CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Real estate properties:
Land	$ 1,550,174	$ 1,529,004
Buildings, improvements and equipment	7,047,370	6,732,768
Total real estate properties, gross	8,597,544	8,261,772
Accumulated depreciation	(2,436,327)	(2,217,135)
Total real estate properties, net	6,161,217	6,044,637
Cash and cash equivalents	9,534	13,682
Restricted cash (FF&E reserve escrow)	60,606	51,211
Due from related persons	62,949	50,987
Other assets, net	291,826	234,280
Total assets	6,586,132	6,394,797
LIABILITIES AND SHAREHOLDERS’ EQUITY
Unsecured revolving credit facility	150,000	465,000
Unsecured term loan, net	398,254	397,756
Senior unsecured notes, net	2,564,476	2,403,439
Convertible senior unsecured notes	8,478	8,478
Security deposits	88,524	53,579
Accounts payable and other liabilities	155,433	179,783
Due to related persons	64,303	69,514
Dividends payable	5,166	5,166
Total liabilities	3,434,634	3,582,715
Commitments and contingencies
Preferred shares of beneficial interest, no par value; 100,000,000 shares authorized:
Series D preferred shares; 7 1/8% cumulative redeemable; 11,600,000 shares issued and outstanding, aggregate liquidation preference of $290,000	280,107	280,107
Common shares of beneficial interest, $.01 par value; 200,000,000 shares authorized; 164,269,211 and 151,547,288 shares issued and outstanding, respectively	1,643	1,515
Additional paid in capital	4,539,704	4,165,911
Cumulative net income	3,041,581	2,881,657
Cumulative other comprehensive income (loss)	35,904	(15,523)
Cumulative preferred distributions	(336,811)	(321,313)
Cumulative common distributions	(4,410,630)	(4,180,272)
Total shareholders’ equity	3,151,498	2,812,082
Total liabilities and shareholders’ equity	$ 6,586,132	$ 6,394,797