CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Real estate owned:
Real estate held for investment	$ 16,415,000	$ 15,994,794
Less: accumulated depreciation	(7,374,546)	(6,836,920)
Real estate held for investment, net	9,040,454	9,157,874
Real estate under development (net of accumulated depreciation of $0 and $0, respectively)	72,885
Real estate held for disposition (net of accumulated depreciation of $0 and $64,106, respectively)		154,463
Total real estate owned, net of accumulated depreciation	9,113,339	9,312,337
Cash and cash equivalents	1,222	1,326
Restricted cash	35,710	34,101
Notes receivable, net	149,979	247,849
Investment in and advances to unconsolidated joint ventures, net	886,492	917,483
Operating lease right-of-use assets	187,624	186,997
Other assets	231,308	197,493
Total assets	10,605,674	10,897,586
Liabilities:
Secured debt, net	961,180	1,139,331
Unsecured debt, net	4,860,189	4,687,634
Operating lease liabilities	182,963	182,275
Real estate taxes payable	45,640	46,403
Accrued interest payable	51,698	52,631
Security deposits and prepaid rent	61,205	61,592
Distributions payable	151,934	151,720
Accounts payable, accrued expenses, and other liabilities	142,102	115,105
Total liabilities	6,456,911	6,436,691
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	859,966	1,017,355
Equity:
Common stock, $0.01 par value; 450,000,000 shares authorized at December 31, 2025 and December 31, 2024: 328,273,044 and 330,858,719 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	3,283	3,309
Additional paid-in capital	7,480,594	7,572,480
Distributions in excess of net income	(4,240,268)	(4,179,415)
Accumulated other comprehensive income/(loss), net	1,660	3,638
Total stockholders' equity	3,288,462	3,443,205
Noncontrolling interests	335	335
Total equity	3,288,797	3,443,540
Total liabilities and equity	10,605,674	10,897,586
8.00% Series E Cumulative Convertible Preferred Stock
Equity:
Preferred stock, no par value; 50,000,000 shares authorized at December 31, 2025 and December 31, 2024:	43,192	43,192
Series F
Equity:
Preferred stock, no par value; 50,000,000 shares authorized at December 31, 2025 and December 31, 2024:	$ 1	$ 1