CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Real estate:
Land and improvements	$ 4,188,479	$ 4,237,318
Buildings and improvements	15,686,169	15,708,666
Furniture, fixtures and equipment	648,858	615,288
Gross operating real estate	20,523,506	20,561,272
Less accumulated depreciation	(4,459,341)	(4,218,379)
Net operating real estate	16,064,165	16,342,893
Construction in progress, including land	1,525,123	1,306,300
Land held for development	130,802	68,364
Real estate assets held for sale, net	140,507	0
Total real estate, net	17,860,597	17,717,557
Cash and cash equivalents	101,565	67,088
Cash in escrow	248,332	134,818
Resident security deposits	34,474	32,686
Investments in unconsolidated real estate entities	165,421	163,475
Deferred development costs	41,617	45,819
Prepaid expenses and other assets	219,002	253,378
Total assets	18,671,008	18,414,821
LIABILITIES AND EQUITY
Unsecured notes, net	6,152,243	5,852,764
Variable rate unsecured credit facility	0	0
Mortgage notes payable, net	1,419,035	1,476,706
Dividends payable	203,472	196,094
Payables for construction	92,798	85,377
Accrued expenses and other liabilities	285,658	308,189
Accrued interest payable	51,506	43,116
Resident security deposits	61,505	58,473
Liabilities related to real estate assets held for sale	596	0
Total liabilities	8,266,813	8,020,719
Commitments and contingencies
Redeemable noncontrolling interests	6,007	6,056
Equity:
Preferred stock, $0.01 par value; $25 liquidation preference; 50,000,000 shares authorized at June 30, 2018 and December 31, 2017; zero shares issued and outstanding at June 30, 2018 and December 31, 2017	0	0
Common stock, $0.01 par value; 280,000,000 shares authorized at June 30, 2018 and December 31, 2017; 138,218,259 and 138,094,154 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively	1,382	1,381
Additional paid-in capital	10,240,447	10,235,475
Accumulated earnings less dividends	179,066	188,609
Accumulated other comprehensive loss	(22,707)	(37,419)
Total equity	10,398,188	10,388,046
Total liabilities and equity	$ 18,671,008	$ 18,414,821