Real Estate Investments

3 Months Ended

Mar. 31, 2024

Real Estate [Abstract]

Real Estate Investments

Real Estate Investments

2023 Real Estate Investment Acquisitions

60 Loomis Land Parcel

In January 2023, the Company acquired a lab land parcel in Cambridge, Massachusetts for $9 million.

Wylie Outpatient Medical Building

In April 2023, the Company acquired the remaining 80% interest in one of the outpatient medical buildings in the Ventures IV unconsolidated joint venture for $4 million (see Note 8). Concurrent with the acquisition, the Company began consolidating the building and recognized a gain upon change of control of $0.2 million, which is recorded in other income (expense), net.

Development Activities

The Company’s commitments, which are primarily related to development and redevelopment projects and Company-owned tenant improvements, decreased by $2 million to $178 million at March 31, 2024, when compared to December 31, 2023, primarily as a result of additional construction spend on projects in development and redevelopment during the first quarter of 2024, thereby decreasing the remaining commitment, partially offset by: (i) additional commitments on projects placed into redevelopment during the quarter and (ii) commitments related to development projects acquired as part of the Merger.