XML 26 R15.htm IDEA: XBRL DOCUMENT
v3.20.2

Investments in and Advances to Unconsolidated Joint Ventures | 6 Months Ended
--- | ---
Jun. 30, 2020
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
|  |  |  |  |  |  |  |  |  |  | June 30, |  | December 31,
Entity(1) |  | Segment |  |  | Property Count(2) |  |  | Ownership %(2) |  |  | 2020 |  | 2019
SWF SH JV(3) |  | SHOP |  |  | 19 |  |  | 54 |  |  | $ | 392,765 |  |  | $ | 428,258 |
MBK JV |  | SHOP |  |  | 5 |  |  | 50 |  |  | 31,826 |  |  | 33,415 |
Other SHOP JVs(4) |  | SHOP |  |  | 2 |  |  | 50 - 90 |  |  | 16,430 |  |  | 17,719 |
Medical Office JVs(5) |  | MOB |  |  | 3 |  |  | 20 - 67 |  |  | 9,817 |  |  | 9,845 |
Other JVs(6) |  | Other |  |  | — |  |  | 41 - 47 |  |  | 9,369 |  |  | 10,372 |
CCRC JV(7) |  | CCRC |  |  | 2 |  |  | 49 |  |  | 179 |  |  | 325,830 |
Advances to unconsolidated joint ventures, net |  |  |  |  |  |  |  |  |  |  | — |  |  | 76 |
|  |  |  |  |  |  |  |  |  |  | $ | 460,386 |  |  | $ | 825,515 |
_______________________________________
(1) | These entities are not consolidated because the Company does not control, through voting rights or other means, the joint ventures.
(2) | Property count and ownership percentage are as of June 30, 2020.
(3) | In December 2019, the Company formed the SWF SH JV with a sovereign wealth fund (see Note 4).
(4) | Unconsolidated other SHOP joint ventures (and the Company’s ownership percentage) include: (i) Waldwick JV (85%); (ii) Otay Ranch JV (90%); and (iii) MBK Development JV (50%).
(5) | Includes three unconsolidated medical office joint ventures (and the Company’s ownership percentage): (i) Ventures IV (20%); (ii) Ventures III (30%); and (iii) Suburban Properties, LLC (67%).
(6) | Unconsolidated other joint ventures (and the Company’s ownership percentage) include: (i) Discovery Naples JV (41%) and (ii) Discovery Sarasota JV (47%). The Discovery Naples JV and Discovery Sarasota JV are joint ventures that are developing senior housing facilities and the Company’s investments in those joint ventures are preferred equity investments earning a 10% per annum fixed-rate return. In January 2020, the Company sold its interest in the remaining K&Y joint venture for $12 million. At December 31, 2019, K&Y joint venture includes an ownership percentage of 80% and one unconsolidated joint venture. In October 2019, the Company sold its interest in one of the K&Y joint ventures for $4 million.
(7) | See Note 3 for discussion of the 2019 MTCA with Brookdale, including the acquisition of Brookdale’s interest in 13 of the 15 communities in the CCRC JV in January 2020.
CCRC JV. During 2019, the CCRC JV classified one property that Brookdale and the Company committed to sell to a third-party as held for sale in the joint venture’s stand-alone financial statements. In conjunction with classifying the property as held for sale, the CCRC JV recognized an impairment charge of $12 million to reflect the write-down of the property’s previous carrying value to the estimated selling price, less costs to sell. The Company recognized its 49% share of the impairment charge ($6 million) through equity income (loss) from unconsolidated joint ventures during the quarter ended September 30, 2019. Additionally, in January 2020, the Company acquired Brookdale’s 51% interest in 13 of the 15 communities held by the CCRC JV. Refer to Note 3 for a detailed discussion of the 2019 MTCA with Brookdale.

X
- References No definition available. + Details
Name: | us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
Name: | us-gaap_EquityMethodInvestmentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration