CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real estate:
Land and improvements	$ 4,564,723	$ 4,394,298
Buildings and improvements	18,198,584	17,231,275
Furniture, fixtures and equipment	1,036,640	924,583
Gross operating real estate	23,799,947	22,550,156
Less accumulated depreciation	(6,208,610)	(5,700,179)
Net operating real estate	17,591,337	16,849,977
Construction in progress, including land	807,101	989,765
Land held for development	147,546	110,142
For-sale condominium inventory	146,535	267,219
Real estate assets held for sale, net	17,065	16,678
Total real estate, net	18,709,584	18,233,781
Cash and cash equivalents	420,251	216,976
Cash in escrow	123,537	96,556
Resident security deposits	33,757	30,811
Investments in unconsolidated real estate entities	216,390	202,612
Deferred development costs	40,414	55,427
Prepaid expenses and other assets	211,484	207,715
Right of use lease assets	146,599	155,266
Total assets	19,902,016	19,199,144
LIABILITIES AND EQUITY
Unsecured notes, net	7,349,394	6,702,005
Variable rate unsecured credit facility	0	0
Mortgage notes payable, net	754,153	862,332
Dividends payable	225,392	224,897
Payables for construction	63,722	93,609
Accrued expenses and other liabilities	296,006	274,699
Lease liabilities	166,497	181,479
Accrued interest payable	50,300	49,033
Resident security deposits	59,787	55,928
Liabilities related to real estate assets held for sale	304	311
Total liabilities	8,965,555	8,444,293
Commitments and contingencies
Redeemable noncontrolling interests	3,368	2,677
Equity:
Preferred stock, $0.01 par value; $25 liquidation preference; 50,000,000 shares authorized at December 31, 2021 and December 31, 2020; zero shares issued and outstanding at December 31, 2021 and December 31, 2020	0	0
Common stock, $0.01 par value; 280,000,000 shares authorized at December 31, 2021 and December 31, 2020; 139,751,926 and 139,526,671 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively	1,398	1,395
Additional paid-in capital	10,716,414	10,664,416
Accumulated earnings less dividends	240,821	126,022
Accumulated other comprehensive loss	(26,106)	(40,250)
Total stockholders' equity	10,932,527	10,751,583
Noncontrolling interests	566	591
Total equity	10,933,093	10,752,174
Total liabilities and equity	$ 19,902,016	$ 19,199,144