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Investments in and Advances to Unconsolidated Joint Ventures | 3 Months Ended
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Mar. 31, 2025
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) |  | 2025 |  | 2024
South San Francisco JVs(3) |  | Lab |  | 7 |  | 70 |  | $ | 446,437 |  |  | $ | 446,145 |
SWF SH JV |  | Other |  | 19 |  | 54 |  | 319,722 |  |  | 322,551 |
Callan Ridge JV |  | Lab |  | 2 |  | 35 |  | 68,671 |  |  | 69,709 |
Lab JV |  | Lab |  | 1 |  | 49 |  | 32,681 |  |  | 29,916 |
PMAK JV(4) |  | Outpatient medical |  | 59 |  | 12 |  | 29,218 |  |  | 32,511 |
HQ Point Preferred Equity Investment(4) |  | Other |  | 2 |  | 19 |  | 21,743 |  |  | — |
Needham Land Parcel JV(5) |  | Lab |  | — |  | 38 |  | 21,157 |  |  | 21,348 |
Outpatient Medical JVs(6) |  | Outpatient medical |  | 2 |  | 20 - 67 |  | 7,245 |  |  | 7,199 |
Davis JV |  | Outpatient medical |  | 15 |  | 49 |  | 5,104 |  |  | 7,435 |
|  |  |  |  |  |  |  | $ | 951,978 |  |  | $ | 936,814 |
_______________________________________ (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, 2025. (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)The properties underlying the PMAK JV and HQ Point Preferred Equity Investment are excluded from the Company’s total property count. (5)Land held for development is excluded from the property count as of March 31, 2025. (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%). These joint ventures have been aggregated herein due to similarity of the investments and operations. HQ Point Preferred Equity Investment In February 2025, the Company made a preferred equity investment in a joint venture that holds a lab campus under development in San Diego, California. This investment is entitled to a preferred return, and the Company has committed to fund up to a total investment of $50 million. As of March 31, 2025, the Company has funded $21 million of its investment. Callan Ridge JV In January 2024, the Company sold a 65% interest in two lab buildings in San Diego, California (the “Callan Ridge JV”) to a third-party (the “JV Partner”) for net proceeds of $128 million. Following the transaction, the Company and the JV Partner share in key decisions of the assets through their voting rights, resulting in the Company deconsolidating the assets, recognizing its retained 35% investment in the Callan Ridge JV at fair value, and accounting for its investment using the equity method. The fair value of the Company’s retained investment at the time of the transaction was based on a market approach, utilizing an agreed-upon contractual sales price, which is considered to be a Level 3 measurement within the fair value hierarchy. During the three months ended March 31, 2024, the Company recognized a gain upon change of control of $78 million, which is recorded in other income (expense), net.

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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/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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