Consolidated Statements of Cash Flows - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating Activities
Net (loss) income		$ (747)	$ 10,579	$ 4,235
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization		4,938	5,036	5,424
Amortization of premium (discount) on marketable securities		34	(94)	101
Equity in earnings of unconsolidated joint ventures, net		(4,504)	(16,575)	(3,834)
Non-cash retirement plan expense		78	307	335
(Gain) loss on sale of real estate/assets		(1,339)	0	94
Non-cash profits recognized from land contribution		0	(2,146)	0
Deferred income taxes		2,253	1,259	175
Stock compensation expense		4,494	3,198	3,248
Excess tax benefit of stock-based compensation		519	57	18
Non-cash write-off of leasing assets		110	1,604	0
Distribution of earnings from unconsolidated joint ventures		6,222	15,381	4,800
Changes in operating assets and liabilities:
Receivables, inventories, prepaids and other assets, net		5,427	154	(2,888)
Current liabilities, net		(2,004)	(2,715)	2,646
Net cash provided by operating activities		15,481	16,045	14,354
Investing Activities
Maturities and sales of marketable securities		41,843	53,418	35,219
Purchase of marketable securities		(5,610)	(28,219)	(28,392)
Real estate and equipment expenditures		(22,259)	(25,222)	(22,580)
Reimbursement proceeds from Communities Facilities District		4,223	4,180	3,588
Proceeds from sale of real estate/assets		2,000	0	0
Investment in unconsolidated joint ventures		(2,160)	(3,100)	(52)
Distribution of equity from unconsolidated joint ventures		5,309	3,457	2,815
Investments in long-term water assets		(3,568)	(3,686)	(3,844)
Net cash provided by/(used) in investing activities		19,778	828	(13,246)
Financing Activities
Borrowings on line of credit		0	5,000	0
Repayments of line of credit		0	(5,000)	0
Repayments of long-term debt		(4,819)	(4,004)	(4,046)
Net proceeds from rights offering		0	0	(166)
Taxes on vested stock grants		(2,226)	(1,671)	(1,095)
Net cash used in financing activities		(7,045)	(5,675)	(5,307)
Increase (decrease) in cash and cash equivalents		28,214	11,198	(4,199)
Cash and cash equivalents at beginning of year		27,106	15,908	20,107
Cash and cash equivalents at end of year		55,320	27,106	15,908
Non-cash investing activities
Accrued capital and water expenditures included in current liabilities		910	785	2,390
Contribution to unconsolidated joint venture	[1]	0	8,658	0
Long term deferred profit on land contribution	[1]	$ 0	$ 2,038	$ 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 $2.8 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. In December 2019, the Company contributed a newly constructed commercial multi-tenant building and underlying land with an aggregate fair value of $2.8 million to TA/Petro, an unconsolidated joint venture. The total cost of the building construction and land was $2.0 million. The Company recognized $0.3 million in profit and deferred $0.5 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.