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Real Estate Investments (Tables) | 12 Months Ended
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Dec. 31, 2019
Real Estate Investments, Net [Abstract] |
Schedule of Real Estate Properties | The table below summarizes acquisition activity for the year ended December 31, 2019 ($ in millions):
Property Name | Location | Apartment Homes | Essex Ownership Percentage | Quarter in 2019 | Purchase Price
One South Market(1) | San Jose, CA | 312 |  | 100 | % | Q1 | $ | 80.6 |
Brio(2) | Walnut Creek, CA | 300 |  | N/A |  | Q2 | 164.9 |
Township | Redwood City, CA | 132 |  | 100 | % | Q3 | 88.7 |
Pure Redmond | Redmond, WA | 105 |  | 100 | % | Q4 | 39.1 |
Total 2019 | 849 |  |  |  |  | $ | 373.3 |
(1) | In March 2019, the Company purchased the joint venture partner's 45% membership interest in the One South Market co-investment based on an estimated property valuation of $179.0 million. In conjunction with the acquisition, $86.0 million of mortgage debt that encumbered the property was repaid.
(2) | In June 2019, the Company acquired Brio for a total contract price of $164.9 million in a DownREIT transaction. As part of the acquisition, the Company assumed $98.7 million of mortgage debt in the community. Based on a VIE analysis performed by the Company, the property was consolidated.
Summary of Co Investment | The carrying values of the Company’s co-investments as of December 31, 2019 and 2018 are as follows ($ in thousands, except in parenthetical):
| Weighted Average Essex Ownership |  | December 31,
| Percentage (1) |  | 2019 |  | 2018
Ownership interest in: |  |  |  |  |
CPPIB | 55 | % |  | $ | 345,466 |  |  | $ | 482,507 |
Wesco I, Wesco III, Wesco IV, and Wesco V | 51 | % |  | 216,756 |  |  | 194,890 |
BEXAEW, BEX II, BEX III, and BEX IV | 50 | % |  | 160,888 |  |  | 121,780 |
Other | 48 | % |  | 20,351 |  |  | 34,093 |
Total operating and other co-investments, net |  |  | 743,461 |  |  | 833,270 |
Total predevelopment and development co-investments | 50 | % |  | 146,944 |  |  | 94,060 |
Total preferred interest co-investments (includes related party investments of $73.2 million and $51.8 million as of December 31, 2019 and December 31, 2018, respectively - Note 6 - Related Party Transactions for further discussion) |  |  | 444,934 |  |  | 372,810 |
Total co-investments, net |  |  | $ | 1,335,339 |  |  | $ | 1,300,140 |
(1) | Weighted average Company ownership percentages are as of December 31, 2019.
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,
| 2019 |  | 2018
Combined balance sheets: (1) |  |  |
Rental properties and real estate under development | $ | 4,733,762 |  |  | $ | 4,367,987 |
Other assets | 139,562 |  |  | 104,119 |
Total assets | $ | 4,873,324 |  |  | $ | 4,472,106 |
Debt | $ | 2,442,213 |  |  | $ | 2,190,764 |
Other liabilities | 117,160 |  |  | 106,316 |
Equity | 2,313,951 |  |  | 2,175,026 |
Total liabilities and equity | $ | 4,873,324 |  |  | $ | 4,472,106 |
Company's share of equity | $ | 1,335,339 |  |  | $ | 1,300,140 |
| Years ended December 31,
| 2019 |  | 2018 |  | 2017
Combined statements of income: (1) |  |  |  |  |
Property revenues | $ | 336,922 |  |  | $ | 332,164 |  |  | $ | 312,841 |
Property operating expenses | (115,658 | ) |  | (107,584 | ) |  | (110,583 | )
Net operating income | 221,264 |  |  | 224,580 |  |  | 202,258 |
Gain on sale of real estate | 112,918 |  |  | 24,218 |  |  | 90,663 |
Interest expense | (65,665 | ) |  | (63,913 | ) |  | (62,844 | )
General and administrative | (9,575 | ) |  | (6,379 | ) |  | (9,091 | )
Depreciation and amortization | (121,006 | ) |  | (126,485 | ) |  | (118,048 | )
Net income | $ | 137,936 |  |  | $ | 52,021 |  |  | $ | 102,938 |
Company's share of net income (2) | $ | 112,136 |  |  | $ | 89,132 |  |  | $ | 86,445 |
(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 $7.5 million, $2.0 million, and $1.9 million for the years ended December 31, 2019, 2018, and 2017, respectively.

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