CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Sep. 30, 2016	Dec. 31, 2015
Real estate:
Buildings and improvements		$ 12,534,471	$ 12,198,704
Development costs and construction in progress		395,349	388,576
Land		1,971,601	1,948,757
Accumulated depreciation and amortization		(2,799,969)	(2,541,334)
Net real estate		12,101,452	11,994,703
Net investment in direct financing leases		5,860,401	5,905,009
Loans receivable, net		682,994	768,743
Investments in and advances to unconsolidated joint ventures		592,097	605,244
Accounts receivable, net of allowance of $4,704 and $3,261, respectively		41,371	48,929
Cash and cash equivalents		132,891	346,500
Restricted cash		71,727	60,616
Intangible assets, net		538,631	603,706
Real estate and related assets held for sale, net		372,968	314,126
Other assets, net		794,013	802,273
Total assets	[1]	21,188,545	21,449,849
LIABILITIES AND EQUITY
Bank line of credit		1,372,032	397,432
Term loans		462,181	524,807
Senior unsecured notes		8,229,731	9,120,107
Mortgage debt		762,715	932,212
Other debt		93,876	94,445
Intangible liabilities, net		46,135	56,147
Intangible and other liabilities related to assets held for sale, net		23,002	19,126
Accounts payable and accrued liabilities		487,033	436,239
Deferred revenue		136,406	123,017
Total liabilities	[1]	11,613,111	11,703,532
Commitments and contingencies
Common stock, $1.00 par value: 750,000,000 shares authorized; 467,820,181 and 465,488,492 shares issued and outstanding, respectively		467,820	465,488
Additional paid-in capital		11,720,552	11,647,039
Cumulative dividends in excess of earnings		(2,975,096)	(2,738,414)
Accumulated other comprehensive loss		(30,164)	(30,470)
Total stockholders' equity		9,183,112	9,343,643
Joint venture partners		212,807	217,066
Non-managing member unitholders		179,515	185,608
Total noncontrolling interests		392,322	402,674
Total equity		9,575,434	9,746,317
Total liabilities and equity		$ 21,188,545	$ 21,449,849

[1] HCP, Inc.’s consolidated total assets and total liabilities at September 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 September 30, 2016 include VIE assets as follows: buildings and improvements $3.4 billion; development costs $23 million; land $324 million; accumulated depreciation and amortization $629 million; investments in unconsolidated joint ventures $14 million; accounts receivable $19 million; cash $59 million; restricted cash $27 million; intangible assets, net $177 million; and other assets, net $68 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 September 30, 2016 include VIE liabilities as follows: mortgage debt $568 million; intangible liabilities, net $9 million; accounts payable and accrued liabilities $127 million and deferred revenue $26 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.