CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Real estate investments
Property owned	$ 1,663,539	$ 1,627,636
Less accumulated depreciation	(380,321)	(353,871)
Total property owned	1,283,218	1,273,765
Unimproved land	1,746	5,301
Mortgage loans receivable	10,140	10,410
Total real estate investments	1,295,104	1,289,476
Cash and cash equivalents	17,406	13,792
Restricted cash	4,672	5,464
Other assets	30,626	27,265
TOTAL ASSETS	1,347,808	1,335,997
LIABILITIES
Accounts payable and accrued expenses	44,766	40,892
Revolving lines of credit	177,939	57,500
Term loans, net of unamortized loan costs of $918 and $1,009, respectively	144,082	143,991
Mortgages payable, net of unamortized loan costs of $1,490 and $1,777, respectively	370,461	444,197
TOTAL LIABILITIES	737,248	686,580
COMMITMENTS AND CONTINGENCIES (NOTE 6)
REDEEMABLE NONCONTROLLING INTERESTS – CONSOLIDATED REAL ESTATE ENTITIES	0	5,968
EQUITY
Series C Preferred Shares of Beneficial Interest (Cumulative redeemable preferred shares, no par value, $25 per share liquidation preference, 4,118 shares issued and outstanding at June 30, 2019 and December 31, 2018, aggregate liquidation preference of $102,971)	99,456	99,456
Common Shares of Beneficial Interest (Unlimited authorization, no par value, 11,656 shares issued and outstanding at June 30, 2019 and 11,942 shares issued and outstanding at December 31, 2018)	888,541	899,234
Accumulated distributions in excess of net income	(450,433)	(429,048)
Accumulated other comprehensive income	(7,598)	(856)
Total shareholders’ equity	529,966	568,786
Noncontrolling interests – Operating Partnership (1,224 units at June 30, 2019 and 1,368 units at December 31, 2018)	57,902	67,916
Noncontrolling interests – consolidated real estate entities	6,132	6,747
Total equity	594,000	643,449
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY	1,347,808	1,335,997
Series D Preferred Units
LIABILITIES
SERIES D PREFERRED UNITS (Cumulative convertible preferred units, $100 par value, 166 units issued and outstanding at June 30, 2019 and no units issued and outstanding at December 31, 2018, aggregate liquidation preference of $16,560)	$ 16,560	$ 0