Investments in and Advances to Unconsolidated Joint Ventures

6 Months Ended

Jun. 30, 2025

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)	2025		2024
South San Francisco JVs(3)	Lab	7	70	$	453,767	$	446,145
SWF SH JV	Other	19	54	316,451		322,551
Callan Ridge JV	Lab	2	35	67,578		69,709
HQ Point Preferred Equity Investment(4)	Other	2	28	34,980		—
Lab JV	Lab	1	49	32,285		29,916
PMAK JV(4)	Outpatient medical	59	12	26,687		32,511
Needham Land Parcel JV(5)	Lab	—	38	21,226		21,348
Outpatient Medical JVs(6)	Outpatient medical	2	20 - 67	7,314		7,199
Davis JV	Outpatient medical	17	46	3,091		7,435
				$	963,379	$	936,814

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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, 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 June 30, 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 June 30, 2025, the Company had funded $34 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 six months ended June 30, 2024, the Company recognized a gain upon change of control of $78 million, which is recorded in other income (expense), net.