CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Real estate properties:
Land	$ 44,060	$ 85,627
Buildings and improvements	355,877	576,494
Total real estate properties, at cost, gross	399,937	662,121
Accumulated depreciation	(142,053)	(202,700)
Total real estate properties, at cost, net	257,884	459,421
Cash and cash equivalents	3,418,240	2,795,642
Restricted cash	0	5,003
Rents receivable	14,486	19,554
Other assets, net	18,164	39,757
Total assets	3,708,774	3,319,377
LIABILITIES AND EQUITY
Mortgage notes payable, net	0	25,691
Accounts payable, accrued expenses and other	25,702	37,153
Rent collected in advance	1,861	3,127
Distributions payable	438,105	7,534
Total liabilities	465,668	73,505
Shareholders’ equity:
Preferred shares of beneficial interest, $0.01 par value: 50,000,000 shares authorized; 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
Common shares of beneficial interest, $0.01 par value: 350,000,000 shares authorized; 121,524,510 and 121,924,199 shares issued and outstanding, respectively	1,215	1,219
Additional paid in capital	4,291,293	4,313,831
Cumulative net income	3,816,614	3,363,654
Cumulative common distributions	(4,284,050)	(3,851,666)
Cumulative preferred distributions	(707,715)	(701,724)
Total shareholders’ equity	3,236,620	3,244,577
Noncontrolling interest	6,486	1,295
Total equity	3,243,106	3,245,872
Total liabilities and equity	$ 3,708,774	$ 3,319,377