Co-investments (Tables)

3 Months Ended

Mar. 31, 2019

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, 2019 and December 31, 2018 are as follows ($ in thousands, except parenthetical amounts):



	Weighted Average Company Ownership Percentage ⁽¹⁾		March 31, 2019		December 31, 2018
Ownership interest in:
CPPIB	54	%	$	478,440	$	482,507
Wesco I, Wesco III, Wesco IV, and Wesco V	52	%	191,205		194,890
BEXAEW, BEX II and BEX III	50	%	118,982		121,780
Other	49	%	13,707		34,093
Total operating and other co-investments, net			802,334		833,270
Total pre-development and development co-investments	50	%	109,696		94,060
Total preferred interest co-investments (includes related party investments of $67.0 million and $51.8 million as of March 31, 2019 and December 31, 2018, respectively)			395,531		372,810
Total co-investments, net			$	1,307,561	$	1,300,140

(1) Weighted average Company ownership percentages are as of March 31, 2019.

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, 2019		December 31, 2018
Combined balance sheets: ⁽¹⁾
Rental properties and real estate under development	$	4,310,726	$	4,367,987
Other assets	101,790		104,119
Total assets	$	4,412,516	$	4,472,106
Debt	$	2,160,347	$	2,190,764
Other liabilities	114,300		106,316
Equity	2,137,869		2,175,026
Total liabilities and equity	$	4,412,516	$	4,472,106
Company's share of equity	$	1,307,561	$	1,300,140



	Three Months Ended March 31,
	2019			2018
Combined statements of income: ⁽¹⁾
Property revenues	$	83,725		$	80,842
Property operating expenses	(28,719		)	(27,069		)
Net operating income	55,006			53,773
Interest expense	(15,115		)	(16,735		)
General and administrative	(1,928		)	(1,492		)
Depreciation and amortization	(29,935		)	(31,162		)
Net income	$	8,028		$	4,384
Company's share of net income ⁽²⁾	$	16,276		$	32,774

(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 $1.7 million and $0.4 million for the three months ended March 31, 2019 and 2018, respectively.