Variable Interest Entity Disclosure

9 Months Ended

Sep. 30, 2017

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 VIEs 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 VIEs in the aggregate (in thousands):

		September 30, 2017		December 31, 2016
Assets
	Net real property owned	$	1,010,638	$	989,596
	Cash and cash equivalents		11,874		10,501
	Receivables and other assets		18,920		12,102
	Total assets(1)	$	1,041,432	$	1,012,199
Liabilities and equity
	Secured debt	$	472,445	$	450,255
	Accrued expenses and other liabilities		16,982		13,803
	Redeemable noncontrolling interests		176,591		185,556
	Total equity		375,414		362,585
	Total liabilities and equity	$	1,041,432	$	1,012,199
(1) Note that assets of the consolidated VIEs can only be used to settle obligations relating to such VIEs. Liabilities of the consolidated VIEs represent claims against the specific assets of the VIEs.