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Investments in and Advances to Unconsolidated Joint Ventures | 12 Months Ended
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Dec. 31, 2016
Investments in and Advances to Unconsolidated Joint Ventures |
Investments in and Advances to Unconsolidated Joint Ventures | NOTE 8. Investments in and Advances to Unconsolidated Joint Ventures The Company owns interests in the following entities that are accounted for under the equity method (dollars in thousands):
|  |  |  |  |  | Carrying Amount |
|  |  |  |  |  | December 31, |
Entity(1) |  | Segment |  | Ownership % |  | 2016 |  | 2015 |
CCRC JV(2) |  | SHOP |  | 49 |  | $ | 439,449 |  | $ | 465,179 |
MBK JV(3) |  | SHOP |  | 50 |  |  | 38,909 |  |  | 34,131 |
HCP Ventures III, LLC |  | Medical office |  | 30 |  |  | 1,533 |  |  | 9,241 |
HCP Ventures IV, LLC |  | Medical office |  | 20 |  |  | 7,277 |  |  | 11,884 |
HCP Life Science(4) |  | Life science |  | 50-63 |  |  | 67,879 |  |  | 68,582 |
Vintage Park |  | SHOP |  | 85 |  |  | 7,486 |  |  | 8,729 |
MBK Development JV(3) |  | SHOP |  | 50 |  |  | 2,463 |  |  | 2,224 |
Suburban Properties, LLC |  | Medical office |  | 67 |  |  | 4,628 |  |  | 4,621 |
K&Y(5) |  | Other |  | 80 |  |  | 1,342 |  |  | — |
Advances to unconsolidated joint ventures, net and other |  |  |  |  |  |  | 525 |  |  | 653 |
|  |  |  |  |  | $ | 571,491 |  | $ | 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).
| (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 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%).
| (5) |  | Includes three unconsolidated joint ventures.
MBK JV On March 30, 2015, the Company and MBK Senior Living (“MBK”), a subsidiary of Mitsui & Co. Ltd, formed a new RIDEA joint venture (“MBK JV”) that owns three senior housing facilities with the Company and MBK each owning a 50% equity interest. MBK manages these communities on behalf of the joint venture. The Company contributed $27 million of cash and MBK contributed the three senior housing facilities with a fair value of $126 million, which were encumbered by $78 million of mortgage debt at closing. HCP Ventures III, LLC and HCP Ventures IV, LLC On December 30, 2015, HCP Ventures III, LLC (“HCP Ventures III”) and HCP Ventures IV, LLC (“HCP Ventures IV”) sold 61 MOBs, three hospitals and a re-development property for total proceeds of $634 million, recognizing gains on sales of real estate of $59 million, of which the Company’s share was $15 million. As part of these sales, the Company received aggregate distributions of $45 million, including repayment of its loan receivable. During the quarter ended December 31, 2016, HCP Ventures III sold the remaining three assets in its portfolio for $31 million, recognizing gains on sales of real estate of $4.9 million, of which the Company’s share was $1.3 million. As part of this sale, the Company received aggregate distributions of $8 million.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66011266&loc=d3e33918-111571 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=64825282&loc=d3e32847-111569 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=64825282&loc=d3e32787-111569 + Details
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