Co-investments (Tables)

9 Months Ended

Sep. 30, 2017

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

Summary of co-investments

The carrying values of the Company's co-investments as of September 30, 2017 and December 31, 2016 are as follows (in thousands, except in parenthetical):

	Weighted Average Essex Ownership Percentage		September 30, 2017			December 31, 2016
Membership interest/Partnership interest in:
CPPIB	54	%	$	502,419		$	422,068
Wesco I, III, IV, and V	50	%	225,041			180,687
Palm Valley (1)	50	%	—			68,396
BEXAEW	50	%	45,523			47,963
BEX II (2)	50	%	(36,245		)	19,078
Other	53	%	40,471			43,713
Total operating and other co-investments, net			777,209			781,905
Total development co-investments, net	50	%	85,670			157,317
Total preferred interest co-investments (includes related party investments of $20.7 million and $35.9 million as of September 30, 2017 and December 31, 2016, respectively)			225,453			222,053
Total co-investments, net			$	1,088,332		$	1,161,275

(1) In January 2017, the Company purchased its joint venture partner's 50.0% interest in Palm Valley and as a result of this acquisition, the Company consolidates Palm Valley.

(2) This co-investment was classified as a liability as of September 30, 2017.

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

The combined summarized entity financial information of co-investments and preferred equity investments is as follows ($ in thousands).

	September 30, 2017		December 31, 2016
Combined balance sheets:
Rental properties and real estate under development	$	3,671,101	$	3,807,245
Other assets	111,372		121,505
Total assets	$	3,782,473	$	3,928,750
Debt	$	1,597,597	$	1,617,639
Other liabilities	65,865		74,607
Equity (1)	2,119,011		2,236,504
Total liabilities and equity	$	3,782,473	$	3,928,750
Company's share of equity	$	1,088,332	$	1,161,275

	Three Months Ended September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
Combined statements of income:
Property revenues	$	76,303		$	72,124		$	224,319		$	216,434
Property operating expenses	(27,753		)	(24,976		)	(79,028		)	(75,377		)
Net operating income	48,550			47,148			145,291			141,057
Gain on sale of real estate	10,058			—			10,058			28,291
Interest expense	(13,718		)	(10,978		)	(39,663		)	(35,260		)
General and administrative	(2,452		)	(1,496		)	(6,147		)	(4,276		)
Depreciation and amortization	(27,884		)	(25,569		)	(84,211		)	(79,676		)
Net income	$	14,554		$	9,105		$	25,328		$	50,136
Company's share of net income (1)	$	19,727		$	9,568		$	40,934		$	38,932

(1) 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 September 30, 2017 and 2016, respectively, and $1.5 million and $2.5 million for the nine months ended September 30, 2017 and 2016, respectively.