v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Real estate:    
Land and improvements $ 4,989,148 $ 4,960,568
Buildings and improvements 21,444,491 21,252,137
Furniture, fixtures and equipment 1,596,077 1,546,813
Gross operating real estate 28,029,716 27,759,518
Less accumulated depreciation (8,914,545) (8,686,084)
Net operating real estate 19,115,171 19,073,434
Construction in progress, including land 1,575,669 1,458,795
Land held for development 135,134 123,751
Real estate assets held for sale, net 0 150,262
Total real estate, net 20,825,974 20,806,242
Cash and cash equivalents 121,231 187,234
Restricted cash 169,863 165,849
Unconsolidated investments 193,271 193,441
Deferred development costs 68,765 73,237
Prepaid expenses and other assets 602,145 618,597
Right of use lease assets 145,704 147,537
Total assets 22,126,953 22,192,137
LIABILITIES AND EQUITY    
Unsecured debt, net 7,881,320 7,879,380
Variable rate unsecured credit facility and commercial paper, net 769,722 739,608
Mortgage notes payable, net 709,176 709,564
Dividends payable 251,694 250,548
Payables for construction 107,546 92,267
Accrued expenses and other liabilities 391,768 391,973
Lease liabilities 163,517 165,200
Accrued interest payable 76,415 68,591
Resident security deposits 61,174 60,689
Total liabilities 10,412,332 10,357,820
Commitments and contingencies
Equity:    
Preferred stock, $0.01 par value; $25 liquidation preference; 50,000,000 shares authorized at March 31, 2026 and December 31, 2025; zero shares issued and outstanding at March 31, 2026 and December 31, 2025 0 0
Common stock, $0.01 par value; 280,000,000 shares authorized at March 31, 2026 and December 31, 2025; 139,111,007 and 140,080,657 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively 1,391 1,401
Additional paid-in capital 11,117,451 11,212,296
Accumulated earnings less dividends 339,630 371,157
Accumulated other comprehensive income 32,453 26,486
Total stockholders' equity 11,490,925 11,611,340
Noncontrolling interests 223,696 222,977
Total equity 11,714,621 11,834,317
Total liabilities and equity $ 22,126,953 $ 22,192,137

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