v3.26.1
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating Activities    
Net income (loss) $ 150 $ (1,466)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 1,473 1,015
Amortization of discount of marketable securities (10) (86)
Equity in earnings of unconsolidated joint ventures, net (1,290) (1,158)
Non-cash retirement plan expense 104 104
Gain on sale of property plant and equipment 0 (13)
Deferred income taxes 0 (33)
Stock compensation expense 182 666
Excess tax provision (benefit) from stock-based compensation 0 31
Distribution of earnings from unconsolidated joint ventures 1,394 458
Changes in operating assets and liabilities:    
Receivables, inventories, prepaids and other assets, net 975 1,901
Current liabilities 332 (2,764)
Net cash provided by (used in) operating activities 3,310 (1,345)
Investing Activities    
Maturities and sales of marketable securities 4,175 15,280
Funds invested in marketable securities (3,546) (21,410)
Real estate development expenditures [1] (1,897) (1,664)
Real estate expenditures - to be held for lease [1] (204) (13,543)
Property and equipment expenditures [1] (1,872) (2,337)
Proceeds from sale of property plant and equipment 0 11
Investment in unconsolidated joint ventures 0 (111)
Distribution of equity from unconsolidated joint ventures 160 142
Investments in water assets (5,681) (9,018)
Net cash used in investing activities (8,865) (32,650)
Financing Activities    
Borrowings on line of credit 1,500 7,500
Taxes on vested stock grants (805) (490)
Net cash provided by financing activities 695 7,010
Decrease in cash, cash equivalents, and restricted cash (4,860) (26,985)
Cash, cash equivalents, and restricted cash at beginning of period 10,024 39,767
Cash, cash equivalents, and restricted cash at end of period 5,164 12,782
Reconciliation to amounts on consolidated balance sheets:    
Cash and cash equivalents 4,664 12,282
Restricted cash (included in prepaid expenses and other current assets) 500 500
Total cash, cash equivalents, and restricted cash 5,164 12,782
Non-cash investing activities    
Accrued capital expenditures included in current liabilities 930 6,171
Accrued long-term water assets included in current liabilities $ 1,565 $ 1,450
[1]
1 Prior year amounts have been reclassified to conform to the current year presentation. Amounts previously presented as “Real estate and equipment expenditures” are now presented separately as “Real estate development expenditures,” “Real estate expenditures – to be held for lease,” and “Property and equipment expenditures.” These reclassifications had no impact on total net cash used in investing activities or the net change in cash and cash equivalents.