CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Real estate properties:
Land	$ 1,668,797	$ 1,566,630
Buildings, improvements and equipment	7,758,862	7,156,759
Total real estate properties, gross	9,427,659	8,723,389
Accumulated depreciation	(2,784,478)	(2,513,996)
Total real estate properties, net	6,643,181	6,209,393
Cash and cash equivalents	24,139	10,896
Restricted cash (FF&E reserve escrow)	73,357	60,456
Due from related persons	78,513	65,332
Other assets, net	331,195	288,151
Total assets	7,150,385	6,634,228
LIABILITIES AND SHAREHOLDERS’ EQUITY
Unsecured revolving credit facility	398,000	191,000
Unsecured term loan, net	399,086	398,421
Senior unsecured notes, net	3,203,962	2,565,908
Convertible senior unsecured notes	0	8,478
Security deposits	126,078	89,338
Accounts payable and other liabilities	184,788	188,053
Due to related persons	83,049	58,475
Dividends payable	0	5,166
Total liabilities	4,394,963	3,504,839
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; zero and 11,600,000 shares issued and outstanding, respectively, aggregate liquidation preference of zero and $290,000, respectively	0	280,107
Common shares of beneficial interest, $.01 par value; 200,000,000 shares authorized; 164,349,141 and 164,268,199 shares issued and outstanding, respectively	1,643	1,643
Additional paid in capital	4,542,307	4,539,673
Cumulative net income	3,310,017	3,104,767
Cumulative other comprehensive income	79,358	39,583
Cumulative preferred distributions	(343,412)	(341,977)
Cumulative common distributions	(4,834,491)	(4,494,407)
Total shareholders’ equity	2,755,422	3,129,389
Total liabilities and shareholders’ equity	$ 7,150,385	$ 6,634,228