CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Real estate investments at cost:
Land	$ 135,139	$ 123,397
Buildings and improvements	268,156	265,278
Projects under construction	11,149	8,668
Total investments in properties	414,444	397,343
Less accumulated depreciation and depletion	51,889	46,678
Net investments in properties	362,555	350,665
Real estate held for investment, at cost	9,969	9,722
Investments in joint ventures	139,655	145,443
Net real estate investments	512,179	505,830
Cash and cash equivalents	159,262	161,521
Cash held in escrow	765	752
Accounts receivable, net	1,423	793
Investments available for sale at fair value	0	4,317
Federal and state income taxes receivable	0	1,103
Unrealized rents	806	620
Deferred costs	2,065	2,726
Other assets	540	528
Total assets	677,040	678,190
Liabilities:
Secured notes payable	178,483	178,409
Accounts payable and accrued liabilities	4,815	6,137
Other liabilities	1,886	1,886
Federal and state income taxes payable	398	0
Deferred revenue	223	369
Deferred income taxes	64,180	64,047
Deferred compensation	1,307	1,302
Tenant security deposits	811	790
Total liabilities	252,103	252,940
Commitments and contingencies
Equity:
Common stock, $.10 par value 25,000,000 shares authorized, 9,455,096 and 9,411,028 shares issued and outstanding, respectively	945	941
Capital in excess of par value	58,872	57,617
Retained earnings	339,081	337,752
Accumulated other comprehensive income (loss), net	(1,096)	113
Total shareholders’ equity	397,802	396,423
Noncontrolling interest MRP	27,135	28,827
Total equity	424,937	425,250
Total liabilities and equity	$ 677,040	$ 678,190