v3.26.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Real estate owned:    
Real estate held for investment $ 16,403,674 $ 16,415,000
Less: accumulated depreciation (7,510,899) (7,374,546)
Real estate held for investment, net 8,892,775 9,040,454
Real estate under development (net of accumulated depreciation of $170 and $0, respectively) 170,221 72,885
Real estate held for disposition (net of accumulated depreciation of $34,253 and $0, respectively) 20,327  
Total real estate owned, net of accumulated depreciation 9,083,323 9,113,339
Cash and cash equivalents 1,184 1,222
Restricted cash 35,778 35,710
Notes receivable, net 90,480 149,979
Investment in and advances to unconsolidated joint ventures, net 659,105 886,492
Operating lease right-of-use assets 184,642 187,624
Other assets 246,704 231,308
Total assets 10,301,216 10,605,674
Liabilities:    
Secured debt, net 931,510 961,180
Unsecured debt, net 4,824,801 4,860,189
Operating lease liabilities 180,026 182,963
Real estate taxes payable 67,342 45,640
Accrued interest payable 26,978 51,698
Security deposits and prepaid rent 57,330 61,205
Distributions payable 150,907 151,934
Accounts payable, accrued expenses, and other liabilities 134,557 142,102
Total liabilities 6,373,451 6,456,911
Commitments and contingencies (Note 13)
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership 799,194 859,966
Equity:    
Common stock, $0.01 par value; 450,000,000 shares authorized at September 30, 2026 and December 31, 2025: 321,267,264 and 328,273,044 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively 3,213 3,283
Additional paid-in capital 7,218,648 7,480,594
Distributions in excess of net income (4,140,208) (4,240,268)
Accumulated other comprehensive income/(loss), net 3,389 1,660
Total stockholders' equity 3,128,235 3,288,462
Noncontrolling interests 336 335
Total equity 3,128,571 3,288,797
Total liabilities and equity 10,301,216 10,605,674
8.00% Series E Cumulative Convertible Preferred Stock    
Equity:    
Preferred stock, no par value; 50,000,000 shares authorized at September 30, 2026 and December 31, 2025: 8.00% Series E Cumulative Convertible; 2,600,678 and 2,600,678 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively. Series F; 9,776,269 and 10,105,845 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively 43,192 43,192
Series F    
Equity:    
Preferred stock, no par value; 50,000,000 shares authorized at September 30, 2026 and December 31, 2025: 8.00% Series E Cumulative Convertible; 2,600,678 and 2,600,678 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively. Series F; 9,776,269 and 10,105,845 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively $ 1 $ 1