CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Real estate:
Land and improvements	$ 3,894,647	$ 3,636,761
Buildings and improvements	13,993,232	13,056,292
Furniture, fixtures and equipment	515,887	458,224
Gross operating real estate	18,403,766	17,151,277
Less accumulated depreciation	(3,591,604)	(3,303,751)
Net operating real estate	14,812,162	13,847,526
Construction in progress, including land	1,439,271	1,592,917
Land held for development	519,626	484,377
Real estate assets held for sale, net	100,351	17,489
Real Estate Investments, Net	16,871,410	15,942,309
Cash and cash equivalents	65,899	400,507
Cash in escrow	166,289	104,821
Resident security deposits	32,640	30,077
Investments in unconsolidated real estate entities	176,882	216,919
Deferred development costs	46,188	37,577
Prepaid expenses and other assets	229,349	199,095
Total assets	17,588,657	16,931,305
LIABILITIES AND EQUITY
Unsecured notes, net	4,070,247	3,845,674
Variable rate unsecured credit facility	170,000	0
Mortgage notes payable, net	2,575,723	2,611,274
Dividends payable	185,384	171,257
Payables for construction	100,113	98,802
Accrued expenses and other liabilities	335,249	260,005
Accrued interest payable	44,027	40,085
Resident security deposits	57,495	53,132
Liabilities related to real estate assets held for sale	3,845	553
Total liabilities	7,542,083	7,080,782
Commitments and contingencies
Redeemable noncontrolling interests	9,950	9,997
Equity:
Preferred stock, $0.01 par value; $25 liquidation preference; 50,000,000 shares authorized at September 30, 2016 and December 31, 2015; zero shares issued and outstanding at September 30, 2016 and December 31, 2015	0	0
Common stock, $0.01 par value; 280,000,000 shares authorized at September 30, 2016 and December 31, 2015; 137,324,780 and 137,002,031 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively	1,373	1,370
Additional paid-in capital	10,099,739	10,068,532
Accumulated earnings less dividends	36,043	(197,989)
Accumulated other comprehensive loss	(100,531)	(31,387)
Total equity	10,036,624	9,840,526
Total liabilities and equity	$ 17,588,657	$ 16,931,305