Co-investments (Tables)

6 Months Ended

Jun. 30, 2020

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

	Weighted Average Company Ownership Percentage (1)		June 30, 2020		December 31, 2019
Ownership interest in:
CPPIB (2)	—	%	$	—	$	345,466
Wesco I, Wesco III, Wesco IV, and Wesco V	51	%	186,509		216,756
BEXAEW, BEX II, BEX III, and BEX IV	50	%	155,759		160,888
Other	47	%	25,991		20,351
Total operating and other co-investments, net			368,259		743,461
Total predevelopment and development co-investments	50	%	167,774		146,944
Total preferred interest co-investments (includes related party investments of $77.3 million and $73.2 million as of June 30, 2020 and December 31, 2019, respectively)			472,725		444,934
Total co-investments, net			$	1,008,758	$	1,335,339

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

	June 30, 2020		December 31, 2019
Combined balance sheets: (1)
Rental properties and real estate under development	$	4,398,987	$	4,733,762
Other assets	215,425		139,562
Total assets	$	4,614,412	$	4,873,324
Debt	$	2,716,143	$	2,442,213
Other liabilities	164,951		117,160
Equity	1,733,318		2,313,951
Total liabilities and equity	$	4,614,412	$	4,873,324
Company's share of equity	$	1,008,758	$	1,335,339

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Combined statements of income: (1)
Property revenues	$	72,175		$	81,832		$	149,544		$	165,557
Property operating expenses	(25,859		)	(27,835		)	(51,574		)	(56,554		)
Net operating income	46,316			53,997			97,970			109,003
Interest expense	(19,478		)	(16,080		)	(40,331		)	(31,195		)
General and administrative	(3,392		)	(2,243		)	(7,475		)	(4,171		)
Depreciation and amortization	(28,778		)	(28,937		)	(57,215		)	(58,872		)
Net income (loss)	$	(5,332	)	$	6,737		$	(7,051	)	$	14,765
Company's share of net income (2)	$	17,257		$	16,959		$	38,554		$	33,235

⁽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 $1.8 million for the three months ended June 30, 2020 and 2019, respectively, and $4.2 million and $3.5 million for the six months ended June 30, 2020 and 2019, respectively.