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CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023
--- | --- | ---
ASSETS |  |
Land | $ 5,550,882 | $ 5,581,876
Depreciable property | 22,930,036 | 22,938,426
Projects under development | 155,729 | 78,036
Land held for development | 64,466 | 114,300
Investment in real estate | 28,701,113 | 28,712,638
Accumulated depreciation | (9,978,012) | (9,810,337)
Investment in real estate, net | 18,723,101 | 18,902,301
Investments in unconsolidated entities | 289,272 | 282,049
Cash and cash equivalents | 44,535 | 50,743
Restricted deposits | 152,025 | 89,252
Right-of-use assets | 454,035 | 457,266
Other assets | 231,829 | 252,953
Total assets | 19,894,797 | 20,034,564
Liabilities: |  |
Mortgage notes payable, net | 1,633,870 | 1,632,902
Notes, net | 5,349,938 | 5,348,417
Line of credit and commercial paper | 225,921 | 409,131
Accounts payable and accrued expenses | 146,072 | 87,377
Accrued interest payable | 49,190 | 65,716
Lease liabilities | 310,422 | 311,640
Other liabilities | 274,919 | 272,596
Security deposits | 68,818 | 69,178
Distributions payable | 263,615 | 259,231
Total liabilities | 8,322,765 | 8,456,188
Commitments and contingencies |  |
Redeemable Noncontrolling Interests – Operating Partnership | 298,219 | 289,248
Shareholders' equity: |  |
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 343,100 shares issued and outstanding as of March 31, 2024 and 745,600 shares issued and outstanding as of December 31, 2023 | 17,155 | 37,280
Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 378,939,751 shares issued and outstanding as of March 31, 2024 and 379,291,417 shares issued and outstanding as of December 31, 2023 | 3,789 | 3,793
Paid in capital | 9,603,743 | 9,601,866
Retained earnings | 1,436,671 | 1,437,185
Accumulated other comprehensive income (loss) | 6,314 | 5,704
Total shareholders’ equity | 11,067,672 | 11,085,828
Noncontrolling Interests: |  |
Operating Partnership | 207,272 | 202,306
Partially Owned Properties | (1,131) | 994
Total Noncontrolling Interests | 206,141 | 203,300
Total equity | 11,273,813 | 11,289,128
Total liabilities and equity/capital | $ 19,894,797 | $ 20,034,564

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