Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Investments:
Land and improvements	$ 760,824	$ 870,549
Buildings and improvements	1,375,537	1,526,933
Total real estate investments	2,136,361	2,397,482
Less: accumulated depreciation	(446,845)	(459,615)
Total real estate investments, net	1,689,516	1,937,867
Loans receivable, net	26,405	30,093
Intangible lease assets, net	71,051	79,314
Real estate assets held for sale, net	28,090	7,263
Net investments	1,815,062	2,054,537
Cash and cash equivalents	113,825	161,013
Deferred costs and other assets, net	76,752	83,087
Goodwill	7,012	7,012
Total assets	2,012,651	2,305,649
Liabilities:
Mortgages and notes payable, net	1,974,511	2,138,804
Intangible lease liabilities, net	15,889	17,676
Accounts payable, accrued expenses and other liabilities	46,810	83,629
Total liabilities	2,037,210	2,240,109
Commitments and contingencies (see Note 6)
Redeemable preferred equity:
Redeemable preferred equity	155,125	155,125
Shareholders' deficit:
Common shares, $0.01 par value, 750,000,000 shares authorized; 43,159,931 and 43,000,862 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively	432	430
Capital in excess of common share par value	202,264	201,056
Accumulated deficit	(382,380)	(291,071)
Total shareholders' deficit	(179,684)	(89,585)
Total liabilities and deficit	2,012,651	2,305,649
SMTA Preferred Shares
Redeemable preferred equity:
Redeemable preferred equity	150,000	150,000
SubREIT Preferred Shares
Redeemable preferred equity:
Redeemable preferred equity	$ 5,125	$ 5,125