v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Real estate:    
Land and improvements $ 4,924,925 $ 4,888,146
Buildings and improvements 21,027,361 20,454,276
Furniture, fixtures and equipment 1,505,473 1,387,506
Gross operating real estate 27,457,759 26,729,928
Less accumulated depreciation (8,555,747) (8,164,411)
Net operating real estate 18,902,012 18,565,517
Construction in progress, including land 1,428,609 1,042,673
Land held for development 126,050 151,922
Real estate assets held for sale, net 69,578 6,950
Total real estate, net 20,526,249 19,767,062
Cash and cash equivalents 123,313 108,576
Restricted cash 198,578 158,500
Unconsolidated investments 206,185 227,320
Deferred development costs 101,523 43,675
Prepaid expenses and other assets 643,790 540,950
Right of use lease assets 149,594 154,654
Total assets 21,949,232 21,000,737
LIABILITIES AND EQUITY    
Unsecured notes, net 7,780,713 7,358,784
Variable rate unsecured credit facility and commercial paper, net 234,981 0
Mortgage notes payable, net 709,942 718,465
Dividends payable 252,757 244,967
Payables for construction 97,905 85,954
Accrued expenses and other liabilities 406,542 356,987
Lease liabilities 167,826 173,282
Accrued interest payable 75,834 58,377
Resident security deposits 61,237 62,829
Total liabilities 9,787,737 9,059,645
Commitments and contingencies
Equity:    
Preferred stock, $0.01 par value; $25 liquidation preference; 50,000,000 shares authorized at September 30, 2025 and December 31, 2024; zero shares issued and outstanding at September 30, 2025 and December 31, 2024 0 0
Common stock, $0.01 par value; 280,000,000 shares authorized at September 30, 2025 and December 31, 2024; 141,594,313 and 142,254,022 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively 1,415 1,422
Additional paid-in capital 11,271,388 11,314,116
Accumulated earnings less dividends 638,898 591,250
Accumulated other comprehensive income 26,214 34,304
Equity, Attributable to Parent 11,937,915 11,941,092
Equity, Attributable to Noncontrolling Interest 223,580 0
Total equity 12,161,495 11,941,092
Total liabilities and equity $ 21,949,232 $ 21,000,737

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