CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Real estate:
Land and improvements	$ 3,584,531	$ 3,432,769
Buildings and improvements	12,873,941	12,258,009
Furniture, fixtures and equipment	448,476	402,940
Gross operating real estate	16,906,948	16,093,718
Less accumulated depreciation	(3,212,258)	(2,874,578)
Net operating real estate	13,694,690	13,219,140
Construction in progress, including land	1,542,201	1,417,246
Land held for development	553,729	180,516
Operating real estate assets held for sale, net	0	118,838
Real Estate Investments, Net	15,790,620	14,935,740
Cash and cash equivalents	318,557	509,460
Cash in escrow	101,888	95,625
Resident security deposits	30,875	29,617
Investments in unconsolidated real estate entities	268,647	298,315
Deferred financing costs, net	37,727	39,728
Deferred development costs	32,321	67,029
Prepaid expenses and other assets	201,344	201,209
Total assets	16,781,979	16,176,723
LIABILITIES AND EQUITY
Unsecured notes, net	3,568,098	2,993,265
Variable rate unsecured credit facility	0	0
Mortgage notes payable	2,738,629	3,532,587
Dividends payable	171,098	153,207
Payables for construction	103,042	101,946
Accrued expenses and other liabilities	271,195	244,549
Accrued interest payable	35,904	41,318
Resident security deposits	54,048	49,189
Liabilities related to real estate assets held for sale	0	1,492
Total liabilities	6,942,014	7,117,553
Redeemable noncontrolling interests	10,512	12,765
Equity:
Preferred stock, $0.01 par value; $25 liquidation preference; 50,000,000 shares authorized at September 30, 2015 and December 31, 2014; zero shares issued and outstanding at September 30, 2015 and December 31, 2014	0	0
Common stock, $0.01 par value; 280,000,000 shares authorized at September 30, 2015 and December 31, 2014; 136,876,753 and 132,050,382 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively	1,369	1,320
Additional paid-in capital	10,048,752	9,354,685
Accumulated earnings less dividends	(182,487)	(267,085)
Accumulated other comprehensive loss	(38,181)	(42,515)
Total equity	9,829,453	9,046,405
Total liabilities and equity	$ 16,781,979	$ 16,176,723