CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
ASSETS
Land	$ 5,789,307	$ 5,936,188
Depreciable property	20,997,903	21,319,101
Projects under development	274,825	181,630
Land held for development	102,361	96,688
Investment in real estate	27,164,396	27,533,607
Accumulated depreciation	(7,537,713)	(7,276,786)
Investment in real estate, net	19,626,683	20,256,821
Investments in unconsolidated entities	55,310	52,238
Cash and cash equivalents	187,416	45,753
Restricted deposits	58,117	71,246
Right-of-use assets	505,077	512,774
Other assets	282,348	233,937
Total assets	20,714,951	21,172,769
Liabilities:
Mortgage notes payable, net	2,340,757	1,941,610
Notes, net	6,081,102	6,077,513
Line of credit and commercial paper		1,017,833
Accounts payable and accrued expenses	109,776	94,350
Accrued interest payable	67,589	66,852
Lease liabilities	330,135	331,334
Other liabilities	315,208	346,963
Security deposits	64,005	70,062
Distributions payable	232,208	218,326
Total liabilities	9,540,780	10,164,843
Commitments and contingencies
Redeemable Noncontrolling Interests – Operating Partnership	336,695	463,400
Shareholders' equity:
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 745,600 shares issued and outstanding as of June 30, 2020 and December 31, 2019	37,280	37,280
Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 372,209,012 shares issued and outstanding as of June 30, 2020 and 371,670,884 shares issued and outstanding as of December 31, 2019	3,722	3,717
Paid in capital	9,118,332	8,965,577
Retained earnings	1,505,694	1,386,495
Accumulated other comprehensive income (loss)	(67,355)	(77,563)
Total shareholders’ equity	10,597,673	10,315,506
Noncontrolling Interests:
Operating Partnership	235,169	227,837
Partially Owned Properties	4,634	1,183
Total Noncontrolling Interests	239,803	229,020
Total equity	10,837,476	10,544,526
Total liabilities and equity/capital	$ 20,714,951	$ 21,172,769