CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Land	$ 5,785,367	$ 5,936,188
Depreciable property	20,920,654	21,319,101
Projects under development	411,134	181,630
Land held for development	86,170	96,688
Investment in real estate	27,203,325	27,533,607
Accumulated depreciation	(7,859,657)	(7,276,786)
Investment in real estate, net	19,343,668	20,256,821
Investments in unconsolidated entities	52,782	52,238
Cash and cash equivalents	42,591	45,753
Restricted deposits	57,137	71,246
Right-of-use assets	499,287	512,774
Other assets	291,426	233,937
Total assets	20,286,891	21,172,769
Liabilities:
Mortgage notes payable, net	2,293,890	1,941,610
Notes, net	5,335,536	6,077,513
Line of credit and commercial paper	414,830	1,017,833
Accounts payable and accrued expenses	107,366	94,350
Accrued interest payable	65,896	66,852
Lease liabilities	329,130	331,334
Other liabilities	345,064	346,963
Security deposits	60,480	70,062
Distributions payable	232,262	218,326
Total liabilities	9,184,454	10,164,843
Commitments and contingencies
Redeemable Noncontrolling Interests – Operating Partnership	338,951	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 December 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; 372,302,000 shares issued and outstanding as of December 31, 2020 and 371,670,884 shares issued and outstanding as of December 31, 2019	3,723	3,717
Paid in capital	9,128,599	8,965,577
Retained earnings	1,399,715	1,386,495
Accumulated other comprehensive income (loss)	(43,666)	(77,563)
Total shareholders’ equity	10,525,651	10,315,506
Noncontrolling Interests:
Operating Partnership	233,162	227,837
Partially Owned Properties	4,673	1,183
Total Noncontrolling Interests	237,835	229,020
Total equity	10,763,486	10,544,526
Total liabilities and equity/capital	$ 20,286,891	$ 21,172,769