Co-investments (Tables)

9 Months Ended

Sep. 30, 2015

Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract]

The following table details the carrying value of Company's co-investments (in thousands):



	September 30, 2015		December 31, 2014
Membership interest/Partnership interest in:
CPPIB	$	335,493	$	336,977
Wesco I, III and IV	218,316		256,790
BEXAEW	89,236		97,686
Palm Valley	69,428		70,186
Other	6,143		19,519
Total operating co-investments	718,616		781,158
Total development co-investments	212,892		152,574
Total preferred interest co-investments (includes related party investments of $35.4 million and $40.8 million as of September 30, 2015 and December 31, 2014, respectively)	104,535		108,691
Total co-investments	$	1,036,043	$	1,042,423

Summarized Financial Statement for Co-Investments Accounted for Under the Equity Method

The combined summarized financial information of co-investments are as follows (in thousands).



	September 30, 2015		December 31, 2014
Combined balance sheets: ⁽¹⁾
Rental properties and real estate under development	$	3,281,309	$	3,426,574
Other assets	117,430		107,902
Total assets	$	3,398,739	$	3,534,476
Debt	$	1,423,734	$	1,568,398
Other liabilities	109,504		91,579
Equity ⁽¹⁾	1,865,501		1,874,499
Total liabilities and equity	$	3,398,739	$	3,534,476
Company's share of equity	$	1,036,043	$	1,042,423



	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Combined statements of income: ⁽¹⁾
Property revenues	$	65,869		$	51,725		$	191,458		$	128,469
Property operating expenses	(23,094		)	(18,759		)	(69,232		)	(48,875		)
Net operating income	42,775			32,966			122,226			79,594
Gain on sale of real estate	—			—			14			11,369
Interest expense	(11,314		)	(9,838		)	(33,727		)	(25,283		)
General and administrative	(1,335		)	(1,840		)	(4,414		)	(5,039		)
Equity income from co-investments ⁽²⁾	—			4,808			—			14,351
Depreciation and amortization	(26,574		)	(21,357		)	(76,220		)	(49,935		)
Net income	$	3,552		$	4,739		$	7,879		$	25,057
Company's share of net income ⁽³⁾	$	7,179		$	4,910		$	15,962		$	21,065

⁽¹⁾ Includes preferred equity investments held by the Company.

⁽²⁾ Represents income from Wesco II's preferred equity investment in Park Merced.

⁽³⁾ Includes the Company's share of equity income from co-investments and preferred equity investments, gain on sales of co-investments, co-investment promote income and income from early redemption of preferred equity investments. Includes related party income of $0.8 million and $1.1 million for the three months ended September 30, 2015 and 2014, respectively and $2.9 million for both the nine months ended September 30, 2015 and 2014.