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Co-investments (Tables) | 9 Months Ended
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Sep. 30, 2016
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, 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 |
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, 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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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66011266&loc=d3e33918-111571 + Details
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