v3.25.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Real estate:    
Land and improvements $ 4,888,146 $ 4,720,331
Buildings and improvements 20,454,276 19,438,195
Furniture, fixtures and equipment 1,387,506 1,238,330
Gross operating real estate 26,729,928 25,396,856
Less accumulated depreciation (8,164,411) (7,521,962)
Net operating real estate 18,565,517 17,874,894
Construction in progress, including land 1,042,673 1,268,915
Land held for development 151,922 199,062
Real estate assets held for sale, net 6,950 0
Total real estate, net 19,767,062 19,342,871
Cash and cash equivalents 108,576 397,890
Restricted cash 158,500 133,070
Unconsolidated investments 227,320 220,145
Deferred development costs 43,675 53,122
Prepaid expenses and other assets 540,950 396,442
Right of use lease assets 154,654 134,674
Total assets 21,000,737 20,678,214
LIABILITIES AND EQUITY    
Unsecured notes, net 7,358,784 7,256,152
Variable rate unsecured credit facility and commercial paper, net 0 0
Mortgage notes payable, net 718,465 725,670
Dividends payable 244,967 238,072
Payables for construction 85,954 87,703
Accrued expenses and other liabilities 356,987 310,868
Lease liabilities 173,282 153,232
Accrued interest payable 58,377 57,911
Resident security deposits 62,829 63,815
Total liabilities 9,059,645 8,893,423
Commitments and contingencies
Redeemable noncontrolling interests 0 1,473
Equity:    
Preferred stock, $0.01 par value; $25 liquidation preference; 50,000,000 shares authorized at December 31, 2024 and December 31, 2023; zero shares issued and outstanding at December 31, 2024 and December 31, 2023 0 0
Common stock, $0.01 par value; 280,000,000 shares authorized at December 31, 2024 and December 31, 2023; 142,254,022 and 142,025,456 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively 1,422 1,420
Additional paid-in capital 11,314,116 11,287,626
Accumulated earnings less dividends 591,250 478,156
Accumulated other comprehensive income 34,304 16,116
Total equity 11,941,092 11,783,318
Total liabilities and equity $ 21,000,737 $ 20,678,214

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