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CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2019
Dec. 31, 2018
Property, Plant, and Equipment:    
Income Properties, Land, Buildings, and Improvements $ 392,552,156 $ 392,520,783
Other Furnishings and Equipment 730,878 728,817
Construction in Progress 46,017 19,384
Total Property, Plant, and Equipment 393,329,051 393,268,984
Less, Accumulated Depreciation and Amortization (26,737,672) (24,518,215)
Property, Plant, and Equipment—Net 366,591,379 368,750,769
Land and Development Costs 25,745,482 25,764,633
Intangible Lease Assets—Net 42,315,994 43,555,445
Assets Held for Sale—See Note 20 59,078,667 75,866,510
Investment in Joint Venture 6,797,549 6,788,034
Impact Fee and Mitigation Credits 447,596 462,040
Cash and Cash Equivalents 2,682,205 2,310,489
Restricted Cash 1,336,361 19,721,475
Refundable Income Taxes   225,024
Other Assets—See Note 9 13,512,025 12,885,453
Total Assets 518,507,258 556,329,872
Liabilities:    
Accounts Payable 990,363 1,036,547
Accrued and Other Liabilities—See Note 14 4,268,927 5,197,884
Deferred Revenue—See Note 15 6,622,253 7,201,604
Intangible Lease Liabilities—Net 26,697,074 27,390,350
Liabilities Held for Sale—See Note 20 1,641,985 1,347,296
Income Taxes Payable 1,465,653  
Deferred Income Taxes—Net 55,880,337 54,769,907
Long-Term Debt 206,991,712 247,624,811
Total Liabilities 304,558,304 344,568,399
Commitments and Contingencies—See Note 18
Shareholders' Equity:    
Common Stock – 25,000,000 shares authorized; $1 par value, 6,072,588 shares issued and 5,386,623 shares outstanding at March 31, 2019; 6,052,209 shares issued and 5,436,952 shares outstanding at December 31, 2018 6,012,993 5,995,257
Treasury Stock – 685,965 shares at March 31, 2019 and 615,257 shares at December 31, 2018 (36,470,196) (32,345,002)
Additional Paid-In Capital 24,817,328 24,326,778
Retained Earnings 219,231,100 213,297,897
Accumulated Other Comprehensive Income 357,729 486,543
Total Shareholders' Equity 213,948,954 211,761,473
Total Liabilities and Shareholders’ Equity $ 518,507,258 $ 556,329,872