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Investments in and Advances to Unconsolidated Joint Ventures | 6 Months Ended
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Jun. 30, 2022
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, excluding investments classified as discontinued operations (dollars in thousands):
|  |  |  |  |  |  | Carrying Amount
|  |  |  |  |  |  |  | June 30, |  | December 31,
Entity(1) |  | Segment |  | Property Count(2) |  | Ownership %(2) |  | 2022 |  | 2021
SWF SH JV |  | Other |  | 19 |  | 54 |  | $ | 351,686 |  |  | $ | 355,394 |
Life Science JV |  | Life science |  | 1 |  | 49 |  | 26,719 |  |  | 25,605 |
Needham Land Parcel JV(3) |  | Life science |  | — |  | 38 |  | 14,831 |  |  | 13,566 |
Medical Office JVs(4) |  | Medical office |  | 3 |  | 20 - 67 |  | 8,918 |  |  | 9,069 |
|  |  |  |  |  |  |  | $ | 402,154 |  |  | $ | 403,634 |
_______________________________________ (1)These entities are not consolidated because the Company does not control, through voting rights or other means, the joint ventures. (2)Property counts and ownership percentages are as of June 30, 2022. (3)In December 2021, the Company acquired a 38% interest in a life science development joint venture in Needham, Massachusetts for $13 million. Land held for development is excluded from the property count as of June 30, 2022. (4)Includes two unconsolidated medical office joint ventures in which the Company holds an ownership percentage as follows: (i) Ventures IV (20%) and (ii) Suburban Properties, LLC (67%). During 2021, the Company also held a 30% interest in Ventures III, which issued its final distribution and was dissolved. In April 2021, the Company sold its two preferred equity investments for their carrying value as part of the Discovery SHOP Portfolio disposition (see Note 4). Prior to the sale, the Company’s ownership percentage in these two unconsolidated joint ventures was as follows: (i) Discovery Naples JV (41%) and (ii) Discovery Sarasota JV (47%). In May 2021, the two remaining CCRCs in the CCRC JV were sold for $38 million, $19 million of which represents the Company’s 49% interest, resulting in an immaterial gain on sale recorded within equity income (loss) from unconsolidated joint ventures during the year ended December 31, 2021. South San Francisco Joint Ventures On August 1, 2022, the Company entered into a master equity transaction agreement with a sovereign wealth fund (“SWF Partner”) that provides the Company the opportunity to sell up to 30% interests in certain redevelopment and future development projects owned by the Company. Concurrently, the Company executed definitive agreements with the SWF Partner to sell a 30% interest in seven life science assets in South San Francisco, California for gross proceeds of $126 million. The Company and the SWF Partner will share in key decisions related to the planned redevelopment and operation of the assets, resulting in the Company deconsolidating the previously wholly-owned assets and recognizing its 70% share as an equity method investment.

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- References No definition available. + Details
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- 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 https://asc.fasb.org/topic&trid=2196965 + Details
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