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Co-investments (Tables)
 9 Months Ended
Sep. 30, 2021
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, 2021 and December 31, 2020 are as follows ($ in thousands, except parenthetical amounts):
 
Weighted Average Company Ownership Percentage (1)
September 30, 2021December 31, 2020
Ownership interest in:
Wesco I (2), Wesco III, Wesco IV, Wesco V, and Wesco VI
52 %138,745 178,322 
BEXAEW, BEX II, BEX III (3), BEX IV, and 500 Folsom (4)
50 %273,557 152,309 
Other46 %58,504 27,635 
Total operating and other co-investments, net470,806 358,266 
Total development co-investments50 %9,965 157,433 
Total preferred interest co-investments (includes related party investments of $87.5 million and $81.4 million as of September 30, 2021 and December 31, 2020, respectively)
572,053 502,311 
Total co-investments, net$1,052,824 $1,018,010 
 
(1) Weighted average Company ownership percentages are as of September 30, 2021.
(2) As of September 30, 2021, the Company's investment in Wesco I was classified as a liability of $29.0 million.
(3) In June 2021, the Company purchased the additional 50% interest in BEX III.
(4) 500 Folsom had not stabilized as of December 31, 2020. Its carrying value was included in the development co-investments balance as of December 31, 2020.
Summarized Financial Information for Co-Investments Accounted For Under the Equity Method
The combined summarized financial information of co-investments is as follows ($ in thousands):
 September 30, 2021December 31, 2020
Combined balance sheets: (1)
  Rental properties and real estate under development$4,216,981 $4,242,611 
  Other assets228,721 200,777 
   Total assets$4,445,702 $4,443,388 
  Debt$2,705,882 $2,611,365 
  Other liabilities221,022 189,515 
  Equity 1,518,798 1,642,508 
  Total liabilities and equity$4,445,702 $4,443,388 
Company's share of equity$1,052,824 $1,018,010 
 Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
Combined statements of income: (1)
Property revenues$71,195 $76,581 $211,359 $226,125 
Property operating expenses(27,588)(28,047)(81,932)(79,621)
Net operating income43,607 48,534 129,427 146,504 
Interest expense(15,347)(19,369)(48,012)(59,700)
General and administrative(3,331)(5,161)(11,641)(12,636)
Depreciation and amortization(32,290)(29,732)(96,812)(86,947)
Net loss$(7,361)$(5,728)$(27,038)$(12,779)
Company's share of net income (2)
$25,433 $14,960 $60,692 $53,514 
(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 $2.4 million and $2.2 million for the three months ended September 30, 2021 and 2020, respectively, and $7.0 million and $6.4 million for the nine months ended September 30, 2021 and 2020, respectively.