CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Real estate:
Land and improvements	$ 3,742,588	$ 3,623,532
Buildings and improvements	13,433,401	13,056,292
Furniture, fixtures and equipment	481,036	458,224
Gross operating real estate	17,657,025	17,138,048
Less accumulated depreciation	(3,430,592)	(3,303,751)
Net operating real estate	14,226,433	13,834,297
Construction in progress, including land	1,587,132	1,592,917
Land held for development	477,072	476,871
Real estate assets held for sale, net	20,341	38,224
Real Estate Investments, Net	16,310,978	15,942,309
Cash and cash equivalents	97,541	400,507
Cash in escrow	170,361	104,821
Resident security deposits	31,964	30,077
Investments in unconsolidated real estate entities	182,367	216,919
Deferred development costs	42,635	37,577
Prepaid expenses and other assets	207,544	199,095
Total assets	17,043,390	16,931,305
LIABILITIES AND EQUITY
Unsecured notes, net	3,846,854	3,845,674
Variable rate unsecured credit facility	0	0
Mortgage notes payable	2,655,726	2,611,274
Dividends payable	185,173	171,257
Payables for construction	99,644	98,802
Accrued expenses and other liabilities	304,612	260,005
Accrued interest payable	38,952	40,085
Resident security deposits	55,770	53,132
Liabilities related to real estate assets held for sale	0	553
Total liabilities	$ 7,186,731	$ 7,080,782
Commitments and contingencies
Redeemable noncontrolling interests	$ 10,127	$ 9,997
Equity:
Preferred stock, $0.01 par value; $25 liquidation preference; 50,000,000 shares authorized at March 31, 2016 and December 31, 2015; zero shares issued and outstanding at March 31, 2016 and December 31, 2015	0	0
Common stock, $0.01 par value; 280,000,000 shares authorized at March 31, 2016 and December 31, 2015; 137,162,107 and 137,002,031 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively	1,372	1,370
Additional paid-in capital	10,069,729	10,068,532
Accumulated earnings less dividends	(146,799)	(197,989)
Accumulated other comprehensive loss	(77,770)	(31,387)
Total equity	9,846,532	9,840,526
Total liabilities and equity	$ 17,043,390	$ 16,931,305