XML 47 R31.htm IDEA: XBRL DOCUMENT v3.24.3
Co-investments (Tables)
 9 Months Ended
Sep. 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 September 30, 2024 and December 31, 2023 are as follows ($ in thousands, except parenthetical amounts):
 
Weighted Average Company Ownership Percentage (1)
September 30, 2024December 31, 2023
Ownership interest in:
Wesco I, Wesco III, Wesco IV, Wesco V, and Wesco VI (2)
54 %$119,031 $144,766 
BEXAEW (3), BEX II, BEX IV, and 500 Folsom
50 %207,089 224,119 
Other (4) (5)
53 %83,160 68,493 
Total operating and other co-investments, net409,280 437,378 
Total development co-investments— %— 14,605 
Total preferred interest co-investments (includes related party investments of $47.1 million and $42.7 million as of September 30, 2024 and December 31, 2023, respectively. See Note 6 - Related Party Transactions for further discussion)
517,987 544,262 
Total co-investments, net$927,267 $996,245 

(1) Weighted average Company ownership percentages are as of September 30, 2024.
(2) As of September 30, 2024 and December 31, 2023, the Company's investments in Wesco I, Wesco III, and Wesco IV were classified as a liability of $78.2 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) In the third quarter of 2024, the Company acquired its joint venture partner's interest of 49.9% in Patina at Midtown comprising 269 apartment homes, followed by the acquisition of its joint venture partner's 50% in Century Towers comprising 376 apartment homes.
(5) As of September 30, 2024, the Company's investment in Expo was classified as a liability of $1.8 million due to distributions received in excess of the Company's investment. As of December 31, 2023, the Company's investments in Expo and Century Towers were classified as a liability of $3.7 million due to distributions received in excess of the Company's investment. The weighted average Company ownership percentage excludes the Company's investments in non-core technology co-investments which are carried at fair value.
Schedule of Financial Information for Co-Investments Accounted For Under the Equity Method
The combined summarized financial information of co-investments is as follows ($ in thousands):
 September 30, 2024December 31, 2023
Combined balance sheets: (1)
  Rental properties and real estate under development$4,414,227 $5,123,164 
  Other assets270,817 279,237 
   Total assets$4,685,044 $5,402,401 
  Debt$3,245,069 $3,622,609 
  Other liabilities240,478 317,208 
  Equity 1,199,497 1,462,584 
  Total liabilities and equity$4,685,044 $5,402,401 

 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
Combined statements of income: (1)
Property revenues$98,665 $103,379 $303,593 $303,926 
Property operating expenses(35,276)(37,603)(114,193)(116,549)
Net operating income63,389 65,776 189,400 187,377 
Interest expense(37,985)(41,802)(114,771)(111,800)
General and administrative(1,449)(1,635)(16,137)(13,171)
Depreciation and amortization(41,817)(44,704)(131,419)(129,009)
Net loss$(17,862)$(22,365)$(72,927)$(66,603)
Company's share of net income (2)
$11,649 $10,694 $33,667 $33,802 

(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 $1.2 million and $2.0 million for the three months ended September 30, 2024 and 2023, respectively, and $3.4 million and $5.9 million for the nine months ended September 30, 2024 and 2023, respectively.