Investments in and Advances to Unconsolidated Joint Ventures

6 Months Ended

Jun. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

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
				June 30,		December 31,
Entity(1)	Segment	Property Count(2)	Ownership %(2)	2023		2022
SWF SH JV	Other	19	54	$	341,894	$	345,978
South San Francisco JVs(3)	Lab	7	70	337,450		309,969
Lab JV	Lab	1	49	28,863		26,601
Needham Land Parcel JV(4)	Lab	—	38	15,697		15,391
Outpatient Medical JVs(5)	Outpatient medical	2	20 - 67	8,052		8,738




				$	731,956	$	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 June 30, 2023.

(3)In August 2022, the Company sold a 30% interest in seven lab buildings in South San Francisco, California to a sovereign wealth fund. This transaction resulted in the recognition of seven unconsolidated lab 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 June 30, 2023.

(5)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%). As of December 31, 2022, these joint ventures held a total of three properties. 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 (see Note 3). These joint ventures have been aggregated herein due to similarity of the investments and operations.