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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Real estate owned:    
Real estate held for investment $ 16,348,713 $ 15,994,794
Less: accumulated depreciation (7,320,363) (6,836,920)
Real estate held for investment, net 9,028,350 9,157,874
Real estate under development (net of accumulated depreciation of $0 and $0, respectively) 52,749  
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 9,081,099 9,312,337
Cash and cash equivalents 1,194 1,326
Restricted cash 35,052 34,101
Notes receivable, net 146,749 247,849
Investment in and advances to unconsolidated joint ventures, net 911,575 917,483
Operating lease right-of-use assets 184,172 186,997
Other assets 242,071 197,493
Total assets 10,601,912 10,897,586
Liabilities:    
Secured debt, net 1,090,305 1,139,331
Unsecured debt, net 4,743,864 4,687,634
Operating lease liabilities 179,496 182,275
Real estate taxes payable 67,728 46,403
Accrued interest payable 28,415 52,631
Security deposits and prepaid rent 60,563 61,592
Distributions payable 153,784 151,720
Accounts payable, accrued expenses, and other liabilities 126,329 115,105
Total liabilities 6,450,484 6,436,691
Commitments and contingencies (Note 13)
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership 876,127 1,017,355
Equity:    
Common stock, $0.01 par value; 450,000,000 shares authorized at September 30, 2025 and December 31, 2024: 330,766,065 and 330,858,719 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively 3,308 3,309
Additional paid-in capital 7,565,518 7,572,480
Distributions in excess of net income (4,338,985) (4,179,415)
Accumulated other comprehensive income/(loss), net 1,932 3,638
Total stockholders' equity 3,274,966 3,443,205
Noncontrolling interests 335 335
Total equity 3,275,301 3,443,540
Total liabilities and equity 10,601,912 10,897,586
8.00% Series E Cumulative Convertible Preferred Stock    
Equity:    
Preferred stock, no par value; 50,000,000 shares authorized at September 30, 2025 and December 31, 2024: 43,192 43,192
Series F    
Equity:    
Preferred stock, no par value; 50,000,000 shares authorized at September 30, 2025 and December 31, 2024: $ 1 $ 1