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Co-investments | 9 Months Ended
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Sep. 30, 2019
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, including BEXAEW, BEX II, BEX III, and BEX IV, 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, LLC ("Wesco V"), own, operate, and develop apartment communities. The carrying values of the Company's co-investments as of September 30, 2019 and December 31, 2018 are as follows ($ in thousands, except parenthetical amounts):
| Weighted Average Company Ownership Percentage (1) |  | September 30, 2019 |  | December 31, 2018
Ownership interest in: |  |  |  |  |
CPPIB | 54 | % |  | $ | 469,288 |  |  | $ | 482,507 |
Wesco I, Wesco III, Wesco IV, and Wesco V | 52 | % |  | 212,808 |  |  | 194,890 |
BEXAEW, BEX II, BEX III, and BEX IV | 50 | % |  | 161,467 |  |  | 121,780 |
Other | 48 | % |  | 20,281 |  |  | 34,093 |
Total operating and other co-investments, net |  |  | 863,844 |  |  | 833,270 |
Total pre-development and development co-investments | 50 | % |  | 137,626 |  |  | 94,060 |
Total preferred interest co-investments (includes related party investments of $70.9 million and $51.8 million as of September 30, 2019 and December 31, 2018, respectively) |  |  | 412,391 |  |  | 372,810 |
Total co-investments, net |  |  | $ | 1,413,861 |  |  | $ | 1,300,140 |
(1) Weighted average Company ownership percentages are as of September 30, 2019. The combined summarized entity financial information of co-investments is as follows ($ in thousands):
| September 30, 2019 |  | December 31, 2018
Combined balance sheets: (1) |  |  |
Rental properties and real estate under development | $ | 4,779,685 |  |  | $ | 4,367,987 |
Other assets | 110,364 |  |  | 104,119 |
Total assets | $ | 4,890,049 |  |  | $ | 4,472,106 |
Debt | $ | 2,316,618 |  |  | $ | 2,190,764 |
Other liabilities | 146,643 |  |  | 106,316 |
Equity | 2,426,788 |  |  | 2,175,026 |
Total liabilities and equity | $ | 4,890,049 |  |  | $ | 4,472,106 |
Company's share of equity | $ | 1,413,861 |  |  | $ | 1,300,140 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
Combined statements of income: (1) |  |  |  |  |  |  |
Property revenues | $ | 84,071 |  |  | $ | 84,820 |  |  | $ | 249,628 |  |  | $ | 247,010 |
Property operating expenses | (29,214 | ) |  | (27,779 | ) |  | (85,768 | ) |  | (81,415 | )
Net operating income | 54,857 |  |  | 57,041 |  |  | 163,860 |  |  | 165,595 |
Interest expense | (16,089 | ) |  | (15,805 | ) |  | (47,284 | ) |  | (46,179 | )
General and administrative | (2,603 | ) |  | (1,254 | ) |  | (6,774 | ) |  | (5,134 | )
Depreciation and amortization | (30,411 | ) |  | (32,833 | ) |  | (89,283 | ) |  | (95,312 | )
Net income | $ | 5,754 |  |  | $ | 7,149 |  |  | $ | 20,519 |  |  | $ | 18,970 |
Company's share of net income (2) | $ | 21,700 |  |  | $ | 16,788 |  |  | $ | 54,935 |  |  | $ | 64,611 |
(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 and $0.7 million for the three months ended September 30, 2019 and 2018, respectively, and $5.5 million and $1.4 million for the nine months ended September 30, 2019 and 2018, respectively.

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