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Segment Reporting
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Disclosure SEGMENT INFORMATION We are a life science REIT 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.
Operating segments
Our Chief Operating Decision Maker (“CODM”), represented by our Executive Chairman and our Chief Executive Officer,
evaluates operating results at the geographic market level to assess performance and allocate resources. Our operating segments align
with our markets, including Greater Boston, the San Francisco Bay Area, San Diego, and Seattle, among others. Regular market
performance updates are 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 evaluate 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 our operating segments are located). Based on shared economic characteristics, we have aggregated our seven operating
segments into one reportable segment for segment reporting purposes. Two of our operating segments, specifically our New York City
and Canada markets, do not meet the aggregation criteria and individually do 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, NOI, for the three and nine months ended
September 30, 2025 and 2024 (in thousands):
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
Reportable segment revenues:
Revenues from external customers
$700,635
$733,817
$2,103,291
$2,168,331
Other income
7,764
12,173
24,779
23,526
Reportable segment total revenues
708,399
745,990
2,128,070
2,191,857
Reportable segment total rental operating expenses
(222,441)
(215,563)
(647,279)
(606,584)
Reportable segment net operating income (reportable
segment profit or loss)
$485,958
$530,427
$1,480,791
$1,585,273
Significant expenses included in the reportable segment profit or loss measure (i.e., NOI) 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, 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 (in thousands):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025
2024
2025
2024
Reconciliation of reportable segment revenues to
consolidated total revenues:
Reportable segment total revenues
$708,399
$745,990
$2,128,070
$2,191,857
All other revenues
43,545
45,617
144,072
135,592
Consolidated revenues
$751,944
$791,607
$2,272,142
$2,327,449
Reconciliation of reportable segment total rental operating
expenses to consolidated rental operations:
Reportable segment total rental operating expenses
$(222,441)
$(215,563)
$(647,279)
$(606,584)
All other rental operating expenses
(16,793)
(17,702)
(42,783)
(62,249)
Consolidated rental operations
$(239,234)
$(233,265)
$(690,062)
$(668,833)
Reconciliation of reportable segment net operating income
to consolidated net income:
Reportable segment net operating income (reportable
segment profit or loss)
$485,958
$530,427
$1,480,791
$1,585,273
All other revenues
43,545
45,617
144,072
135,592
All other rental operating expenses
(16,793)
(17,702)
(42,783)
(62,249)
Other items not allocated to segments:
General and administrative
(29,224)
(43,945)
(89,027)
(135,629)
Interest expense
(54,852)
(43,550)
(161,024)
(130,179)
Depreciation and amortization
(340,230)
(293,998)
(1,028,415)
(872,272)
Impairment of real estate
(323,870)
(5,741)
(485,630)
(36,504)
Loss on early extinguishment of debt
(107)
—
(107)
—
Equity in earnings (losses) of unconsolidated real
estate joint ventures
201
139
(9,327)
424
Investment income (loss)
28,161
15,242
(52,453)
14,866
Gain on sale of real estate
9,366
27,114
22,531
27,506
Consolidated net (loss) income
$(197,845)
$213,603
$(221,372)
$526,828
September 30, 2025
December 31, 2024
Reconciliation of reportable segment assets to consolidated investments in real
estate assets:
Reportable segment investments in real estate
$30,316,524
$30,393,144
All other investments in real estate
1,427,393
1,716,895
Consolidated investments in real estate
$31,743,917
$32,110,039