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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2015
Dec. 31, 2014
ASSETS    
Operating (including $485,971 and $282,303 of consolidated variable interest entities, respectively) $ 5,630,771 $ 5,128,757
Construction-in-progress 433,635 480,241
Real estate, at cost 6,064,406 5,608,998
Less accumulated depreciation and amortization (including $35,782 and $26,618 of consolidated variable interest entities, respectively) (1,574,041) (1,467,050)
Net real estate 4,490,365 4,141,948
Cash and cash equivalents 21,046 47,951
Accounts and notes receivable, net 110,402 93,291
Mortgage notes receivable, net 41,618 50,988
Investment in real estate partnerships 41,546 37,457
Prepaid expenses and other assets 190,203 160,167
Debt issuance costs, net of accumulated amortization of $11,092 and $11,441, respectively 16,529 15,068
Total assets 4,911,709 4,546,870
Liabilities    
Mortgages payable (including $254,241 and $187,632 of consolidated variable interest entities, respectively) 482,822 563,698
Capital lease obligations 71,620 71,647
Notes payable 343,600 290,519
Senior notes and debentures 1,744,324 1,483,813
Accounts payable and accrued expenses 146,532 145,685
Dividends payable 66,338 60,620
Security deposits payable 15,439 14,115
Other liabilities and deferred credits 121,787 105,164
Total liabilities $ 2,992,462 $ 2,735,261
Commitments and Contingencies (Note 9)
Redeemable noncontrolling interests $ 137,316 $ 119,053
Shareholders’ equity    
Preferred shares, authorized 15,000,000 shares, $.01 par: 5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 399,896 shares issued and outstanding 9,997 9,997
Common shares of beneficial interest, $.01 par, 100,000,000 shares authorized, 69,493,392 and 68,605,783 shares issued and outstanding, respectively 696 687
Additional paid-in capital 2,381,867 2,281,223
Accumulated dividends in excess of net income (724,701) (683,991)
Accumulated other comprehensive loss (4,110) (3,515)
Total shareholders’ equity of the Trust 1,663,749 1,604,401
Noncontrolling interests 118,182 88,155
Total shareholders’ equity 1,781,931 1,692,556
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 4,911,709 $ 4,546,870