Docoh
Loading...

POPE Pope Resources LTD Partnership

Pope Resources, a publicly traded limited partnership, and its subsidiaries Olympic Resource Management and Olympic Property Group, own and manage 120,000 acres of timberland and 2,000 acres of development property in Washington. In addition, Pope Resources co-invests in and consolidates three private equity timber funds that own 141,000 acres of timberland in Washington, Oregon, and California. The Partnership and its predecessor companies have owned and managed timberlands and development properties for over 165 years. Additional information on the company can be found at www.poperesources.com. The contents of our website are not incorporated into this release or into our filings with the Securities and Exchange Commission.

Company profile

Ticker
POPE
Exchange
CEO
Thomas M. Ringo
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
IRS number
911313292

POPE stock data

(
)

Calendar

6 May 20
17 Apr 21
31 Dec 21
Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
8 May 20 Bates Kevin Limited Partnership Units Dispose U No No 103.55 28,447 2.95M 0
8 May 20 Repp Daemon Patrick Limited Partnership Units Dispose U Yes No 103.55 54 5.59K 0
8 May 20 Repp Daemon Patrick Limited Partnership Units Dispose U Yes No 103.55 54 5.59K 0
8 May 20 Repp Daemon Patrick Limited Partnership Units Dispose U No No 103.55 6,218 643.87K 0
8 May 20 Rose Jonathan P Limited Partnership Units Dispose U No No 103.55 9,608 994.91K 0
8 May 20 Conlin John Edward Limited Partnership Units Dispose U No No 103.55 30,518 3.16M 0
8 May 20 Pope Maria M Limited Partnership Units Dispose U Yes No 103.55 21,212 2.2M 0
8 May 20 Pope Maria M Limited Partnership Units Dispose U Yes No 103.55 198,244 20.53M 0
8 May 20 Pope Maria M Limited Partnership Units Dispose U Yes No 103.55 49,307 5.11M 0
8 May 20 Pope Maria M Limited Partnership Units Dispose U Yes No 103.55 60,000 6.21M 0

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

15.5% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 41 33 +24.2%
Opened positions 16 6 +166.7%
Closed positions 8 1 +700.0%
Increased positions 4 4
Reduced positions 6 4 +50.0%
13F shares
Current Prev Q Change
Total value 57.51M 35.62M +61.4%
Total shares 677.99K 385.07K +76.1%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
Pictet Asset Management 194.95K $16.73M -3.2%
WFC Wells Fargo & Co. 79.56K $6.68M +15200.2%
BMO Bank of Montreal 49.5K $4.28M NEW
Polar Asset Management Partners 49.5K $4.16M NEW
Gabelli Funds 34.59K $2.91M NEW
MS Morgan Stanley 29.45K $2.47M +940.1%
Private Capital Management 25.84K $2.17M -4.1%
First Manhattan 22.7K $1.91M 0.0%
Alpine Global Management 20K $1.72M NEW
Hollencrest Capital Management 19.6K $1.65M 0.0%
Largest transactions
Shares Bought/sold Change
WFC Wells Fargo & Co. 79.56K +79.04K +15200.2%
Polar Asset Management Partners 49.5K +49.5K NEW
BMO Bank of Montreal 49.5K +49.5K NEW
Gabelli Funds 34.59K +34.59K NEW
Cannell Peter B & Co 0 -30.2K EXIT
MS Morgan Stanley 29.45K +26.62K +940.1%
Alpine Global Management 20K +20K NEW
GABELLI & Co INVESTMENT ADVISERS 18.09K +18.09K NEW
UBS UBS Group AG - Registered Shares 19.13K +16.09K +529.2%
Healthcare Of Ontario Pension Plan Trust Fund 15K +15K NEW

