Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Real estate investments at cost:
Land	$ 121,057	$ 91,744
Buildings and improvements	255,646	141,241
Projects under construction	11,378	4,879
Total investments in properties	388,081	237,864
Less accumulated depreciation and depletion	41,971	34,724
Net investments in properties	346,110	203,140
Real estate held for investment, at cost	9,429	9,151
Investments in joint ventures	144,938	167,071
Net real estate investments	500,477	379,362
Cash and cash equivalents	138,154	73,909
Cash held in escrow	684	196
Accounts receivable, net	1,076	923
Investments available for sale at fair value	32,129	75,609
Federal and state income taxes receivable	3,681	4,621
Unrealized rents	445	531
Deferred costs	4,092	707
Other assets	514	502
Total assets	681,252	536,360
Liabilities:
Secured notes payable	178,334	89,964
Accounts payable and accrued liabilities	4,976	3,635
Other liabilities	1,886	1,886
Deferred revenue	461	542
Deferred income taxes	65,379	56,106
Deferred compensation	1,245	1,242
Tenant security deposits	686	332
Total liabilities	252,967	153,707
Equity:
Common stock, $.10 par value 25,000,000 shares authorized, 9,411,028 and 9,363,717 shares issued and outstanding, respectively	941	936
Capital in excess of par value	57,360	56,279
Retained earnings	337,992	309,764
Accumulated other comprehensive income, net	268	675
Total shareholders’ equity	396,561	367,654
Noncontrolling interest MRP	31,724	14,999
Total equity	428,285	382,653
Total liabilities and shareholders’ equity	$ 681,252	$ 536,360