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CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020
--- | --- | ---
ASSETS |  |
Land | $ 5,785,367 | $ 5,785,367
Depreciable property | 20,952,067 | 20,920,654
Projects under development | 476,010 | 411,134
Land held for development | 88,360 | 86,170
Investment in real estate | 27,301,804 | 27,203,325
Accumulated depreciation | (8,059,619) | (7,859,657)
Investment in real estate, net | 19,242,185 | 19,343,668
Investments in unconsolidated entities | 53,274 | 52,782
Cash and cash equivalents | 35,453 | 42,591
Restricted deposits | 62,383 | 57,137
Right-of-use assets | 484,999 | 499,287
Other assets | 290,721 | 291,426
Total assets | 20,169,015 | 20,286,891
Liabilities: |  |
Mortgage notes payable, net | 2,270,700 | 2,293,890
Notes, net | 5,337,103 | 5,335,536
Line of credit and commercial paper | 429,753 | 414,830
Accounts payable and accrued expenses | 168,028 | 107,366
Accrued interest payable | 55,489 | 65,896
Lease liabilities | 316,838 | 329,130
Other liabilities | 335,664 | 345,064
Security deposits | 60,939 | 60,480
Distributions payable | 232,737 | 232,262
Total liabilities | 9,207,251 | 9,184,454
Commitments and contingencies |  |
Redeemable Noncontrolling Interests – Operating Partnership | 409,523 | 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 March 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; 372,917,413 shares issued and outstanding as of March 31, 2021 and 372,302,000 shares issued and outstanding as of December 31, 2020 | 3,729 | 3,723
Paid in capital | 9,083,346 | 9,128,599
Retained earnings | 1,231,808 | 1,399,715
Accumulated other comprehensive income (loss) | (41,363) | (43,666)
Total shareholders’ equity | 10,314,800 | 10,525,651
Noncontrolling Interests: |  |
Operating Partnership | 234,969 | 233,162
Partially Owned Properties | 2,472 | 4,673
Total Noncontrolling Interests | 237,441 | 237,835
Total equity | 10,552,241 | 10,763,486
Total liabilities and equity/capital | $ 20,169,015 | $ 20,286,891

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