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Investments in and Advances to Unconsolidated Joint Ventures | 3 Months Ended
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Mar. 31, 2023
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 (dollars in thousands):
|  |  |  |  |  |  | Carrying Amount
|  |  |  |  |  |  |  | March 31, |  | December 31,
Entity(1) |  | Segment |  | Property Count(2) |  | Ownership %(2) |  | 2023 |  | 2022
SWF SH JV |  | Other |  | 19 |  | 54 |  | $ | 343,873 |  |  | $ | 345,978 |
South San Francisco JVs(3) |  | Life science |  | 7 |  | 70 |  | 319,535 |  |  | 309,969 |
Life Science JV |  | Life science |  | 1 |  | 49 |  | 26,817 |  |  | 26,601 |
Needham Land Parcel JV(4) |  | Life science |  | — |  | 38 |  | 15,658 |  |  | 15,391 |
Medical Office JVs(5) |  | Medical office |  | 3 |  | 20 - 67 |  | 8,796 |  |  | 8,738 |
|  |  |  |  |  |  |  | $ | 714,679 |  |  | $ | 706,677 |
_______________________________________ (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 March 31, 2023. (3)In August 2022, the Company sold a 30% interest in seven life science assets in South San Francisco, California to a sovereign wealth fund. This transaction resulted in the recognition of seven unconsolidated life science joint ventures in which the Company holds a 70% ownership percentage in each joint venture. These joint ventures have been aggregated herein due to similarity of the investments and operations. (4)Land held for development is excluded from the property count as of March 31, 2023. (5)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%). These joint ventures have been aggregated herein due to similarity of the investments and operations. In April 2023, the Company acquired the remaining 80% interest in one of the two properties in the Ventures IV unconsolidated joint venture for $4 million.

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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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