Financial report summary

?
Risks
  • Our Partnership Timber and Funds Timber segments are sensitive to demand and price issues relating to our sales of logs in both domestic and foreign markets.
  • Our Partnership Timber, Funds Timber, and Timberland Investment Management (TIM) segments are highly dependent upon sales of commodity products.
  • Consolidation of sawmills in our geographic operating area may reduce competition among our customers, which could adversely affect our log prices.
  • We are subject to statutory and regulatory restrictions that currently limit, and may increasingly limit, our ability to generate income and cash flow.
  • Environmental and other activist groups may have an adverse impact on the value of our assets or on our ability to generate revenues from our timberlands.
  • Our businesses are highly dependent upon domestic and international macroeconomic factors.
  • We face increasing competition from engineered and recycled products.
  • As a property owner and seller, we face environmental risks associated with events that occur or that may be alleged to have occurred on our properties.
  • We are subject to certain risks that arise in connection with our merger agreement with Rayonier, Inc.
  • We have incurred, and we expect to continue incurring, higher than normal general and administrative expenses.
  • We have certain environmental
  • associated with our Port Gamble property, and
  • that liability may increase.
  • Our leverage may give rise to additional risks.
  • Our real estate holdings are highly illiquid, and changes in economic and regulatory factors may affect the value of our properties or the timing of the proceeds, if any, that we expect to receive on the sale of such properties.
  • Our operations are geographically concentrated, and we may face greater impacts from localized events than would more geographically diverse timber companies.
  • Our timber investment fund business depends upon establishing and maintaining a strong reputation among investors, and on our ability to maintain strong relationships with existing and prospective investors in our Funds.
  • We compete with a number of larger competitors that may be better able than we to absorb price fluctuations, may be able to expend greater resources on production, may have greater access to capital, and may operate more efficiently than we can.
  • We and our customers are dependent upon active credit markets to fund operations.
  • We may incur losses as a result of natural disasters that may occur on our properties.
  • We rely on experienced contract loggers and truckers who are at times in short supply and who may seek consistent work.
  • We have incurred, and may continue to incur, expenses relating to a recently announced activism campaign from one of our unitholders.
  • Our entry into the merger agreement with Rayonier, Inc., may increase the risk of volatility in our reported trading prices.
  • We are controlled by our managing general partner.
  • We have a limited market capitalization and a relatively low historic trading volume, as a result of which the trading prices of our units may be more volatile than would an investment in a more liquid security.
  • Our limited partner units trade at a discount to their net asset value
  • (NAV), and unitholders may be unable to realize that NAV in the near or long term.
  • We benefit from certain tax treatment accorded to master limited partnerships, and if that status changes the holders of our units may realize less advantageous tax consequences
Management Discussion
  • As of December 31, 2019, Timber results include operations on 119,000 acres of timberland owned by the Partnership, plus another 3,500 acres under timber deeds, in western Washington (Partnership Timber), and 141,000 acres of timberland owned by the Funds (Funds Timber) in western Washington, northwestern Oregon, southwestern Oregon, and northern California.
  • Timber revenue is earned primarily from the harvest and sale of logs from these timberlands and is driven primarily by the volume of timber harvested and the average log price realized on the sale of those logs. Our harvest volume represents delivered log sales to domestic mills and log export brokers. We also occasionally sell rights to harvest timber (timber deed sales) from the Combined tree farms. The metrics used to calculate volumes sold and average price realized during the reporting periods exclude timber deed sales, except where stated otherwise. Harvest volumes are generally expressed in million board feet (MMBF) increments while harvest revenue and related costs are generally expressed in terms of revenue or cost per thousand board feet (MBF).
  • Logs from the Combined tree farms serve a number of different domestic and export markets, with domestic mills historically representing our largest market destination. Export customers consist of log brokers who sell the logs primarily to Japan, China and, to a lesser degree, Korea. The ultimate decision of whether to sell our logs to the domestic or export market is based on the net proceeds we receive after considering the cost to deliver logs to the customer. As such, our reported log price realizations will reflect our properties’ proximity to customers as well as the broader log market.
Content analysis
?
Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Avg
