CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Real estate:
Land and improvements	$ 4,226,043	$ 4,237,318
Buildings and improvements	15,733,783	15,708,666
Furniture, fixtures and equipment	636,793	615,288
Gross operating real estate	20,596,619	20,561,272
Less accumulated depreciation	(4,345,596)	(4,218,379)
Net operating real estate	16,251,023	16,342,893
Construction in progress, including land	1,375,366	1,306,300
Land held for development	136,771	68,364
Real estate assets held for sale, net	121,387	0
Total real estate, net	17,884,547	17,717,557
Cash and cash equivalents	137,244	67,088
Cash in escrow	134,163	134,818
Resident security deposits	33,130	32,686
Investments in unconsolidated real estate entities	164,344	163,475
Deferred development costs	39,369	45,819
Prepaid expenses and other assets	253,650	253,378
Total assets	18,646,447	18,414,821
LIABILITIES AND EQUITY
Unsecured notes, net	6,150,633	5,852,764
Variable rate unsecured credit facility	0	0
Mortgage notes payable, net	1,448,822	1,476,706
Dividends payable	203,166	196,094
Payables for construction	83,209	85,377
Accrued expenses and other liabilities	299,426	308,189
Accrued interest payable	60,111	43,116
Resident security deposits	58,760	58,473
Liabilities related to real estate assets held for sale	1,244	0
Total liabilities	8,305,371	8,020,719
Commitments and contingencies
Redeemable noncontrolling interests	5,952	6,056
Equity:
Preferred stock, $0.01 par value; $25 liquidation preference; 50,000,000 shares authorized at March 31, 2018 and December 31, 2017; zero shares issued and outstanding at March 31, 2018 and December 31, 2017	0	0
Common stock, $0.01 par value; 280,000,000 shares authorized at March 31, 2018 and December 31, 2017; 138,208,280 and 138,094,154 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively	1,382	1,381
Additional paid-in capital	10,229,738	10,235,475
Accumulated earnings less dividends	128,166	188,609
Accumulated other comprehensive loss	(24,162)	(37,419)
Total equity	10,335,124	10,388,046
Total liabilities and equity	$ 18,646,447	$ 18,414,821