Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 30, 2018 | |
Document And Entity Information [Abstract] | ||
Trading Symbol | POPE | |
Entity Registrant Name | POPE RESOURCES LTD PARTNERSHIP | |
Entity Central Index Key | 784,011 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 4,359,639 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets | ||
Partnership cash | $ 2,132 | $ 1,788 |
ORM Timber Funds cash | 1,478 | 1,636 |
Cash | 3,610 | 3,424 |
Restricted cash | 1,860 | 1,860 |
Total cash and restricted cash | 5,470 | 5,284 |
Accounts receivable, net | 4,484 | 6,427 |
Land held for sale | 5,377 | 5,728 |
Prepaid expenses and other current assets | 1,623 | 591 |
Total current assets | 16,954 | 18,030 |
Properties and equipment, at cost | ||
Timber and roads | 369,397 | 267,662 |
Timberland | 68,779 | 55,056 |
Land held for development | 19,940 | 19,311 |
Buildings and equipment, net of accumulated depreciation (2018 - $7,895; 2017 - $7,833) | 5,460 | 5,306 |
Total property and equipment, at cost | 463,576 | 347,335 |
Other assets | 8,153 | 15,308 |
Total assets | 488,683 | 380,673 |
Current liabilities | ||
Accounts payable | 1,618 | 2,430 |
Accrued liabilities | 3,285 | 4,451 |
Current portion of long-term debt - Partnership | 124 | 123 |
Deferred revenue | 442 | 197 |
Current portion of environmental remediation liability | 1,960 | 2,160 |
Other current liabilities | 454 | 401 |
Total current liabilities | 7,883 | 9,762 |
Environmental remediation and other long-term liabilities | 2,912 | 2,957 |
Partners’ capital and noncontrolling interests | ||
General partners' capital (units issued and outstanding 2018 - 60; 2017 - 60) | 1,071 | 1,028 |
Limited partners' capital (units issued and outstanding 2018 - 4,262; 2017 - 4,251) | 66,330 | 63,519 |
Noncontrolling interests | 264,875 | 176,079 |
Total partners’ capital and noncontrolling interests | 332,276 | 240,626 |
Total liabilities, partners’ capital and noncontrolling interests | 488,683 | 380,673 |
Partnership | ||
Current liabilities | ||
Long-term debt, net of unamortized debt issuance costs and current portion | 88,316 | 70,037 |
Funds | ||
Current liabilities | ||
Long-term debt, net of unamortized debt issuance costs and current portion | $ 57,296 | $ 57,291 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Buildings and equipment, accumulated depreciation | $ 7,895 | $ 7,833 |
General partners’ capital, units issued | 60,000 | 60,000 |
General partners’ capital, units outstanding | 60,000 | 60,000 |
Limited partners’ capital, units issued | 4,262,000 | 4,251,000 |
Limited partners’ capital, units outstanding | 4,262,000 | 4,251,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenue | $ 24,987 | $ 17,345 |
Cost of sales | (12,300) | (11,201) |
Operating expenses | (4,109) | (4,262) |
General and administrative expenses | (1,621) | (1,701) |
Gain on sale of timberland | 0 | 12,503 |
Income from operations | 6,957 | 12,684 |
Interest expense, net | (1,144) | (1,010) |
Income before income taxes | 5,813 | 11,674 |
Income tax expense | (98) | (56) |
Net and comprehensive income | 5,715 | 11,618 |
Net and comprehensive income attributable to unitholders | 5,718 | 3,370 |
Allocable to general partners | 79 | 47 |
Allocable to limited partners | $ 5,639 | $ 3,323 |
Basic and diluted earnings per unit attributable to unit holders (in dollars per unit) | $ 1.31 | $ 0.77 |
Basic and diluted weighted average units outstanding (units) | 4,321 | 4,325 |
Distributions per unit (in dollars per unit) | $ 0.7 | $ 0.7 |
ORM Timber Funds | ||
Net and comprehensive (income) loss attributable to noncontrolling interests - ORM Timber Funds | $ 3 | $ (8,248) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Partners' Capital and Noncontrolling Interests (Unaudited) - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands | Total | Noncontrolling Interests | General Partners | Limited Partners |
Beginning balance (in units) at Dec. 31, 2017 | 4,311,065 | |||
Beginning balance at Dec. 31, 2017 | $ 240,626 | $ 176,079 | $ 1,028 | $ 63,519 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Net income (loss) | 5,715 | (3) | 79 | 5,639 |
Cash distributions | (6,533) | (3,481) | (42) | (3,010) |
