CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Real estate:
Land and improvements	$ 4,237,318	$ 3,941,250
Buildings and improvements	15,708,666	14,314,981
Furniture, fixtures and equipment	615,288	532,994
Total Capitalized Cost	20,561,272	18,789,225
Less accumulated depreciation	(4,218,379)	(3,743,632)
Net operating real estate	16,342,893	15,045,593
Construction in progress, including land	1,306,300	1,882,262
Land held for development	68,364	84,293
Real estate assets held for sale, net	0	20,846
Total real estate, net	17,717,557	17,032,994
Cash and cash equivalents	67,088	214,994
Cash in escrow	134,818	114,983
Resident security deposits	32,686	32,071
Investments in unconsolidated real estate entities	163,475	175,116
Deferred development costs	45,819	40,179
Prepaid expenses and other assets	253,378	256,934
Total assets	18,414,821	17,867,271
LIABILITIES AND EQUITY
Unsecured notes, net	5,852,764	4,463,302
Variable rate unsecured credit facility	0	0
Mortgage notes payable, net	1,476,706	2,567,578
Dividends payable	196,094	185,397
Payables for construction	85,377	100,998
Accrued expenses and other liabilities	308,189	274,676
Accrued interest payable	43,116	38,307
Resident security deposits	58,473	57,023
Liabilities related to real estate assets held for sale	0	808
Total liabilities	8,020,719	7,688,089
Commitments and contingencies
Redeemable noncontrolling interests	6,056	7,766
Equity:
Preferred stock, $0.01 par value; $25 liquidation preference; 50,000,000 shares authorized at December 31, 2017 and 2016; zero shares issued and outstanding at December 31, 2017 and 2016	0	0
Common stock, $0.01 par value; 280,000,000 shares authorized at December 31, 2017 and 2016; 138,094,154 and 137,330,904 shares issued and outstanding at December 31, 2017 and 2016, respectively	1,381	1,373
Additional paid-in capital	10,235,475	10,105,654
Accumulated earnings less dividends	188,609	94,899
Accumulated other comprehensive loss	(37,419)	(30,510)
Total equity	10,388,046	10,171,416
Total liabilities and equity	$ 18,414,821	$ 17,867,271