v3.26.1
Investments in Unconsolidated Joint Ventures (Tables)
 6 Months Ended
Jun. 30, 2026
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)
20262025
South San Francisco JVs(3)
Lab770$285,611 $285,387 
Callan Ridge JVLab23573,729 74,369 
HQ Point Preferred Equity Investment(2)
Other23657,154 53,859 
BX JV I and II(4)
Outpatient medical62043,349 — 
Lab JVLab14930,969 31,406 
PMAK JV(2)
Outpatient medical591217,172 21,711 
Needham Land Parcel JV(2)
Lab—3813,313 12,453 
Outpatient Medical JV(5)
Outpatient medical1674,086 7,177 
Davis JVOutpatient medical19481,397 3,530 
SWF SH JV(6)
Senior housing——— 312,709 
$526,780 $802,601 
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(1)These entities are not consolidated because the Company does not control, through voting rights or other means, the JVs.
(2)Property counts and ownership percentages are as of June 30, 2026. Land held for development and the properties underlying the PMAK JV and HQ Point Preferred Equity Investment are excluded from the Company’s total property count.
(3)Includes multiple unconsolidated lab JVs in South San Francisco, California in which the Company holds a 70% ownership percentage in each JV. 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 JVs have been aggregated herein due to similarity of the investments and operations.
(4)Includes two unconsolidated outpatient medical JVs in which the Company holds a 20% ownership percentage in each JV. These JVs have been aggregated herein due to similarity of the investments and operations.
(5)As of June 30, 2026, includes one unconsolidated outpatient medical JV, Suburban Properties, LLC, in which the Company holds a 67% ownership percentage. During the three months ended June 30, 2026, the outpatient medical building in the Ventures IV JV was sold, resulting in a $2 million loss on sale recognized within equity income (loss) from unconsolidated joint ventures. As of December 31, 2025, included two unconsolidated outpatient medical JVs in which the Company held an ownership percentage as follows: (i) Ventures IV (20%) and (ii) Suburban Properties, LLC (67%). These joint ventures were aggregated herein due to similarity of the investments and operations.
(6)As of December 31, 2025, the Company held a 53.5% ownership interest in the SWF SH JV that was comprised of 19 senior housing communities prior to the SWF SH JV Buyout, as described below.