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Co-investments (Tables) | 3 Months Ended
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Mar. 31, 2021
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract] |
Summary of Co-Investments | The carrying values of the Company's co-investments as of March 31, 2021 and December 31, 2020 are as follows ($ in thousands, except parenthetical amounts):
| Weighted Average Company Ownership Percentage (1) |  | March 31, 2021 |  | December 31, 2020
Ownership interest in: |  |  |  |  |
Wesco I, Wesco III, Wesco IV, and Wesco V | 51 | % |  | 178,071 |  |  | 178,322 |
BEXAEW, BEX II, BEX III, BEX IV, and 500 Folsom (2) | 50 | % |  | 294,737 |  |  | 152,309 |
Other | 47 | % |  | 28,680 |  |  | 27,635 |
Total operating and other co-investments, net |  |  | 501,488 |  |  | 358,266 |
Total predevelopment and development co-investments | 50 | % |  | 22,237 |  |  | 157,433 |
Total preferred interest co-investments (includes related party investments of $83.3 million and $81.4 million as of March 31, 2021 and December 31, 2020, respectively) |  |  | 438,900 |  |  | 502,311 |
Total co-investments, net |  |  | $ | 962,625 |  |  | $ | 1,018,010 |
(1) Weighted average Company ownership percentages are as of March 31, 2021. (2) 500 Folsom had not stabilized as of December 31, 2020. Its carrying value was included in the predevelopment and development co-investments balance as of December 31, 2020.
Summarized Financial Information for Co-Investments Accounted For Under the Equity Method | The combined summarized financial information of co-investments is as follows ($ in thousands):
| March 31, 2021 |  | December 31, 2020
Combined balance sheets: (1) |  |  |
Rental properties and real estate under development | $ | 4,054,459 |  |  | $ | 4,242,611 |
Other assets | 224,288 |  |  | 200,777 |
Total assets | $ | 4,278,747 |  |  | $ | 4,443,388 |
Debt | $ | 2,496,205 |  |  | $ | 2,611,365 |
Other liabilities | 189,046 |  |  | 189,515 |
Equity | 1,593,496 |  |  | 1,642,508 |
Total liabilities and equity | $ | 4,278,747 |  |  | $ | 4,443,388 |
Company's share of equity | $ | 962,625 |  |  | $ | 1,018,010 |
| Three Months Ended March 31, |  |
| 2021 |  | 2020 |  |  |  |
Combined statements of income: (1) |  |  |  |  |  |  |
Property revenues | $ | 71,759 |  |  | $ | 77,369 |  |  |  |  |
Property operating expenses | (27,331) |  |  | (25,715) |  |  |  |  |
Net operating income | 44,428 |  |  | 51,654 |  |  |  |  |
Interest expense | (16,700) |  |  | (20,853) |  |  |  |  |
General and administrative | (4,281) |  |  | (4,083) |  |  |  |  |
Depreciation and amortization | (32,709) |  |  | (28,437) |  |  |  |  |
Net loss | $ | (9,262) |  |  | $ | (1,719) |  |  |  |  |
Company's share of net income (2) | $ | 17,011 |  |  | $ | 21,297 |  |  |  |  |
(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 $2.3 million and $2.1 million for the three months ended March 31, 2021 and 2020, 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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