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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
ASSETS    
Land $ 5,606,531 $ 5,581,876
Depreciable property 24,039,412 22,938,426
Projects under development 261,706 78,036
Land held for development 63,142 114,300
Investment in real estate 29,970,791 28,712,638
Accumulated depreciation (10,412,463) (9,810,337)
Investment in real estate, net 19,558,328 18,902,301
Investments in unconsolidated entities 386,531 282,049
Cash and cash equivalents 62,302 50,743
Restricted deposits 97,864 89,252
Right-of-use assets 455,445 457,266
Other assets 273,706 252,953
Total assets 20,834,176 20,034,564
Liabilities:    
Mortgage notes payable, net 1,630,690 1,632,902
Notes, net 5,947,376 5,348,417
Line of credit and commercial paper 543,679 409,131
Accounts payable and accrued expenses 99,347 87,377
Accrued interest payable 74,176 65,716
Lease liabilities 304,897 311,640
Other liabilities 310,559 272,596
Security deposits 75,611 69,178
Distributions payable 263,494 259,231
Total liabilities 9,249,829 8,456,188
Commitments and contingencies
Redeemable Noncontrolling Interests – Operating Partnership 338,563 289,248
Shareholders' equity:    
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 343,100 shares issued and outstanding as of December 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; 379,475,383 shares issued and outstanding as of December 31, 2024 and 379,291,417 shares issued and outstanding as of December 31, 2023 3,795 3,793
Paid in capital 9,611,826 9,601,866
Retained earnings 1,407,570 1,437,185
Accumulated other comprehensive income (loss) 4,214 5,704
Total shareholders’ equity 11,044,560 11,085,828
Noncontrolling Interests:    
Operating Partnership 201,942 202,306
Partially Owned Properties (718) 994
Total Noncontrolling Interests 201,224 203,300
Total equity 11,245,784 11,289,128
Total liabilities and equity/capital $ 20,834,176 $ 20,034,564