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Investments in and Advances to Unconsolidated Joint Ventures (Tables) | 9 Months Ended
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Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract] |
Schedule of Equity Method Investments | The Company owns interests in the following entities that are accounted for under the equity method (dollars in thousands):
|  |  |  |  |  |  | Carrying Amount
|  |  |  |  |  |  |  | September 30, |  | December 31,
Entity(1) |  | Segment |  | Property Count(2) |  | Ownership %(2) |  | 2024 |  | 2023
South San Francisco JVs(3) |  | Lab |  | 7 |  | 70 |  | $ | 437,022 |  |  | $ | 393,374 |
SWF SH JV |  | Other |  | 19 |  | 54 |  | 322,724 |  |  | 332,693 |
Callan Ridge JV |  | Lab |  | 2 |  | 35 |  | 70,112 |  |  | — |
PMAK JV(4) |  | Outpatient medical |  | 59 |  | 12 |  | 34,241 |  |  | — |
Lab JV |  | Lab |  | 1 |  | 49 |  | 30,508 |  |  | 31,761 |
Needham Land Parcel JV(5) |  | Lab |  | — |  | 38 |  | 20,877 |  |  | 17,084 |
Davis JV(4) |  | Outpatient medical |  | 15 |  | 49 |  | 9,121 |  |  | — |
Outpatient Medical JVs(6) |  | Outpatient medical |  | 2 |  | 20 - 67 |  | 7,239 |  |  | 7,941 |
|  |  |  |  |  |  |  | $ | 931,844 |  |  | $ | 782,853 |
_______________________________________ (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 September 30, 2024. (3)Includes multiple unconsolidated lab joint ventures in South San Francisco, California in which the Company holds a 70% ownership percentage in each joint venture. The Company is entitled to a preferred return, a promote, and certain fees in exchange for development and asset management services provided to these joint ventures when certain conditions are met. These joint ventures have been aggregated herein due to similarity of the investments and operations. (4)Includes unconsolidated joint ventures acquired as part of the Merger (see Note 3). The properties underlying the PMAK JV are excluded from the Company’s total property count. (5)Land held for development is excluded from the property count as of September 30, 2024. (6)Includes two unconsolidated outpatient medical joint ventures in which the Company holds an ownership percentage as follows: (i) Ventures IV (20%) and (ii) Suburban Properties, LLC (67%). In April 2023, the Company acquired the remaining 80% interest in one of the two properties that were in the Ventures IV unconsolidated joint venture for $4 million (see Note 4). These joint ventures have been aggregated herein due to similarity of the investments and operations.

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 + Details
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