Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real estate investments at cost:
Land	$ 123,397	$ 91,744
Buildings and improvements	265,278	141,241
Projects under construction	8,668	4,879
Total investments in properties	397,343	237,864
Less accumulated depreciation and depletion	46,678	34,724
Net investments in properties	350,665	203,140
Real estate held for investment, at cost	9,722	9,151
Investments in joint ventures	145,443	167,071
Net real estate investments	505,830	379,362
Cash and cash equivalents	161,521	73,909
Cash held in escrow	752	196
Accounts receivable, net	793	923
Investments available for sale at fair value	4,317	75,609
Federal and state income taxes receivable	1,103	4,621
Unrealized rents	620	531
Deferred costs	2,726	707
Other assets	528	502
Total assets	678,190	536,360
Liabilities:
Secured notes payable	178,409	89,964
Accounts payable and accrued liabilities	6,137	3,635
Other liabilities	1,886	1,886
Deferred revenue	369	542
Deferred income taxes	64,047	56,106
Deferred compensation	1,302	1,242
Tenant security deposits	790	332
Total liabilities	252,940	153,707
Commitments and contingencies
Equity:
Common stock, $.10 par value 25,000,000 shares authorized, 9,411,028 and 9,363,717 shares issued and outstanding, respectively	941	936
Capital in excess of par value	57,617	56,279
Retained earnings	337,752	309,764
Accumulated other comprehensive income, net	113	675
Total shareholders’ equity	396,423	367,654
Noncontrolling interest MRP	28,827	14,999
Total equity	425,250	382,653
Total liabilities and equity	$ 678,190	$ 536,360