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Co-investments
 6 Months Ended
Jun. 30, 2025
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract]  
Co-investments Co-investments
The Company has joint ventures which are accounted for under the equity method. The co-investments’ accounting policies are similar to the Company’s accounting policies. The co-investments typically own, operate, and develop apartment communities. Additionally, the Company has invested in five unconsolidated technology co-investments and, as of June 30, 2025, the co-investment balance of these investments was $67.1 million, and the aggregate commitment was $86.0 million. As of December 31, 2024, the Company had five unconsolidated technology co-investments and the co-investment balance of these investments was $57.3 million and the aggregate commitment was $86.0 million.

The carrying values of the Company’s co-investments as of June 30, 2025 and December 31, 2024 were as follows ($ in thousands, except in parenthetical):
 
Weighted Average Company Ownership Percentage (1)
June 30, 2025December 31, 2024
Ownership interest in:
Wesco I, Wesco III, Wesco IV, Wesco V and Wesco VI (2)
54%$127,826 $147,232 
BEX IV and 500 Folsom50%141,712 146,142 
Other (3)
53%91,383 86,089 
Total operating and other co-investments, net360,921 379,463 
Total preferred equity co-investments (includes related party investments of $50.4 million and $48.1 million as of June 30, 2025 and December 31, 2024, respectively. See Note 6, Related Party Transactions, for further discussion)
445,511 476,278 
Total co-investments, net$806,432 $855,741 
(1)Weighted average company ownership percentages are as of June 30, 2025.
(2)As of June 30, 2025 and December 31, 2024, the Company’s investments in Wesco I, Wesco III, and Wesco IV were classified as a liability of $86.9 million and $77.2 million, respectively, due to distributions received in excess of the Company’s investment.
(3)As of June 30, 2025 and December 31, 2024, the Company’s investment in Expo was classified as a liability of $2.5 million and $2.0 million, respectively, due to distributions received in excess of the Company’s investment. The weighted average company ownership percentage excludes the Company’s investments in unconsolidated technology co-investments.

The combined summarized financial information of co-investments was as follows ($ in thousands):
 June 30, 2025December 31, 2024
Combined balance sheets: (1)
  Rental properties and real estate under development$3,870,839 $4,094,826 
  Other assets228,661 277,420 
   Total assets$4,099,500 $4,372,246 
  Debt$2,826,999 $3,001,303 
  Other liabilities243,809 235,111 
  Equity 1,028,692 1,135,832 
  Total liabilities and equity$4,099,500 $4,372,246 

 Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Combined statements of income: (1)
Property revenues$84,569 $99,706 $170,875 $204,928 
Property operating expenses(31,154)(37,038)(63,856)(78,917)
Net operating income53,415 62,668 107,019 126,011 
Interest expense(28,137)(36,291)(55,438)(76,786)
General and administrative(4,358)(7,593)(8,564)(14,688)
Depreciation and amortization(36,224)(44,093)(72,811)(89,603)
Net loss$(15,304)$(25,309)$(29,794)$(55,066)
Company’s share of net income (2)
$8,977 $9,652 $22,186 $22,018 

(1)Includes preferred equity investments held by the Company and excludes investments in unconsolidated technology co-investments.
(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 $1.3 million and $1.1 million for the three months ended June 30, 2025 and 2024, respectively, and $2.5 million and $2.2 million for the six months ended June 30, 2025 and 2024, respectively.