Consolidated Statements of Cash Flows - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Activities
Net income (loss)		$ 5,342	$ (747)	$ 10,579
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		4,594	4,938	5,036
Amortization of premium (discount) on marketable securities		111	34	(94)
Equity in earnings of unconsolidated joint ventures, net		(9,202)	(4,504)	(16,575)
Non-cash retirement plan expense		99	78	307
(Gain) on sale of real estate/assets		(12)	(1,339)	0
Non-cash profits recognized from land contribution		(2,784)	0	(2,146)
Profit from water sale	[1]	(3,442)	0	0
Profit from land sales		(3,139)	0	0
Deferred income taxes		1,134	2,253	1,259
Stock compensation expense		4,271	4,494	3,198
Excess tax benefit of stock-based compensation		48	519	57
Non-cash write-off of leasing assets		0	110	1,604
Distribution of earnings from unconsolidated joint ventures		5,892	6,222	15,381
Changes in operating assets and liabilities:
Receivables, inventories, prepaids and other assets, net		(814)	5,427	154
Current liabilities, net		718	(2,004)	(2,715)
Net cash provided by operating activities		2,816	15,481	16,045
Investing Activities
Maturities and sales of marketable securities		6,249	41,843	53,418
Purchase of marketable securities		(14,586)	(5,610)	(28,219)
Real estate and equipment expenditures		(20,879)	(22,259)	(25,222)
Reimbursement proceeds from Communities Facilities District		135	4,223	4,180
Proceeds from sale of real estate/assets		63	2,000	0
Proceeds from sale of land		4,413	0	0
Investment in unconsolidated joint ventures		(2,900)	(2,160)	(3,100)
Distribution of equity from unconsolidated joint ventures		5,734	5,309	3,457
Investments in long-term water assets		(2,415)	(3,568)	(3,686)
Proceeds from water sales		9,534	0	0
Net cash (used in) / provided by investing activities		(14,652)	19,778	828
Financing Activities
Borrowings on line of credit		0	0	5,000
Repayments of line of credit		0	0	(5,000)
Repayments of long-term debt		(4,295)	(4,819)	(4,004)
Taxes on vested stock grants		(1,791)	(2,226)	(1,671)
Net cash used in financing activities		(6,086)	(7,045)	(5,675)
(Decrease) increase in cash and cash equivalents		(17,922)	28,214	11,198
Cash, cash equivalents, and restricted cash at beginning of year		55,320	27,106	15,908
Cash, cash equivalents, and restricted cash at end of year		37,398	55,320	27,106
Reconciliation to amounts on consolidated balance sheets:
Cash and cash equivalents		36,195	55,320
Restricted cash (recorded in other assets)		1,203	0	0
Total cash, cash equivalents, and restricted cash		37,398	55,320	27,106
Non-cash investing activities
Accrued capital and water expenditures included in current liabilities		1,342	910	785
Contribution to unconsolidated joint venture	[2]	8,464	0	8,658
Long term deferred profit on land contribution	[2]	$ 2,785	$ 0	$ 2,038

[1] In determining the classification of cash inflows and outflows related to water asset activity, the Company’s practices are supported by Accounting Standards Codification (“ASC”) 230-10-45-22, which provides that “Certain cash receipts and payments have aspects of more than one class of cash flows…. If so, the appropriate classification shall depend on the activity that is likely to be the predominant source of cash flows for the item.” Also, at the 2006 American Institution of Certified Public Accountants Conference on Current SEC and PCAOB Developments, the Securities and Exchange Commission, or SEC staff discussed that an entity should be consistent in how it classifies cash outflows and inflows related to an asset’s purchase and sale and noted that when cash flow classification is unclear, registrants must use judgment and analysis that considers the nature of the activity and the predominant source of cash flow for these items.
Given the nature of our water assets and the aforementioned authoritative guidance, the Company estimates the appropriate classification of water assets purchased based on the timing of the sale of the water. Water purchased in prior periods that was classified as investing was sold for $9.0 million in 2021, this cash inflow is appropriately classified in the Company’s investing activities. The profit of $3.3 million related to the water purchased in prior periods is appropriately being deducted from operating activities for the current period. The Company has and will continue to apply this methodology to water asset transactions that meet this fact pattern.

[2] In June 2021, the Company contributed land with a fair value of $8.5 million to TRC-MRC 4, LLC an unconsolidated joint venture formed to pursue the development, construction, leasing, and management of a 630,000 square foot industrial building on the Company's property at TRCC-East (defined herein). The total cost of the land was $2.9 million. The Company recognized $2.8 million in profit and deferred $2.8 million of profit 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 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.