CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Investment in real estate
Land	$ 5,899,862	$ 5,864,046
Depreciable property	18,730,579	18,037,087
Projects under development	637,168	1,122,376
Land held for development	118,816	158,843
Investment in real estate	25,386,425	25,182,352
Accumulated depreciation	(5,360,389)	(4,905,406)
Investment in real estate, net	20,026,036	20,276,946
Real estate held for sale	0	2,181,135
Cash and cash equivalents	77,207	42,276
Investments in unconsolidated entities	60,141	68,101
Deposits – restricted	76,946	55,893
Escrow deposits – mortgage	64,935	56,946
Other assets	398,883	428,899
Total assets	20,704,148	23,110,196
Liabilities:
Mortgage notes payable	4,119,181	4,685,134
Notes, net	4,848,079	5,848,956
Line of credit and commercial paper	19,998	387,276
Accounts payable and accrued expenses	147,482	187,124
Accrued interest payable	60,946	85,221
Other liabilities	350,466	366,387
Security deposits	62,624	77,582
Distributions payable	192,296	209,378
Total liabilities	9,801,072	11,847,058
Commitments and contingencies
Redeemable Noncontrolling Interests – Operating Partnership	442,092	566,783
Shareholders' equity:
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 745,600 shares issued and outstanding as of December 31, 2016 and December 31, 2015	37,280	37,280
Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 365,870,924 shares issued and outstanding as of December 31, 2016 and 364,755,444 shares issued and outstanding as of December 31, 2015	3,659	3,648
Paid in capital	8,758,422	8,572,365
Retained earnings	1,543,626	2,009,091
Accumulated other comprehensive (loss)	(113,909)	(152,016)
Total shareholders' equity	10,229,078	10,470,368
Noncontrolling Interests:
Operating Partnership	221,297	221,379
Partially Owned Properties	10,609	4,608
Total Noncontrolling Interests	231,906	225,987
Total equity/capital	10,460,984	10,696,355
Total liabilities and equity/capital	$ 20,704,148	$ 23,110,196