Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating Activities
Net (loss) income	$ (626)	$ 870
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	3,635	3,562
Amortization of premium/discount of marketable securities	21	(80)
Equity in earnings of unconsolidated joint ventures, net	(3,629)	(5,046)
Non-cash retirement plan expense	59	230
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	(1,318)	0
Stock compensation expense	3,566	1,930
Excess tax benefit from stock-based compensation	529	52
Distribution of earnings from unconsolidated joint ventures	6,269	0
Changes in operating assets and liabilities:
Receivables, inventories, prepaids and other assets, net	235	3,656
Current liabilities	(1,263)	(2,952)
Net cash provided by operating activities	7,588	555
Investing Activities
Maturities and sales of marketable securities	30,452	37,274
Funds invested in marketable securities	(5,610)	(20,425)
Real estate and equipment expenditures	(15,407)	(19,195)
Proceeds from sale of real estate/assets	2,000	0
Investment in unconsolidated joint ventures	(2,090)	(3,100)
Distribution of equity from unconsolidated joint ventures	100	487
Investments in long-term water assets	(2,633)	(3,553)
Net cash provided by (used in) investing activities	6,812	(8,512)
Financing Activities
Borrowings of line-of-credit	0	5,000
Repayments of long-term debt	(3,767)	(2,994)
Taxes on vested stock grants	(1,584)	(844)
Net cash (used in) provided by financing activities	(5,351)	1,162
Increase (decrease) in cash and cash equivalents	9,049	(6,795)
Cash and cash equivalents at beginning of period	27,106	15,908
Cash and cash equivalents at end of period	36,155	9,113
Non-cash investing activities
Accrued capital expenditures included in current liabilities	1,484	191
Accrued long-term water assets included in current liabilities	254	0
Contribution to unconsolidated joint venture	0	5,854	[1]
Long term deferred profit on land contribution	$ 0	$ 1,532	[1]

[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.