Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets:
Land	$ 80,494	$ 84,383
Buildings and improvements	141,146	147,019
Projects under construction	2,442	1,056
Total investments in properties	224,082	232,458
Less accumulated depreciation and depletion	33,684	30,271
Net investments in properties	190,398	202,187
Real estate held for investment, at cost	9,101	8,380
Investments in joint ventures	167,586	160,452
Net real estate investments	367,085	371,019
Cash and cash equivalents	46,289	26,607
Cash held in escrow	15,259	186
Accounts receivable, net	923	546
Investments available for sale at fair value	104,624	137,867
Unrealized rents	530	554
Deferred costs	921	890
Other assets	499	479
Total assets	536,130	538,148
Liabilities:
Secured notes payable	89,027	88,925
Accounts payable and accrued liabilities	3,052	2,431
Other liabilities	1,886	1,978
Federal and state income taxes payable	164	504
Deferred revenue	609	790
Deferred income taxes	52,532	50,111
Deferred compensation	1,240	1,436
Tenant security deposits	314	328
Total liabilities	148,824	146,503
Commitments and contingencies
Equity:
Common stock, $.10 par value; 25,000,000 shares authorized, 9,481,638 and 9,817,429 shares issued and outstanding, respectively	948	982
Capital in excess of par value	56,690	57,705
Retained earnings	313,103	315,278
Accumulated other comprehensive income, net	996	923
Total shareholders' equity	371,737	374,888
Noncontrolling interest MRP	15,569	16,757
Total Equity	387,306	391,645
Total liabilities and shareholders' equity	$ 536,130	$ 538,148