Co-investments (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022 and December 31, 2021 are as follows ($ in thousands, except parenthetical amounts):


	Weighted Average Company Ownership Percentage (1)		March 31, 2022		December 31, 2021
Ownership interest in:
Wesco I (2), Wesco III, Wesco IV, Wesco V, and Wesco VI	52	%	$	221,781	$	168,198
BEXAEW, BEX II, BEX IV, and 500 Folsom	50	%	267,338		270,550
Other (3)	52	%	112,548		126,503
Total operating and other co-investments, net			601,667		565,251
Total development co-investments	50	%	11,836		11,076
Total preferred interest co-investments (includes related party investments of $72.6 million and $71.1 million as of March 31, 2022 and December 31, 2021, respectively)			502,193		565,930
Total co-investments, net			$	1,115,696	$	1,142,257

(1) Weighted average Company ownership percentages are as of March 31, 2022.

(2) As of March 31, 2022, the Company's investment in Wesco I was classified as a liability of $28.7 million due to distributions in excess of the Company's investment.

(3) As of March 31, 2022, the Company's investment in Expo was classified as a liability of $0.2 million due to distributions received in excess of the Company's investment. The weighted average Essex ownership percentage excludes our investments in non-core technology co-investments which are carried at fair value.

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):


	March 31, 2022		December 31, 2021
Combined balance sheets: (1)
Rental properties and real estate under development	$	4,666,950	$	4,603,465
Other assets	342,271		278,411
Total assets	$	5,009,221	$	4,881,876
Debt	$	3,199,607	$	3,046,765
Other liabilities	167,238		200,129
Equity	1,642,376		1,634,982
Total liabilities and equity	$	5,009,221	$	4,881,876
Company's share of equity	$	1,115,696	$	1,142,257


	Three Months Ended March 31,
	2022		2021
Combined statements of income: (1)
Property revenues	$	84,600	$	71,759
Property operating expenses	(35,793)		(27,331)
Net operating income	48,807		44,428

Interest expense	(18,302)		(16,700)
General and administrative	(3,967)		(4,281)
Depreciation and amortization	(38,807)		(32,709)
Net loss	$	(12,269)	$	(9,262)
Company's share of net income (2)	$	21,171	$	17,011

(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 $1.8 million and $2.3 million for the three months ended March 31, 2022 and 2021, respectively.