Capital call | $ 92,280 | 92,280 | ||
Equity-based compensation (in units) | 15,205 | |||
Equity-based compensation | $ 523 | 7 | 516 | |
Units issued under distribution reinvestment plan (in units) | 856 | |||
Units issued under distribution reinvestment plan | $ 59 | 59 | ||
Unit repurchases (in units) | (4,125) | |||
Unit repurchases | $ (292) | (292) | ||
Payroll taxes paid on unit net settlements (in units) | (1,466) | |||
Payroll taxes paid on unit net settlements | $ (102) | (1) | (101) | |
Ending balance (in units) at Mar. 31, 2018 | 4,321,535 | |||
Ending balance at Mar. 31, 2018 | $ 332,276 | $ 264,875 | $ 1,071 | $ 66,330 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Cash Flows [Abstract] | ||
Net income | $ 5,715 | $ 11,618 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depletion | 4,717 | 4,922 |
Equity-based compensation | 523 | 605 |
Depreciation and amortization | 140 | 110 |
Deferred taxes and other | 45 | 65 |
Cost of land sold | 0 | 230 |
Gain on sale of timberland - Funds | 0 | (12,503) |
Gain on disposal of property and equipment | (4) | (1) |
Cash flows from changes in operating accounts | ||
Accounts receivable, net | 1,943 | 1,151 |
Prepaid expenses and other assets | (203) | 3,066 |
Real estate project expenditures | (278) | (1,825) |
Accounts payable and accrued liabilities | (1,979) | (1,401) |
Deferred revenue | 245 | 37 |
Environmental remediation liability | (219) | (3,329) |
Other current and long-term liabilities | 27 | (21) |
Net cash provided by operating activities | 10,672 | 2,724 |
Cash flows from investing activities | ||
Reforestation and roads | (892) | (335) |
Capital expenditures | (274) | (23) |
Proceeds from sale of property and equipment | 4 | 11 |
Acquisitions of timberland - Partnership | (4,626) | (4,951) |
Acquisitions of timberland - Funds | (108,379) | 0 |
Proceeds from sale of timberland - Funds | 0 | 26,444 |
Net cash provided by (used in) investing activities | (114,167) | 21,146 |
Cash flows from financing activities | ||
Line of credit borrowings | 19,800 | 10,000 |
Line of credit repayments | (1,500) | (7,000) |
Repayment of long-term debt | (31) | (30) |
Debt issuance costs | 0 | (7) |
Proceeds from unit issuances - distribution reinvestment plan | 59 | 0 |
Unit repurchases | (292) | 0 |
Payroll taxes paid on unit net settlements | (102) | (94) |
Cash distributions to unitholders | (3,052) | (3,058) |
Cash distributions - ORM Timber Funds, net of distributions to Partnership | (3,481) | (23,083) |
Capital call - ORM Timber Funds, net of Partnership contribution | 92,280 | 825 |
Net cash provided by (used in) financing activities | 103,681 | (22,447) |
Net increase in cash and restricted cash | 186 | 1,423 |
Cash and restricted cash at beginning of period | 5,284 | 2,937 |
Cash and restricted cash at end of period | $ 5,470 | $ 4,360 |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements Disclosure | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure | The condensed consolidated balance sheets as of March 31, 2018 , and December 31, 2017 , and the related condensed consolidated statements of comprehensive income, partners’ capital, and cash flows for the three-month periods ended March 31, 2018 , and 2017 , have been prepared by Pope Resources, A Delaware Limited Partnership (the “Partnership”), pursuant to the rules and regulations of the Securities and Exchange Commission. The condensed consolidated financial statements are unaudited but, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments and accruals) necessary for a fair presentation of the financial position, results of operations, and cash flows for the interim periods. The financial information as of December 31, 2017 , is derived from the Partnership’s audited consolidated financial statements and notes thereto for the year ended December 31, 2017 , and should be read in conjunction with such financial statements and notes. The results of operations for the interim periods are not indicative of the results of operations that may be achieved for the entire fiscal year ending December 31, 2018 . |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | The financial statements in the Partnership’s 2017 annual report on Form 10-K