New words: abetted, aided, al, Arzonetti, award, bark, beetle, breach, breached, Carolina, compensatory, contemplated, customary, death, declared, dismissed, District, drought, duty, enjoin, essential, European, exert, extend, false, GP, health, hopeful, incomplete, incorporated, infestation, institution, introduced, Laidlaw, landfill, loyalty, LP, misleading, national, North, OpCo, outbreak, oversubscribed, pandemic, payable, permissible, plaintiff, proration, Proxy, Rayonier, recommended, refinance, rescissory, safety, settled, Southern, steady, Stein, stock, strain, submitted, sufficient, Thompson, violation, waiver, World, worldwide, York
Removed: ability, abroad, accumulate, accumulated, accurately, activism, activist, adding, adjacent, administrative, admitting, adversely, agency, American, amortization, ample, anniversary, announce, announcement, application, applied, applying, appoint, area, argued, Asian, asserting, assurance, assure, ASU, attempt, attention, automatic, ballot, base, beginning, bilateral, border, borrowing, brought, buy, called, campaign, Canada, Canadian, carry, Cascade, centered, central, characteristic, chief, circumstance, civil, classification, classified, clearcutting, climate, closely, Coast, Codification, codified, commitment, committed, commodity, commonly, commonplace, communicating, Comparing, compete, competing, competitive, complex, comply, complying, composite, composition, concentration, concept, conducted, conflict, conform, consistent, contended, continued, continuing, continuity, contractor, controlling, countervailing, Creating, credibility, cumulative, CVD, deem, default, defense, define, delay, delivery, demonstrating, depend, dependent, deployed, deposit, depreciation, derive, designate, developing, deviate, difficult, diminish, director, disagreed, disclose, discount, discovered, disease, dispersed, disproportionate, disproportionately, disrupt, distracting, distribution, diverse, diversify, divert, diverted, divided, dollar, drop, earlier, easement, EBITDDA, economy, efficient, efficiently, effort, element, eligible, eliminate, eliminating, emergence, enforce, enforcement, engineered, entitlement, equipment, establish, established, estimation, evolve, examination, excluding, exclusivity, exercise, expand, expedient, expensive, experience, expertise, expiration, expired, exported, expose, exposure, extension, extent, face, factored, failed, FASB, fertilizing, fifteenth, flexibility, float, floating, flooding, fluctuate, foreseeable, forest, forestry, formation, fourth, fully, GAAP, gain, generating, geographic, geographically, Gig, govern, grow, growth, half, Harbor, harmful, harvestable, heavily, hedge, hesitant, high, Hill, historic, home, housing, identify, illiquid, impinge, imply, imported, impose, impossible, increasing, increasingly, incur, indirect, indirectly, individual, industrial, industry, influence, influenced, inherent, inhibit, initial, initiative, injured, input, insect, integration, intended, intensify, intention, international, interpretation, inventory, investor, ITC, jointly, judgment, judicial, June, labor, lack, largely, launched, lease, leasing, led, legislation, legislative, lessee, lessor, leverage, liable, limit, liquid, liquidity, localized, logging, long, longer, losing, lumber, macroeconomic, magnified, maintenance, manage, manner, margin, marketplace, master, matter, maximize, measure, media, metal, method, metric, mill, mix, model, MTCA, multiple, Nasdaq, Native, NAV, necessarily, negotiate, newly, ninety, observed, occasion, ocean, offer, officer, operated, operation, operator, opposed, optimum, optional, originally, outcome, outline, overproduction, package, page, past, pay, penalty, Peninsula, percent, pertaining, pine, placement, planting, plastic, pledge, pool, potential, practical, practice, precise, precision, preclude, predicated, predict, predictable, predominant, present, prevail, prevalent, prevent, preventing, printing, production, productivity, prolonged, pronounced, proper, proportion, proposing, prospective, protract, provision, publicly, Puget, purporting, qualifying, range, realize, receiving, reclassified, recognition, recognize, reconciled, recovery, recycled, reducing, reduction, refinanced, refinancing, refrain, region, regional, regionalized, regionally, register, regulatory, reimburse, reinvestment, relationship, released, rely, remediated, remediating, removal, remove, reopen, reopening, repaid, represented, repurchase, reputation, resell, respond, response, restated, restrict, retaining, revert, reviewed, Rim, ROU, Rule, ruled, sawlog, sawmill, scale, scarce, security, Select, selected, selection, seller, sensitive, sensitivity, separate, share, sharing, shifted, shipping, situated, slowdown, softening, softwood, soliciting, sophisticated, Sound, south, space, span, speaking, stall, standard, standing, statutory, steeper, stop, strategy, strict, stringent, structure, subsequently, substantial, substantially, successful, suggest, summarized, support, sustainable, sustained, targeted, tariff, taxing, tenant, tied, timing, Topic, tower, traction, trade, traded, trading, traditionally, transition, transport, transportation, treatment, ultimately, unable, underlying, understand, undervalued, unforeseen, unknown, unpredictable, unrestricted, updated, upward, utilized, valuation, variety, vast, vegetation, vertical, virtue, volatility, weakening, west, widely, witnessed