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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 485,183 $ 506,452
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 466,079 449,618
Amortization of deferred financing costs and debt discount 7,235 6,280
Amortization of stock-based compensation 13,729 14,119
Equity in loss of, and return on, unconsolidated investments and noncontrolling interests, net of eliminations 7,249 6,666
Casualty and impairment loss 2,007 858
Abandonment of development pursuits, net of recoveries 11,025 7,237
Cash flow hedge gains reclassified to earnings (961) (843)
Gain on sale of real estate assets (179,881) (159,786)
Increase in accrued interest receivable (14,626) (12,605)
Increase in prepaid expenses and other assets (7,907) (23,264)
Decrease in accrued expenses, other liabilities, accrued interest payable and resident security deposits (6,060) (1,017)
Net cash provided by operating activities 783,072 793,715
Cash flows from investing activities:    
Development/redevelopment of real estate assets including land acquisitions and deferred development costs (650,896) (549,366)
Acquisition of real estate assets, including partnership interest 0 (384,495)
Capital expenditures - existing real estate assets (134,257) (109,039)
Capital expenditures - non-real estate assets (3,322) (1,875)
Increase in payables for construction 21,318 15,665
Proceeds from sale of real estate, net of selling costs 330,378 228,058
Note receivable lending (39,908) (15,630)
Note receivable repayments 17,580 25
Distributions from unconsolidated entities and investment sale proceeds 180 0
Unconsolidated investments (6,954) (6,553)
Net cash used in investing activities (465,881) (823,210)
Cash flows from financing activities:    
Issuance of common stock, net 609,806 3,377
Repurchase of common stock, net (198,480) 0
Dividends paid (498,794) (492,646)
Net borrowings under unsecured credit facility and commercial paper 176,178 665,000
Repayments of mortgage notes payable, including prepayment penalties (10,153) (9,430)
Issuance of unsecured debt 0 450,000
Repayment of unsecured debt (475,000) (525,000)
Payment of deferred financing costs (225) (15,966)
Payments related to tax withholding for share-based compensation (13,219) (16,544)
Noncontrolling interests, joint venture and preferred equity transactions (14,269) (1,000)
Net cash (used in) provided by financing activities (424,156) 57,791
Net (decrease) increase in cash, cash equivalents and restricted cash (106,965) 28,296
Cash, cash equivalents and restricted cash, beginning of period 353,083 267,076
Cash, cash equivalents and restricted cash, end of period 246,118 295,372
Cash paid during the period for interest, net of amount capitalized 138,050 130,414
Supplemental Cash Flow Information [Abstract]    
Cash and cash equivalents 80,682 102,825
Restricted cash 165,436 192,547
Cash, cash equivalents and restricted cash reported in the Condensed Consolidated Statements of Cash Flows $ 246,118 $ 295,372