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Co-investments (Tables)
 6 Months Ended
Jun. 30, 2024
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract]  
Schedule of Co-Investments
The carrying values of the Company's co-investments as of June 30, 2024 and December 31, 2023 are as follows ($ in thousands, except parenthetical amounts):
 
Weighted Average Company Ownership Percentage (1)
June 30, 2024December 31, 2023
Ownership interest in:
Wesco I, Wesco III, Wesco IV, Wesco V, and Wesco VI (2)
54 %$139,728 $144,766 
BEXAEW (3), BEX II, BEX IV, and 500 Folsom
50 %211,582 224,119 
Other (4)
51 %83,161 68,493 
Total operating and other co-investments, net434,471 437,378 
Total development co-investments— %— 14,605 
Total preferred interest co-investments (includes related party investments of $45.9 million and $42.7 million as of June 30, 2024 and December 31, 2023, respectively. See Note 6 - Related Party Transactions for further discussion)
538,562 544,262 
Total co-investments, net$973,033 $996,245 

(1) Weighted average Company ownership percentages are as of June 30, 2024.
(2) As of June 30, 2024 and December 31, 2023, the Company's investments in Wesco I, Wesco III, and Wesco IV were classified as a liability of $63.6 million and $61.8 million, respectively, due to distributions in excess of the Company's investment.
(3) In March 2024, the Company acquired BEXAEW's 49.9% interest in four apartment communities consisting of 1,480 apartment homes.
(4) As of June 30, 2024 and December 31, 2023, the Company's investments in Expo and Century Towers were classified as a liability of $4.7 million and $3.7 million, respectively, due to distributions received in excess of the Company's investment. The weighted average Company ownership percentage excludes the Company's investments in non-core technology co-investments which are carried at fair value.
Schedule of Financial Information for Co-Investments Accounted For Under the Equity Method
The combined summarized financial information of co-investments is as follows ($ in thousands):
 June 30, 2024December 31, 2023
Combined balance sheets: (1)
  Rental properties and real estate under development$4,699,385 $5,123,164 
  Other assets265,747 279,237 
   Total assets$4,965,132 $5,402,401 
  Debt$3,358,370 $3,622,609 
  Other liabilities293,844 317,208 
  Equity 1,312,918 1,462,584 
  Total liabilities and equity$4,965,132 $5,402,401 

 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Combined statements of income: (1)
Property revenues$99,706 $99,954 $204,928 $200,547 
Property operating expenses(37,038)(36,868)(78,917)(78,946)
Net operating income62,668 63,086 126,011 121,601 
Interest expense(36,291)(37,314)(76,786)(69,998)
General and administrative(7,593)(8,556)(14,688)(11,536)
Depreciation and amortization(44,093)(42,917)(89,603)(84,305)
Net loss$(25,309)$(25,701)$(55,066)$(44,238)
Company's share of net income (2)
$9,652 $12,237 $22,018 $23,108 

(1) Includes preferred equity investments held by the Company and excludes investments in 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 $1.1 million and $1.9 million for the three months ended June 30, 2024 and 2023, respectively, and $2.2 million and $3.9 million for the six months ended June 30, 2024 and 2023, respectively.