Co-investments (Tables)

9 Months Ended

Sep. 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 September 30, 2019 and December 31, 2018 are as follows ($ in thousands, except parenthetical amounts):

	Weighted Average Company Ownership Percentage (1)		September 30, 2019		December 31, 2018
Ownership interest in:
CPPIB	54	%	$	469,288	$	482,507
Wesco I, Wesco III, Wesco IV, and Wesco V	52	%	212,808		194,890
BEXAEW, BEX II, BEX III, and BEX IV	50	%	161,467		121,780
Other	48	%	20,281		34,093
Total operating and other co-investments, net			863,844		833,270
Total pre-development and development co-investments	50	%	137,626		94,060
Total preferred interest co-investments (includes related party investments of $70.9 million and $51.8 million as of September 30, 2019 and December 31, 2018, respectively)			412,391		372,810
Total co-investments, net			$	1,413,861	$	1,300,140

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

	September 30, 2019		December 31, 2018
Combined balance sheets: (1)
Rental properties and real estate under development	$	4,779,685	$	4,367,987
Other assets	110,364		104,119
Total assets	$	4,890,049	$	4,472,106
Debt	$	2,316,618	$	2,190,764
Other liabilities	146,643		106,316
Equity	2,426,788		2,175,026
Total liabilities and equity	$	4,890,049	$	4,472,106
Company's share of equity	$	1,413,861	$	1,300,140

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Combined statements of income: (1)
Property revenues	$	84,071		$	84,820		$	249,628		$	247,010
Property operating expenses	(29,214		)	(27,779		)	(85,768		)	(81,415		)
Net operating income	54,857			57,041			163,860			165,595
Interest expense	(16,089		)	(15,805		)	(47,284		)	(46,179		)
General and administrative	(2,603		)	(1,254		)	(6,774		)	(5,134		)
Depreciation and amortization	(30,411		)	(32,833		)	(89,283		)	(95,312		)
Net income	$	5,754		$	7,149		$	20,519		$	18,970
Company's share of net income (2)	$	21,700		$	16,788		$	54,935		$	64,611

(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 $2.0 million and $0.7 million for the three months ended September 30, 2019 and 2018, respectively, and $5.5 million and $1.4 million for the nine months ended September 30, 2019 and 2018, respectively.