CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Real estate:
Land and improvements	$ 3,981,847	$ 3,941,250
Buildings and improvements	14,496,026	14,314,981
Furniture, fixtures and equipment	546,523	532,994
Gross operating real estate	19,024,396	18,789,225
Less accumulated depreciation	(3,852,593)	(3,743,632)
Net operating real estate	15,171,803	15,045,593
Construction in progress, including land	1,791,134	1,882,262
Land held for development	103,954	84,293
Real estate assets held for sale, net	0	20,846
Total real estate, net	17,066,891	17,032,994
Cash and cash equivalents	121,705	214,994
Cash in escrow	247,015	114,983
Resident security deposits	32,167	32,071
Investments in unconsolidated real estate entities	183,403	175,116
Deferred development costs	40,110	40,179
Prepaid expenses and other assets	287,130	256,934
Total assets	17,978,421	17,867,271
LIABILITIES AND EQUITY
Unsecured notes, net	4,464,546	4,463,302
Variable rate unsecured credit facility	0	0
Mortgage notes payable, net	2,541,183	2,567,578
Dividends payable	195,657	185,397
Payables for construction	96,672	100,998
Accrued expenses and other liabilities	293,637	274,676
Accrued interest payable	54,143	38,307
Resident security deposits	57,183	57,023
Liabilities related to real estate assets held for sale	0	808
Total liabilities	7,703,021	7,688,089
Commitments and contingencies
Redeemable noncontrolling interests	8,778	7,766
Equity:
Preferred stock, $0.01 par value; $25 liquidation preference; 50,000,000 shares authorized at March 31, 2017 and December 31, 2016; zero shares issued and outstanding at March 31, 2017 and December 31, 2016	0	0
Common stock, $0.01 par value; 280,000,000 shares authorized at March 31, 2017 and December 31, 2016; 137,786,600 and 137,330,904 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively	1,378	1,373
Additional paid-in capital	10,160,183	10,105,654
Accumulated earnings less dividends	133,674	94,899
Accumulated other comprehensive loss	(28,613)	(30,510)
Total equity	10,266,622	10,171,416
Total liabilities and equity	$ 17,978,421	$ 17,867,271