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Co-investments (Tables) | 9 Months Ended
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Sep. 30, 2017
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, 2017 and December 31, 2016 are as follows (in thousands, except in parenthetical):
| Weighted Average Essex Ownership Percentage |  | September 30, 2017 |  | December 31, 2016
Membership interest/Partnership interest in: |  |  |  |  |
CPPIB | 54 | % |  | $ | 502,419 |  |  | $ | 422,068 |
Wesco I, III, IV, and V | 50 | % |  | 225,041 |  |  | 180,687 |
Palm Valley (1) | 50 | % |  | — |  |  | 68,396 |
BEXAEW | 50 | % |  | 45,523 |  |  | 47,963 |
BEX II (2) | 50 | % |  | (36,245 | ) |  | 19,078 |
Other | 53 | % |  | 40,471 |  |  | 43,713 |
Total operating and other co-investments, net |  |  | 777,209 |  |  | 781,905 |
Total development co-investments, net | 50 | % |  | 85,670 |  |  | 157,317 |
Total preferred interest co-investments (includes related party investments of $20.7 million and $35.9 million as of September 30, 2017 and December 31, 2016, respectively) |  |  | 225,453 |  |  | 222,053 |
Total co-investments, net |  |  | $ | 1,088,332 |  |  | $ | 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 September 30, 2017.
Summarized financial information for co-investments accounted for under the equity method | The combined summarized entity financial information of co-investments and preferred equity investments is as follows ($ in thousands).
| September 30, 2017 |  | December 31, 2016
Combined balance sheets: |  |  |
Rental properties and real estate under development | $ | 3,671,101 |  |  | $ | 3,807,245 |
Other assets | 111,372 |  |  | 121,505 |
Total assets | $ | 3,782,473 |  |  | $ | 3,928,750 |
Debt | $ | 1,597,597 |  |  | $ | 1,617,639 |
Other liabilities | 65,865 |  |  | 74,607 |
Equity (1) | 2,119,011 |  |  | 2,236,504 |
Total liabilities and equity | $ | 3,782,473 |  |  | $ | 3,928,750 |
Company's share of equity | $ | 1,088,332 |  |  | $ | 1,161,275 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2017 |  | 2016 |  | 2017 |  | 2016
Combined statements of income: |  |  |  |  |  |  |
Property revenues | $ | 76,303 |  |  | $ | 72,124 |  |  | $ | 224,319 |  |  | $ | 216,434 |
Property operating expenses | (27,753 | ) |  | (24,976 | ) |  | (79,028 | ) |  | (75,377 | )
Net operating income | 48,550 |  |  | 47,148 |  |  | 145,291 |  |  | 141,057 |
Gain on sale of real estate | 10,058 |  |  | — |  |  | 10,058 |  |  | 28,291 |
Interest expense | (13,718 | ) |  | (10,978 | ) |  | (39,663 | ) |  | (35,260 | )
General and administrative | (2,452 | ) |  | (1,496 | ) |  | (6,147 | ) |  | (4,276 | )
Depreciation and amortization | (27,884 | ) |  | (25,569 | ) |  | (84,211 | ) |  | (79,676 | )
Net income | $ | 14,554 |  |  | $ | 9,105 |  |  | $ | 25,328 |  |  | $ | 50,136 |
Company's share of net income (1) | $ | 19,727 |  |  | $ | 9,568 |  |  | $ | 40,934 |  |  | $ | 38,932 |
(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 $0.8 million for the three months ended September 30, 2017 and 2016, respectively, and $1.5 million and $2.5 million for the nine months ended September 30, 2017 and 2016, 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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