Variable Interest Entity Disclosure

9 Months Ended

Sep. 30, 2018

Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]

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, 2018		December 31, 2017
Assets
Net real property owned	$	977,252	$	1,002,137
Cash and cash equivalents	15,059		12,308
Receivables and other assets	17,922		16,330
Total assets⁽¹⁾	$	1,010,233	$	1,030,775

Liabilities and equity
Secured debt	$	466,772	$	471,103
Accrued expenses and other liabilities	18,144		14,832
Total equity	525,317		544,840
Total liabilities and equity	$	1,010,233	$	1,030,775

(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.