Investments in Unconsolidated Joint Ventures

6 Months Ended

Jun. 30, 2026

Equity Method Investments and Joint Ventures [Abstract]

Investments in 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)	2026		2025
South San Francisco JVs(3)	Lab	7	70	$	285,611	$	285,387

Callan Ridge JV	Lab	2	35	73,729		74,369
HQ Point Preferred Equity Investment(2)	Other	2	36	57,154		53,859
BX JV I and II(4)	Outpatient medical	6	20	43,349		—
Lab JV	Lab	1	49	30,969		31,406
PMAK JV(2)	Outpatient medical	59	12	17,172		21,711
Needham Land Parcel JV(2)	Lab	—	38	13,313		12,453
Outpatient Medical JV(5)	Outpatient medical	1	67	4,086		7,177
Davis JV	Outpatient medical	19	48	1,397		3,530
SWF SH JV(6)	Senior housing	—	—	—		312,709
				$	526,780	$	802,601

_______________________________________

(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.

SWF SH JV Buyout

As of December 31, 2025, the Company held a 53.5% ownership interest in the SWF SH JV. In January 2026, the Company acquired its JV partner’s 46.5% interest for $312 million, resulting in consolidation of the 19 senior housing communities (see Note 3).

Blackstone (“BX”) JV I and II

In March 2026, the Company sold an 80% interest in six outpatient medical buildings to a third party for net proceeds of $163 million and formed two JVs. Following the transaction, the Company does not control the JVs through its voting rights, resulting in the Company deconsolidating the assets, recognizing its retained 20% investment in the JVs 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, 2026, the Company recognized a gain upon change of control of $92 million, which is recognized within other income (expense), net in the Consolidated Statements of 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 committed to fund up to a total investment of $50 million, all of which had been funded as of December 31, 2025.