Co-investments (Tables)

3 Months Ended

Mar. 31, 2017

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

The carrying values of the Company's co-investments as of March 31, 2017 and December 31, 2016 are as follows (in thousands, except in parenthetical):



	Ownership Percentage		March 31, 2017			December 31, 2016
Membership interest/Partnership interest in:
CPPIB	50%-55%		$	463,899		$	422,068
Wesco I, III and IV	50	%	181,187			180,687
Palm Valley	50	%	—			68,396
BEXAEW	50	%	47,321			47,963
BEX II ⁽¹⁾	50	%	(35,534		)	19,078
Other	50%-55%		42,384			43,713
Total operating co-investments, net			699,257			781,905
Total development co-investments, net	50%-55%		123,408			157,317
Total preferred interest co-investments (includes related party investments of $20.5 million and $35.9 million as of March 31, 2017 and December 31, 2016, respectively)			213,059			222,053
Total co-investments, net			$	1,035,724		$	1,161,275

(1) This co-investment was classified as a liability as of March 31, 2017.

Summarized financial information for co-investments accounted for under the equity method

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



	March 31, 2017		December 31, 2016
Combined balance sheets: ⁽¹⁾
Rental properties and real estate under development	$	3,433,014	$	3,807,245
Other assets	102,385		121,505
Total assets	$	3,535,399	$	3,928,750
Debt	$	1,461,893	$	1,617,639
Other liabilities	75,570		74,607
Equity ⁽¹⁾	1,997,936		2,236,504
Total liabilities and equity	$	3,535,399	$	3,928,750
Company's share of equity	$	1,035,724	$	1,161,275



	Three Months Ended March 31,
	2017			2016
Combined statements of income: ⁽¹⁾
Property revenues	$	75,905		$	75,130
Property operating expenses	(25,408		)	(25,821		)
Net operating income	50,497			49,309
Gain on sale of real estate	—			17,495
Interest expense	(11,921		)	(13,140		)
General and administrative	(1,778		)	(1,240		)
Depreciation and amortization	(27,904		)	(28,716		)
Net income	$	8,894		$	23,708
Company's share of net income ⁽²⁾	$	10,899		$	15,068

(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 $0.5 million and $0.8 million for the three months ended March 31, 2017 and 2016, respectively.