CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Real estate investments at cost:
Land	$ 141,579	$ 123,397
Buildings and improvements	270,579	265,278
Projects under construction	12,208	8,668
Total investments in properties	424,366	397,343
Less accumulated depreciation and depletion	57,208	46,678
Net investments in properties	367,158	350,665
Real estate held for investment, at cost	10,182	9,722
Investments in joint ventures	140,525	145,443
Net real estate investments	517,865	505,830
Cash and cash equivalents	177,497	161,521
Cash held in escrow	797	752
Accounts receivable, net	1,166	793
Investments available for sale at fair value	0	4,317
Federal and state income taxes receivable	0	1,103
Unrealized rents	856	620
Deferred costs	2,343	2,726
Other assets	560	528
Total assets	701,084	678,190
Liabilities:
Secured notes payable	178,557	178,409
Accounts payable and accrued liabilities	5,971	6,137
Other liabilities	1,886	1,886
Federal and state income taxes payable	18	0
Deferred revenue	259	369
Deferred income taxes	67,960	64,047
Deferred compensation	1,354	1,302
Tenant security deposits	868	790
Total liabilities	256,873	252,940
Commitments and contingencies
Equity:
Common stock, $.10 par value 25,000,000 shares authorized, 9,459,686 and 9,411,028 shares issued and outstanding, respectively	946	941
Capital in excess of par value	65,158	57,617
Retained earnings	342,317	337,752
Accumulated other comprehensive income, net	(1,276)	113
Total shareholders’ equity	407,145	396,423
Noncontrolling interests	37,066	28,827
Total equity	444,211	425,250
Total liabilities and equity	$ 701,084	$ 678,190