CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Real estate properties:
Land	$ 1,563,263	$ 1,525,637
Buildings, improvements and equipment	7,152,458	6,736,135
Total real estate properties, gross	8,715,721	8,261,772
Accumulated depreciation	(2,512,456)	(2,217,135)
Total real estate properties, net	6,203,265	6,044,637
Cash and cash equivalents	10,896	13,682
Restricted cash (FF&E reserve escrow)	60,456	51,211
Due from related persons	65,332	50,987
Other assets, net	294,279	234,280
Total assets	6,634,228	6,394,797
LIABILITIES AND SHAREHOLDERS’ EQUITY
Unsecured revolving credit facility	191,000	465,000
Unsecured term loan, net	398,421	397,756
Senior unsecured notes, net	2,565,908	2,403,439
Convertible senior unsecured notes	8,478	8,478
Security deposits	89,338	53,579
Accounts payable and other liabilities	188,053	179,783
Due to related persons	58,475	69,514
Dividends payable	5,166	5,166
Total liabilities	3,504,839	3,582,715
Commitments and contingencies
Preferred shares of beneficial interest, no par value; 100,000,000 shares authorized:
Common shares of beneficial interest, $.01 par value; 200,000,000 shares authorized; 164,268,199 and 151,547,288 shares issued and outstanding, respectively	1,643	1,515
Additional paid in capital	4,539,673	4,165,911
Cumulative net income	3,104,767	2,881,657
Cumulative other comprehensive income (loss)	39,583	(15,523)
Cumulative preferred distributions	(341,977)	(321,313)
Cumulative common distributions	(4,494,407)	(4,180,272)
Total shareholders’ equity	3,129,389	2,812,082
Total liabilities and shareholders’ equity	6,634,228	6,394,797
Series D
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