Variable Interest Entities

3 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

Variable Interest Entities 

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, 2021		December 31, 2020
Assets:
Net real estate investments	$	451,975	$	454,333
Cash and cash equivalents	13,760		15,547
Receivables and other assets	12,669		11,171
Total assets (1)	$	478,404	$	481,051
Liabilities and equity:
Secured debt	$	165,225	$	165,671
Lease liabilities	1,325		1,325
Accrued expenses and other liabilities	16,860		14,997
Total equity	294,994		299,058
Total liabilities and equity	$	478,404	$	481,051

(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.