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Co-investments (Tables)
 6 Months Ended
Jun. 30, 2022
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, 2022 and December 31, 2021 are as follows ($ in thousands, except parenthetical amounts):
 
Weighted Average Company Ownership Percentage (1)
June 30, 2022December 31, 2021
Ownership interest in:
Wesco I (2), Wesco III, Wesco IV, Wesco V, Wesco VI, and Essex JV
54 %$178,960 $168,198 
BEXAEW, BEX II, BEX IV, and 500 Folsom50 %248,782 270,550 
Other (3)
52 %88,533 126,503 
Total operating and other co-investments, net516,275 565,251 
Total development co-investments51 %12,808 11,076 
Total preferred interest co-investments (includes related party investments of $73.2 million and $71.1 million as of June 30, 2022 and December 31, 2021, respectively)
520,169 565,930 
Total co-investments, net$1,049,252 $1,142,257 
 
(1) Weighted average Company ownership percentages are as of June 30, 2022.
(2) As of June 30, 2022, the Company's investments in Wesco I, Wesco III, and Wesco IV were classified as a liability of $43.7 million due to distributions in excess of the Company's investment.
(3) As of June 30, 2022, the Company's investment in Expo was classified as a liability of $0.3 million due to distributions received in excess of the Company's investment. The weighted average Essex ownership percentage excludes the Company's investments in non-core technology co-investments which are carried at fair value.
Summarized Financial Information for Co-Investments Accounted For Under the Equity Method
The combined summarized financial information of co-investments is as follows ($ in thousands):
 June 30, 2022December 31, 2021
Combined balance sheets: (1)
  Rental properties and real estate under development$4,740,837 $4,603,465 
  Other assets328,851 278,411 
   Total assets$5,069,688 $4,881,876 
  Debt$3,326,245 $3,046,765 
  Other liabilities170,222 200,129 
  Equity 1,573,221 1,634,982 
  Total liabilities and equity$5,069,688 $4,881,876 
Company's share of equity$1,049,252 $1,142,257 
 Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
Combined statements of income: (1)
Property revenues$93,576 $68,405 $178,176 $140,164 
Property operating expenses(29,509)(27,013)(65,302)(54,344)
Net operating income64,067 41,392 112,874 85,820 
Interest expense(21,779)(15,965)(40,081)(32,665)
General and administrative(6,392)(4,029)(10,359)(8,310)
Depreciation and amortization(39,381)(31,813)(78,188)(64,522)
Net loss$(3,485)$(10,415)$(15,754)$(19,677)
Company's share of net income (2)
$(8,400)$18,248 $12,771 $35,259 
(1) Includes preferred equity investments held by the Company and excludes investments in technology co-investments.
(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 June 30, 2022 and 2021, respectively, and $3.6 million and $4.6 million for the six months ended June 30, 2022 and 2021, respectively.