CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Investment in real estate
Land	$ 5,864,046	$ 6,295,404
Depreciable property	18,027,087	19,851,504
Projects under development	1,122,376	1,343,919
Land held for development	168,843	184,556
Investment in real estate	25,182,352	27,675,383
Accumulated depreciation	(4,905,406)	(5,432,805)
Investment in real estate, net	20,276,946	22,242,578
Real estate held for sale	2,181,135	0
Cash and cash equivalents	42,276	40,080
Investments in unconsolidated entities	68,101	105,434
Deposits – restricted	55,893	72,303
Escrow deposits – mortgage	56,946	48,085
Deferred financing costs, net	54,004	58,380
Other assets	422,027	383,754
Total assets	23,157,328	22,950,614
Liabilities:
Mortgage notes payable	4,704,870	5,086,515
Notes, net	5,876,352	5,425,346
Line of credit and commercial paper	387,276	333,000
Accounts payable and accrued expenses	187,124	153,590
Accrued interest payable	85,221	89,540
Other liabilities	366,387	389,915
Security deposits	77,582	75,633
Distributions payable	209,378	188,566
Total liabilities	11,894,190	11,742,105
Commitments and Contingencies
Redeemable Noncontrolling Interests – Operating Partnership	566,783	500,733
Shareholders' equity:
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 745,600 shares issued and outstanding as of December 31, 2015 and 1,000,000 shares issued and outstanding as of December 31, 2014	37,280	50,000
Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 364,755,444 shares issued and outstanding as of December 31, 2015 and 362,855,454 shares issued and outstanding as of December 31, 2014	3,648	3,629
Paid in capital	8,572,365	8,536,340
Retained earnings	2,009,091	1,950,639
Accumulated other comprehensive (loss)	(152,016)	(172,152)
Total shareholders' equity	10,470,368	10,368,456
Noncontrolling Interests:
Operating Partnership	221,379	214,411
Partially Owned Properties	4,608	124,909
Total Noncontrolling Interests	225,987	339,320
Total equity/capital	10,696,355	10,707,776
Total liabilities and equity/capital	$ 23,157,328	$ 22,950,614