Co-investments (Tables)

3 Months Ended

Mar. 31, 2018

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, 2018 and December 31, 2017 are as follows ($ in thousands, except in parenthetical):



	Weighted Average Essex Ownership Percentage ⁽¹⁾		March 31, 2018		December 31, 2017
Membership interest/Partnership interest in:
CPPIB	54	%	$	496,512	$	500,287
Wesco I, III, IV, and V	53	%	214,650		214,408
BEXAEW, BEX II and BEX III ⁽²⁾	50	%	135,174		13,827
Other	52	%	50,209		51,810
Total operating and other co-investments, net			896,545		780,332
Total development co-investments, net	50	%	75,092		73,770
Total preferred interest co-investments (includes related party investments of $15.6 million and $15.7 million as of March 31, 2018 and December 31, 2017, respectively)			319,320		265,156
Total co-investments, net			$	1,290,957	$	1,119,258

(1) Weighted average Essex ownership percentages are as of March 31, 2018.

(2) As of December 31, 2017, the Company's investment in BEX II was classified as a liability of $36.7 million.

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

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



	March 31, 2018		December 31, 2017
Combined balance sheets: ⁽¹⁾
Rental properties and real estate under development	$	3,794,212	$	3,722,778
Other assets	161,538		110,333
Total assets	$	3,955,750	$	3,833,111
Debt	$	1,744,663	$	1,705,051
Other liabilities	69,782		45,515
Equity	2,141,305		2,082,545
Total liabilities and equity	$	3,955,750	$	3,833,111
Company's share of equity	$	1,290,957	$	1,155,984



	Three Months Ended March 31,
	2018			2017
Combined statements of income: ⁽¹⁾
Property revenues	$	80,842		$	75,905
Property operating expenses	(27,069		)	(25,408		)
Net operating income	53,773			50,497
Interest expense	(16,735		)	(11,921		)
General and administrative	(1,492		)	(1,778		)
Depreciation and amortization	(31,162		)	(27,904		)
Net income	$	4,384		$	8,894
Company's share of net income ⁽²⁾	$	32,774		$	10,899

(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 $0.4 million and $0.5 million for the three months ended March 31, 2018 and 2017, respectively.