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Investments in and Advances to Unconsolidated Joint Ventures (Tables) | 12 Months Ended
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Dec. 31, 2015
Investments in and Advances to Unconsolidated Joint Ventures |
Company owned interests in entities, accounted under equity method (dollars in thousands) | The Company owns interests in the following entities that are accounted for under the equity method at December 31, 2015 (dollars in thousands):
Entity(1) |  | Segment |  | Carrying Amount |  | Ownership % |
CCRC JV(2) |  | senior housing |  | $ | 465,179 |  | 49 |
HCRMC(3) |  | senior housing and post-acute/skilled nursing |  |  | — |  | 9 |
MBK JV(4) |  | senior housing |  |  | 34,131 |  | 50 |
HCP Ventures III, LLC |  | medical office |  |  | 9,241 |  | 30 |
HCP Ventures IV, LLC |  | medical office and hospital |  |  | 11,884 |  | 20 |
HCP Life Science(5) |  | life science |  |  | 68,582 |  | 50-63 |
Vintage Park |  | senior housing |  |  | 8,729 |  | 85 |
MBK Development JV(4) |  | senior housing |  |  | 2,224 |  | 50 |
Suburban Properties, LLC |  | medical office |  |  | 4,621 |  | 67 |
Advances to unconsolidated joint ventures, net |  |  |  |  | 653 |  |  |
|  |  |  | $ | 605,244 |  |  |
| (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 and CCRC OpCo). See additional information regarding the CCRC JV and the Brookdale Transaction in Note 3.
| (3) |  | In December 2015, September 2015 and December 2014, the Company recognized impairment charges of $19 million, $27 million and $36 million, respectively. See Note 17 for additional information regarding th e impairment charge s; also, see Note 6 regarding the Company’s related HCRMC DFL investment s.
| (4) |  | Includes two unconsolidated joint ventures in a RIDEA structure (PropCo and OpCo).
| (5) |  | Includes three unconsolidated joint ventures between the Company and an institutional capital partner for which the Company is the managing member. 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) | Summarized combined financial information for the Company’s unconsolidated joint ventures follows (in thousands):
|  | December 31, |
|  | 2015(1) |  | 2014 |
Real estate, net |  | $ | 4,470,249 |  | $ | 4,537,553 |
Goodwill and other assets, net |  |  | 4,935,343 |  |  | 4,920,604 |
Assets held for sale |  |  | 94,866 |  |  | 662,740 |
Total assets |  | $ | 9,500,458 |  | $ | 10,120,897 |
Capital lease obligations and mortgage debt |  | $ | 6,575,531 |  | $ | 6,733,943 |
Accounts payable and other |  |  | 1,111,350 |  |  | 974,206 |
Liabilities and mortgage debt held for sale |  |  | 6,318 |  |  | 505,703 |
Other partners’ capital |  |  | 1,163,501 |  |  | 1,281,413 |
HCP’s capital(2) |  |  | 643,758 |  |  | 625,632 |
Total liabilities and partners’ capital |  | $ | 9,500,458 |  | $ | 10,120,897 |
| (1) |  | Includes the financial information of Vintage Park, MBK JV and MBK Development JV, which were formed i n January 2015, March 2015 and September 2015, respectively.
| (2) |  | The combined basis difference of the Company’s investments in these joint ventures of $39 million, as of December 31, 2015, is primarily attributable to goodwill, real estate, capital lease obligations, deferred tax assets and lease-related net intangibles.
|  | Year Ended December 31, |
|  | 2015(1) |  | 2014(2) |  | 2013 |
Total revenues |  | $ | 4,464,317 |  | $ | 4,284,747 |  | $ | 4,189,793 |
Income (loss) from discontinued operations |  |  | 38,071 |  |  | (24,422) |  |  | (22,030) |
Net loss(3) |  |  | (83,277) |  |  | (411,385) |  |  | (354,079) |
HCP’s share in earnings(3) |  |  | 57,313 |  |  | 49,570 |  |  | 64,433 |
Fees earned by HCP |  |  | 1,873 |  |  | 1,809 |  |  | 1,847 |
Distributions received by HCP |  |  | 46,100 |  |  | 7,702 |  |  | 18,091 |
| (1) |  | Includes the financial information of Vintage Park, MBK JV and MBK Development JV, which were formed in January 2015, March 2015 and September 2015, respectively.
| (2) |  | Includes the financial information of the CCR C JV, which the Company formed i n August 2014.
| (3) |  | The net loss in 201 5 includes $79 million related to HCRMC’s goodwill that was allocated to disposal groups that were sold. The net loss in 2014 includes impairments, net of the related tax benefit, of $396 million related to HCRMC’s deferred tax assets and trademark intangible assets. The impairments at HCRMC were the result of a continued shift in patient payor sources from Medicare to Medicare Advantage, which negatively impact reimbursement rates and length of stay for HCRMC’s skilled nursing segment and a shift in HCRMC’s marketing and branding strategy. The net loss in 2013 includes a charge of $400 million related to recording of a valuation allowance that reduced the carrying value of HCRMC’s deferred tax assets to an amount that is more likely than not to be realized as determined by HCRMC’s management. HCRMC’s goodwill, intangible assets and deferred tax assets were not previously considered in the Company’s initial investments in the operations of HCRMC. T herefore, the related impairments and valuation allowance against the carrying value of the deferred tax assets do not impact the Company’s recorded investment or impact on the Company’s share of earnings from or its equity investment in HCRMC. H owever, the circumstances that led to HCRMC’s management to reach the determination that it was necessary to reduce the carrying value of their deferred tax and trademark intangible assets in 2014 are consistent with the Company’s determination that its equity investment in HCRMC was impaired in December 2014 (see Note 17). The Company’s joint venture interest in HCRMC is accounted for using the equity method and results in an ongoing reduction 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 $58 million, $62 million and $62 million of DFL income that is recharacterized to the Company’s share of earnings from HCRMC (equity income from unconsolidated joint ventures) for the years ended December 31, 2015, 2014 and 2013, respectively. See Note 6 for additional discussion.

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