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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022
--- | --- | ---
ASSETS |  |
Land | $ 5,581,876 | $ 5,580,878
Depreciable property | 22,938,426 | 22,334,369
Projects under development | 78,036 | 112,940
Land held for development | 114,300 | 60,567
Investment in real estate | 28,712,638 | 28,088,754
Accumulated depreciation | (9,810,337) | (9,027,850)
Investment in real estate, net | 18,902,301 | 19,060,904
Investments in unconsolidated entities | 282,049 | 279,024
Cash and cash equivalents | 50,743 | 53,869
Restricted deposits | 89,252 | 83,303
Right-of-use assets | 457,266 | 462,956
Other assets | 252,953 | 278,206
Total assets | 20,034,564 | 20,218,262
Liabilities: |  |
Mortgage notes payable, net | 1,632,902 | 1,953,438
Notes, net | 5,348,417 | 5,342,329
Line of credit and commercial paper | 409,131 | 129,955
Accounts payable and accrued expenses | 104,430 | 96,028
Accrued interest payable | 65,716 | 66,310
Lease liabilities | 311,640 | 308,748
Other liabilities | 255,543 | 306,941
Security deposits | 69,178 | 68,940
Distributions payable | 259,231 | 244,621
Total liabilities | 8,456,188 | 8,517,310
Commitments and contingencies |  |
Redeemable Noncontrolling Interests – Operating Partnership | 289,248 | 318,273
Shareholders' equity: |  |
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 745,600 shares issued and outstanding as of December 31, 2023 and December 31, 2022 | 37,280 | 37,280
Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 379,291,417 shares issued and outstanding as of December 31, 2023 and 378,429,708 shares issued and outstanding as of December 31, 2022 | 3,793 | 3,784
Paid in capital | 9,601,866 | 9,476,085
Retained earnings | 1,437,185 | 1,658,837
Accumulated other comprehensive income (loss) | 5,704 | (2,547)
Total shareholders’ equity | 11,085,828 | 11,173,439
Noncontrolling Interests: |  |
Operating Partnership | 202,306 | 209,961
Partially Owned Properties | 994 | (721)
Total Noncontrolling Interests | 203,300 | 209,240
Total equity | 11,289,128 | 11,382,679
Total liabilities and equity/capital | $ 20,034,564 | $ 20,218,262

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