CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Real estate investments
Property owned	$ 1,812,557	$ 1,643,078
Less accumulated depreciation	(399,249)	(349,122)
Real Estate Investment Property, Net, Total	1,413,308	1,293,956
Unimproved land	0	1,376
Mortgage loans receivable	24,661	16,140
Total real estate investments	1,437,969	1,311,472
Cash and cash equivalents	392	26,579
Restricted cash	6,918	19,538
Other assets	18,904	34,829
TOTAL ASSETS	1,464,183	1,392,418
LIABILITIES
Accounts payable and accrued expenses	55,609	47,155
Revolving lines of credit	152,871	50,079
Notes payable, net of unamortized loan costs of $754 and $942, respectively	269,246	269,058
Mortgages payable, net of unamortized loan costs of $1,371 and $1,712, respectively	297,074	329,664
TOTAL LIABILITIES	774,800	695,956
COMMITMENTS AND CONTINGENCIES (NOTE 14)
Investors Real Estate Trust shareholders’ equity
Common Shares of Beneficial Interest (Unlimited authorization, no par value, 13,027,172 shares issued and outstanding at December 31, 2020 and 12,098,379 shares issued and outstanding at December 31, 2019)	968,263	917,400
Accumulated distributions in excess of net income	(427,681)	(390,196)
Accumulated other comprehensive income (loss)	(15,905)	(7,607)
Total shareholders’ equity	618,207	619,053
Noncontrolling interests – Operating Partnership (976,516 units at December 31, 2020 and 1,058,142 units at December 31, 2019)	53,930	55,284
Noncontrolling interests – consolidated real estate entities	686	5,565
TOTAL EQUITY	672,823	679,902
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY	1,464,183	1,392,418
Series D Preferred Units
LIABILITIES
SERIES D PREFERRED UNITS (Cumulative convertible preferred units, $100 par value, 165,600 units issued and outstanding at December 31, 2020 and December 31, 2019, aggregate liquidation preference of $16,560,000)	16,560	16,560
Series C Preferred Shares Of Beneficial Interest
Investors Real Estate Trust shareholders’ equity
Series C Preferred Shares of Beneficial Interest (Cumulative redeemable preferred shares, no par value, 3,881,453 shares issued and outstanding at December 31, 2020, aggregate liquidation preference of $97,036,325 and 4,118,460 shares issued and outstanding at December 31, 2019, aggregate liquidation preference of $102,971,475)	$ 93,530	$ 99,456