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Co-investments | 6 Months Ended
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Jun. 30, 2017
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 June 30, 2017 and December 31, 2016 are as follows (in thousands, except in parenthetical):
| Ownership Percentage |  | June 30, 2017 |  | December 31, 2016
Membership interest/Partnership interest in: |  |  |  |  |
CPPIB | 50%-55% |  |  | $ | 461,872 |  |  | $ | 422,068 |
Wesco I, III and IV | 50 | % |  | 180,005 |  |  | 180,687 |
Palm Valley (1) | 50 | % |  | — |  |  | 68,396 |
BEXAEW | 50 | % |  | 46,728 |  |  | 47,963 |
BEX II (2) | 50 | % |  | (36,025 | ) |  | 19,078 |
Other | 50%-55% |  |  | 41,053 |  |  | 43,713 |
Total operating co-investments, net |  |  | 693,633 |  |  | 781,905 |
Total development co-investments, net | 50%-55% |  |  | 126,119 |  |  | 157,317 |
Total preferred interest co-investments (includes related party investments of $20.7 million and $35.9 million as of June 30, 2017 and December 31, 2016, respectively) |  |  | 225,307 |  |  | 222,053 |
Total co-investments, net |  |  | $ | 1,045,059 |  |  | $ | 1,161,275 |
(1) In January 2017, the Company purchased its joint venture partner's 50.0% interest in Palm Valley and as a result of this acquisition, the Company consolidates Palm Valley. (2) This co-investment was classified as a liability as of June 30, 2017. The combined summarized entity financial information of co-investments and preferred equity investments is as follows (in thousands).
| June 30, 2017 |  | December 31, 2016
Combined balance sheets: |  |  |
Rental properties and real estate under development | $ | 3,460,610 |  |  | $ | 3,807,245 |
Other assets | 86,369 |  |  | 121,505 |
Total assets | $ | 3,546,979 |  |  | $ | 3,928,750 |
Debt | $ | 1,416,292 |  |  | $ | 1,617,639 |
Other liabilities | 69,128 |  |  | 74,607 |
Equity (1) | 2,061,559 |  |  | 2,236,504 |
Total liabilities and equity | $ | 3,546,979 |  |  | $ | 3,928,750 |
Company's share of equity | $ | 1,045,059 |  |  | $ | 1,161,275 |
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2017 |  | 2016 |  | 2017 |  | 2016
Combined statements of income: |  |  |  |  |  |  |
Property revenues | $ | 72,111 |  |  | $ | 69,180 |  |  | $ | 148,016 |  |  | $ | 144,310 |
Property operating expenses | (25,866 | ) |  | (24,580 | ) |  | (51,275 | ) |  | (50,401 | )
Net operating income | 46,245 |  |  | 44,600 |  |  | 96,741 |  |  | 93,909 |
Gain on sale of real estate | — |  |  | 10,796 |  |  | — |  |  | 28,291 |
Interest expense | (14,024 | ) |  | (11,142 | ) |  | (25,945 | ) |  | (24,282 | )
General and administrative | (1,917 | ) |  | (1,540 | ) |  | (3,695 | ) |  | (2,780 | )
Depreciation and amortization | (28,423 | ) |  | (25,391 | ) |  | (56,327 | ) |  | (54,107 | )
Net income | $ | 1,881 |  |  | $ | 17,323 |  |  | $ | 10,774 |  |  | $ | 41,031 |
Company's share of net income (1) | $ | 10,308 |  |  | $ | 14,296 |  |  | $ | 21,207 |  |  | $ | 29,364 |
(1) 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 $0.5 million and $0.9 million for the three months ended June 30, 2017 and 2016, respectively, and $1.0 million and $1.7 million for the six months ended June 30, 2017 and 2016, respectively.

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- Definition The entire disclosure for cost method and equity method investments included basis, impairment losses, recognized or unrecognized gains (losses). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 325 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2197087 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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