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Investments in and Advances to Unconsolidated Joint Ventures | 12 Months Ended
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Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract] |
Investments in and Advances to Unconsolidated Joint Ventures | 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) |  | Ownership % |  | 2017 |  | 2016
CCRC JV |  | 49 |  | $ | 400,241 |  |  | $ | 439,449 |
RIDEA II |  | 40 |  | 259,651 |  |  | — |
Life Science JVs(2) |  | 50 - 63 |  | 65,581 |  |  | 67,879 |
MBK JV |  | 50 |  | 38,005 |  |  | 38,909 |
Development JVs(3) |  | 50 - 90 |  | 23,365 |  |  | 10,459 |
Medical Office JVs(4) |  | 20 - 67 |  | 12,488 |  |  | 13,438 |
K&Y JVs(5) |  | 80 |  | 1,283 |  |  | 1,342 |
Advances to unconsolidated joint ventures, net |  |  |  | 226 |  |  | 15 |
|  |  |  | $ | 800,840 |  |  | $ | 571,491 |
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(1) | These entities are not consolidated because the Company does not control, through voting rights or other means, the JV.
(2) | Includes the following unconsolidated 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%).
(3) | Includes four unconsolidated development partnerships (and the Company’s ownership percentage): (i) Vintage Park Development JV (85%); (ii) Waldwick JV (85%); (iii) Otay Ranch JV (90%); and (iv) MBK Development JV (50%).
(4) | Includes three unconsolidated medical office partnerships (and the Company’s ownership percentage): HCP Ventures IV, LLC (20%); HCP Ventures III, LLC (30%); and Suburban Properties, LLC (67%).
(5) | Includes three unconsolidated joint ventures.
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 sold 61 MOBs, three hospitals and a redevelopment property for total proceeds of $634 million, recognizing gain 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 gain on sales of real estate of $5 million, of which the Company’s share was $1 million. As part of this sale, the Company received aggregate distributions of $8 million. See Note 5 for further information on the deconsolidation and pending sale of RIDEA II.

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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 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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