CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Real estate:
Land and improvements	$ 4,074,105	$ 3,941,250
Buildings and improvements	15,180,825	14,314,981
Furniture, fixtures and equipment	592,776	532,994
Gross operating real estate	19,847,706	18,789,225
Less accumulated depreciation	(4,079,946)	(3,743,632)
Net operating real estate	15,767,760	15,045,593
Construction in progress, including land	1,559,357	1,882,262
Land held for development	85,863	84,293
Real estate assets held for sale, net	33,173	20,846
Total real estate, net	17,446,153	17,032,994
Cash and cash equivalents	36,042	214,994
Cash in escrow	181,069	114,983
Resident security deposits	33,477	32,071
Investments in unconsolidated real estate entities	155,428	175,116
Deferred development costs	48,546	40,179
Prepaid expenses and other assets	277,122	256,934
Total assets	18,177,837	17,867,271
LIABILITIES AND EQUITY
Unsecured notes, net	5,407,091	4,463,302
Variable rate unsecured credit facility	242,000	0
Mortgage notes payable, net	1,478,939	2,567,578
Dividends payable	196,079	185,397
Payables for construction	84,338	100,998
Accrued expenses and other liabilities	310,633	274,676
Accrued interest payable	56,837	38,307
Resident security deposits	58,768	57,023
Liabilities related to real estate assets held for sale	600	808
Total liabilities	7,835,285	7,688,089
Commitments and contingencies
Redeemable noncontrolling interests	8,739	7,766
Equity:
Preferred stock, $0.01 par value; $25 liquidation preference; 50,000,000 shares authorized at September 30, 2017 and December 31, 2016; zero shares issued and outstanding at September 30, 2017 and December 31, 2016	0	0
Common stock, $0.01 par value; 280,000,000 shares authorized at September 30, 2017 and December 31, 2016; 138,086,893 and 137,330,904 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively	1,381	1,373
Additional paid-in capital	10,228,648	10,105,654
Accumulated earnings less dividends	144,647	94,899
Accumulated other comprehensive loss	(40,863)	(30,510)
Total equity	10,333,813	10,171,416
Total liabilities and equity	$ 18,177,837	$ 17,867,271