CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Real estate investments at cost:
Land	$ 168,943	$ 141,602
Buildings and improvements	283,421	282,631
Projects under construction	32,770	10,845
Total investments in properties	485,134	435,078
Less accumulated depreciation and depletion	77,695	67,758
Net investments in properties	407,439	367,320
Real estate held for investment, at cost	11,722	10,662
Investments in joint ventures	153,899	166,066
Net real estate investments	573,060	544,048
Cash and cash equivalents	148,620	157,555
Cash held in escrow	1,315	860
Accounts receivable, net	1,352	1,046
Federal and state income taxes receivable	0	337
Unrealized rents	1,380	1,640
Deferred costs	2,136	3,091
Other assets	622	589
Total assets	728,485	709,166
Liabilities:
Secured notes payable	178,853	178,705
Accounts payable and accrued liabilities	6,026	8,333
Other liabilities	1,487	1,487
Federal and state income taxes payable	611	0
Deferred revenue	2,437	925
Deferred income taxes	67,688	69,456
Deferred compensation	1,465	1,409
Tenant security deposits	805	875
Total liabilities	259,372	261,190
Commitments and contingencies
Equity:
Common stock, $.10 par value 25,000,000 shares authorized, 19,046,894 and 18,968,448 shares issued and outstanding, respectively	1,905	1,897
Capital in excess of par value	68,876	66,706
Retained earnings	352,267	345,882
Accumulated other comprehensive income, net	55	35
Total shareholders’ equity	423,103	414,520
Noncontrolling interests	46,010	33,456
Total equity	469,113	447,976
Total liabilities and equity	$ 728,485	$ 709,166