Real Estate Investments (Tables)

12 Months Ended

Dec. 31, 2020

Real Estate Investments, Net [Abstract]

The table below summarizes acquisition activity for the year ended December 31, 2020 ($ in millions):


Property Name	Location	Apartment Homes	Essex Ownership Percentage		Quarter in 2020	Purchase Price
CPPIB Portfolio	Various	2,020	100	%	Q1	$	463.4



Total 2020		2,020				$	463.4

Summary of Co-Investment

The carrying values of the Company’s co-investments as of December 31, 2020 and 2019 are as follows ($ in thousands, except in parenthetical):


	Weighted Average Essex Ownership		December 31,
	Percentage (1)		2020		2019
Ownership interest in:
CPPIB (2)	—	%	$	—	$	345,466
Wesco I, Wesco III, Wesco IV, and Wesco V	51	%	178,322		216,756
BEXAEW, BEX II, BEX III, and BEX IV	50	%	152,309		160,888
Other	47	%	27,635		20,351
Total operating and other co-investments, net			358,266		743,461
Total predevelopment and development co-investments	50	%	157,433		146,944
Total preferred interest co-investments (includes related party investments of $81.4 million and $73.2 million as of December 31, 2020 and December 31, 2019, respectively - Note 6 - Related Party Transactions for further discussion)			502,311		444,934
Total co-investments, net			$	1,018,010	$	1,335,339

(1)Weighted average Company ownership percentages are as of December 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 Statement for Co-Investment Accounted for Under the Equity Method

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


	December 31,
	2020		2019
Combined balance sheets: (1)
Rental properties and real estate under development	$	4,242,611	$	4,733,762
Other assets	200,777		139,562
Total assets	$	4,443,388	$	4,873,324
Debt	$	2,611,365	$	2,442,213
Other liabilities	189,515		117,160
Equity	1,642,508		2,313,951
Total liabilities and equity	$	4,443,388	$	4,873,324
Company's share of equity	$	1,018,010	$	1,335,339


	Years ended December 31,
	2020		2019		2018
Combined statements of income: (1)
Property revenues	$	300,624	$	336,922	$	332,164
Property operating expenses	(108,682)		(115,658)		(107,584)
Net operating income	191,942		221,264		224,580
Gain on sale of real estate	—		112,918		24,218
Interest expense	(78,962)		(65,665)		(63,913)
General and administrative	(17,079)		(9,575)		(6,379)

Depreciation and amortization	(117,836)		(121,006)		(126,485)
Net income	$	(21,935)	$	137,936	$	52,021
Company's share of net income (2)	$	66,512	$	112,136	$	89,132

(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 $8.6 million, $7.5 million, and $2.0 million for the years ended December 31, 2020, 2019, and 2018, respectively.