Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Investment in real estate:
Land	$ 1,167,620	$ 1,163,987
Land improvements	2,940,500	2,893,759
Buildings and other depreciable property	647,513	627,590
Investment in real estate	4,755,633	4,685,336
Accumulated depreciation	(1,488,722)	(1,399,531)
Net investment in real estate	3,266,911	3,285,805
Cash	77,395	56,340
Notes receivable, net	49,284	34,520
Investment in unconsolidated joint ventures	52,966	19,369
Deferred commission expense	31,608	31,375
Escrow deposits, goodwill, and other assets, net	47,683	51,578
Total Assets	3,525,847	3,478,987
Liabilities:
Mortgage notes payable, net	1,981,604	1,891,900
Term loan	199,534	199,379
Accrued expenses and accounts payable	106,688	89,864
Deferred revenue – upfront payments from right-to-use contracts	85,254	81,484
Deferred revenue – right-to-use annual payments	10,513	9,817
Accrued interest payable	7,969	8,379
Rents and other customer payments received in advance and security deposits	73,609	76,906
Distributions payable	45,501	39,411
Total Liabilities	2,510,672	2,397,140
Stockholders’ Equity:
Preferred stock value	0	0
Common stock	872	854
Paid-in capital	1,164,658	1,103,048
Distributions in excess of accumulated earnings	(213,771)	(231,276)
Accumulated other comprehensive (loss)	0	(227)
Total Stockholders’ Equity	951,759	1,008,543
Non-controlling interests – Common OP Units	63,416	73,304
Total Equity	1,015,175	1,081,847
Total Liabilities and Equity	3,525,847	3,478,987
6.75% Series C Cumulative Redeemable Perpetual Preferred Stock
Stockholders’ Equity:
Preferred stock value	$ 0	$ 136,144