CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Real estate properties:
Land	$ 110,395	$ 135,142
Buildings and improvements	704,142	1,004,500
Total real estate properties, at cost, gross	814,537	1,139,642
Accumulated depreciation	(245,528)	(375,968)
Total real estate properties, at cost, net	569,009	763,674
Acquired real estate leases, net	183	275
Cash and cash equivalents	3,069,501	2,400,803
Marketable securities	0	249,602
Restricted cash	1,767	3,298
Rents receivable	31,151	51,089
Other assets, net	42,326	62,031
Total assets	3,713,937	3,530,772
LIABILITIES AND EQUITY
Senior unsecured debt, net	248,689	248,473
Mortgage notes payable, net	26,288	26,482
Accounts payable, accrued expenses and other	42,280	62,368
Rent collected in advance	5,119	9,451
Total liabilities	322,376	346,774
Shareholders' equity:
Common shares of beneficial interest, $0.01 par value: 350,000,000 shares authorized; 121,899,625 and 121,572,155 shares issued and outstanding, respectively	1,219	1,216
Additional paid in capital	4,304,560	4,305,974
Cumulative net income	3,081,492	2,870,974
Cumulative other comprehensive loss	0	(342)
Cumulative common distributions	(3,420,512)	(3,420,548)
Cumulative preferred distributions	(695,733)	(693,736)
Total shareholders’ equity	3,390,289	3,182,801
Noncontrolling interest	1,272	1,197
Total equity	3,391,561	3,183,998
Total liabilities and equity	3,713,937	3,530,772
Series D
Shareholders' equity:
Series D preferred shares; 6 1/2% cumulative convertible; 4,915,196 shares issued and outstanding, aggregate liquidation preference of $122,880	119,263	119,263
Total equity	$ 119,263	$ 119,263