v3.25.2
Investments in and Advances to Unconsolidated Joint Ventures (Tables)
 6 Months Ended
Jun. 30, 2025
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
   June 30,December 31,
Entity(1)
Segment
Property Count(2)
Ownership %(2)
20252024
South San Francisco JVs(3)
Lab770$453,767 $446,145 
SWF SH JVOther1954316,451 322,551 
Callan Ridge JVLab23567,578 69,709 
HQ Point Preferred Equity Investment(4)
Other22834,980 — 
Lab JVLab14932,285 29,916 
PMAK JV(4)
Outpatient medical591226,687 32,511 
Needham Land Parcel JV(5)
Lab—3821,226 21,348 
Outpatient Medical JVs(6)
Outpatient medical2
20 - 67
7,314 7,199 
Davis JVOutpatient medical17463,091 7,435 
  $963,379 $936,814 
_______________________________________
(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.