include a summary of significant accounting policies of the Partnership and should be read in conjunction with this Quarterly Report on Form 10-Q. In February 2016, the FASB issued ASU 2016-02, Leases , which requires substantially all leases to be reflected on the balance sheet as a liability and a right-of-use asset. The ASU will replace existing lease accounting guidance in U.S. GAAP when it becomes effective on January 1, 2019, and the Partnership will adopt it at that time. The standard will be applied on a modified retrospective basis in which certain optional practical expedients may be applied. Due to the Partnership’s limited leasing activity, management does not expect the effect of this standard to be material to its consolidated financial statements. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Effective January 1, 2018, the Partnership adopted Topic 606, Revenue from Contracts with Customers . For revenue from the Fee Timber - Partnership and Fee Timber - Funds segments, which consists primarily of the sale of logs, there were no changes to the timing or amount of revenue recognized because contracts are legally enforceable, the transaction price is fixed, and performance is completed and control transfers at a point in time, typically when risk of loss and title passes to the customer. Similarly, no changes were identified to the timing or amount of revenue recognized from other revenue in these segments, which includes timber deed sales, commercial thinning, royalties from gravel mines and quarries, and land use permits. For the Real Estate segment, this new standard may result in accelerating the recognition of revenue for performance obligations that are satisfied over time, which generally consist of construction and landscaping activity in common areas completed after transaction closing. The Partnership adopted this standard using the cumulative effect transition method applied to uncompleted contracts as of the date of adoption. The Partnership, however, had no uncompleted contracts at the date of adoption. Accordingly, the adoption of this standard did not have a cumulative effect on the Partnership’s consolidated financial statements. Revenue is measured based on the consideration specified in a contract with a customer. The Partnership recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Partnership from a customer, are excluded from revenue. Shipping costs associated with delivering products to customers are included in cost of sales. Included in “Accounts receivable, net” are $4.0 million and $4.4 million of receivables from contracts with customers as of March 31, 2018 , and December 31, 2017 , respectively, and there were no other contract assets or liabilities as of those dates. The following is a description of principal activities, separated by reportable segments, from which the Partnership generates its revenue. Fee Timber - Partnership and Fee Timber - Funds Revenue in these two segments is recognized when control is transferred and title and risk of loss passes to the buyer, which typically occurs when logs are delivered to the customer. Revenue in these two segments is earned primarily from the harvest and sale of logs from the Partnership’s and Funds’ timberland. Other revenue in these segments is generated from the sale of rights to harvest timber (timber deed sale), commercial thinning, ground leases for cellular communication towers, royalties from gravel mines and quarries, and land use permits. Timber deed sales are generally structured so that the customer pays a contracted price per volume, measured in thousand board feet, and revenue is recognized when control is transferred to the customer. Commercial thinning consists of the selective cutting of timber stands that have not yet reached optimal harvest age. However, this timber does have some commercial value and revenue is based on the volume harvested. Royalty revenue from gravel mines and quarries is recognized monthly based on the quantity of material extracted. The following table presents log sale and other revenue for the quarters ended March 31, 2018 and 2017 : (in thousands) Quarter ended March 31, 2018 2017 Fee Timber - Partnership Log sale