CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Real estate properties:
Land	$ 85,627	$ 135,142
Buildings and improvements	576,494	1,004,500
Total real estate properties, at cost, gross	662,121	1,139,642
Accumulated depreciation	(202,700)	(375,968)
Total real estate properties, at cost, net	459,421	763,674
Cash and cash equivalents	2,795,642	2,400,803
Marketable securities	0	249,602
Restricted cash	5,003	3,298
Rents receivable	19,554	51,089
Other assets, net	39,757	62,306
Total assets	3,319,377	3,530,772
LIABILITIES AND EQUITY
Senior unsecured debt, net	0	248,473
Mortgage notes payable, net	25,691	26,482
Accounts payable, accrued expenses and other	37,153	58,300
Rent collected in advance	3,127	9,451
Distributions payable	7,534	4,068
Total liabilities	73,505	346,774
Commitments and contingencies
Shareholders’ equity:
Common shares of beneficial interest, $0.01 par value: 350,000,000 shares authorized; 121,924,199 and 121,572,155 shares issued and outstanding, respectively	1,219	1,216
Additional paid in capital	4,313,831	4,305,974
Cumulative net income	3,363,654	2,870,974
Cumulative other comprehensive loss	0	(342)
Cumulative common distributions	(3,851,666)	(3,420,548)
Cumulative preferred distributions	(701,724)	(693,736)
Total shareholders’ equity	3,244,577	3,182,801
Noncontrolling interest	1,295	1,197
Total equity	3,245,872	3,183,998
Total liabilities and equity	3,319,377	3,530,772
6.50% Series D Cumulative Convertible Preferred Shares of Beneficial Interest
Shareholders’ equity:
Series D preferred shares; 6.50% cumulative convertible; 4,915,196 shares issued and outstanding, aggregate liquidation preference of $122,880	$ 119,263	$ 119,263