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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Real estate properties:    
Land $ 652,655 $ 741,501
Buildings and improvements 5,819,802 6,072,055
Total real estate properties, gross 6,472,457 6,813,556
Accumulated depreciation (1,738,379) (1,737,807)
Total real estate properties, net 4,734,078 5,075,749
Investments in unconsolidated joint ventures 158,759 215,127
Cash and cash equivalents 705,160 634,848
Restricted cash 163,242 [1] 382,097
Acquired real estate leases and other intangible assets, net 37,359 48,746
Other assets, net 347,266 266,947
Total assets 6,145,864 6,623,514
Liabilities and Shareholders' Equity    
Revolving credit facility 700,000 800,000
Senior unsecured notes, net 2,315,286 2,806,811
Secured debt and finance leases, net 57,006 69,713
Accrued interest 27,639 29,845
Assumed real estate lease obligations, net 1,293 2,556
Other liabilities 255,015 252,199
Total liabilities 3,356,239 3,961,124
Commitments and contingencies
Shareholders' equity:    
Common shares of beneficial interest, $.01 par value: 300,000,000 shares authorized, 239,123,496 and 238,994,894 shares issued and outstanding, respectively 2,391 2,390
Additional paid in capital 4,616,449 4,615,475
Cumulative net income 2,218,664 2,087,624
Cumulative distributions (4,047,879) (4,043,099)
Total shareholders' equity 2,789,625 2,662,390
Total liabilities and shareholders' equity $ 6,145,864 $ 6,623,514
[1] As of June 30, 2022, restricted cash consists of proceeds from the sale of joint venture interests and proceeds from the sale of properties to joint ventures held as collateral pursuant to the agreement governing our revolving credit facility, or our credit agreement. We may use these funds to pay for approved expenditures in accordance with our credit agreement. Restricted cash also consists of amounts escrowed for real estate taxes, insurance and capital expenditures at certain of our mortgaged properties. Prior to the deconsolidation of the joint venture that owns a life science property located in Boston, Massachusetts, or our Boston life science property joint venture, restricted cash also consisted of cash held for the operations of this joint venture. As of June 30, 2021, restricted cash also included amounts from dispositions held as collateral pursuant to our credit agreement. In June 2022, we sold an additional 10% equity interest in our Boston life science property joint venture to an existing joint venture investor for $108,000, before closing costs and other adjustments. The net proceeds of $108,956, which include working capital prorations and formation costs, are included as a receivable in other assets, net in our condensed consolidated balance sheet as of June 30, 2022. We received the proceeds from this sale in July 2022, which will be included in restricted cash in our condensed consolidated balance sheet.