Co-investments (Tables)

6 Months Ended

Jun. 30, 2019

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

	Weighted Average Company Ownership Percentage (1)		June 30, 2019		December 31, 2018
Ownership interest in:
CPPIB	54	%	$	473,746	$	482,507
Wesco I, Wesco III, Wesco IV, and Wesco V	52	%	187,446		194,890
BEXAEW, BEX II, and BEX III	50	%	117,607		121,780
Other	49	%	15,071		34,093
Total operating and other co-investments, net			793,870		833,270
Total pre-development and development co-investments	50	%	120,249		94,060
Total preferred interest co-investments (includes related party investments of $68.6 million and $51.8 million as of June 30, 2019 and December 31, 2018, respectively)			409,962		372,810
Total co-investments, net			$	1,324,081	$	1,300,140

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

	June 30, 2019		December 31, 2018
Combined balance sheets: (1)
Rental properties and real estate under development	$	4,419,528	$	4,367,987
Other assets	81,172		104,119
Total assets	$	4,500,700	$	4,472,106
Debt	$	2,170,899	$	2,190,764
Other liabilities	122,353		106,316
Equity	2,207,448		2,175,026
Total liabilities and equity	$	4,500,700	$	4,472,106
Company's share of equity	$	1,324,081	$	1,300,140

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Combined statements of income: (1)
Property revenues	$	81,832		$	81,348		$	165,557		$	162,190
Property operating expenses	(27,835		)	(26,567		)	(56,554		)	(53,636		)
Net operating income	53,997			54,781			109,003			108,554
Interest expense	(16,080		)	(13,639		)	(31,195		)	(30,374		)
General and administrative	(2,243		)	(2,388		)	(4,171		)	(3,880		)
Depreciation and amortization	(28,937		)	(31,317		)	(58,872		)	(62,479		)
Net income	$	6,737		$	7,437		$	14,765		$	11,821
Company's share of net income (2)	$	16,959		$	15,049		$	33,235		$	47,823

(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 $1.8 million and $0.3 million for the three months ended June 30, 2019 and 2018, respectively, and $3.5 million and $0.7 million for the six months ended June 30, 2019 and 2018, respectively.