Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Investment in real estate:
Land	$ 1,221,375	$ 1,163,987
Land improvements	3,045,221	2,893,759
Buildings and other depreciable property	649,217	627,590
Investment in real estate	4,915,813	4,685,336
Accumulated depreciation	(1,516,694)	(1,399,531)
Net investment in real estate	3,399,119	3,285,805
Cash	31,085	56,340
Notes receivable, net	49,477	34,520
Investment in unconsolidated joint ventures	53,080	19,369
Deferred commission expense	31,443	31,375
Escrow deposits, goodwill and other assets, net	45,828	51,578
Total Assets	3,610,032	3,478,987
Liabilities:
Mortgage notes payable	1,971,715	1,891,900
Term loan	198,302	199,379
Unsecured line of credit	30,000	0
Accrued expenses and accounts payable	80,744	89,864
Deferred revenue—upfront payments from right-to-use contracts	85,596	81,484
Deferred revenue—right-to-use annual payments	9,932	9,817
Accrued interest payable	8,387	8,379
Rents and other customer payments received in advance and security deposits	79,267	76,906
Distributions payable	46,047	39,411
Total Liabilities	2,509,990	2,397,140
Stockholders' Equity:
Preferred stock	0	0
Common stock	883	854
Paid-in capital	1,242,109	1,103,048
Distributions in excess of accumulated earnings	(211,980)	(231,276)
Accumulated other comprehensive income (loss)	942	(227)
Total Stockholders' Equity	1,031,954	1,008,543
Non-controlling interests – Common OP Units	68,088	73,304
Total Equity	1,100,042	1,081,847
Total Liabilities and Equity	3,610,032	3,478,987
6.75% Series C Cumulative Redeemable Perpetual Preferred Stock
Stockholders' Equity:
Preferred stock	$ 0	$ 136,144