Variable Interest Entities

3 Months Ended

Mar. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

We have entered into joint ventures to own certain seniors housing and outpatient medical assets which are deemed to be VIEs. 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):



	March 31, 2020		December 31, 2019
Assets:
Net real estate investments	$	956,254	$	960,093
Cash and cash equivalents	23,539		27,522
Receivables and other assets	16,461		14,586
Total assets ⁽¹⁾	$	996,254	$	1,002,201

Liabilities and equity:
Secured debt	$	458,191	$	460,117
Lease liabilities	1,326		1,326
Accrued expenses and other liabilities	20,569		22,215
Total equity	516,168		518,543
Total liabilities and equity	$	996,254	$	1,002,201

⁽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.