Investments in and Advances to Unconsolidated Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2018

Equity Method Investments and Joint Ventures [Abstract]

Schedule of company owned interests in entities, accounted under equity method

The Company owns interests in the following entities that are accounted for under the equity method (dollars in thousands):

		Carrying Amount
		December 31,
Entity(1)	Ownership %	2018		2017
CCRC JV	49	$	365,764	$	400,241
RIDEA II(2)	40	—		259,651
U.K. JV(3)	49	101,735		—
Life Science JVs(4)	50 - 63	—		65,581
MBK JV	50	35,435		38,005
Development JVs(5)	50 - 90	25,493		23,365
Medical Office JVs(6)	20 - 67	10,160		12,488
K&Y JVs(7)	80	1,430		1,283
Advances to unconsolidated joint ventures, net		71		226
		$	540,088	$	800,840

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(1) These entities are not consolidated because the Company does not control, through voting rights or other means, the joint venture.

(2) In June 2018, the Company sold its equity method investment in RIDEA II (see Note 5).

(3) See Note 5 for discussion of the formation of the U.K. JV and the Company’s equity method investment.

(4) Includes the following unconsolidated partnerships (and the Company’s ownership percentage): (i) Torrey Pines Science Center, LP (50%); (ii) Britannia Biotech Gateway, LP (55%); and (iii) LASDK, LP (63%). In November 2018, the Company acquired the outstanding equity interests and began consolidating the entities (see Note 4).

(5) Includes four unconsolidated development partnerships (and the Company’s ownership percentage): (i) Vintage Park Development JV (85%); (ii) Waldwick JV (85%); (iii) Otay Ranch JV (90%); and (iv) MBK Development JV (50%).

(6) Includes three unconsolidated medical office partnerships (and the Company’s ownership percentage): (i) HCP Ventures IV, LLC (20%); (ii) HCP Ventures III, LLC (30%); and (iii) Suburban Properties, LLC (67%).

(7) Includes three unconsolidated joint ventures.

The following tables summarize combined financial information for the Company’s unconsolidated joint ventures (in thousands):

	December 31,
	2018		2017
Real estate, net	$	2,128,147	$	2,104,090
Other assets, net	479,935		928,790
Total assets	$	2,608,082	$	3,032,880
Mortgage and other debt	$	827,622	$	900,911
Accounts payable and other	655,177		561,523
Other partners’ capital	515,791		655,311
HCP’s capital(1)	609,492		915,135
Total liabilities and partners’ capital	$	2,608,082	$	3,032,880

	Year Ended December 31,
	2018			2017			2016
Total revenues	$	642,724		$	810,216		$	424,134
Total operating expense	(492,784		)	(643,452		)	(344,553		)
Income (loss) from discontinued operations	—			—			8,810
Net income (loss)	(43,704		)	(42,408		)	43,015
HCP’s share in earnings	(2,594		)	10,901			11,360
Fees earned by HCP	125			133			299
Distributions received by HCP	48,939			81,165			54,858