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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Real estate investments at cost:    
Land $ 182,887 $ 182,936
Buildings and improvements 310,168 309,132
Projects under construction 57,354 45,032
Total investments in properties 550,409 537,100
Less accumulated depreciation and depletion 91,412 88,558
Net investments in properties 458,997 448,542
Real estate held for investment, at cost 12,741 12,626
Investments in joint ventures 155,065 153,084
Net real estate investments 626,803 614,252
Cash, cash equivalents and restricted cash including $10,889 and $11,394 of restricted cash at March 31, 2026 and December 31, 2025, respectively 107,859 105,361
Accounts receivable, net 1,950 1,874
Federal and state income taxes receivable 1,279 1,071
Unrealized rents 1,299 1,264
Deferred costs 3,637 3,768
Goodwill 6,893 6,893
Other assets 669 662
Total assets 750,389 735,145
Liabilities:    
Notes payable, net 203,916 192,554
Accounts payable and accrued liabilities 17,122 12,148
Other liabilities 2,407 2,317
Deferred revenue 3,401 3,356
Deferred income taxes 66,901 66,900
Deferred compensation 1,546 1,524
Tenant security deposits 699 689
Total liabilities 295,992 279,488
Commitments and contingencies
Equity:    
Common stock, $.10 par value 25,000,000 shares authorized, 19,170,275 and 19,109,541 shares issued and outstanding, respectively 1,917 1,911
Capital in excess of par value 71,730 71,368
Retained earnings 354,523 355,210
Accumulated other comprehensive income, net 8 24
Total shareholders’ equity 428,178 428,513
Noncontrolling interests 26,219 27,144
Total equity 454,397 455,657
Total liabilities and equity $ 750,389 $ 735,145