v3.26.1
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating Activities    
Net income (loss) $ 2,784 $ (3,179)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 2,864 2,110
Amortization of discount of marketable securities (14) (130)
Equity in earnings of unconsolidated joint ventures, net (4,390) (3,713)
Non-cash retirement plan expense 209 207
Non-cash profits recognized from land contribution 2 [1] (1,999) 0
Gain on sale of property plant and equipment 0 (13)
Deferred income taxes (1) (31)
Stock compensation expense 713 1,290
Excess tax provision (benefit) from stock-based compensation 0 31
Distribution of earnings from unconsolidated joint ventures 2,554 1,653
Changes in operating assets and liabilities:    
Receivables, inventories, prepaids and other assets, net 2,087 2,037
Current liabilities (197) (1,988)
Net cash provided by (used in) operating activities 4,610 (1,726)
Investing Activities    
Maturities and sales of marketable securities 9,566 23,655
Funds invested in marketable securities (5,416) (26,652)
Real estate development expenditures (8,924) (28,261)
Real estate development expenditures [2] (132) (4,732)
Property and equipment expenditures (3,382) (4,153)
Reimbursement proceeds from taxing authority 24 0
Proceeds from sale of property plant and equipment 0 39
Investment in unconsolidated joint ventures (689) (238)
Distribution of equity from unconsolidated joint ventures 3,578 310
Investments in water assets (5,842) (9,519)
Net cash used in investing activities (11,217) (49,551)
Financing Activities    
Borrowings on line of credit 2,000 15,000
Taxes on vested stock grants (1,047) (490)
Net cash provided by financing activities 953 14,510
Decrease in cash, cash equivalents, and restricted cash (5,654) (36,767)
Cash, cash equivalents, and restricted cash at beginning of period 10,024 39,767
Cash, cash equivalents, and restricted cash at end of period 4,370 3,000
Reconciliation to amounts on consolidated balance sheets:    
Cash and cash equivalents 3,870 2,500
Restricted cash (included in prepaid expenses and other current assets) 500 500
Total cash, cash equivalents, and restricted cash 4,370 3,000
Non-cash investing activities    
Accrued capital expenditures included in current liabilities 687 2,865
Accrued long-term water assets included in current liabilities 1,565 1,552
Contribution of land to unconsolidated joint venture [2] 9,852 0
Long term deferred profit on land contribution [2] $ 2,999 $ 0
[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.
[2]
² During the second quarter of 2026, the Company contributed land to TRC-DP 1, LLC, an unconsolidated joint venture, at a fair value of $9.9 million in a non-cash transaction. The Company recognized $2.0 million of the resulting profit and deferred $3.0 million representing its retained interest in the venture.