CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Real estate:
Land and improvements	$ 4,186,360	$ 4,237,318
Buildings and improvements	15,808,498	15,708,666
Furniture, fixtures and equipment	673,013	615,288
Gross operating real estate	20,667,871	20,561,272
Less accumulated depreciation	(4,585,609)	(4,218,379)
Net operating real estate	16,082,262	16,342,893
Construction in progress, including land	1,651,406	1,306,300
Land held for development	116,582	68,364
Real estate assets held for sale, net	79,963	0
Total real estate, net	17,930,213	17,717,557
Cash and cash equivalents	55,887	67,088
Cash in escrow	225,704	134,818
Resident security deposits	34,132	32,686
Investments in unconsolidated real estate entities	173,563	163,475
Deferred development costs	45,869	45,819
Prepaid expenses and other assets	196,751	253,378
Total assets	18,662,119	18,414,821
LIABILITIES AND EQUITY
Unsecured notes, net	6,153,945	5,852,764
Variable rate unsecured credit facility	56,000	0
Mortgage notes payable, net	1,323,283	1,476,706
Dividends payable	203,624	196,094
Payables for construction	92,323	85,377
Accrued expenses and other liabilities	300,827	308,189
Accrued interest payable	66,546	43,116
Resident security deposits	61,059	58,473
Liabilities related to real estate assets held for sale	1,037	0
Total liabilities	8,258,644	8,020,719
Commitments and contingencies
Redeemable noncontrolling interests	6,077	6,056
Equity:
Preferred stock, $0.01 par value; $25 liquidation preference; 50,000,000 shares authorized at September 30, 2018 and December 31, 2017; zero shares issued and outstanding at September 30, 2018 and December 31, 2017	0	0
Common stock, $0.01 par value; 280,000,000 shares authorized at September 30, 2018 and December 31, 2017; 138,222,168 and 138,094,154 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively	1,382	1,381
Additional paid-in capital	10,249,311	10,235,475
Accumulated earnings less dividends	167,946	188,609
Accumulated other comprehensive loss	(21,241)	(37,419)
Total equity	10,397,398	10,388,046
Total liabilities and equity	$ 18,662,119	$ 18,414,821