CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Real estate investments at cost:
Land	$ 123,400	$ 123,397
Buildings and improvements	266,642	265,278
Projects under construction	10,821	8,668
Total investments in properties	400,863	397,343
Less accumulated depreciation and depletion	49,240	46,678
Net investments in properties	351,623	350,665
Real estate held for investment, at cost	9,829	9,722
Investments in joint ventures	143,005	145,443
Net real estate investments	504,457	505,830
Cash and cash equivalents	164,523	161,521
Cash held in escrow	548	752
Accounts receivable, net	1,105	793
Investments available for sale at fair value	0	4,317
Federal and state income taxes receivable	767	1,103
Unrealized rents	720	620
Deferred costs	2,212	2,726
Other assets	535	528
Total assets	674,867	678,190
Liabilities:
Secured notes payable	178,446	178,409
Accounts payable and accrued liabilities	3,810	6,137
Other liabilities	1,886	1,886
Deferred revenue	324	369
Deferred income taxes	64,047	64,047
Deferred compensation	1,305	1,302
Tenant security deposits	819	790
Total liabilities	250,637	252,940
Commitments and contingencies
Equity:
Common stock, $.10 par value 25,000,000 shares authorized, 9,431,994 and 9,411,028 shares issued and outstanding, respectively	943	941
Capital in excess of par value	57,812	57,617
Retained earnings	338,424	337,752
Accumulated other comprehensive income (loss), net	(737)	113
Total shareholders’ equity	396,442	396,423
Noncontrolling interest MRP	27,788	28,827
Total equity	424,230	425,250
Total liabilities and equity	$ 674,867	$ 678,190