revenue $ 14,635 $ 8,677 Other revenue 503 429 Total revenue $ 15,138 $ 9,106 Fee Timber - Funds Log sale revenue $ 9,509 $ 7,602 Other revenue 32 104 Total revenue $ 9,541 $ 7,706 Timberland Investment Management (TIM) Fee revenue generated by the TIM segment for managing the Funds includes fixed components related to invested capital and acres under management, and a variable component related to harvest volume from the Funds’ tree farms. These fees, which represent an expense in the Fee Timber - Funds segment, are eliminated in consolidation. The TIM segment occasionally earns revenue from providing timberland management-related consulting services to third-parties and recognizes such revenue as the related services are provided. Real Estate The Real Estate segment’s activities consist of investing in and later selling improved properties, holding properties for later development and sale, and managing commercial properties. Revenue is generated primarily from sales of land, sales of development rights known as conservation easements (CE’s), sales of unimproved land from the Partnership’s timberland portfolio, and residential and commercial rents. Revenue on real estate sales is recorded on the date the sale closes. When a real estate transaction is closed with obligations to complete infrastructure or other construction, the portion of the total contract allocated to the post-closing obligations may be recognized over time as that work is performed, provided the customer either simultaneously receives and consumes the benefits as we perform under the contract, our performance creates or enhances the asset controlled by the customer, or we do not create an asset with an alternative use to the customer and we have an enforceable right to payment for the performance completed. Progress towards the satisfaction of our performance obligations is generally measured based on costs incurred relative to the total cost expected to be incurred for the performance obligations. The following table breaks down revenue for the Real Estate segment for the quarters ended March 31, 2018 and 2017 : Quarter ended March 31, 2018 2017 Residential land sales $ — $ 285 Rentals and other 308 248 Total revenue $ 308 $ 533 |
Partners' Capital Notes Disclos
Partners' Capital Notes Disclosure | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Partners' Capital Notes Disclosure | The Partnership has two general partners: Pope MGP, Inc. and Pope EGP, Inc. In total, these two entities own 60,000 partnership units. The allocation of distributions, profits, and losses among the general and limited partners is pro rata across all units outstanding. |
Balance Sheet Of Partnership Co
Balance Sheet Of Partnership Co-Investments | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet Of Partnership Co-Investments | ORM Timber Fund II, Inc. (Fund II), ORM Timber Fund III (REIT) Inc. (Fund III), and ORM Timber Fund IV LLC (Fund IV), collectively “the Funds”, were formed by Olympic Resource Management LLC (ORMLLC), a wholly owned subsidiary of the Partnership, for the purpose of raising capital to purchase timberlands. The objective of these Funds is to generate a return on investments through the acquisition, management, value enhancement, and sale of timberland properties. Each fund is organized to operate for a specific term from the end of its respective investment period; ten years for each of Fund II and Fund III and fifteen years for Fund IV. Fund II and Fund III are scheduled to terminate in March 2021 and December 2025 , respectively. Fund IV will terminate on the fifteenth anniversary of its investment period. Fund IV’s investment period will end on the earlier of placement of all committed capital or December 31, 2019, subject to certain extension provisions. Pope Resources and ORMLLC together own equity interests totaling 20% of Fund II, 5% of Fund III, and 15% of Fund IV. The Funds are considered variable interest entities because their organizational and governance structures are the functional equivalent of a limited partnership. As the managing member of the Funds, the Partnership is the primary beneficiary of each of the Funds as it has the authority to direct the activities that