 30, 2020 and December 31, 2019 and combined statements of operations for the three and nine months ended September 30, 2020 and 2019, for the Company’s Griffin-American and Trilogy unconsolidated ventures are as follows (dollars in thousands):
September 30, 2020 (Unaudited)December 31, 2019Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Assets
Operating real estate, net$3,360,236 $3,566,586 Total revenues$315,560 $320,978 $986,221 $977,874 
Other assets1,106,302 1,053,433 Net income (loss)$(3,398)$(24,665)$(241,754)$(44,048)
Total assets$4,466,538 $4,620,019 
Liabilities and equity
Total liabilities$3,359,633 $3,257,970 
Equity1,106,905 1,362,049 
Total liabilities and equity$4,466,538 $4,620,019 
The below table indicates the Company’s investments for which Colony Capital is also an equity partner in the joint venture. Each investment was approved by the Company’s board of directors, including all of its independent directors. Refer to Note 4, “Investments in Unconsolidated Ventures” for further discussion of these investments:
PortfolioPartner(s)Acquisition DateOwnership
EclipseColony Capital/Formation Capital, LLCMay 20145.6%
Griffin-AmericanColony CapitalDecember 201414.3%