CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Real estate investments at cost:
Land	$ 141,564	$ 123,397
Buildings and improvements	268,132	265,278
Projects under construction	13,295	8,668
Total investments in properties	422,991	397,343
Less accumulated depreciation and depletion	54,523	46,678
Net investments in properties	368,468	350,665
Real estate held for investment, at cost	10,079	9,722
Investments in joint ventures	147,703	145,443
Net real estate investments	526,250	505,830
Cash and cash equivalents	144,783	161,521
Cash held in escrow	582	752
Accounts receivable, net	1,530	793
Investments available for sale at fair value	0	4,317
Federal and state income taxes receivable	0	1,103
Unrealized rents	830	620
Deferred costs	2,469	2,726
Other assets	546	528
Total assets	676,990	678,190
Liabilities:
Secured notes payable	178,520	178,409
Accounts payable and accrued liabilities	4,720	6,137
Other liabilities	1,886	1,886
Federal and state income taxes payable	456	0
Deferred revenue	346	369
Deferred income taxes	64,180	64,047
Deferred compensation	1,310	1,302
Tenant security deposits	887	790
Total liabilities	252,305	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	59,148	57,617
Retained earnings	339,561	337,752
Accumulated other comprehensive income (loss), net	(1,420)	113
Total shareholders’ equity	398,234	396,423
Noncontrolling interest MRP	26,451	28,827
Total equity	424,685	425,250
Total liabilities and equity	$ 676,990	$ 678,190