CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Land	$ 5,814,790	$ 5,785,367
Depreciable property	22,370,811	20,920,654
Projects under development	24,307	411,134
Land held for development	62,998	86,170
Investment in real estate	28,272,906	27,203,325
Accumulated depreciation	(8,354,282)	(7,859,657)
Investment in real estate, net	19,918,624	19,343,668
Investments in unconsolidated entities	127,448	52,782
Cash and cash equivalents	123,832	42,591
Restricted deposits	236,404	57,137
Right-of-use assets	474,713	499,287
Other assets	288,220	291,426
Total assets	21,169,241	20,286,891
Liabilities:
Mortgage notes payable, net	2,191,201	2,293,890
Notes, net	5,835,222	5,335,536
Line of credit and commercial paper	315,030	414,830
Accounts payable and accrued expenses	107,013	107,366
Accrued interest payable	69,510	65,896
Lease liabilities	312,335	329,130
Other liabilities	353,102	345,064
Security deposits	66,141	60,480
Distributions payable	233,502	232,262
Total liabilities	9,483,056	9,184,454
Commitments and contingencies
Redeemable Noncontrolling Interests – Operating Partnership	498,977	338,951
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, 2021 and December 31, 2020	37,280	37,280
Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 375,527,195 shares issued and outstanding as of December 31, 2021 and 372,302,000 shares issued and outstanding as of December 31, 2020	3,755	3,723
Paid in capital	9,121,122	9,128,599
Retained earnings	1,827,063	1,399,715
Accumulated other comprehensive income (loss)	(34,272)	(43,666)
Total shareholders’ equity	10,954,948	10,525,651
Noncontrolling Interests:
Operating Partnership	214,094	233,162
Partially Owned Properties	18,166	4,673
Total Noncontrolling Interests	232,260	237,835
Total equity	11,187,208	10,763,486
Total liabilities and equity/capital	$ 21,169,241	$ 20,286,891