CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Real estate:
Land and improvements	$ 4,077,090	$ 4,237,318
Buildings and improvements	15,651,035	15,708,666
Furniture, fixtures and equipment	696,200	615,288
Total capitalized cost	20,424,325	20,561,272
Less accumulated depreciation	(4,601,447)	(4,218,379)
Net operating real estate	15,822,878	16,342,893
Construction in progress, including land	1,768,132	1,306,300
Land held for development	84,712	68,364
Real estate assets held for sale, net	55,208	0
Total real estate, net	17,730,930	17,717,557
Cash and cash equivalents	91,659	67,088
Cash in escrow	126,205	134,818
Resident security deposits	31,816	32,686
Investments in unconsolidated real estate entities	217,432	163,475
Deferred development costs	47,443	45,819
Prepaid expenses and other assets	134,715	253,378
Total assets	18,380,200	18,414,821
LIABILITIES AND EQUITY
Unsecured notes, net	5,905,993	5,852,764
Variable rate unsecured credit facility	0	0
Mortgage notes payable, net	1,134,270	1,476,706
Dividends payable	204,191	196,094
Payables for construction	96,983	85,377
Accrued expenses and other liabilities	297,700	308,189
Accrued interest payable	46,648	43,116
Resident security deposits	58,415	58,473
Liabilities related to real estate assets held for sale	150	0
Total liabilities	7,744,350	8,020,719
Commitments and contingencies
Redeemable noncontrolling interests	3,244	6,056
Equity:
Preferred stock, $0.01 par value; $25 liquidation preference; 50,000,000 shares authorized at December 31, 2018 and December 31, 2017; zero shares issued and outstanding at December 31, 2018 and December 31, 2017	0	0
Common stock, $0.01 par value; 280,000,000 shares authorized at December 31, 2018 and December 31, 2017; 138,508,424 and 138,094,154 shares issued and outstanding at December 31, 2018 and December 31, 2017, respectively	1,385	1,381
Additional paid-in capital	10,306,588	10,235,475
Accumulated earnings less dividends	350,777	188,609
Accumulated other comprehensive loss	(26,144)	(37,419)
Total equity	10,632,606	10,388,046
Total liabilities and equity	$ 18,380,200	$ 18,414,821