v3.25.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Real estate:    
Land and improvements $ 4,903,886 $ 4,888,146
Buildings and improvements 20,625,788 20,454,276
Furniture, fixtures and equipment 1,426,015 1,387,506
Gross operating real estate 26,955,689 26,729,928
Less accumulated depreciation (8,351,624) (8,164,411)
Net operating real estate 18,604,065 18,565,517
Construction in progress, including land 1,198,280 1,042,673
Land held for development 141,978 151,922
Real estate assets held for sale, net 58,141 6,950
Total real estate, net 20,002,464 19,767,062
Cash and cash equivalents 53,255 108,576
Restricted cash 165,852 158,500
Unconsolidated investments 226,622 227,320
Deferred development costs 54,454 43,675
Prepaid expenses and other assets 559,329 540,950
Right of use lease assets 153,738 154,654
Total assets 21,215,714 21,000,737
LIABILITIES AND EQUITY    
Unsecured notes, net 7,360,607 7,358,784
Variable rate unsecured credit facility and commercial paper, net 224,942 0
Mortgage notes payable, net 717,888 718,465
Dividends payable 251,378 244,967
Payables for construction 82,554 85,954
Accrued expenses and other liabilities 351,872 356,987
Lease liabilities 172,226 173,282
Accrued interest payable 75,101 58,377
Resident security deposits 62,863 62,829
Total liabilities 9,299,431 9,059,645
Commitments and contingencies
Equity:    
Preferred stock, $0.01 par value; $25 liquidation preference; 50,000,000 shares authorized at March 31, 2025 and December 31, 2024; zero shares issued and outstanding at March 31, 2025 and December 31, 2024 0 0
Common stock, $0.01 par value; 280,000,000 shares authorized at March 31, 2025 and December 31, 2024; 142,368,620 and 142,254,022 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively 1,423 1,422
Additional paid-in capital 11,307,940 11,314,116
Accumulated earnings less dividends 576,486 591,250
Accumulated other comprehensive income 30,434 34,304
Total equity 11,916,283 11,941,092
Total liabilities and equity $ 21,215,714 $ 21,000,737

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