CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Real estate properties:
Land	$ 44,060	$ 85,627
Buildings and improvements	353,665	576,494
Total real estate properties, at cost, gross	397,725	662,121
Accumulated depreciation	(139,061)	(202,700)
Total real estate properties, at cost, net	258,664	459,421
Cash and cash equivalents	3,437,775	2,795,642
Restricted cash	4,103	5,003
Rents receivable	13,968	19,554
Other assets, net	18,645	39,757
Total assets	3,733,155	3,319,377
LIABILITIES AND EQUITY
Mortgage notes payable, net	25,281	25,691
Accounts payable, accrued expenses and other	25,821	37,153
Rent collected in advance	2,521	3,127
Distributions payable	5,791	7,534
Total liabilities	59,414	73,505
Shareholders’ equity:
Preferred shares of beneficial interest, $0.01 par value: 50,000,000 shares authorized; Series D preferred shares; 6.50% cumulative convertible; 4,915,196 shares issued and outstanding, aggregate liquidation preference of $122,880	119,263	119,263
Common shares of beneficial interest, $0.01 par value: 350,000,000 shares authorized; 121,521,624 and 121,924,199 shares issued and outstanding, respectively	1,215	1,219
Additional paid in capital	4,288,245	4,313,831
Cumulative net income	3,816,245	3,363,654
Cumulative common distributions	(3,852,856)	(3,851,666)
Cumulative preferred distributions	(705,718)	(701,724)
Total shareholders’ equity	3,666,394	3,244,577
Noncontrolling interest	7,347	1,295
Total equity	3,673,741	3,245,872
Total liabilities and equity	$ 3,733,155	$ 3,319,377