CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Real estate:
Land and improvements	$ 3,941,250	$ 3,636,761
Buildings and improvements	14,314,981	13,056,292
Furniture, fixtures and equipment	532,994	458,224
Total Capitalized Cost	18,789,225	17,151,277
Less accumulated depreciation	(3,743,632)	(3,303,751)
Net operating real estate	15,045,593	13,847,526
Construction in progress, including land	1,882,262	1,592,917
Land held for development	84,293	484,377
Real estate assets held for sale, net	20,846	17,489
Total real estate, net	17,032,994	15,942,309
Cash and cash equivalents	214,994	400,507
Cash in escrow	114,983	104,821
Resident security deposits	32,071	30,077
Investments in unconsolidated real estate entities	175,116	216,919
Deferred development costs	40,179	37,577
Prepaid expenses and other assets	256,934	199,095
Total assets	17,867,271	16,931,305
LIABILITIES AND EQUITY
Unsecured notes, net	4,463,302	3,845,674
Variable rate unsecured credit facility	0	0
Mortgage notes payable, net	2,567,578	2,611,274
Dividends payable	185,397	171,257
Payables for construction	100,998	98,802
Accrued expenses and other liabilities	274,676	260,005
Accrued interest payable	38,307	40,085
Resident security deposits	57,023	53,132
Liabilities related to real estate assets held for sale	808	553
Total liabilities	7,688,089	7,080,782
Commitments and contingencies
Redeemable noncontrolling interests	7,766	9,997
Equity:
Preferred stock, $0.01 par value; $25 liquidation preference; 50,000,000 shares authorized at December 31, 2016 and 2015; zero shares issued and outstanding at December 31, 2016 and 2015	0	0
Common stock, $0.01 par value; 280,000,000 shares authorized at December 31, 2016 and 2015; 137,330,904 and 137,002,031 shares issued and outstanding at December 31, 2016 and 2015, respectively	1,373	1,370
Additional paid-in capital	10,105,654	10,068,532
Accumulated earnings less dividends	94,899	(197,989)
Accumulated other comprehensive loss	(30,510)	(31,387)
Total equity	10,171,416	9,840,526
Total liabilities and equity	$ 17,867,271	$ 16,931,305