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Co-investments | 9 Months Ended
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Sep. 30, 2018
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. In addition to the Company's joint ventures with BEXAEW, BEX II, and BEX III, the Company has joint venture investments with the Canadian Pension Plan Investment Board (“CPPIB”), Wesco I, LLC (“Wesco I”), Wesco III, LLC (“Wesco III”), Wesco IV, LLC (“Wesco IV”), and Wesco V. The carrying values of the Company's co-investments as of September 30, 2018 and December 31, 2017 are as follows ($ in thousands, except parenthetical amounts):
| Weighted Average Company Ownership Percentage (1) |  | September 30, 2018 |  | December 31, 2017
Ownership interest in: |  |  |  |  |
CPPIB | 54 | % |  | $ | 487,002 |  |  | $ | 500,287 |
Wesco I, Wesco III, Wesco IV, and Wesco V | 52 | % |  | 187,905 |  |  | 214,408 |
BEXAEW, BEX II and BEX III (2) | 50 | % |  | 118,924 |  |  | 13,827 |
Other | 51 | % |  | 46,229 |  |  | 51,810 |
Total operating and other co-investments, net |  |  | 840,060 |  |  | 780,332 |
Total development co-investments, net | 50 | % |  | 77,144 |  |  | 73,770 |
Total preferred interest co-investments (includes related party investments of $36.8 million and $15.7 million as of September 30, 2018 and December 31, 2017, respectively) |  |  | 350,389 |  |  | 265,156 |
Total co-investments, net |  |  | $ | 1,267,593 |  |  | $ | 1,119,258 |
(1) Weighted average Company ownership percentages are as of September 30, 2018. (2) As of December 31, 2017, the Company's investment in BEX II was classified as a liability of $36.7 million. The combined summarized entity financial information of co-investments is as follows ($ in thousands).
| September 30, 2018 |  | December 31, 2017
Combined balance sheets: (1) |  |  |
Rental properties and real estate under development | $ | 4,221,973 |  |  | $ | 3,722,778 |
Other assets | 146,930 |  |  | 110,333 |
Total assets | $ | 4,368,903 |  |  | $ | 3,833,111 |
Debt | $ | 2,089,414 |  |  | $ | 1,705,051 |
Other liabilities | 101,514 |  |  | 45,515 |
Equity | 2,177,975 |  |  | 2,082,545 |
Total liabilities and equity | $ | 4,368,903 |  |  | $ | 3,833,111 |
Company's share of equity | $ | 1,267,593 |  |  | $ | 1,155,984 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2018 |  | 2017 |  | 2018 |  | 2017
Combined statements of income: (1) |  |  |  |  |  |  |
Property revenues | $ | 84,820 |  |  | $ | 76,303 |  |  | $ | 247,010 |  |  | $ | 224,319 |
Property operating expenses | (27,779 | ) |  | (27,753 | ) |  | (81,415 | ) |  | (79,028 | )
Net operating income | 57,041 |  |  | 48,550 |  |  | 165,595 |  |  | 145,291 |
Gain on sale of real estate | — |  |  | 10,058 |  |  | — |  |  | 10,058 |
Interest expense | (15,805 | ) |  | (13,718 | ) |  | (46,179 | ) |  | (39,663 | )
General and administrative | (1,254 | ) |  | (2,452 | ) |  | (5,134 | ) |  | (6,147 | )
Depreciation and amortization | (32,833 | ) |  | (27,884 | ) |  | (95,312 | ) |  | (84,211 | )
Net income | $ | 7,149 |  |  | $ | 14,554 |  |  | $ | 18,970 |  |  | $ | 25,328 |
Company's share of net income (2) | $ | 16,788 |  |  | $ | 19,727 |  |  | $ | 64,611 |  |  | $ | 40,934 |
(1) Includes preferred equity investments held by the Company. (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 $0.7 million and $0.5 million for the three months ended September 30, 2018 and 2017, respectively, and $1.4 million and $1.5 million for the nine months ended September 30, 2018 and 2017, respectively.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
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