Co-investments

The Company has joint ventures and preferred equity investments in co-investments which are accounted for under the equity method. The co-investments own, operate, and develop apartment communities. The carrying values of the Company's co-investments as of March 31, 2016 and December 31, 2015 are as follows (in thousands):



	Ownership Percentage		March 31, 2016		December 31, 2015
Membership interest/Partnership interest in:
CPPIB	55	%	$	380,399	$	376,862
Wesco I, III and IV	50	%	216,485		218,902
BEXAEW	50	%	74,069		88,850
Palm Valley	50	%	68,340		68,525
Other	50%-55%		32,000		32,927
Total operating co-investments			771,293		786,066
Total development co-investments	50%-55%		158,408		143,669
Total preferred interest co-investments (includes related party investments of $35.9 million and $35.8 million as of March 31, 2016 and December 31, 2015, respectively)			139,983		106,312
Total co-investments			$	1,069,684	$	1,036,047

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



	March 31, 2016		December 31, 2015
Combined balance sheets: ⁽¹⁾
Rental properties and real estate under development	$	3,323,201	$	3,360,360
Other assets	111,040		96,785
Total assets	$	3,434,241	$	3,457,145
Debt	$	1,475,295	$	1,499,601
Other liabilities	97,765		92,241
Equity ⁽¹⁾	1,861,181		1,865,303
Total liabilities and equity	$	3,434,241	$	3,457,145
Company's share of equity	$	1,069,684	$	1,036,047



	Three Months Ended March 31,
	2016			2015
Combined statements of income: ⁽¹⁾
Property revenues	$	75,130		$	63,498
Property operating expenses	(25,821		)	(22,954		)
Net operating income	49,309			40,544
Gain on sale of real estate	17,495			14
Interest expense	(13,140		)	(11,316		)
General and administrative	(1,240		)	(1,606		)
Depreciation and amortization	(28,716		)	(25,381		)
Net income	$	23,708		$	2,255
Company's share of net income ⁽²⁾	$	15,068		$	4,311

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

⁽²⁾ 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 $0.9 million for the three months ended March 31, 2016 and 2015, respectively.