v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Real estate:    
Land and improvements $ 4,960,568 $ 4,888,146
Buildings and improvements 21,252,137 20,454,276
Furniture, fixtures and equipment 1,546,813 1,387,506
Gross operating real estate 27,759,518 26,729,928
Less accumulated depreciation (8,686,084) (8,164,411)
Net operating real estate 19,073,434 18,565,517
Construction in progress, including land 1,458,795 1,042,673
Land held for development 123,751 151,922
Real estate assets held for sale, net 150,262 6,950
Total real estate, net 20,806,242 19,767,062
Cash and cash equivalents 187,234 108,576
Restricted cash 165,849 158,500
Unconsolidated investments 193,441 227,320
Deferred development costs 73,237 43,675
Prepaid expenses and other assets 618,597 540,950
Right of use lease assets 147,537 154,654
Total assets 22,192,137 21,000,737
LIABILITIES AND EQUITY    
Unsecured debt, net 7,879,380 7,358,784
Variable rate unsecured credit facility and commercial paper, net 739,608 0
Mortgage notes payable, net 709,564 718,465
Dividends payable 250,548 244,967
Payables for construction 92,267 85,954
Accrued expenses and other liabilities 391,973 356,987
Lease liabilities 165,200 173,282
Accrued interest payable 68,591 58,377
Resident security deposits 60,689 62,829
Total liabilities 10,357,820 9,059,645
Commitments and contingencies
Equity:    
Preferred stock, $0.01 par value; $25 liquidation preference; 50,000,000 shares authorized at December 31, 2025 and December 31, 2024; zero shares issued and outstanding at December 31, 2025 and December 31, 2024 0 0
Common stock, $0.01 par value; 280,000,000 shares authorized at December 31, 2025 and December 31, 2024; 140,080,657 and 142,254,022 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively 1,401 1,422
Additional paid-in capital 11,212,296 11,314,116
Accumulated earnings less dividends 371,157 591,250
Accumulated other comprehensive income 26,486 34,304
Total stockholders' equity 11,611,340 11,941,092
Noncontrolling interests 222,977 0
Total equity 11,834,317 11,941,092
Total liabilities and equity $ 22,192,137 $ 21,000,737

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