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 own, operate, and develop apartment communities. In addition to the Company's joint ventures with BEXAEW, BEX II, and BEX III, the Company has joint venture investments with the Canadian Pension Plan Investment Board ("CPPIB"), Wesco I, LLC ("Wesco I"), Wesco III, LLC ("Wesco III"), Wesco IV, LLC ("Wesco IV"), and Wesco V, LLC ("Wesco V"). The carrying values of the Company's co-investments as of March 31, 2019 and December 31, 2018 are as follows ($ in thousands, except parenthetical amounts):



	Weighted Average Company Ownership Percentage ⁽¹⁾		March 31, 2019		December 31, 2018
Ownership interest in:
CPPIB	54	%	$	478,440	$	482,507
Wesco I, Wesco III, Wesco IV, and Wesco V	52	%	191,205		194,890
BEXAEW, BEX II and BEX III	50	%	118,982		121,780
Other	49	%	13,707		34,093
Total operating and other co-investments, net			802,334		833,270
Total pre-development and development co-investments	50	%	109,696		94,060
Total preferred interest co-investments (includes related party investments of $67.0 million and $51.8 million as of March 31, 2019 and December 31, 2018, respectively)			395,531		372,810
Total co-investments, net			$	1,307,561	$	1,300,140

(1) Weighted average Company ownership percentages are as of March 31, 2019.

The combined summarized entity financial information of co-investments is as follows ($ in thousands).



	March 31, 2019		December 31, 2018
Combined balance sheets: ⁽¹⁾
Rental properties and real estate under development	$	4,310,726	$	4,367,987
Other assets	101,790		104,119
Total assets	$	4,412,516	$	4,472,106
Debt	$	2,160,347	$	2,190,764
Other liabilities	114,300		106,316
Equity	2,137,869		2,175,026
Total liabilities and equity	$	4,412,516	$	4,472,106
Company's share of equity	$	1,307,561	$	1,300,140



	Three Months Ended March 31,
	2019			2018
Combined statements of income: ⁽¹⁾
Property revenues	$	83,725		$	80,842
Property operating expenses	(28,719		)	(27,069		)
Net operating income	55,006			53,773
Interest expense	(15,115		)	(16,735		)
General and administrative	(1,928		)	(1,492		)
Depreciation and amortization	(29,935		)	(31,162		)
Net income	$	8,028		$	4,384
Company's share of net income ⁽²⁾	$	16,276		$	32,774

(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 $1.7 million and $0.4 million for the three months ended March 31, 2019 and 2018, respectively.