CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Real estate:
Land and improvements	$ 3,990,033	$ 3,941,250
Buildings and improvements	14,719,690	14,314,981
Furniture, fixtures and equipment	556,690	532,994
Gross operating real estate	19,266,413	18,789,225
Less accumulated depreciation	(3,969,049)	(3,743,632)
Net operating real estate	15,297,364	15,045,593
Construction in progress, including land	1,736,367	1,882,262
Land held for development	86,016	84,293
Real estate assets held for sale, net	15,271	20,846
Total real estate, net	17,135,018	17,032,994
Cash and cash equivalents	53,477	214,994
Cash in escrow	239,676	114,983
Resident security deposits	33,654	32,071
Investments in unconsolidated real estate entities	169,854	175,116
Deferred development costs	45,157	40,179
Prepaid expenses and other assets	266,909	256,934
Total assets	17,943,745	17,867,271
LIABILITIES AND EQUITY
Unsecured notes, net	5,405,897	4,463,302
Variable rate unsecured credit facility	105,000	0
Mortgage notes payable, net	1,480,862	2,567,578
Dividends payable	196,079	185,397
Payables for construction	94,535	100,998
Accrued expenses and other liabilities	275,940	274,676
Accrued interest payable	34,880	38,307
Resident security deposits	59,176	57,023
Liabilities related to real estate assets held for sale	122	808
Total liabilities	7,652,491	7,688,089
Commitments and contingencies
Redeemable noncontrolling interests	8,842	7,766
Equity:
Preferred stock, $0.01 par value; $25 liquidation preference; 50,000,000 shares authorized at June 30, 2017 and December 31, 2016; zero shares issued and outstanding at June 30, 2017 and December 31, 2016	0	0
Common stock, $0.01 par value; 280,000,000 shares authorized at June 30, 2017 and December 31, 2016; 138,083,281 and 137,330,904 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively	1,381	1,373
Additional paid-in capital	10,221,474	10,105,654
Accumulated earnings less dividends	102,546	94,899
Accumulated other comprehensive loss	(42,989)	(30,510)
Total equity	10,282,412	10,171,416
Total liabilities and equity	$ 17,943,745	$ 17,867,271