Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018
Operating Activities
Net income		$ 870	$ 3,929
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		3,562	3,284
Amortization of premium/discount of marketable securities		(80)	57
Equity in earnings of unconsolidated joint ventures, net		(5,046)	(2,411)
Non-cash retirement plan expense		230	123
Non-cash profits recognized from land contribution		(1,667)	0
Loss on sale of property plant and equipment		0	94
Deferred income taxes		0	1
Stock compensation expense		1,930	2,601
Excess tax benefit from stock-based compensation		(52)	(18)
Distribution of earnings from unconsolidated joint ventures		0	4,800
Changes in operating assets and liabilities:
Receivables, inventories, prepaids and other assets, net		3,656	(6,784)
Current liabilities, net		(2,952)	3,117
Net cash provided by operating activities		555	8,829
Investing Activities
Maturities and sales of marketable securities		37,274	24,558
Funds invested in marketable securities		(20,425)	(23,451)
Real estate and equipment expenditures		(19,195)	(16,183)
Reimbursement proceeds from Community Facilities District		0	1,385
Investment in unconsolidated joint ventures		(3,100)	0
Distribution of equity from unconsolidated joint ventures		487	1,835
Investments in long-term water assets		(3,553)	(2,659)
Net cash used in investing activities		(8,512)	(14,515)
Financing Activities
Borrowings of short-term debt		5,000	0
Repayments of long-term debt		(2,994)	(3,018)
Rights offering costs		0	(166)
Taxes on vested stock grants		(844)	(1,063)
Net cash provided by (used in) financing activities		1,162	(4,247)
Decrease in cash and cash equivalents		(6,795)	(9,933)
Cash and cash equivalents at beginning of period		15,908	20,107
Cash and cash equivalents at end of period		9,113	10,174
Supplemental cash flow information
Accrued capital expenditures included in current liabilities		191	347
Contribution to unconsolidated joint venture	[1]	5,854	0
Long term deferred profit on land contribution	[1]	$ 1,532	$ 0

[1] In April 2019, the Company contributed land with a fair value of $5.9 million to TRC-MRC 3, LLC an unconsolidated joint venture formed to pursue the development, construction, leasing, and management of a 579,040 square foot industrial building on the Company's property at TRCC-East. The total cost of the land, inclusive of transaction costs was $2.9 million. The Company recognized $1.5 million in profit and deferred $1.5 million after applying the five-step revenue recognition model in accordance with Accounting Standards Codification (ASC) Topic 606 — Revenue From Contracts With Customers and ASC Topic 323, Investments — Equity Method and Joint Ventures. Historically, cash outflows related to land development expenditures were accounted for within investing activities. For consistency, the Company will continue to classify cash outflows and cash inflows related to land development as investing activities.