CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Real estate:
Land and improvements	$ 4,070,275	$ 4,077,090
Buildings and improvements	15,783,433	15,651,035
Furniture, fixtures and equipment	733,341	696,200
Gross operating real estate	20,587,049	20,424,325
Less accumulated depreciation	(4,748,578)	(4,601,447)
Net operating real estate	15,838,471	15,822,878
Construction in progress, including land	1,856,294	1,768,132
Land held for development	104,963	84,712
Real estate assets held for sale, net	76,362	55,208
Total real estate, net	17,876,090	17,730,930
Cash and cash equivalents	62,999	91,659
Cash in escrow	132,208	126,205
Resident security deposits	32,747	31,816
Investments in unconsolidated real estate entities	212,639	217,432
Deferred development costs	55,419	47,443
Prepaid expenses and other assets	143,511	134,715
Right of use lease assets	124,370
Total assets	18,639,983	18,380,200
LIABILITIES AND EQUITY
Unsecured notes, net	5,907,327	5,905,993
Variable rate unsecured credit facility	0	0
Mortgage notes payable, net	1,132,740	1,134,270
Dividends payable	212,750	204,191
Payables for construction	102,427	96,983
Accrued expenses and other liabilities	279,941	297,700
Lease liabilities	140,436
Accrued interest payable	65,472	46,648
Resident security deposits	60,461	58,415
Liabilities related to real estate assets held for sale	1,034	150
Total liabilities	7,902,588	7,744,350
Commitments and contingencies
Redeemable noncontrolling interests	3,396	3,244
Equity:
Preferred stock, $0.01 par value; $25 liquidation preference; 50,000,000 shares authorized at March 31, 2019 and December 31, 2018; zero shares issued and outstanding at March 31, 2019 and December 31, 2018	0	0
Common stock, $0.01 par value; 280,000,000 shares authorized at March 31, 2019 and December 31, 2018; 139,403,222 and 138,508,424 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively	1,394	1,385
Additional paid-in capital	10,457,651	10,306,588
Accumulated earnings less dividends	306,861	350,777
Accumulated other comprehensive loss	(31,907)	(26,144)
Total equity	10,733,999	10,632,606
Total liabilities and equity	$ 18,639,983	$ 18,380,200