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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Real estate owned:    
Real estate held for investment $ 16,270,190 $ 15,994,794
Less: accumulated depreciation (7,157,371) (6,836,920)
Real estate held for investment, net 9,112,819 9,157,874
Real estate under development (net of accumulated depreciation of $0 and $0, respectively) 41,108  
Real estate held for disposition (net of accumulated depreciation of $0 and $64,106, respectively)   154,463
Total real estate owned, net of accumulated depreciation 9,153,927 9,312,337
Cash and cash equivalents 1,532 1,326
Restricted cash 33,577 34,101
Notes receivable, net 143,492 247,849
Investment in and advances to unconsolidated joint ventures, net 879,781 917,483
Operating lease right-of-use assets 185,125 186,997
Other assets 249,651 197,493
Total assets 10,647,085 10,897,586
Liabilities:    
Secured debt, net 1,136,046 1,139,331
Unsecured debt, net 4,639,537 4,687,634
Operating lease liabilities 180,433 182,275
Real estate taxes payable 42,507 46,403
Accrued interest payable 51,718 52,631
Security deposits and prepaid rent 51,698 61,592
Distributions payable 153,662 151,720
Accounts payable, accrued expenses, and other liabilities 108,353 115,105
Total liabilities 6,363,954 6,436,691
Commitments and contingencies (Note 13)
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership 957,980 1,017,355
Equity:    
Common stock, $0.01 par value; 450,000,000 shares authorized at June 30, 2025 and December 31, 2024: 331,291,669 and 330,858,719 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 3,313 3,309
Additional paid-in capital 7,582,852 7,572,480
Distributions in excess of net income (4,305,702) (4,179,415)
Accumulated other comprehensive income/(loss), net 1,160 3,638
Total stockholders' equity 3,324,816 3,443,205
Noncontrolling interests 335 335
Total equity 3,325,151 3,443,540
Total liabilities and equity 10,647,085 10,897,586
8.00% Series E Cumulative Convertible Preferred Stock    
Equity:    
Preferred stock, no par value; 50,000,000 shares authorized at June 30, 2025 and December 31, 2024: 43,192 43,192
Series F    
Equity:    
Preferred stock, no par value; 50,000,000 shares authorized at June 30, 2025 and December 31, 2024: $ 1 $ 1