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Co-investments | 9 Months Ended
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Sep. 30, 2021
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, LLC ("BEXAEW"), BEX II, LLC ("BEX II"), BEX IV, LLC (""BEX IV"), 500 Folsom, Wesco I, Wesco III, LLC ("Wesco III"), Wesco IV, LLC ("Wesco IV"), Wesco V, LLC ("Wesco V"), and Wesco VI, own, operate, and develop apartment communities. The carrying values of the Company's co-investments as of September 30, 2021 and December 31, 2020 are as follows ($ in thousands, except parenthetical amounts):
| Weighted Average Company Ownership Percentage (1) |  | September 30, 2021 |  | December 31, 2020
Ownership interest in: |  |  |  |  |
Wesco I (2), Wesco III, Wesco IV, Wesco V, and Wesco VI | 52 | % |  | 138,745 |  |  | 178,322 |
BEXAEW, BEX II, BEX III (3), BEX IV, and 500 Folsom (4) | 50 | % |  | 273,557 |  |  | 152,309 |
Other | 46 | % |  | 58,504 |  |  | 27,635 |
Total operating and other co-investments, net |  |  | 470,806 |  |  | 358,266 |
Total development co-investments | 50 | % |  | 9,965 |  |  | 157,433 |
Total preferred interest co-investments (includes related party investments of $87.5 million and $81.4 million as of September 30, 2021 and December 31, 2020, respectively) |  |  | 572,053 |  |  | 502,311 |
Total co-investments, net |  |  | $ | 1,052,824 |  |  | $ | 1,018,010 |
(1) Weighted average Company ownership percentages are as of September 30, 2021. (2) As of September 30, 2021, the Company's investment in Wesco I was classified as a liability of $29.0 million. (3) In June 2021, the Company purchased the additional 50% interest in BEX III. (4) 500 Folsom had not stabilized as of December 31, 2020. Its carrying value was included in the development co-investments balance as of December 31, 2020. The combined summarized financial information of co-investments is as follows ($ in thousands):
| September 30, 2021 |  | December 31, 2020
Combined balance sheets: (1) |  |  |
Rental properties and real estate under development | $ | 4,216,981 |  |  | $ | 4,242,611 |
Other assets | 228,721 |  |  | 200,777 |
Total assets | $ | 4,445,702 |  |  | $ | 4,443,388 |
Debt | $ | 2,705,882 |  |  | $ | 2,611,365 |
Other liabilities | 221,022 |  |  | 189,515 |
Equity | 1,518,798 |  |  | 1,642,508 |
Total liabilities and equity | $ | 4,445,702 |  |  | $ | 4,443,388 |
Company's share of equity | $ | 1,052,824 |  |  | $ | 1,018,010 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Combined statements of income: (1) |  |  |  |  |  |  |
Property revenues | $ | 71,195 |  |  | $ | 76,581 |  |  | $ | 211,359 |  |  | $ | 226,125 |
Property operating expenses | (27,588) |  |  | (28,047) |  |  | (81,932) |  |  | (79,621) |
Net operating income | 43,607 |  |  | 48,534 |  |  | 129,427 |  |  | 146,504 |
Interest expense | (15,347) |  |  | (19,369) |  |  | (48,012) |  |  | (59,700) |
General and administrative | (3,331) |  |  | (5,161) |  |  | (11,641) |  |  | (12,636) |
Depreciation and amortization | (32,290) |  |  | (29,732) |  |  | (96,812) |  |  | (86,947) |
Net loss | $ | (7,361) |  |  | $ | (5,728) |  |  | $ | (27,038) |  |  | $ | (12,779) |
Company's share of net income (2) | $ | 25,433 |  |  | $ | 14,960 |  |  | $ | 60,692 |  |  | $ | 53,514 |
(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 $2.4 million and $2.2 million for the three months ended September 30, 2021 and 2020, respectively, and $7.0 million and $6.4 million for the nine months ended September 30, 2021 and 2020, 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 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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