CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Real estate investments at cost:
Land	$ 168,927	$ 168,943
Buildings and improvements	308,561	283,421
Projects under construction	16,167	32,770
Total investments in properties	493,655	485,134
Less accumulated depreciation and depletion	82,916	77,695
Net investments in properties	410,739	407,439
Real estate held for investment, at cost	12,312	11,722
Investments in joint ventures	139,098	153,899
Net real estate investments	562,149	573,060
Cash and cash equivalents	153,167	148,620
Cash held in escrow	1,266	1,315
Accounts receivable, net	1,586	1,352
Federal and state income taxes receivable	778	0
Unrealized rents	1,264	1,380
Deferred costs	1,942	2,136
Other assets	630	622
Total assets	722,782	728,485
Liabilities:
Secured notes payable	180,371	178,853
Accounts payable and accrued liabilities	6,739	6,026
Other liabilities	1,487	1,487
Federal and state income taxes payable	0	611
Deferred revenue	2,842	2,437
Deferred income taxes	67,655	67,688
Deferred compensation	1,494	1,465
Tenant security deposits	780	805
Total liabilities	261,368	259,372
Commitments and contingencies
Equity:
Common stock, $.10 par value 25,000,000 shares authorized, 19,109,234 and 19,046,894 shares issued and outstanding, respectively	1,911	1,905
Capital in excess of par value	70,196	68,876
Retained earnings	354,555	352,267
Accumulated other comprehensive income, net	40	55
Total shareholders’ equity	426,702	423,103
Noncontrolling interests	34,712	46,010
Total equity	461,414	469,113
Total liabilities and equity	$ 722,782	$ 728,485