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Real Estate Investments (Tables) | 12 Months Ended
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Dec. 31, 2022
Real Estate Investments, Net [Abstract] |
Schedule of Real Estate Properties | The table below summarizes acquisition activity for the year ended December 31, 2022 ($ in millions): For the year ended December 31, 2022, the Company purchased two communities consisting of 211 apartment homes for approximately $32.9 million.
Property Name |  | Location |  | Apartment Homes |  | Essex Ownership Percentage |  | Quarter in 2022 |  | Purchase Price
Regency Palm Court and Windsor Court (1) |  | Los Angeles, CA |  | 211 |  |  | 100 | % |  | Q3 |  | $ | 32.9 |
Total 2022 |  | 211 |  |  |  |  |  |  | $ | 32.9 |
(1) In July 2022, the Company acquired its joint venture partner's 49.8% minority interest in two apartment communities, consisting of 211 apartment homes located in Los Angeles, CA, for a contract price of $32.9 million. As a result of this acquisition, the Company realized a gain on remeasurement of co-investment of $17.4 million upon consolidation.
Sales of Real Estate Investments | The table below summarizes the disposition activity for the year ended December 31, 2022 ($ in millions):
Property Name |  | Location |  | Apartment Homes |  | Ownership |  | Quarter in 2022 |  | Sales Price |
Anavia |  | Anaheim, CA |  | 250 |  |  | EPLP |  | Q4 |  | $ | 160.0 |  | (1)
Total 2022 |  | 250 |  |  |  |  |  |  | $ | 160.0 |  |
(1) The Company recognized a $94.4 million gain on sale.
Summary of Co-Investment | The carrying values of the Company’s co-investments as of December 31, 2022 and 2021 are as follows ($ in thousands, except in parenthetical):
| Weighted Average Essex Ownership |  | December 31,
| Percentage (1) |  | 2022 |  | 2021
Ownership interest in: |  |  |  |  |
Wesco I, Wesco III, Wesco IV, Wesco V and Wesco VI (2) | 54 | % |  | $ | 178,552 |  |  | $ | 168,198 |
BEXAEW, BEX II, BEX IV and 500 Folsom | 50 | % |  | 238,537 |  |  | 270,550 |
Other (3) | 52 | % |  | 74,742 |  |  | 126,503 |
Total operating and other co-investments, net |  |  | 491,831 |  |  | 565,251 |
Total development co-investments | 51 | % |  | 12,994 |  |  | 11,076 |
Total preferred interest co-investments (includes related party investments of $87.1 million and $71.1 million as of December 31, 2022 and December 31, 2021, respectively - Note 6 - Related Party Transactions for further discussion) |  |  | 580,134 |  |  | 565,930 |
Total co-investments, net |  |  | $ | 1,084,959 |  |  | $ | 1,142,257 |
(1)Weighted average Company ownership percentages are as of December 31, 2022. (2)As of December 31, 2022, the Company's investments in Wesco I, Wesco III, and Wesco IV were classified as a liability of $41.7 million due to distributions received in excess of the Company's investment. As of December 31, 2021, the Company's investment in Wesco I was classified as a liability of $35.3 million due to distributions received in excess of the Company's investment. (3)As of December 31, 2022, the Company's investments in Expo and Century Towers were classified as a liability of $0.8 million due to distributions received in excess of the Company's investment. As of December 31, 2021, the Company's investment in Expo was classified as a liability of $0.2 million due to distributions received in excess of the Company's investment. The weighted average Essex ownership percentage excludes our investments in non-core technology co-investments which are carried at fair value.
Summarized Financial Statement for Co-Investment Accounted for Under the Equity Method | The combined summarized financial information of co-investments is as follows ($ in thousands):
| December 31,
| 2022 |  | 2021
Combined balance sheets: (1) |  |  |
Rental properties and real estate under development | $ | 4,955,051 |  |  | $ | 4,603,465 |
Other assets | 294,663 |  |  | 278,411 |
Total assets | $ | 5,249,714 |  |  | $ | 4,881,876 |
Debt | $ | 3,397,113 |  |  | $ | 3,046,765 |
Other liabilities | 264,872 |  |  | 200,129 |
Equity | 1,587,729 |  |  | 1,634,982 |
Total liabilities and equity | $ | 5,249,714 |  |  | $ | 4,881,876 |
Company's share of equity | $ | 1,084,959 |  |  | $ | 1,142,257 |
| Years ended December 31,
| 2022 |  | 2021 |  | 2020
Combined statements of income: (1) |  |  |  |  |
Property revenues | $ | 373,074 |  |  | $ | 289,680 |  |  | $ | 300,624 |
Property operating expenses | (140,175) |  |  | (115,023) |  |  | (108,682) |
Net operating income | 232,899 |  |  | 174,657 |  |  | 191,942 |
Interest expense | (100,913) |  |  | (65,172) |  |  | (78,962) |
General and administrative | (20,579) |  |  | (17,885) |  |  | (17,079) |
Depreciation and amortization | (164,186) |  |  | (133,787) |  |  | (117,836) |
Net income | $ | (52,779) |  |  | $ | (42,187) |  |  | $ | (21,935) |
Company's share of net income (2) | $ | 26,030 |  |  | $ | 111,721 |  |  | $ | 66,512 |
(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 $7.4 million, $9.1 million, and $8.6 million for the years ended December 31, 2022, 2021, and 2020, respectively.

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