v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Real estate:    
Land and improvements $ 5,007,247 $ 4,960,568
Buildings and improvements 21,628,963 21,252,137
Furniture, fixtures and equipment 1,642,780 1,546,813
Gross operating real estate 28,278,990 27,759,518
Less accumulated depreciation (9,116,539) (8,686,084)
Net operating real estate 19,162,451 19,073,434
Construction in progress, including land 1,668,998 1,458,795
Land held for development 101,508 123,751
Real estate assets held for sale, net 41,942 150,262
Total real estate, net 20,974,899 20,806,242
Cash and cash equivalents 80,682 187,234
Restricted cash 165,436 165,849
Unconsolidated investments 199,046 193,441
Deferred development costs 75,440 73,237
Prepaid expenses and other assets 660,707 618,597
Right of use lease assets 144,141 147,537
Total assets 22,300,351 22,192,137
LIABILITIES AND EQUITY    
Unsecured debt, net 7,408,395 7,879,380
Variable rate unsecured credit facility and commercial paper, net 915,786 739,608
Mortgage notes payable, net 700,599 709,564
Dividends payable 256,954 250,548
Payables for construction 113,585 92,267
Accrued expenses and other liabilities 385,901 391,973
Lease liabilities 162,444 165,200
Accrued interest payable 65,814 68,591
Resident security deposits 62,215 60,689
Total liabilities 10,071,693 10,357,820
Commitments and contingencies
Equity:    
Preferred stock, $0.01 par value; $25 liquidation preference; 50,000,000 shares authorized at June 30, 2026 and December 31, 2025; zero shares issued and outstanding at June 30, 2026 and December 31, 2025 0 0
Common stock, $0.01 par value; 280,000,000 shares authorized at June 30, 2026 and December 31, 2025; 141,875,567 and 140,080,657 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 1,419 1,401
Additional paid-in capital 11,739,908 11,212,296
Accumulated earnings less dividends 242,188 371,157
Accumulated other comprehensive income 38,896 26,486
Total stockholders' equity 12,022,411 11,611,340
Noncontrolling interests 206,247 222,977
Total equity 12,228,658 11,834,317
Total liabilities and equity $ 22,300,351 $ 22,192,137