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Segment Reporting
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Reporting Disclosure SEGMENT INFORMATION
We are a life science real estate investment trust focused on developing, redeveloping, and operating properties that provide
space for lease to tenants primarily in the life science industry. Our properties are leased predominantly through triple-net lease
agreements and share key characteristics, including generic and reusable improvements, consistent lease structures, and business
strategy. All properties are located within North America, predominantly in the U.S., and operate within a comparable regulatory
environment. Our foreign operations, located in Canada, represent approximately 1% of our total revenues and total assets.
Operating segments
In 2024, our Chief Operating Decision Maker (“CODM”), represented by our Executive Chairman and our Chief Executive
Officer, revised their review approach from evaluating operating results at the individual property level to evaluating operating results at
the geographic market level to assess performance and allocate resources. This change reflects the growth and evolving structure of
our organization, as well as targeted initiatives implemented to streamline our business processes and enhance operational efficiencies.
We note that the recent accounting standard update on segment reporting, which became effective for us on January 1, 2024, had no
impact on the reassessment of our operating segments, as it does not change the principles for determining operating segments or
aggregation under ASC 280. Instead, our change was driven by organizational developments, as described below.
As a result, beginning in 2024, our operating segments aligned with our markets, including Greater Boston, San Francisco Bay
Area, San Diego, and Seattle, among others. The transition from a property-level to a market-level review of operating results was
driven by the following key factors:
•Organizational growth and complexity. As our portfolio expanded, regular reviews of individual property-level operating results 
became increasingly granular and operationally inefficient for the CODM. Shifting to a market-level review allowed for a more
strategic focus on key performance drivers and resource allocation priorities.
•Streamlining business processes and enhancing efficiencies. We have implemented significant organizational initiatives to
improve efficiency and reduce costs. These initiatives included upgrading systems, improving processes, integrating smarter
technology, and optimizing workflows to enhance operating effectiveness.
•Personnel-related changes. Reallocation and consolidation of roles and responsibilities, reduction in headcount, including
retirement of certain executives, and elimination of redundancies across the company.
As a result of these measures, starting in 2024, regular market performance updates are now provided directly to the CODM.
These updates include each market’s net operating income (“NOI”), which serves as the profit or loss measure used by the CODM for
performance assessment and resource allocation. NOI provides useful information regarding performance of each market as it reflects
income and expenses incurred in connection with real estate operations in each market. This metric enables the CODM to evaluate the
profitability and performance of each market on a consistent and comparable basis, supporting decisions on capital resource allocation,
including in connection with development, redevelopment, acquisition, and disposition activities in each market.
Evaluation of economic similarity and aggregation of operating segments
In accordance with the segment reporting accounting standard, we evaluated the economic similarity of our operating
segments. Seven of our nine operating segments exhibit consistent long-term economic characteristics, including similar historical long-
term NOI margins, which are also expected to remain similar in the future. Additionally, these markets share similar operational
characteristics, including nature of services provided (i.e., leasing, operating, developing, and redeveloping life science properties),
tenant base (i.e., a variety of tenants involved in the life science industry), methods of operation (i.e., consistent lease structures,
property management practices, and business strategies), nature of the regulatory environment (consistent across North America,
where all of our operating segments are located). Given these shared economic characteristics, we have aggregated our seven
operating segments into one reportable segment for segment reporting purposes. Two of our operating segments did not meet the
aggregation criteria, and individually did not meet the quantitative thresholds to qualify as reportable segments. Therefore, these
operating segments are included in the “all other” category in the tables below.
The following table presents the reportable segment profit or loss measure — net operating income.
Year Ended December 31,
(in thousands)
2024
2023
2022
Reportable segment revenues:
Revenues from external customers
$2,897,524
$2,685,027
$2,443,865
Other income
30,028
21,408
10,214
Reportable segment total revenues
2,927,552
2,706,435
2,454,079
Reportable segment total rental operating expenses
(831,258)
(763,700)
(695,226)
Reportable segment net operating income (reportable segment profit or loss)
$2,096,294
$1,942,735
$1,758,853
Significant expenses included in the reportable segment profit or loss measure (i.e., net operating income) are represented by
the reportable segment total rental operating expenses and are disclosed in the table above. These expenses primarily include property
taxes, utilities, repairs and maintenance, engineering, janitorial personnel, and other costs.
Presented below are reconciliations of the reportable segment total revenues to the consolidated revenues, the reportable
segment total rental operating expenses to consolidated rental operations, the reportable segment NOI to the consolidated net income,
and the reportable segment investments in real estate assets to the consolidated investments in real estate assets:
Year Ended December 31,
(in thousands)
2024
2023
2022
Reconciliation of reportable segment revenues to consolidated total revenues:
Reportable segment total revenues
$2,927,552
$2,706,435
$2,454,079
All other revenues
188,842
179,264
134,883
Consolidated revenues
$3,116,394
$2,885,699
$2,588,962
Reconciliation of reportable segment total rental operating expenses to consolidated
rental operations:
Reportable segment total rental operating expenses
$(831,258)
$(763,700)
$(695,226)
All other rental operating expenses
(78,007)
(95,480)
(87,927)
Consolidated rental operations
$(909,265)
$(859,180)
$(783,153)
Reconciliation of reportable segment net operating income to consolidated net income:
Reportable segment net operating income (reportable segment profit or loss)
$2,096,294
$1,942,735
$1,758,853
All other revenues
188,842
179,264
134,883
All other rental operating expenses
(78,007)
(95,480)
(87,927)
Other items not allocated to segments:
General and administrative
(168,359)
(199,354)
(177,278)
Interest expense
(185,838)
(74,204)
(94,203)
Depreciation and amortization
(1,202,380)
(1,093,473)
(1,002,146)
Impairment of real estate
(223,068)
(461,114)
(64,969)
Loss on early extinguishment of debt
—
—
(3,317)
Equity in earnings of unconsolidated real estate joint ventures
7,059
980
645
Investment loss
(53,122)
(195,397)
(331,758)
Gain on sale of real estate
129,312
277,037
537,918
Consolidated net income
$510,733
$280,994
$670,701
As of December 31,
(in thousands)
2024
2023
Reconciliation of reportable segment assets to consolidated investments in real estate assets
Reportable segment investments in real estate
$30,393,144
$29,810,981
All other investments in real estate
1,716,895
1,822,530
Consolidated investments in real estate
$32,110,039
$31,633,511