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Variable Interest Entities | 6 Months Ended
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Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Variable Interest Entities | Variable Interest Entities Consolidated Variable Interest Entities SHOP The assets of our SHOP ventures primarily consist of real estate properties, cash and cash equivalents, and accounts receivable from resident fees and services. The obligations of the SHOP ventures primarily consist of accounts payable and accrued expenses for operating expenses of the ILFs and capital expenditures related to the properties. Aggregate assets of the consolidated SHOP ventures that can be used only to settle obligations of each respective SHOP venture primarily include $258.5 million and $261.6 million of real estate properties, net, $7.2 million and $6.5 million of cash and cash equivalents, $0.6 million and $0.8 million of accounts receivable and $1.5 million and $1.5 million of other assets, net, as of June 30, 2025 and December 31, 2024, respectively. Liabilities of the consolidated SHOP ventures for which creditors do not have recourse to the general credit of the Company were $4.4 million and $5.7 million as of June 30, 2025 and December 31, 2024, respectively. Reference Notes 5 and 10 for additional information on our SHOP 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, 2025 and December 31, 2024 include $240.3 million and $244.3 million of real estate properties, net, $9.7 million and $10.0 million of straight-line rent receivable, $2.9 million and $3.2 million of cash and cash equivalents and $4.0 million and $5.3 million of other assets, net, respectively. Liabilities of these partnerships for which creditors do not have recourse to the general credit of the Company are not material. Unconsolidated Variable Interest Entities The table below presents information related to our unconsolidated VIEs as of June 30, 2025. For additional information on the nature of these relationships, including our sources of exposure, reference the notes to our condensed consolidated financial statements as cross-referenced below ($ in thousands):
Year |  |  |  |  |  |  |  | Maximum |  |
of Initial |  |  |  | Source of |  | Carrying |  | Exposure |  | Note
Involvement |  | Name |  | Exposure |  | Amounts |  | to Loss |  | Reference
|  |  |  | Notes and straight-line |  |  |  |  |  |
2014 |  | Senior Living |  | rent receivable |  | $ | 86,446 |  |  | $ | 87,446 |  |  | Notes 3, 4
2016 |  | Senior Living Management |  | Note |  | 12,000 |  |  | 12,000 |  |  | Notes 3, 4
2018 |  | Bickford |  | Notes |  | 16,127 |  |  | 28,150 |  |  | Notes 3, 4
2019 |  | Encore Senior Living |  | Various 1 |  | 35,558 |  |  | 35,625 |  |  | Note 4
2020 |  | Timber Ridge OpCo |  | Various 2 |  | (2,756) |  |  | 2,244 |  |  | Note 6
|  | Senior Living Hospitality |  | Notes and straight-line |  |  |  |  |  |
2020 |  | Group* |  | rent receivable |  | 13,026 |  |  | 14,050 |  |  | Note 4
|  | Montecito Medical |  | Notes and funding |  |  |  |  |  |
2021 |  | Real Estate |  | commitment |  | 9,391 |  |  | 39,002 |  |  | Note 4
|  |  |  | Notes and straight-line |  |  |  |  |  |
2021 |  | Vizion Health |  | rent receivable |  | 19,888 |  |  | 20,309 |  |  | Note 4
2021 |  | Navion Senior Solutions |  | Various 3 |  | 7,636 |  |  | 9,786 |  |  | —
2023 |  | Kindcare Senior Living |  | Notes 4 |  | 801 |  |  | 801 |  |  | —
2024 |  | Mainstay Healthcare |  | Note |  | 9,062 |  |  | 9,062 |  |  | —
* Formerly referred to as Watermark Retirement 1 Note, straight-line rent receivable and interest receivable 2 Loan commitment, equity method investment, straight-line rent receivable and unamortized lease incentive 3 Straight-line rent receivable and unamortized lease incentive 4 Represents two mezzanine loans originating from the sales of real estate properties 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 any 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 therefore is not included in the table above. In the future, we 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 we 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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