Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
ASSETS
Operating (including $1,206,112 and $1,192,336 of consolidated variable interest entities, respectively)	$ 5,951,546	$ 5,630,771
Construction-in-progress	506,843	433,635
Real estate, at cost, total	6,458,389	6,064,406
Less accumulated depreciation and amortization (including $192,445 and $176,057 of consolidated variable interest entities, respectively)	(1,651,549)	(1,574,041)
Net real estate	4,806,840	4,490,365
Cash and cash equivalents	18,622	21,046
Accounts and notes receivable, net	114,431	110,402
Mortgage notes receivable, net	41,618	41,618
Investment in real estate partnerships	9,807	41,546
Prepaid expenses and other assets	197,150	191,582
TOTAL ASSETS	5,188,468	4,896,559
Liabilities
Mortgages payable (including $443,766 and $448,315 of consolidated variable interest entities, respectively)	476,155	481,084
Capital lease obligations	71,605	71,620
Notes payable	383,582	341,961
Senior notes and debentures	1,733,611	1,732,551
Accounts payable and accrued expenses	171,982	146,532
Dividends payable	67,931	66,338
Security deposits payable	15,868	15,439
Other liabilities and deferred credits	118,646	121,787
Total liabilities	3,039,380	2,977,312
Commitments and contingencies (Note 6)
Redeemable noncontrolling interests	126,102	137,316
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, 71,417,253 and 69,493,392 shares issued and outstanding, respectively	716	696
Additional paid-in capital	2,645,984	2,381,867
Accumulated dividends in excess of net income	(725,665)	(724,701)
Accumulated other comprehensive loss	(7,293)	(4,110)
Total shareholders’ equity of the Trust	1,923,739	1,663,749
Noncontrolling interests	99,247	118,182
Total shareholders’ equity	2,022,986	1,781,931
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 5,188,468	$ 4,896,559

Carrying amount as of the balance sheet date, net of allowance for doubtful accounts, of account and note receivables due from other than related parties.

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- Definition

Sum of the carrying values as of the balance sheet date of obligations incurred through that date, including liabilities incurred and payable to vendors for goods and services received, taxes, interest, rent and utilities, compensation costs, payroll taxes and fringe benefits (other than pension and postretirement obligations), contractual rights and obligations, and statutory obligations.