Expenses moving down.
What was sold?
The Trust recognized land sales revenue of $11.5 million for the third quarter ended September 30, 2020 and $4.6 million for the comparable period of 2019.
$46mm in net income + $4mm in depreciation = $50mm more cash on the balance sheet. Add that to the $258mm from the end of Q2 to get $308mm or ~$40/share or 8.5% of market cap.
Update: The actual cash number is $316mm.