Co-investments (Tables)

3 Months Ended

Mar. 31, 2020

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, 2020 and December 31, 2019 are as follows ($ in thousands, except parenthetical amounts):



	Weighted Average Company Ownership Percentage ⁽¹⁾		3/31/2020		12/31/2019
Ownership interest in:
CPPIB ⁽²⁾	—	%	$	—	$	345,466
Wesco I, Wesco III, Wesco IV, and Wesco V	51	%	209,742		216,756
BEXAEW, BEX II, BEX III, and BEX IV	50	%	156,869		160,888
Other	48	%	21,023		20,351
Total operating and other co-investments, net			387,634		743,461
Total predevelopment and development co-investments	50	%	158,145		146,944
Total preferred interest co-investments (includes related party investments of $75.3 million and $73.2 million as of March 31, 2020 and December 31, 2019, respectively)			451,358		444,934
Total co-investments, net			$	997,137	$	1,335,339

⁽¹⁾ Weighted average Company ownership percentages are as of March 31, 2020.

⁽²⁾ In January 2020, the Company purchased CPPIB's 45.0% interest in each of a land parcel and six communities totaling 2,020 apartment homes.

Summarized financial information for co-investments accounted for under the equity method

The combined summarized financial information of co-investments is as follows ($ in thousands):



	3/31/2020		12/31/2019
Combined balance sheets: ⁽¹⁾
Rental properties and real estate under development	$	4,287,101	$	4,733,762
Other assets	158,145		139,562
Total assets	$	4,445,246	$	4,873,324
Debt	$	2,522,407	$	2,442,213
Other liabilities	181,761		117,160
Equity	1,741,078		2,313,951
Total liabilities and equity	$	4,445,246	$	4,873,324
Company's share of equity	$	997,137	$	1,335,339



	Three Months Ended March 31,
	2020			2019
Combined statements of income: ⁽¹⁾
Property revenues	$	77,369		$	83,725
Property operating expenses	(25,715		)	(28,719		)
Net operating income	51,654			55,006
Interest expense	(20,853		)	(15,115		)
General and administrative	(4,083		)	(1,928		)
Depreciation and amortization	(28,437		)	(29,935		)
Net income (loss)	$	(1,719	)	$	8,028
Company's share of net income ⁽²⁾	$	21,297		$	16,276

⁽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 $2.1 million and $1.7 million for the three months ended March 31, 2020 and 2019, respectively.