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Real Estate Investments (Tables) | 12 Months Ended
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Dec. 31, 2018
Real Estate Investments, Net [Abstract] |
Schedule of Real Estate Properties | The table below summarizes acquisition activity for the year ended December 31, 2018 ($ in millions):
Property Name | Location | Apartment Homes | Essex Ownership Percentage | Quarter in 2018 | Purchase Price
Marquis(1) | San Jose, CA | 166 |  | 100 | % | Q4 | $ | 35.4 |
Total 2018 | 166 |  |  |  |  | $ | 35.4 |
(1) | In December 2018, the Company purchased the joint venture partner's 49.9% membership interest in the Marquis co-investment. As part of the acquisition, the Company paid $4.7 million in cash and issued Operating Partnership units valued at $7.9 million, based on an estimated property valuation of $71.0 million and an encumbrance of $45.8 million of mortgage debt.
Disposal Groups, Including Discontinued Operations | The table below summarizes disposition activity of operating communities for the year ended December 31, 2018 ($ in millions):
Property Name | Location | Apartment Homes | Essex Ownership Percentage | Ownership | Quarter in 2018 | Sales Price | Gains
Domain | San Diego, CA | 379 |  | 100 | % | EPLP | Q2 | $ | 132.0 |  | $ | 22.3 |
8th & Hope | Los Angeles, CA | 290 |  | 100 | % | EPLP | Q4 | 220.0 |  | 39.6 |
Total 2018 | 669 |  |  |  |  |  | $ | 352.0 |  | $ | 61.9 |
Summary of Co Investment | The carrying values of the Company’s co-investments as of December 31, 2018 and 2017 are as follows ($ in thousands, except in parenthetical):
| Weighted Average Essex Ownership |  | December 31,
| Percentage (1) |  | 2018 |  | 2017
Ownership interest in: |  |  |  |  |
CPPIB | 54 | % |  | $ | 482,507 |  |  | $ | 500,287 |
Wesco I, Wesco III, Wesco IV, and Wesco V | 52 | % |  | 194,890 |  |  | 214,408 |
BEXAEW, BEX II and BEX III (2) | 50 | % |  | 121,780 |  |  | 13,827 |
Other | 51 | % |  | 34,093 |  |  | 51,810 |
Total operating and other co-investments, net |  |  | 833,270 |  |  | 780,332 |
Total pre-development and development co-investments | 50 | % |  | 94,060 |  |  | 73,770 |
Total preferred interest co-investments (includes related party investments of $51.8 million and $15.7 million as of December 31, 2018 and December 31, 2017, respectively - FN 6 - Related Party Transactions for further discussion) |  |  | 372,810 |  |  | 265,156 |
Total co-investments, net |  |  | $ | 1,300,140 |  |  | $ | 1,119,258 |
(1) | Weighted average Essex ownership percentages are as of December 31, 2018.
(2) | As of December 31, 2017, the Company's investment in BEX II was classified as a liability of $36.7 million.
Summarized Financial Statement for Co Investment Accounted for Under the Equity Method | The combined summarized financial information of co-investments is as follows ($ in thousands):
| December 31,
| 2018 |  | 2017
Combined balance sheets: (1) |  |  |
Rental properties and real estate under development | $ | 4,367,987 |  |  | $ | 3,722,778 |
Other assets | 104,119 |  |  | 110,333 |
Total assets | $ | 4,472,106 |  |  | $ | 3,833,111 |
Debt | $ | 2,190,764 |  |  | $ | 1,705,051 |
Other liabilities | 106,316 |  |  | 45,515 |
Equity | 2,175,026 |  |  | 2,082,545 |
Total liabilities and equity | $ | 4,472,106 |  |  | $ | 3,833,111 |
Company's share of equity | $ | 1,300,140 |  |  | $ | 1,155,984 |
| Years ended December 31,
| 2018 |  | 2017 |  | 2016
Combined statements of income: (1) |  |  |  |  |
Property revenues | $ | 332,164 |  |  | $ | 312,841 |  |  | $ | 289,011 |
Property operating expenses | (107,584 | ) |  | (110,583 | ) |  | (99,637 | )
Net operating income | 224,580 |  |  | 202,258 |  |  | 189,374 |
Gain on sale of real estate | 24,218 |  |  | 90,663 |  |  | 28,291 |
Interest expense | (63,913 | ) |  | (62,844 | ) |  | (46,894 | )
General and administrative | (6,379 | ) |  | (9,091 | ) |  | (7,448 | )
Depreciation and amortization | (126,485 | ) |  | (118,048 | ) |  | (103,986 | )
Net income | $ | 52,021 |  |  | $ | 102,938 |  |  | $ | 59,337 |
Company's share of net income (2) | $ | 89,132 |  |  | $ | 86,445 |  |  | $ | 48,698 |
(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 $2.0 million, $1.9 million, and $3.4 million for the years ended December 31, 2018, 2017, and 2016, respectively.

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