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CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023
--- | --- | ---
ASSETS |  |
Land | $ 5,540,352 | $ 5,581,876
Depreciable property | 23,004,377 | 22,938,426
Projects under development | 188,283 | 78,036
Land held for development | 64,781 | 114,300
Investment in real estate | 28,797,793 | 28,712,638
Accumulated depreciation | (10,163,756) | (9,810,337)
Investment in real estate, net | 18,634,037 | 18,902,301
Investments in unconsolidated entities | 341,871 | 282,049
Cash and cash equivalents | 38,298 | 50,743
Restricted deposits | 100,123 | 89,252
Right-of-use assets | 450,796 | 457,266
Other assets | 214,443 | 252,953
Total assets | 19,779,568 | 20,034,564
Liabilities: |  |
Mortgage notes payable, net | 1,634,838 | 1,632,902
Notes, net | 5,351,461 | 5,348,417
Line of credit and commercial paper | 170,884 | 409,131
Accounts payable and accrued expenses | 114,413 | 87,377
Accrued interest payable | 65,585 | 65,716
Lease liabilities | 309,182 | 311,640
Other liabilities | 292,424 | 272,596
Security deposits | 69,848 | 69,178
Distributions payable | 263,668 | 259,231
Total liabilities | 8,272,303 | 8,456,188
Commitments and contingencies |  |
Redeemable Noncontrolling Interests – Operating Partnership | 327,641 | 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 June 30, 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; 379,086,882 shares issued and outstanding as of June 30, 2024 and 379,291,417 shares issued and outstanding as of December 31, 2023 | 3,791 | 3,793
Paid in capital | 9,590,105 | 9,601,866
Retained earnings | 1,357,922 | 1,437,185
Accumulated other comprehensive income (loss) | 6,914 | 5,704
Total shareholders’ equity | 10,975,887 | 11,085,828
Noncontrolling Interests: |  |
Operating Partnership | 204,032 | 202,306
Partially Owned Properties | (295) | 994
Total Noncontrolling Interests | 203,737 | 203,300
Total equity | 11,179,624 | 11,289,128
Total liabilities and equity/capital | $ 19,779,568 | $ 20,034,564

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