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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2015
Dec. 31, 2014
Real estate:    
Land and improvements $ 3,636,761 $ 3,413,641
Buildings and improvements 13,056,292 12,191,883
Furniture, fixtures and equipment 458,224 400,720
Total Capitalized Cost 17,151,277 16,006,244
Less accumulated depreciation (3,303,751) (2,847,058)
Net operating real estate 13,847,526 13,159,186
Construction in progress, including land 1,592,917 1,417,107
Land held for development 484,377 180,516
Operating real estate assets held for sale, net 17,489 178,931
Total real estate, net 15,942,309 14,935,740
Cash and cash equivalents 400,507 509,460
Cash in escrow 104,821 95,625
Resident security deposits 30,077 29,617
Investments in unconsolidated real estate entities 216,919 298,315
Deferred development costs 37,577 67,029
Prepaid expenses and other assets 199,095 204,792
Total assets 16,931,305 16,140,578
LIABILITIES AND EQUITY    
Unsecured notes, net 3,845,674 2,975,533
Variable rate unsecured credit facility 0 0
Mortgage notes payable, net 2,611,274 3,514,174
Dividends payable 171,257 153,207
Construction payables 98,802 101,916
Accrued expenses and other liabilities 260,005 244,117
Accrued interest payable 40,085 41,635
Resident security deposits 53,132 48,826
Liabilities related to real estate assets held for sale 553 2,000
Total liabilities $ 7,080,782 $ 7,081,408
Commitments and Contingencies
Redeemable noncontrolling interests $ 9,997 $ 12,765
Equity:    
Preferred stock, $0.01 par value; $25 liquidation preference; 50,000,000 shares authorized at December 31, 2015 and 2014; zero shares issued and outstanding at December 31, 2015 and 2014 0 0
Common stock, $0.01 par value; 280,000,000 shares authorized at December 31, 2015 and 2014; 137,002,031 and 132,050,382 shares issued and outstanding at December 31, 2015 and 2014, respectively 1,370 1,320
Additional paid-in capital 10,068,532 9,354,685
Accumulated earnings less dividends (197,989) (267,085)
Accumulated other comprehensive loss (31,387) (42,515)
Total equity 9,840,526 9,046,405
Total liabilities and equity $ 16,931,305 $ 16,140,578