CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
ASSETS
Land	$ 5,636,458	$ 5,606,531
Depreciable property	24,711,740	24,039,412
Projects under development	168,626	261,706
Land held for development	59,956	63,142
Investment in real estate	30,576,780	29,970,791
Accumulated depreciation	(10,816,579)	(10,412,463)
Investment in real estate, net	19,760,201	19,558,328
Investments in unconsolidated entities	403,768	386,531
Cash and cash equivalents	31,276	62,302
Restricted deposits	100,678	97,864
Right-of-use assets	449,577	455,445
Other assets	282,014	273,706
Total assets	21,027,514	20,834,176
Liabilities:
Mortgage notes payable, net	1,594,765	1,630,690
Notes, net	5,994,914	5,947,376
Line of credit and commercial paper	782,147	543,679
Accounts payable and accrued expenses	108,792	99,347
Accrued interest payable	75,694	74,176
Lease liabilities	302,847	304,897
Other liabilities	290,101	310,559
Security deposits	81,179	75,611
Distributions payable	270,695	263,494
Total liabilities	9,501,134	9,249,829
Commitments and contingencies
Redeemable Noncontrolling Interests – Operating Partnership	317,905	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 June 30, 2025 and December 31, 2024	17,155	17,155
Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 379,980,440 shares issued and outstanding as of June 30, 2025 and 379,475,383 shares issued and outstanding as of December 31, 2024	3,800	3,795
Paid in capital	9,656,272	9,611,826
Retained earnings	1,329,379	1,407,570
Accumulated other comprehensive income (loss)	1,615	4,214
Total shareholders’ equity	11,008,221	11,044,560
Noncontrolling Interests:
Operating Partnership	202,717	201,942
Partially Owned Properties	(2,463)	(718)
Total Noncontrolling Interests	200,254	201,224
Total equity	11,208,475	11,245,784
Total liabilities and equity/capital	$ 21,027,514	$ 20,834,176