CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
ASSETS
Land	$ 5,572,591	$ 5,606,531
Depreciable property	24,158,601	24,039,412
Projects under development	144,706	261,706
Land held for development	59,772	63,142
Investment in real estate	29,935,670	29,970,791
Accumulated depreciation	(10,611,129)	(10,412,463)
Investment in real estate, net	19,324,541	19,558,328
Investments in unconsolidated entities	411,973	386,531
Cash and cash equivalents	39,849	62,302
Restricted deposits	101,694	97,864
Right-of-use assets	452,783	455,445
Other assets	231,345	273,706
Total assets	20,562,185	20,834,176
Liabilities:
Mortgage notes payable, net	1,593,803	1,630,690
Notes, net	5,949,081	5,947,376
Line of credit and commercial paper	304,000	543,679
Accounts payable and accrued expenses	149,342	99,347
Accrued interest payable	50,316	74,176
Lease liabilities	304,148	304,897
Other liabilities	274,374	310,559
Security deposits	77,312	75,611
Distributions payable	270,679	263,494
Total liabilities	8,973,055	9,249,829
Commitments and contingencies
Redeemable Noncontrolling Interests – Operating Partnership	337,699	338,563
Shareholders' equity:
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 343,100 shares issued and outstanding as of March 31, 2025 and December 31, 2024	17,155	17,155
Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 379,840,678 shares issued and outstanding as of March 31, 2025 and 379,475,383 shares issued and outstanding as of December 31, 2024	3,798	3,795
Paid in capital	9,622,470	9,611,826
Retained earnings	1,400,511	1,407,570
Accumulated other comprehensive income (loss)	3,396	4,214
Total shareholders’ equity	11,047,330	11,044,560
Noncontrolling Interests:
Operating Partnership	207,090	201,942
Partially Owned Properties	(2,989)	(718)
Total Noncontrolling Interests	204,101	201,224
Total equity	11,251,431	11,245,784
Total liabilities and equity/capital	$ 20,562,185	$ 20,834,176