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Co-investments | 9 Months Ended
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Sep. 30, 2016
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract] |
Co-investments | Co-investments The Company has joint ventures and preferred equity investments in co-investments which are accounted for under the equity method. The co-investments own, operate, and develop apartment communities. The carrying values of the Company's co-investments as of September 30, 2016 and December 31, 2015 are as follows (in thousands, except in parenthetical):
| Ownership Percentage |  | September 30, 2016 |  | December 31, 2015
Membership interest/Partnership interest in: |  |  |  |  |
CPPIB | 55 | % |  | $ | 426,259 |  |  | $ | 422,317 |
Wesco I, III and IV | 50 | % |  | 202,531 |  |  | 218,902 |
BEXAEW | 50 | % |  | 66,346 |  |  | 88,850 |
Palm Valley | 50 | % |  | 68,403 |  |  | 68,525 |
Other | 50%-55% |  |  | 31,319 |  |  | 32,927 |
Total operating co-investments |  |  | 794,858 |  |  | 831,521 |
Total development co-investments | 50%-55% |  |  | 141,666 |  |  | 98,214 |
Total preferred interest co-investments (includes related party investments of $35.9 million and $35.8 million of September 30, 2016 and December 31, 2015, respectively) |  |  | 186,389 |  |  | 106,312 |
Total co-investments |  |  | $ | 1,122,913 |  |  | $ | 1,036,047 |
The combined summarized financial information of co-investments is as follows (in thousands).
| September 30, 2016 |  | December 31, 2015
Combined balance sheets: (1) |  |  |
Rental properties and real estate under development | $ | 3,432,866 |  |  | $ | 3,360,360 |
Other assets | 118,131 |  |  | 96,785 |
Total assets | $ | 3,550,997 |  |  | $ | 3,457,145 |
Debt | $ | 1,506,107 |  |  | $ | 1,499,601 |
Other liabilities | 90,039 |  |  | 92,241 |
Equity (1) | 1,954,851 |  |  | 1,865,303 |
Total liabilities and equity | $ | 3,550,997 |  |  | $ | 3,457,145 |
Company's share of equity | $ | 1,122,913 |  |  | $ | 1,036,047 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Combined statements of income: (1) |  |  |  |  |  |  |
Property revenues | $ | 72,124 |  |  | $ | 65,869 |  |  | $ | 216,434 |  |  | $ | 191,458 |
Property operating expenses | (24,976 | ) |  | (23,094 | ) |  | (75,377 | ) |  | (69,232 | )
Net operating income | 47,148 |  |  | 42,775 |  |  | 141,057 |  |  | 122,226 |
Gain on sale of real estate | — |  |  | — |  |  | 28,291 |  |  | 14 |
Interest expense | (10,978 | ) |  | (11,314 | ) |  | (35,260 | ) |  | (33,727 | )
General and administrative | (1,496 | ) |  | (1,335 | ) |  | (4,276 | ) |  | (4,414 | )
Depreciation and amortization | (25,569 | ) |  | (26,574 | ) |  | (79,676 | ) |  | (76,220 | )
Net income | $ | 9,105 |  |  | $ | 3,552 |  |  | $ | 50,136 |  |  | $ | 7,879 |
Company's share of net income (2) | $ | 9,568 |  |  | $ | 7,179 |  |  | $ | 38,932 |  |  | $ | 15,962 |
(1) Includes preferred equity investments held by the Company. (2) Includes the Company's share of equity income from co-investments 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 $0.8 million and $0.8 million for the three months ended September 30, 2016 and 2015, respectively and $2.5 million and $2.9 million for the nine months ended September 30, 2016 and 2015, respectively.

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