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
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.