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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

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