CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Land	$ 5,883,065	$ 5,936,188
Depreciable property	21,197,547	21,319,101
Projects under development	225,753	181,630
Land held for development	102,602	96,688
Investment in real estate	27,408,967	27,533,607
Accumulated depreciation	(7,420,293)	(7,276,786)
Investment in real estate, net	19,988,674	20,256,821
Investments in unconsolidated entities	55,866	52,238
Cash and cash equivalents	82,335	45,753
Restricted deposits	58,435	71,246
Right-of-use assets	507,962	512,774
Other assets	226,046	233,937
Total assets	20,919,318	21,172,769
Liabilities:
Mortgage notes payable, net	1,940,745	1,941,610
Notes, net	6,079,308	6,077,513
Line of credit and commercial paper	612,651	1,017,833
Accounts payable and accrued expenses	165,696	94,350
Accrued interest payable	65,925	66,852
Lease liabilities	330,713	331,334
Other liabilities	298,992	346,963
Security deposits	69,074	70,062
Distributions payable	232,186	218,326
Total liabilities	9,795,290	10,164,843
Commitments and contingencies
Redeemable Noncontrolling Interests – Operating Partnership	353,342	463,400
Shareholders' equity:
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 745,600 shares issued and outstanding as of March 31, 2020 and December 31, 2019	37,280	37,280
Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 372,104,054 shares issued and outstanding as of March 31, 2020 and 371,670,884 shares issued and outstanding as of December 31, 2019	3,721	3,717
Paid in capital	9,092,441	8,965,577
Retained earnings	1,469,821	1,386,495
Accumulated other comprehensive income (loss)	(72,896)	(77,563)
Total shareholders’ equity	10,530,367	10,315,506
Noncontrolling Interests:
Operating Partnership	235,580	227,837
Partially Owned Properties	4,739	1,183
Total Noncontrolling Interests	240,319	229,020
Total equity	10,770,686	10,544,526
Total liabilities and equity/capital	$ 20,919,318	$ 21,172,769