Variable Interest Entity Disclosure

6 Months Ended

Jun. 30, 2016

Variable Interest Entity Disclosure [Abstract]

Variable Interest Entity Disclosure [Text Block]

19. Variable Interest Entities

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


		June 30, 2016		December 31, 2015
Assets
	Net real property owned	$	1,006,674	$	453,889
	Cash and cash equivalents		10,946		8,759
	Receivables and other assets		11,828		8,082
	Total assets⁽¹⁾	$	1,029,448	$	470,730

Liabilities and equity
	Secured debt	$	451,450	$	147,021
	Accrued expenses and other liabilities		12,807		7,732
	Redeemable noncontrolling interests		78,477		70,090
	Total equity		486,714		245,887
	Total liabilities and equity	$	1,029,448	$	470,730

(1) Note that assets of the consolidated variable interest entities can only be used to settle obligations relating to such variable interest entities. Liabilities of the consolidated variable interest entities represent claims against the specific assets of the variable interest entities.