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Real Estate Investments (Tables) | 12 Months Ended
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Dec. 31, 2020
Real Estate Investments, Net [Abstract] |
Schedule of Real Estate Properties | The table below summarizes acquisition activity for the year ended December 31, 2020 ($ in millions):
Property Name | Location | Apartment Homes | Essex Ownership Percentage | Quarter in 2020 |  |  |  | Purchase Price
CPPIB Portfolio | Various | 2,020 |  | 100 | % | Q1 |  |  |  | $ | 463.4 |
Total 2020 | 2,020 |  |  |  |  |  |  | $ | 463.4 |
Summary of Co-Investment | The carrying values of the Company’s co-investments as of December 31, 2020 and 2019 are as follows ($ in thousands, except in parenthetical):
| Weighted Average Essex Ownership |  | December 31,
| Percentage (1) |  | 2020 |  | 2019
Ownership interest in: |  |  |  |  |
CPPIB (2) | — | % |  | $ | — |  |  | $ | 345,466 |
Wesco I, Wesco III, Wesco IV, and Wesco V | 51 | % |  | 178,322 |  |  | 216,756 |
BEXAEW, BEX II, BEX III, and BEX IV | 50 | % |  | 152,309 |  |  | 160,888 |
Other | 47 | % |  | 27,635 |  |  | 20,351 |
Total operating and other co-investments, net |  |  | 358,266 |  |  | 743,461 |
Total predevelopment and development co-investments | 50 | % |  | 157,433 |  |  | 146,944 |
Total preferred interest co-investments (includes related party investments of $81.4 million and $73.2 million as of December 31, 2020 and December 31, 2019, respectively - Note 6 - Related Party Transactions for further discussion) |  |  | 502,311 |  |  | 444,934 |
Total co-investments, net |  |  | $ | 1,018,010 |  |  | $ | 1,335,339 |
(1)Weighted average Company ownership percentages are as of December 31, 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.
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,
| 2020 |  | 2019
Combined balance sheets: (1) |  |  |
Rental properties and real estate under development | $ | 4,242,611 |  |  | $ | 4,733,762 |
Other assets | 200,777 |  |  | 139,562 |
Total assets | $ | 4,443,388 |  |  | $ | 4,873,324 |
Debt | $ | 2,611,365 |  |  | $ | 2,442,213 |
Other liabilities | 189,515 |  |  | 117,160 |
Equity | 1,642,508 |  |  | 2,313,951 |
Total liabilities and equity | $ | 4,443,388 |  |  | $ | 4,873,324 |
Company's share of equity | $ | 1,018,010 |  |  | $ | 1,335,339 |
| Years ended December 31,
| 2020 |  | 2019 |  | 2018
Combined statements of income: (1) |  |  |  |  |
Property revenues | $ | 300,624 |  |  | $ | 336,922 |  |  | $ | 332,164 |
Property operating expenses | (108,682) |  |  | (115,658) |  |  | (107,584) |
Net operating income | 191,942 |  |  | 221,264 |  |  | 224,580 |
Gain on sale of real estate | — |  |  | 112,918 |  |  | 24,218 |
Interest expense | (78,962) |  |  | (65,665) |  |  | (63,913) |
General and administrative | (17,079) |  |  | (9,575) |  |  | (6,379) |
Depreciation and amortization | (117,836) |  |  | (121,006) |  |  | (126,485) |
Net income | $ | (21,935) |  |  | $ | 137,936 |  |  | $ | 52,021 |
Company's share of net income (2) | $ | 66,512 |  |  | $ | 112,136 |  |  | $ | 89,132 |
(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 $8.6 million, $7.5 million, and $2.0 million for the years ended December 31, 2020, 2019, and 2018, respectively.

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
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