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Investments in and Advances to Unconsolidated Joint Ventures (Tables) | 9 Months Ended
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Sep. 30, 2015
Investments in and Advances to Unconsolidated Joint Ventures |
Company owned interests in entities, accounted under equity method (dollars in thousands) |
Entity(1) |  | Segment |  | Carrying Amount |  | Ownership% |
CCRC JV(2) |  | senior housing |  | $ | 447,658 |  |  | 49 |  |
HCRMC |  | senior housing and post-acute/skilled nursing |  |  | 21,238 |  |  | 9 |  |
MBK JV(3) |  | senior housing |  |  | 26,400 |  |  | 50 |  |
HCP Ventures III, LLC |  | medical office |  |  | 6,329 |  |  | 30 |  |
HCP Ventures IV, LLC |  | medical office and hospital |  |  | 24,705 |  |  | 20 |  |
HCP Life Science(4) |  | life science |  |  | 68,834 |  | 50 | – | 63 |
Vintage Park |  | senior housing |  |  | 5,745 |  |  | 85 |  |
MBK Development JV(3) |  | senior housing |  |  | 1,824 |  |  | 50 |  |
Suburban Properties, LLC |  | medical office |  |  | 4,861 |  |  | 67 |  |
Advances to unconsolidated joint ventures, net |  |  |  |  | 196 |  |  |  |  |
|  |  |  | $ | 607,790 |  |  |  |  |
| (1) |  | These entities are not consolidated because the Company does not control, through voting rights or other means, the joint ventures.
| (2) |  | Includes two unconsolidated joint ventures in a RIDEA structure (CCRC PropCo CCRC OpCo).
| (3) |  | Includes two unconsolidated joint ventures in a RIDEA structure (PropCo and OpCo).
| (4) |  | Includes three unconsolidated joint ventures between the Company and an institutional capital partner. HCP Life Science includes the following partnerships (and the Company’s ownership percentage): (i) Torrey Pines Science Center, LP (50%); (ii) Britannia Biotech Gateway, LP (55%); and (iii) LASDK, LP (63%).
Summarized combined financial information for equity method investments (in thousands) |
|  | September 30, |  | December 31, |
|  | 2015 |  | 2014 |
Real estate, net |  | $ | 4,987,309 |  | $ | 5,134,587 |
Goodwill and other assets, net |  |  | 5,238,342 |  |  | 4,986,310 |
Total assets |  | $ | 10,225,651 |  | $ | 10,120,897 |
Capital lease obligations and debt |  | $ | 7,205,096 |  | $ | 7,197,940 |
Accounts payable |  |  | 1,139,955 |  |  | 1,015,912 |
Other partners’ capital |  |  | 1,241,809 |  |  | 1,281,413 |
HCP’s capital(1) |  |  | 638,791 |  |  | 625,632 |
Total liabilities and partners’ capital |  | $ | 10,225,651 |  | $ | 10,120,897 |
| (1) |  | The combined basis difference of the Company’s investments in these joint ventures of $31 million, as of September 30, 2015, is attributable to goodwill, real estate, capital lease obligations, deferred tax assets and lease-related net intangibles.
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  | 2015 |  | 2014 |  | 2015 |  | 2014 |
Total revenues |  | $ | 1,126,797 |  | $ | 1,082,110 |  | $ | 3,435,943 |  | $ | 3,209,039 |
Income (loss) from discontinued operations |  |  | 2,100 |  |  | 2,000 |  |  | (3,900) |  |  | (6,800) |
Net loss |  |  | (65,819) |  |  | (702) |  |  | (77,529) |  |  | (4,826) |
HCP’s share of earnings(1) |  |  | 8,314 |  |  | 10,168 |  |  | 33,916 |  |  | 39,388 |
Fees earned by HCP |  |  | 454 |  |  | 447 |  |  | 1,372 |  |  | 1,340 |
Distributions received by HCP |  |  | 16,186 |  |  | 2,113 |  |  | 20,673 |  |  | 5,881 |
| (1) |  | The Company’s joint venture interest in HCRMC is accounted for using the equity method and results in an ongoing elimination of DFL income proportional to HCP’s ownership in HCRMC. The elimination of the respective proportional lease expense at the HCRMC level in substance results in $14 million and $16 million of DFL income that is recharacterized to the Company’s share of earnings from HCRMC (equity income from unconsolidated joint ventures) for the three months ended September 30, 2015 and 2014, respectively. For the nine months ended September 30, 2015 and 2014, $44 million and $47 million, respectively, of DFL income was recharacterized to the Company’s share of earnings from HCR MC.

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