CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets
Real estate, net	$ 380,715	$ 387,790
Notes receivable (including $66.287 in 2020 and $57,817 in 2019 from related parties)	123,854	112,357
Cash and cash equivalents	32,967	51,179
Restricted cash	28,030	32,082
Investment in unconsolidated joint ventures	71,171	81,780
Receivable from related parties	140,050	141,541
Other assets	68,558	59,189
Total assets	845,345	865,918
Liabilities:
Mortgages and notes payable	242,300	245,773
Bonds payable	203,192	223,265
Accounts payable and other liabilities (including $937 in 2020 and $935 in 2019 to related parties)	24,642	26,115
Accrued interest payable	3,281	7,230
Deferred revenue	9,315	9,468
Total liabilities	482,730	511,851
Shareholders' Equity:
Common stock, $0.01 par value, authorized 10,000,000 shares; issued 8,717,967 shares at September 30, 2020 and December 31, 2019.	87	87
Treasury stock at cost, 200 shares in 2020 and 2019	(2)	(2)
Paid-in capital	257,853	257,853
Retained earnings	82,813	74,665
Total shareholders' equity	340,751	332,603
Non-controlling interest	21,864	21,464
Total equity	362,615	354,067
Total liabilities and equity	$ 845,345	$ 865,918