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Variable Interest Entities | 6 Months Ended
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Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Variable Interest Entities | Variable Interest Entities Consolidated Variable Interest Entities SHOP - The assets of the SHOP ventures primarily consist of real estate properties, cash and cash equivalents, and resident fees and services (accounts receivable). The obligations of the ventures primarily consist of operating expenses of the ILFs (accounts payable and accrued expenses) and capital expenditures for the properties. Aggregate assets of the consolidated SHOP ventures that can be used only to settle obligations of each respective SHOP venture primarily include approximately $259.5 million and $260.7 million of real estate properties, net, $6.0 million and $7.7 million of cash and cash equivalents, and $2.7 million and $1.7 million of other assets, net, as of June 30, 2024 and December 31, 2023, respectively. Liabilities of the consolidated SHOP ventures for which creditors do not have recourse to the general credit of the Company are $4.3 million and $4.7 million as of June 30, 2024 and December 31, 2023, respectively. Reference Notes 5 and 10 for further discussion of these ventures. Real Estate Partnerships - The aggregate assets of the two consolidated real estate partnerships that can be used only to settle obligations of each respective partnership as of June 30, 2024 and December 31, 2023 include approximately $248.4 million and $252.5 million of real estate properties, net, $9.8 million and $9.7 million in straight-line rent receivable, $2.3 million and $3.2 million of cash and cash equivalents and $6.6 million and $7.8 million of other assets, net, respectively. Liabilities of these partnerships for which creditors do not have recourse to the general credit of the Company are not material. Unconsolidated Variable Interest Entities The Company’s unconsolidated VIEs are summarized below by date of initial involvement. For further discussion of the nature of the relationships, including the sources of exposure to these VIEs, see the notes to our condensed consolidated financial statements cross-referenced below ($ in thousands).
Date | Name | Source of Exposure | Carrying Amount | Maximum Exposure to Loss | Note Reference
2014 | Senior Living | Various 1 | $ | 85,238 |  | $ | 102,488 |  | Notes 3, 4
2016 | Senior Living Management | Notes | $ | 24,500 |  | $ | 24,500 |  | —
2018 | Bickford | Notes and development commitments | $ | 16,823 |  | $ | 37,263 |  | Notes 3, 4
2019 | Encore | Various 2 | $ | 34,579 |  | $ | 57,243 |  | —
2020 | Timber Ridge OpCo | Various 3 | $ | 16 |  | $ | 5,016 |  | Notes 6, 7
2020 | Watermark Retirement | Notes and straight-line rent receivable | $ | 10,590 |  | $ | 11,864 |  | —
2021 | Montecito Medical Real Estate | Notes and funding commitment | $ | 18,201 |  | $ | 50,211 |  | Note 4
2021 | Vizion Health | Notes and straight-line rent receivable | $ | 15,833 |  | $ | 15,833 |  | —
2021 | Navion Senior Solutions | Various 4 | $ | 7,975 |  | $ | 11,278 |  | —
2023 | Kindcare Senior Living | Notes 5 | $ | 766 |  | $ | 766 |  | —
1 Notes, straight-line rent receivable, and development commitment 2 Note, straight-line rent receivable, and lease receivables 3 Loan commitment, equity method investment, straight-line rent receivable and unamortized lease incentive 4 Development commitments, straight-line rent receivable, and unamortized lease incentive 5 Represents two mezzanine loans originated from the sales of real estate We are not obligated to provide support beyond our stated commitments to these tenants and borrowers whom we classify as VIEs, and accordingly, our maximum exposure to loss as a result of these relationships is limited to the amount of our commitments, as shown above and discussed in the notes. Economic loss on a lease, in excess of what is presented in the table above, if any, would be limited to that resulting from any period of non-payment of rent before we are able to take effective remedial action, as well as costs incurred in transitioning the lease to a new tenant. The potential extent of such loss would be dependent upon individual facts and circumstances, and is therefore not included in the table above. In the future, NHI may be deemed the primary beneficiary of the operations if the tenants or borrowers do not have adequate liquidity to accept the risks and rewards as the tenants and operators of the properties and NHI may be required to consolidate the financial position and results of operations of the tenants or borrowers into our condensed consolidated financial statements.

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/810/tableOfContent + Details
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