CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Real estate properties:
Land	$ 44,060	$ 44,060
Buildings and improvements	361,107	357,650
Total real estate properties, at cost, gross	405,167	401,710
Accumulated depreciation	(147,034)	(143,319)
Total real estate properties, at cost, net	258,133	258,391
Cash and cash equivalents	2,971,052	2,987,225
Rents receivable	14,629	14,702
Other assets, net	16,862	17,353
Total assets	3,260,676	3,277,671
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other	21,007	20,588
Rent collected in advance	2,979	2,928
Distributions payable	5,072	10,991
Total liabilities	29,058	34,507
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; 121,916,875 and 121,522,555 shares issued and outstanding, respectively	1,219	1,215
Additional paid in capital	4,295,226	4,294,632
Cumulative net income	3,804,930	3,814,948
Cumulative common distributions	(4,283,753)	(4,283,668)
Cumulative preferred distributions	(711,709)	(709,712)
Total shareholders’ equity	3,225,176	3,236,678
Noncontrolling interest	6,442	6,486
Total equity	3,231,618	3,243,164
Total liabilities and equity	$ 3,260,676	$ 3,277,671