Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
ASSETS
Cash and equivalents	$ 409,743	$ 361,218
Real estate facilities, at cost:
Land	4,186,873	4,047,982
Buildings	12,102,273	11,248,862
Real estate facilities, gross	16,289,146	15,296,844
Accumulated depreciation	(6,623,475)	(6,140,072)
Real estate facilities, net	9,665,671	9,156,772
Construction in process	141,934	285,339
Total real estate facilities	9,807,605	9,442,111
Investments in unconsolidated real estate entities	767,816	783,988
Goodwill and other intangible assets, net	205,936	209,856
Other assets	174,344	131,097
Total assets	11,365,444	10,928,270
LIABILITIES AND EQUITY
Notes payable	1,902,493	1,412,283
Accrued and other liabilities	383,284	371,259
Total liabilities	2,285,777	1,783,542
Commitments and contingencies (Note 13)
Public Storage shareholders' equity:
Preferred Shares, $0.01 par value, 100,000,000 shares authorized, 162,600 shares issued (in series) and outstanding, (161,000 at December 31, 2018), at liquidation preference	4,065,000	4,025,000
Common Shares, $0.10 par value, 650,000,000 shares authorized, 174,418,615 shares issued and outstanding (174,130,881 shares at December 31, 2018)	17,442	17,413
Paid-in capital	5,710,934	5,718,485
Accumulated deficit	(665,575)	(577,360)
Accumulated other comprehensive loss	(64,890)	(64,060)
Total Public Storage shareholders’ equity	9,062,911	9,119,478
Noncontrolling interests	16,756	25,250
Total equity	9,079,667	9,144,728
Total liabilities and equity	$ 11,365,444	$ 10,928,270