CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Real estate investments at cost:
Land	$ 141,602	$ 141,579
Buildings and improvements	282,631	270,579
Projects under construction	10,845	12,208
Total investments in properties	435,078	424,366
Less accumulated depreciation and depletion	67,758	57,208
Net investments in properties	367,320	367,158
Real estate held for investment, at cost	10,662	10,182
Investments in joint ventures	166,066	140,525
Net real estate investments	544,048	517,865
Cash and cash equivalents	157,555	177,497
Cash held in escrow	860	797
Accounts receivable, net	1,046	1,166
Federal and state income taxes receivable	337	0
Unrealized rents	1,640	856
Deferred costs	3,091	2,343
Other assets	589	560
Total assets	709,166	701,084
Liabilities:
Secured notes payable	178,705	178,557
Accounts payable and accrued liabilities	8,333	5,971
Other liabilities	1,487	1,886
Federal and state income taxes payable	0	18
Deferred revenue	925	259
Deferred income taxes	69,456	67,960
Deferred compensation	1,409	1,354
Tenant security deposits	875	868
Total liabilities	261,190	256,873
Commitments and contingencies
Equity:
Common stock, $.10 par value 25,000,000 shares authorized, 9,484,224 and 9,459,686 shares issued and outstanding, respectively	948	946
Capital in excess of par value	67,655	65,158
Retained earnings	345,882	342,317
Accumulated other comprehensive income, net	35	(1,276)
Total shareholders’ equity	414,520	407,145
Noncontrolling interests	33,456	37,066
Total equity	447,976	444,211
Total liabilities and equity	$ 709,166	$ 701,084