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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income $ 506,452 $ 427,564
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 449,618 419,192
Amortization of deferred financing costs and debt discount 6,280 6,608
Amortization of stock-based compensation 14,119 13,494
Equity in loss (income) of, and return on, unconsolidated investments and noncontrolling interests, net of eliminations 6,666 (4,572)
Casualty and impairment loss 858 1,415
Expensed transaction, development and other pursuit costs, net of recoveries 7,237 5,662
Cash flow hedge (gains) losses reclassified to earnings (843) 77
Gain on sale of real estate assets (159,786) (68,705)
Increase in prepaid expenses and other assets (35,869) (12,171)
Increase in accrued expenses, other liabilities, accrued interest payable and resident security deposits (1,017) 4,332
Net cash provided by operating activities 793,715 792,896
Cash flows from investing activities:    
Development/redevelopment of real estate assets including land acquisitions and deferred development costs (549,366) (439,900)
Acquisition of real estate assets (384,495) (62,192)
Capital expenditures - existing real estate assets (109,039) (84,500)
Capital expenditures - non-real estate assets (1,875) (2,536)
Increase (decrease) in payables for construction 15,665 (3,791)
Proceeds from sale of real estate, net of selling costs 228,058 176,325
Note receivable lending (15,630) (42,510)
Note receivable payments 25 237
Unconsolidated investments (6,553) (4,936)
Net cash used in investing activities (823,210) (463,803)
Cash flows from financing activities:    
Issuance of common stock, net 3,377 3,971
Dividends paid (492,646) (478,533)
Net borrowings under unsecured credit facility and commercial paper 665,000 0
Repayments of mortgage notes payable, including prepayment penalties (9,430) (7,981)
Issuance of unsecured notes 450,000 398,787
Repayment of unsecured notes (525,000) 0
Payment of deferred financing costs (15,966) (3,572)
Receipt for termination of forward interest rate swaps 0 16,839
Payments related to tax withholding for share-based compensation (16,544) (16,384)
Noncontrolling interests, joint venture and preferred equity transactions (1,000) (7,827)
Net cash provided by (used in) financing activities 57,791 (94,700)
Net increase in cash, cash equivalents and restricted cash 28,296 234,393
Cash, cash equivalents and restricted cash, beginning of period 267,076 530,960
Cash, cash equivalents and restricted cash, end of period 295,372 765,353
Cash paid during the period for interest, net of amount capitalized 130,414 102,184
Supplemental Cash Flow Information [Abstract]    
Cash and cash equivalents 102,825 545,769
Restricted cash 192,547 219,584
Cash, cash equivalents and restricted cash reported in the Condensed Consolidated Statements of Cash Flows $ 295,372 $ 765,353