CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real estate investments
Property owned	$ 2,271,170	$ 1,812,557
Less accumulated depreciation	(443,592)	(399,249)
Total property owned	1,827,578	1,413,308
Mortgage loans receivable	43,276	24,661
Total real estate investments	1,870,854	1,437,969
Cash and cash equivalents	31,267	392
Restricted cash	7,358	6,918
Other assets	30,582	18,904
TOTAL ASSETS	1,940,061	1,464,183
LIABILITIES
Accounts payable and accrued expenses	62,403	55,609
Revolving lines of credit	76,000	152,871
Notes payable, net of unamortized loan costs of $656 and $754, respectively	299,344	269,246
Mortgages payable, net of unamortized loan costs of $3,187 and $1,371, respectively	480,703	297,074
TOTAL LIABILITIES	918,450	774,800
COMMITMENTS AND CONTINGENCIES (NOTE 12)
SERIES D PREFERRED UNITS (Cumulative convertible preferred units, $100 par value, 166 units issued and outstanding at December 31, 2021 and 2020, aggregate liquidation preference of $16,560)	25,331	16,560
Investors Real Estate Trust shareholders’ equity
Series C Preferred Shares of Beneficial Interest (Cumulative redeemable preferred shares, no par value, 3,881 shares issued and outstanding at December 31, 2021 and 2020, aggregate liquidation preference of $97,036)	93,530	93,530
Common Shares of Beneficial Interest (Unlimited authorization, no par value, 15,016 shares issued and outstanding at December 31, 2021 and 13,027 shares issued and outstanding at December 31, 2020)	1,157,255	968,263
Accumulated distributions in excess of net income	(474,318)	(427,681)
Accumulated other comprehensive income (loss)	(4,435)	(15,905)
Total shareholders’ equity	772,032	618,207
Noncontrolling interests – Operating Partnership and Series E preferred units	223,600	53,930
Noncontrolling interests – consolidated real estate entities	648	686
TOTAL EQUITY	996,280	672,823
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY	$ 1,940,061	$ 1,464,183