CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Real estate properties:
Land	$ 44,060	$ 85,627
Buildings and improvements	351,880	576,494
Total real estate properties, at cost, gross	395,940	662,121
Accumulated depreciation	(136,836)	(202,700)
Total real estate properties, at cost, net	259,104	459,421
Assets held for sale	55,941	0
Cash and cash equivalents	3,348,349	2,795,642
Restricted cash	3,174	5,003
Rents receivable	14,964	19,554
Other assets, net	22,525	39,757
Total assets	3,704,057	3,319,377
LIABILITIES AND EQUITY
Mortgage notes payable, net	25,487	25,691
Liabilities related to properties held for sale	81	0
Accounts payable, accrued expenses and other	25,966	37,153
Rent collected in advance	2,118	3,127
Distributions payable	5,791	7,534
Total liabilities	59,443	73,505
Shareholders’ equity:
Common shares of beneficial interest, $0.01 par value: 350,000,000 shares authorized; 121,502,520 and 121,924,199 shares issued and outstanding, respectively	1,215	1,219
Additional paid in capital	4,285,266	4,313,831
Cumulative net income	3,788,413	3,363,654
Cumulative common distributions	(3,852,856)	(3,851,666)
Cumulative preferred distributions	(703,721)	(701,724)
Total shareholders’ equity	3,637,580	3,244,577
Noncontrolling interest	7,034	1,295
Total equity	3,644,614	3,245,872
Total liabilities and equity	3,704,057	3,319,377
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