v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Real estate owned:    
Real estate held for investment $ 16,116,838 $ 16,415,000
Less: accumulated depreciation (7,378,368) (7,374,546)
Real estate held for investment, net 8,738,470 9,040,454
Real estate under development (net of accumulated depreciation of $0 and $0, respectively) 91,742 72,885
Total real estate owned, net of accumulated depreciation 8,830,212 9,113,339
Cash and cash equivalents 1,300 1,222
Restricted cash 33,498 35,710
Notes receivable, net 153,564 149,979
Investment in and advances to unconsolidated joint ventures, net 757,689 886,492
Operating lease right-of-use assets 186,641 187,624
Other assets 370,870 231,308
Total assets 10,333,774 10,605,674
Liabilities:    
Secured debt, net 959,597 961,180
Unsecured debt, net 4,703,719 4,860,189
Operating lease liabilities 181,995 182,963
Real estate taxes payable 35,378 45,640
Accrued interest payable 27,817 51,698
Security deposits and prepaid rent 59,557 61,205
Distributions payable 152,871 151,934
Accounts payable, accrued expenses, and other liabilities 107,072 142,102
Total liabilities 6,228,006 6,456,911
Commitments and contingencies (Note 13)
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership 819,753 859,966
Equity:    
Common stock, $0.01 par value; 450,000,000 shares authorized at March 31, 2026 and December 31, 2025: 325,894,030 and 328,273,044 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively 3,259 3,283
Additional paid-in capital 7,384,029 7,480,594
Distributions in excess of net income (4,147,206) (4,240,268)
Accumulated other comprehensive income/(loss), net 2,405 1,660
Total stockholders' equity 3,285,680 3,288,462
Noncontrolling interests 335 335
Total equity 3,286,015 3,288,797
Total liabilities and equity 10,333,774 10,605,674
8.00% Series E Cumulative Convertible Preferred Stock    
Equity:    
Preferred stock, no par value; 50,000,000 shares authorized at March 31, 2026 and December 31, 2025: 43,192 43,192
Series F    
Equity:    
Preferred stock, no par value; 50,000,000 shares authorized at March 31, 2026 and December 31, 2025: $ 1 $ 1