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Co-investments | 6 Months Ended
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Jun. 30, 2020
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, Wesco I, LLC ("Wesco I"), Wesco III, LLC ("Wesco III"), Wesco IV, LLC ("Wesco IV"), and Wesco V, own, operate, and develop apartment communities. The carrying values of the Company's co-investments as of June 30, 2020 and December 31, 2019 are as follows ($ in thousands, except parenthetical amounts):
| Weighted Average Company Ownership Percentage (1) |  | June 30, 2020 |  | December 31, 2019
Ownership interest in: |  |  |  |  |
CPPIB (2) | — | % |  | $ | — |  |  | $ | 345,466 |
Wesco I, Wesco III, Wesco IV, and Wesco V | 51 | % |  | 186,509 |  |  | 216,756 |
BEXAEW, BEX II, BEX III, and BEX IV | 50 | % |  | 155,759 |  |  | 160,888 |
Other | 47 | % |  | 25,991 |  |  | 20,351 |
Total operating and other co-investments, net |  |  | 368,259 |  |  | 743,461 |
Total predevelopment and development co-investments | 50 | % |  | 167,774 |  |  | 146,944 |
Total preferred interest co-investments (includes related party investments of $77.3 million and $73.2 million as of June 30, 2020 and December 31, 2019, respectively) |  |  | 472,725 |  |  | 444,934 |
Total co-investments, net |  |  | $ | 1,008,758 |  |  | $ | 1,335,339 |
(1) Weighted average Company ownership percentages are as of June 30, 2020. (2) In January 2020, the Company purchased CPPIB's 45.0% interest in each of a land parcel and six communities totaling 2,020 apartment homes. The combined summarized financial information of co-investments is as follows ($ in thousands):
| June 30, 2020 |  | December 31, 2019
Combined balance sheets: (1) |  |  |
Rental properties and real estate under development | $ | 4,398,987 |  |  | $ | 4,733,762 |
Other assets | 215,425 |  |  | 139,562 |
Total assets | $ | 4,614,412 |  |  | $ | 4,873,324 |
Debt | $ | 2,716,143 |  |  | $ | 2,442,213 |
Other liabilities | 164,951 |  |  | 117,160 |
Equity | 1,733,318 |  |  | 2,313,951 |
Total liabilities and equity | $ | 4,614,412 |  |  | $ | 4,873,324 |
Company's share of equity | $ | 1,008,758 |  |  | $ | 1,335,339 |
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Combined statements of income: (1) |  |  |  |  |  |  |
Property revenues | $ | 72,175 |  |  | $ | 81,832 |  |  | $ | 149,544 |  |  | $ | 165,557 |
Property operating expenses | (25,859 | ) |  | (27,835 | ) |  | (51,574 | ) |  | (56,554 | )
Net operating income | 46,316 |  |  | 53,997 |  |  | 97,970 |  |  | 109,003 |
Interest expense | (19,478 | ) |  | (16,080 | ) |  | (40,331 | ) |  | (31,195 | )
General and administrative | (3,392 | ) |  | (2,243 | ) |  | (7,475 | ) |  | (4,171 | )
Depreciation and amortization | (28,778 | ) |  | (28,937 | ) |  | (57,215 | ) |  | (58,872 | )
Net income (loss) | $ | (5,332 | ) |  | $ | 6,737 |  |  | $ | (7,051 | ) |  | $ | 14,765 |
Company's share of net income (2) | $ | 17,257 |  |  | $ | 16,959 |  |  | $ | 38,554 |  |  | $ | 33,235 |
(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 $2.1 million and $1.8 million for the three months ended June 30, 2020 and 2019, respectively, and $4.2 million and $3.5 million for the six months ended June 30, 2020 and 2019, 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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