CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Jun. 30, 2016	Dec. 31, 2015
Real estate:
Buildings and improvements		$ 12,321,266	$ 12,198,704
Development costs and construction in progress		387,560	388,576
Land		1,933,823	1,948,757
Accumulated depreciation and amortization		(2,716,880)	(2,541,334)
Net real estate		11,925,769	11,994,703
Net investment in direct financing leases		5,856,544	5,905,009
Loans receivable, net		708,096	768,743
Investments in and advances to unconsolidated joint ventures		604,941	605,244
Accounts receivable, net of allowance of $4,892 and $3,261, respectively		51,800	48,929
Cash and cash equivalents		116,450	346,500
Restricted cash		180,404	60,616
Intangible assets, net		550,569	603,706
Other assets, net		791,431	802,273
Real estate assets held for sale, net		330,453	314,126
Total assets	[1]	21,116,457	21,449,849
LIABILITIES AND EQUITY
Bank line of credit		869,078	397,432
Term loans		477,890	524,807
Senior unsecured notes		8,626,559	9,120,107
Mortgage debt		688,910	932,212
Other debt		93,012	94,445
Intangible liabilities, net		49,448	56,147
Intangible liabilities on assets held for sale, net		17,001	19,126
Accounts payable and accrued liabilities		482,133	436,239
Deferred revenue		136,038	123,017
Total liabilities	[1]	11,440,069	11,703,532
Commitments and contingencies
Common stock, $1.00 par value: 750,000,000 shares authorized; 467,324,914 and 465,488,492 shares issued and outstanding, respectively		467,325	465,488
Additional paid-in capital		11,701,707	11,647,039
Cumulative dividends in excess of earnings		(2,857,164)	(2,738,414)
Accumulated other comprehensive loss		(30,738)	(30,470)
Total stockholders' equity		9,281,130	9,343,643
Joint venture partners		214,671	217,066
Non-managing member unitholders		180,587	185,608
Total noncontrolling interests		395,258	402,674
Total equity		9,676,388	9,746,317
Total liabilities and equity		$ 21,116,457	$ 21,449,849

[1] HCP, Inc.’s consolidated total assets and total liabilities at June 30, 2016 and December 31, 2015 include certain assets of variable interest entities (“VIEs”) that can only be used to settle the liabilities of the related VIE. The VIE creditors do not have recourse to HCP, Inc. Total assets at June 30, 2016 include VIE assets as follows: buildings and improvements $3.4 billion; development costs $16 million; land $324 million; accumulated depreciation and amortization $598 million; investments in unconsolidated joint ventures $14 million; accounts receivable $25 million; cash $59 million; restricted cash $25 million; intangible assets, net $184 million; and other assets, net $62 million. Total assets at December 31, 2015 include VIE assets as follows: buildings and improvements $3.4 billion; development costs $54 million; land $327 million; accumulated depreciation and amortization $537 million; investments in unconsolidated joint ventures $14 million; accounts receivable $19 million; cash $61 million; restricted cash $21 million; intangible assets, net $204 million; and other assets, net $63 million. Total liabilities at June 30, 2016 include VIE liabilities as follows: mortgage debt $571 million; intangible liabilities, net $10 million; accounts payable and accrued liabilities $116 million and deferred revenue $25 million. Total liabilities at December 31, 2015 include VIE liabilities as follows: mortgage debt $589 million; intangible liabilities, net $10 million; accounts payable and accrued liabilities $107 million and deferred revenue $19 million. See Note 16 to the Consolidated Financial Statements for additional information.