CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Investment in real estate
Land	$ 5,777,206	$ 5,864,046
Depreciable property	18,115,815	18,037,087
Projects under development	1,073,822	1,122,376
Land held for development	154,023	158,843
Investment in real estate	25,120,866	25,182,352
Accumulated depreciation	(4,977,274)	(4,905,406)
Investment in real estate, net	20,143,592	20,276,946
Real estate held for sale	0	2,181,135
Cash and cash equivalents	368,049	42,276
Investments in unconsolidated entities	66,476	68,101
Deposits – restricted	241,741	55,893
Escrow deposits – mortgage	59,355	56,946
Other assets	422,079	428,899
Total assets	21,301,292	23,110,196
Liabilities:
Mortgage notes payable, net	4,223,681	4,685,134
Notes, net	4,360,137	5,848,956
Line of credit and commercial paper	0	387,276
Accounts payable and accrued expenses	215,817	187,124
Accrued interest payable	69,404	85,221
Other liabilities	347,553	366,387
Security deposits	63,592	77,582
Distributions payable	191,313	209,378
Total liabilities	$ 9,471,497	$ 11,847,058
Commitments and contingencies
Redeemable Noncontrolling Interests – Operating Partnership	$ 521,080	$ 566,783
Shareholders’ equity:
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 745,600 shares issued and outstanding as of March 31, 2016 and December 31, 2015	37,280	37,280
Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 365,496,019 shares issued and outstanding as of March 31, 2016 and 364,755,444 shares issued and outstanding as of December 31, 2015	3,655	3,648
Paid in capital	8,658,169	8,572,365
Retained earnings	2,490,861	2,009,091
Accumulated other comprehensive (loss)	(126,193)	(152,016)
Total shareholders’ equity	11,063,772	10,470,368
Noncontrolling Interests:
Operating Partnership	240,544	221,379
Noncontrolling Interests – Partially Owned Properties	4,399	4,608
Total Noncontrolling Interests	244,943	225,987
Total equity	11,308,715	10,696,355
Total liabilities and equity	$ 21,301,292	$ 23,110,196