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CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2024 | Dec. 31, 2023
--- | --- | ---
ASSETS |  |
Land | $ 5,675,037 | $ 5,581,876
Depreciable property | 24,148,043 | 22,938,426
Projects under development | 222,055 | 78,036
Land held for development | 65,113 | 114,300
Investment in real estate | 30,110,248 | 28,712,638
Accumulated depreciation | (10,386,783) | (9,810,337)
Investment in real estate, net | 19,723,465 | 18,902,301
Investments in unconsolidated entities | 359,810 | 282,049
Cash and cash equivalents | 28,610 | 50,743
Restricted deposits | 97,949 | 89,252
Right-of-use assets | 458,673 | 457,266
Other assets | 257,314 | 252,953
Total assets | 20,925,821 | 20,034,564
Liabilities: |  |
Mortgage notes payable, net | 1,633,414 | 1,632,902
Notes, net | 5,945,670 | 5,348,417
Line of credit and commercial paper | 786,561 | 409,131
Accounts payable and accrued expenses | 165,787 | 87,377
Accrued interest payable | 50,633 | 65,716
Lease liabilities | 306,119 | 311,640
Other liabilities | 294,543 | 272,596
Security deposits | 74,350 | 69,178
Distributions payable | 263,425 | 259,231
Total liabilities | 9,520,502 | 8,456,188
Commitments and contingencies |  |
Redeemable Noncontrolling Interests – Operating Partnership | 351,803 | 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 September 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; 379,354,738 shares issued and outstanding as of September 30, 2024 and 379,291,417 shares issued and outstanding as of December 31, 2023 | 3,794 | 3,793
Paid in capital | 9,584,539 | 9,601,866
Retained earnings | 1,244,953 | 1,437,185
Accumulated other comprehensive income (loss) | 3,534 | 5,704
Total shareholders’ equity | 10,853,975 | 11,085,828
Noncontrolling Interests: |  |
Operating Partnership | 199,206 | 202,306
Partially Owned Properties | 335 | 994
Total Noncontrolling Interests | 199,541 | 203,300
Total equity | 11,053,516 | 11,289,128
Total liabilities and equity/capital | $ 20,925,821 | $ 20,034,564

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