Investments in and Advances to Unconsolidated Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2023

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
				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

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(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.