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Real Estate Investments (Tables) | 12 Months Ended
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Dec. 31, 2023
Real Estate Investments, Net [Abstract] |
Schedule of Real Estate Properties | The table below summarizes acquisition activity for the year ended December 31, 2023 ($ in millions):
Property Name |  | Location |  | Apartment Homes |  | Essex Ownership Percentage |  | Quarter in 2023 |  | Purchase Price
Hacienda at Camarillo Oaks |  | Camarillo, CA |  | 73 |  |  | 100 | % |  | Q2 |  | $ | 23.1 |
Total 2023 |  | 73 |  |  |  |  |  |  | $ | 23.1 |
Sales of Real Estate Investments | The table below summarizes the disposition activity for the year ended December 31, 2023 ($ in millions):
Property Name (1) |  | Location |  | Apartment Homes |  | Ownership |  | Quarter in 2023 |  | Sales Price |
CBC and The Sweeps |  | Goleta, CA |  | 239 |  |  | EPLP |  | Q1 |  | $ | 91.7 |  | (2)
Total 2023 |  | 239 |  |  |  |  |  |  | $ | 91.7 |  |
(1) In March 2023, the Company sold a land parcel located in Moorpark, CA, that had been held for future development, for $8.7 million and recognized a gain on sale of $4.7 million. (2) The Company recognized a $54.5 million gain on sale.
Summary of Co-Investment | The carrying values of the Company’s co-investments as of December 31, 2023 and 2022 are as follows ($ in thousands, except in parenthetical):
| Weighted Average Essex Ownership Percentage (1) |  | December 31,
|  | 2023 |  | 2022
Ownership interest in: |  |  |  |  |
Wesco I, Wesco III, Wesco IV, Wesco V and Wesco VI (2) | 54 | % |  | $ | 144,766 |  |  | $ | 178,552 |
BEXAEW, BEX II, BEX IV and 500 Folsom | 50 | % |  | 224,119 |  |  | 238,537 |
Other (3) | 52 | % |  | 68,493 |  |  | 74,742 |
Total operating and other co-investments, net |  |  | 437,378 |  |  | 491,831 |
Total development co-investments | 51 | % |  | 14,605 |  |  | 12,994 |
Total preferred interest co-investments (includes related party investments of $42.7 million and $87.1 million as of December 31, 2023 and 2022, respectively - Note 6 - Related Party Transactions for further discussion) |  |  | 544,262 |  |  | 580,134 |
Total co-investments, net |  |  | $ | 996,245 |  |  | $ | 1,084,959 |
(1)Weighted average Company ownership percentages are as of December 31, 2023. (2)As of December 31, 2023 and 2022, the Company's investments in Wesco I, Wesco III, and Wesco IV were classified as a liability of $61.8 million and $41.7 million, respectively, due to distributions received in excess of the Company's investment. (3)As of December 31, 2023 and 2022, the Company's investments in Expo and Century Towers were classified as a liability of $3.7 million and $0.8 million, respectively, due to distributions received in excess of the Company's investment. The weighted average Essex ownership percentage excludes our investments in non-core technology co-investments which are carried at fair value.
Summarized Financial Statement for Co-Investment Accounted for Under the Equity Method | The combined summarized financial information of co-investments is as follows ($ in thousands):
| December 31,
| 2023 |  | 2022
Combined balance sheets: (1) |  |  |
Rental properties and real estate under development | $ | 5,123,164 |  |  | $ | 4,955,051 |
Other assets | 279,237 |  |  | 294,663 |
Total assets | $ | 5,402,401 |  |  | $ | 5,249,714 |
Debt | $ | 3,622,609 |  |  | $ | 3,397,113 |
Other liabilities | 317,208 |  |  | 264,872 |
Equity | 1,462,584 |  |  | 1,587,729 |
Total liabilities and equity | $ | 5,402,401 |  |  | $ | 5,249,714 |
Company's share of equity | $ | 996,245 |  |  | $ | 1,084,959 |
| Years ended December 31,
| 2023 |  | 2022 |  | 2021
Combined statements of income: (1) |  |  |  |  |
Property revenues | $ | 409,910 |  |  | $ | 373,074 |  |  | $ | 289,680 |
Property operating expenses | (158,520) |  |  | (140,175) |  |  | (115,023) |
Net operating income | 251,390 |  |  | 232,899 |  |  | 174,657 |
Interest expense | (154,038) |  |  | (100,913) |  |  | (65,172) |
General and administrative | (20,594) |  |  | (20,579) |  |  | (17,885) |
Depreciation and amortization | (174,028) |  |  | (164,186) |  |  | (133,787) |
Net income | $ | (97,270) |  |  | $ | (52,779) |  |  | $ | (42,187) |
Company's share of net income (2) | $ | 10,561 |  |  | $ | 26,030 |  |  | $ | 111,721 |
(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 $7.6 million, $7.4 million, and $9.1 million for the years ended December 31, 2023, 2022, and 2021, respectively.

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