CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Real estate investments at cost:
Land	$ 168,927	$ 168,943
Buildings and improvements	284,248	283,421
Projects under construction	34,600	32,770
Total investments in properties	487,775	485,134
Less accumulated depreciation and depletion	80,244	77,695
Net investments in properties	407,531	407,439
Real estate held for investment, at cost	12,182	11,722
Investments in joint ventures	148,302	153,899
Net real estate investments	568,015	573,060
Cash and cash equivalents	142,932	148,620
Cash held in escrow	702	1,315
Accounts receivable, net	1,285	1,352
Unrealized rents	1,271	1,380
Deferred costs	2,294	2,136
Other assets	624	622
Total assets	717,123	728,485
Liabilities:
Secured notes payable	178,250	178,853
Accounts payable and accrued liabilities	3,251	6,026
Other liabilities	1,487	1,487
Federal and state income taxes payable	1,119	611
Deferred revenue	2,602	2,437
Deferred income taxes	67,655	67,688
Deferred compensation	1,479	1,465
Tenant security deposits	784	805
Total liabilities	256,627	259,372
Commitments and contingencies
Equity:
Common stock, $.10 par value 25,000,000 shares authorized, 19,087,334 and 19,046,894 shares issued and outstanding, respectively	1,909	1,905
Capital in excess of par value	69,237	68,876
Retained earnings	353,977	352,267
Accumulated other comprehensive income, net	47	55
Total shareholders’ equity	425,170	423,103
Noncontrolling interests	35,326	46,010
Total equity	460,496	469,113
Total liabilities and equity	$ 717,123	$ 728,485