CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Real estate investments at cost:
Land	$ 180,121	$ 168,943
Buildings and improvements	308,807	283,421
Projects under construction	29,548	32,770
Total investments in properties	518,476	485,134
Less accumulated depreciation and depletion	85,746	77,695
Net investments in properties	432,730	407,439
Real estate held for investment, at cost	12,484	11,722
Investments in joint ventures	143,298	153,899
Net real estate investments	588,512	573,060
Cash and cash equivalents	134,853	148,620
Cash held in escrow	966	1,315
Accounts receivable, net	1,560	1,352
Federal and state income taxes receivable	961	0
Unrealized rents	1,262	1,380
Deferred costs	2,509	2,136
Other assets	637	622
Total assets	731,260	728,485
Liabilities:
Secured notes payable	185,338	178,853
Accounts payable and accrued liabilities	9,365	6,026
Other liabilities	1,487	1,487
Federal and state income taxes payable	0	611
Deferred revenue	2,973	2,437
Deferred income taxes	67,655	67,688
Deferred compensation	1,508	1,465
Tenant security deposits	738	805
Total liabilities	269,064	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	70,558	68,876
Retained earnings	355,217	352,267
Accumulated other comprehensive income, net	32	55
Total shareholders’ equity	427,718	423,103
Noncontrolling interests	34,478	46,010
Total equity	462,196	469,113
Total liabilities and equity	$ 731,260	$ 728,485