Co-investments (Tables)

6 Months Ended

Jun. 30, 2018

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 June 30, 2018 and December 31, 2017 are as follows ($ in thousands, except parenthetical amounts):

	Weighted Average Company Ownership Percentage (1)		June 30, 2018		December 31, 2017
Ownership interest in:
CPPIB	54	%	$	492,382	$	500,287
Wesco I, Wesco III, Wesco IV, and Wesco V	53	%	211,574		214,408
BEXAEW, BEX II and BEX III (2)	50	%	120,788		13,827
Other	52	%	47,367		51,810
Total operating and other co-investments, net			872,111		780,332
Total development co-investments, net	50	%	76,525		73,770
Total preferred interest co-investments (includes related party investments of $36.4 million and $15.7 million as of June 30, 2018 and December 31, 2017, respectively)			342,684		265,156
Total co-investments, net			$	1,291,320	$	1,119,258

(1) Weighted average Company ownership percentages are as of June 30, 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).

	June 30, 2018		December 31, 2017
Combined balance sheets: (1)
Rental properties and real estate under development	$	4,032,421	$	3,722,778
Other assets	166,521		110,333
Total assets	$	4,198,942	$	3,833,111
Debt	$	1,948,724	$	1,705,051
Other liabilities	64,982		45,515
Equity	2,185,236		2,082,545
Total liabilities and equity	$	4,198,942	$	3,833,111
Company's share of equity	$	1,291,320	$	1,155,984

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Combined statements of income: (1)
Property revenues	$	81,348		$	72,111		$	162,190		$	148,016
Property operating expenses	(26,567		)	(25,866		)	(53,636		)	(51,275		)
Net operating income	54,781			46,245			108,554			96,741
Interest expense	(13,639		)	(14,024		)	(30,374		)	(25,945		)
General and administrative	(2,388		)	(1,917		)	(3,880		)	(3,695		)
Depreciation and amortization	(31,317		)	(28,423		)	(62,479		)	(56,327		)
Net income	$	7,437		$	1,881		$	11,821		$	10,774
Company's share of net income (2)	$	15,049		$	10,308		$	47,823		$	21,207

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

(2) Includes the Company's share of equity income from joint ventures and preferred equity co-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 $0.3 million and $0.5 million for the three months ended June 30, 2018 and 2017, respectively, and $0.7 million and $1.0 million for the six months ended June 30, 2018 and 2017, respectively.