Investments in and Advances to Unconsolidated Joint Ventures (Tables)

9 Months Ended

Sep. 30, 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
				September 30,		December 31,
Entity(1)	Segment	Property Count(2)	Ownership %(2)	2023		2022
South San Francisco JVs(3)	Lab	7	70	$	357,209	$	309,969
SWF SH JV	Other	19	54	333,980		345,978
Lab JV	Lab	1	49	30,483		26,601
Needham Land Parcel JV(4)	Lab	—	38	15,733		15,391
Outpatient Medical JVs(5)	Outpatient medical	2	20 - 67	7,976		8,738
				$	745,381	$	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 September 30, 2023.

(3)Includes seven unconsolidated lab joint ventures in South San Francisco, California 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. See “South San Francisco JVs” below for further information.

(4)Land held for development is excluded from the property count as of September 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.