CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Real estate:
Land and improvements	$ 4,593,092	$ 4,564,723
Buildings and improvements	18,390,979	18,198,584
Furniture, fixtures and equipment	1,066,224	1,036,640
Gross operating real estate	24,050,295	23,799,947
Less accumulated depreciation	(6,389,336)	(6,208,610)
Net operating real estate	17,660,959	17,591,337
Construction in progress, including land	755,274	807,101
Land held for development	218,852	147,546
For-sale condominium inventory	110,763	146,535
Real estate assets held for sale, net	0	17,065
Total real estate, net	18,745,848	18,709,584
Cash and cash equivalents	343,457	420,251
Cash in escrow	113,954	123,537
Resident security deposits	34,512	33,757
Investments in unconsolidated entities	219,075	216,390
Deferred development costs	47,165	40,414
Prepaid expenses and other assets	217,327	211,484
Right of use lease assets	148,289	146,599
Total assets	19,869,627	19,902,016
LIABILITIES AND EQUITY
Unsecured notes, net	7,250,902	7,349,394
Variable rate unsecured credit facility and commercial paper	0	0
Mortgage notes payable, net	754,131	754,153
Dividends payable	224,552	225,392
Payables for construction	66,846	63,722
Accrued expenses and other liabilities	295,806	296,006
Lease liabilities	167,974	166,497
Accrued interest payable	67,561	50,300
Resident security deposits	61,227	59,787
Liabilities related to real estate assets held for sale	0	304
Total liabilities	8,888,999	8,965,555
Commitments and contingencies
Redeemable noncontrolling interests	3,336	3,368
Equity:
Preferred stock, $0.01 par value; $25 liquidation preference; 50,000,000 shares authorized at March 31, 2022 and December 31, 2021; zero shares issued and outstanding at March 31, 2022 and December 31, 2021	0	0
Common stock, $0.01 par value; 280,000,000 shares authorized at March 31, 2022 and December 31, 2021; 139,818,068 and 139,751,926 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	1,399	1,398
Additional paid-in capital	10,711,327	10,716,414
Accumulated earnings less dividends	278,948	240,821
Accumulated other comprehensive loss	(14,938)	(26,106)
Total stockholders' equity	10,976,736	10,932,527
Noncontrolling interests	556	566
Total equity	10,977,292	10,933,093
Total liabilities and equity	$ 19,869,627	$ 19,902,016