Co-investments (Tables)

9 Months Ended

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

	Weighted Average Company Ownership Percentage (1)		September 30, 2018		December 31, 2017
Ownership interest in:
CPPIB	54	%	$	487,002	$	500,287
Wesco I, Wesco III, Wesco IV, and Wesco V	52	%	187,905		214,408
BEXAEW, BEX II and BEX III (2)	50	%	118,924		13,827
Other	51	%	46,229		51,810
Total operating and other co-investments, net			840,060		780,332
Total development co-investments, net	50	%	77,144		73,770
Total preferred interest co-investments (includes related party investments of $36.8 million and $15.7 million as of September 30, 2018 and December 31, 2017, respectively)			350,389		265,156
Total co-investments, net			$	1,267,593	$	1,119,258

(1) Weighted average Company ownership percentages are as of September 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).

	September 30, 2018		December 31, 2017
Combined balance sheets: (1)
Rental properties and real estate under development	$	4,221,973	$	3,722,778
Other assets	146,930		110,333
Total assets	$	4,368,903	$	3,833,111
Debt	$	2,089,414	$	1,705,051
Other liabilities	101,514		45,515
Equity	2,177,975		2,082,545
Total liabilities and equity	$	4,368,903	$	3,833,111
Company's share of equity	$	1,267,593	$	1,155,984

	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Combined statements of income: (1)
Property revenues	$	84,820		$	76,303		$	247,010		$	224,319
Property operating expenses	(27,779		)	(27,753		)	(81,415		)	(79,028		)
Net operating income	57,041			48,550			165,595			145,291
Gain on sale of real estate	—			10,058			—			10,058
Interest expense	(15,805		)	(13,718		)	(46,179		)	(39,663		)
General and administrative	(1,254		)	(2,452		)	(5,134		)	(6,147		)
Depreciation and amortization	(32,833		)	(27,884		)	(95,312		)	(84,211		)
Net income	$	7,149		$	14,554		$	18,970		$	25,328
Company's share of net income (2)	$	16,788		$	19,727		$	64,611		$	40,934

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

(2) Includes the Company's share of equity income from joint ventures 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 $0.7 million and $0.5 million for the three months ended September 30, 2018 and 2017, respectively, and $1.4 million and $1.5 million for the nine months ended September 30, 2018 and 2017, respectively.