Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Real estate investments at cost:
Land	$ 141,578	$ 141,579
Buildings and improvements	282,379	270,579
Projects under construction	4,689	12,208
Total investments in properties	428,646	424,366
Less accumulated depreciation and depletion	65,444	57,208
Net investments in properties	363,202	367,158
Real estate held for investment, at cost	10,510	10,182
Investments in joint ventures	154,025	140,525
Net real estate investments	527,737	517,865
Cash and cash equivalents	166,028	177,497
Cash held in escrow	646	797
Accounts receivable, net	1,683	1,166
Unrealized rents	1,452	856
Deferred costs	3,028	2,343
Other assets	583	560
Total assets	701,157	701,084
Liabilities:
Secured notes payable	178,668	178,557
Accounts payable and accrued liabilities	3,689	5,971
Other liabilities	1,886	1,886
Federal and state income taxes payable	704	18
Deferred revenue	1,029	259
Deferred income taxes	67,903	67,960
Deferred compensation	1,395	1,354
Tenant security deposits	889	868
Total liabilities	256,163	256,873
Commitments and contingencies
Equity:
Common stock, $.10 par value 25,000,000 shares authorized, 9,477,104 and 9,459,686 shares issued and outstanding, respectively	948	946
Capital in excess of par value	67,168	65,158
Retained earnings	343,002	342,317
Accumulated other comprehensive loss, net	(328)	(1,276)
Total shareholders’ equity	410,790	407,145
Noncontrolling interest	34,204	37,066
Total equity	444,994	444,211
Total liabilities and equity	$ 701,157	$ 701,084