Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Investment in real estate:
Land	$ 1,163,987	$ 1,101,676
Land improvements	2,893,759	2,787,882
Buildings and other depreciable property	627,590	588,041
Investment in real estate	4,685,336	4,477,599
Accumulated depreciation	(1,399,531)	(1,282,423)
Net investment in real estate	3,285,805	3,195,176
Cash	56,340	80,258
Notes receivable, net	34,520	35,463
Investment in unconsolidated joint ventures	19,369	17,741
Deferred commission expense	31,375	30,865
Escrow deposits, goodwill and other assets, net	51,578	40,897
Total Assets	3,478,987	3,400,400
Liabilities:
Mortgage notes payable	1,891,900	1,926,880
Term loan	199,379	199,172
Accrued expenses and accounts payable	89,864	76,044
Deferred revenue—upfront payments from right-to-use contracts	81,484	78,405
Deferred revenue—right-to-use annual payments	9,817	9,878
Accrued interest payable	8,379	8,715
Rents and other customer payments received in advance and security deposits	76,906	74,300
Distributions payable	39,411	34,315
Total Liabilities	2,397,140	2,407,709
Stockholders' Equity:
Preferred stock	0	0
Common stock	854	843
Paid-in capital	1,103,048	1,039,140
Distributions in excess of accumulated earnings	(231,276)	(250,506)
Accumulated other comprehensive loss	(227)	(553)
Total Stockholders' Equity	1,008,543	925,068
Non-controlling interests – Common OP Units	73,304	67,623
Total Equity	1,081,847	992,691
Total Liabilities and Equity	3,478,987	3,400,400
6.75% Series C Cumulative Redeemable Perpetual Preferred Stock
Stockholders' Equity:
Preferred stock	$ 136,144	$ 136,144