Variable Interest Entities

3 Months Ended

Mar. 31, 2022

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, 2022		December 31, 2021
Assets:
Net real estate investments	$	445,561	$	445,776
Cash and cash equivalents	11,489		9,964
Receivables and other assets	8,100		7,617
Total assets (1)	$	465,150	$	463,357
Liabilities and equity:
Secured debt	$	163,021	$	163,519
Lease liabilities	1,324		1,324
Accrued expenses and other liabilities	13,067		12,394
Total equity	287,738		286,120
Total liabilities and equity	$	465,150	$	463,357

(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.