Investments in and Advances to Unconsolidated Joint Ventures (Tables)

9 Months Ended

Sep. 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
				September 30,		December 31,
Entity(1)	Segment	Property Count(2)	Ownership %(2)	2025		2024
SWF SH JV	Other	19	54	$	312,093	$	322,551
South San Francisco JVs(3)	Lab	7	70	285,044		446,145
Callan Ridge JV	Lab	2	35	75,069		69,709
HQ Point Preferred Equity Investment(2)	Other	2	33	47,017		—
Lab JV	Lab	1	49	31,848		29,916
PMAK JV(2)	Outpatient medical	59	12	24,229		32,511
Needham Land Parcel JV(2)	Lab	—	38	12,291		21,348
Outpatient Medical JVs(4)	Outpatient medical	2	20 - 67	7,328		7,199
Davis JV	Outpatient medical	17	47	1,252		7,435
				$	796,171	$	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 September 30, 2025. 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 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)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.