Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019
Operating Activities
Net (loss) income		$ (1,010)	$ 833
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization		2,180	2,136
Amortization of premium/discount of marketable securities		5	(51)
Equity in earnings of unconsolidated joint ventures, net		(2,536)	(2,847)
Non-cash retirement plan expense		39	154
Non-cash profits recognized from land contribution		0	(1,667)
Non-cash write-off of leasing assets		110	0
Gain on sale of property plant and equipment		(1,343)	0
Deferred income taxes		(1)	0
Stock compensation expense		2,399	1,592
Excess tax benefit from stock-based compensation		(529)	(52)
Distribution of earnings from unconsolidated joint ventures		121	0
Changes in operating assets and liabilities:
Receivables, inventories, prepaids and other assets, net		1,371	1,410
Current liabilities, net		(1,813)	(2,890)
Net cash provided by (used in) operating activities		51	(1,278)
Investing Activities
Maturities and sales of marketable securities		17,424	26,793
Funds invested in marketable securities		(5,610)	(19,110)
Real estate and equipment expenditures		(11,192)	(12,581)
Proceeds from sale of real estate/assets		2,000	0
Investment in unconsolidated joint ventures		(940)	(100)
Distribution of equity from unconsolidated joint ventures		100	276
Investments in long-term water assets		(2,634)	(3,560)
Net cash used in investing activities		(852)	(8,282)
Financing Activities
Repayments of long-term debt		(2,746)	(1,999)
Taxes on vested stock grants		(1,584)	(844)
Net cash used in financing activities		(4,330)	(2,843)
Decrease in cash and cash equivalents		(5,131)	(12,403)
Cash and cash equivalents at beginning of period		27,106	15,908
Cash and cash equivalents at end of period		21,975	3,505
Non-cash investing activities
Accrued capital expenditures included in current liabilities		562	3
Accrued long-term water assets included in current liabilities		254	0
Contribution to unconsolidated joint venture	[1]	0	5,854
Long term deferred profit on land contribution	[1]	$ 0	$ 1,532

[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.