most significantly impact their economic performance, as well as the right to receive benefits and the obligation to absorb losses that could potentially be significant to the Funds. Accordingly, the Funds are consolidated into the Partnership’s financial statements. The obligations of each of the Funds are non-recourse to the Partnership. In January 2018, Fund IV closed on the acquisitions of two tree farms, one in southwestern Oregon and one in south Puget Sound, Washington, for $33.6 million and $80.4 million , respectively. In 2017, Fund IV paid deposits totaling $5.7 million for these acquisitions. The Partnership’s share of the combined purchase price was $17.0 million . The combined purchase price was allocated $100.7 million to timber and roads, and $13.3 million to the underlying land. In January 2017, Fund II closed on the sale of one of its tree farms, located on the Oregon coast, for $26.5 million . The Partnership’s share of the pretax results from this tree farm was a gain of $2.5 million for the quarter ended March 31, 2017 . The assets and liabilities of the Funds as of March 31, 2018 , and December 31, 2017 , were as follows: (in thousands) March 31, 2018 December 31, 2017 Assets: Cash $ 1,478 $ 1,636 Other current assets 1,829 2,481 Total current assets 3,307 4,117 Properties and equipment, net of accumulated depreciation 346,047 235,046 Other long-term assets — 5,683 Total assets $ 349,354 $ 244,846 Liabilities and equity: Current liabilities $ 2,607 $ 2,862 Long-term debt, net of unamortized debt issuance costs 57,296 57,291 Funds’ equity 289,451 184,693 Total liabilities and equity $ 349,354 $ 244,846 |
Other Assets
Other Assets | 3 Months Ended |
Mar. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Other assets consisted of the following at March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 Deferred tax assets, net $ 420 $ 465 Cash held by like-kind exchange intermediaries — 598 Deposits for acquisitions of timberland — 5,688 Investment in Real Estate joint venture entity 5,895 5,895 Note receivable 1,801 2,625 Other 37 37 Total $ 8,153 $ 15,308 |
Segment Reporting Disclosure
Segment Reporting Disclosure | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure | In the presentation of the Partnership’s revenue and operating income (loss) by segment, all intersegment revenue and expense is eliminated to determine operating income (loss) reported externally. The following tables reconcile internally reported income (loss) from operations to externally reported income (loss) from operations by business segment. Beginning with the first quarter of 2018, we measure segment performance based on Adjusted EBITDDA in addition to operating income. We define Adjusted EBITDDA as earnings, on an internal basis, before interest, taxes, depletion, depreciation, amortization, gain or loss on sales of timberland, and environmental remediation expense. The following tables reconcile internally reported operating income (loss) from operations to Adjusted EBITDDA. In addition, we have changed our internal reporting and our segment reporting to segregate our former “Fee Timber” segment into two segments: “Fee Timber - Partnership” includes the operating results of the Partnership’s 100%-owned timberland while “Fee Timber - Funds” includes the operating results of our three private equity timber funds. Our chief operating decision maker reviews internal financial reporting information at the Fee Timber - Partnership and Fee Timber - Funds level to allocate resources and evaluate the results of the business. Prior period segment disclosures have been revised to reflect our current segment structure. Quarter ended March 31, (in thousands) Fee Timber - Partnership Fee Timber - Funds Timberland Investment Management Real Estate Other Consolidated 2018 Revenue - internal $ 15,247 $ 9,541 $ 1,024 $ 443 $ — $ 26,255 Eliminations (109 ) — (1,024 ) (135 ) — (1,268 ) Revenue - external 15,138 9,541 — 308 — 24,987 Cost of sales (5,026 ) (6,952 ) — (322 ) — (12,300 ) Operating, general and administrative expenses - internal (1,510 ) (1,806 ) (1,076 ) (955 ) (1,651 ) (6,998 ) Eliminations 50 1,024 129 35 30 1,268 Operating, general and administrative expenses - external (1,460 ) (782 ) (947 ) (920 ) (1,621 ) (5,730 ) Income (loss) from operations - internal 8,711 783 (52 ) (834 ) (1,651 ) 6,957 Eliminations (59 ) 1,024 (895 ) (100 ) 30 — Income (loss) from operations - external $ 8,652 $ 1,807 $ (947 ) $ (934 ) $ (1,621 ) $ 6,957 Income (loss) from operations - internal $ 8,711 $ 783 $ (52 ) $ (834 ) $ (1,651 ) $ 6,957 Depletion, depreciation, and amortization 1,325 3,422 10 68 14 4,839 Adjusted EBITDDA $ 10,036 $ 4,205 $ (42 ) $ (766 ) $ (1,637 ) $ 11,796 2017 Revenue - internal $ 9,191 $ 7,706 $ 848 $ 667 $ — $ 18,412 Eliminations (85 ) — (848 ) (134 ) — (1,067 ) Revenue - external 9,106 7,706 — 533 — 17,345 Cost of sales (3,542 ) (7,093 ) — (566 ) — (11,201 ) Operating, general and administrative expenses - internal (1,244 ) (1,773 ) (1,073 ) (1,205 ) (1,735 ) (7,030 ) Eliminations 57 848 107 21 34 1,067 Operating, general and administrative expenses -external (1,187 ) (925 ) (966 ) (1,184 ) (1,701 ) (5,963 ) Gain on sale of timberland — 12,503 — — — 12,503 Income (loss) from operations - internal 4,405 11,343 (225 ) (1,104 ) (1,735 ) 12,684 Eliminations (28 ) 848 (741 ) (113 ) 34 — Income (loss) from operations - external $ 4,377 $ 12,191 $ (966 ) $ (1,217 ) $ (1,701 ) $ 12,684 Income (loss) from operations - internal $ 4,405 $ 11,343 $ (225 ) $ (1,104 ) $ (1,735 ) $ 12,684 Depletion, depreciation, and amortization 1,023 3,900 8 72 — 5,003 (Gain) loss on sale of timberland — (12,503 ) — — — (12,503 ) Adjusted EBITDDA $ 5,428 $ 2,740 $ (217 ) $ (1,032 ) $ (1,735 ) $ 5,184 |
Earnings Per Unit
Earnings Per Unit | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Unit | Basic and diluted earnings per unit are calculated by dividing net income attributable to unitholders, adjusted for non-forfeitable distributions paid out to unvested restricted unitholders and preferred shareholders of Fund II and Fund III, by the weighted average units outstanding during the period. There were no dilutive securities outstanding during the periods presented. The following table shows the calculation of basic and diluted earnings per unit: Quarter Ended (in thousands, except per unit amounts) 2018 2017 Net and comprehensive income attributable to Pope Resources’ unitholders $ 5,718 $ 3,370 Less: Non-forfeitable distributions paid to unvested restricted unitholders (45 ) (23 ) Preferred share dividends - ORM Timber Funds (8 ) (8 ) Net and comprehensive income for calculation of earnings per unit $ 5,665 $ 3,339 Basic and diluted weighted average units outstanding 4,321 4,325 Basic and diluted net earnings per unit $ 1.31 $ 0.77 |
Stock Based Compensation
Stock Based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation | In the first quarter of 2018 , the Partnership issued 11,393 restricted units pursuant to the management incentive compensation program and 3,575 restricted units to members of the Board of Directors. These restricted units vest ratably over four years with the grant date fair value equal to the market price on the date of grant. During the three months ended March 31, 2018 , 409 units were granted with no restrictions to certain board members who elected to receive their quarterly board compensation in the form of units rather than cash. Units granted to directors are included in the calculation of total equity compensation expense which is recognized over the vesting period, for restricted units, or immediately for unrestricted units. Grants to retirement-eligible individuals on the date of grant are expensed immediately. The Partnership recognized $523,000 and $605,000 of equity compensation expense in the first quarter of 2018 and 2017 , respectively, related to these compensation programs. |
Cash Flow, Supplemental Disclos
Cash Flow, Supplemental Disclosures | 3 Months Ended |
Mar. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow, Supplemental Disclosures | Supplemental disclosure of cash flow information: interest paid, net of amounts capitalized, totaled $508,000 and $570,000 during the first quarter of 2018 and 2017 , respectively. Income taxes paid totaled $338,000 for the first quarter of 2018 . The Partnership paid no income taxes during the first quarter of 2017 . |
Timberland Acquisition
Timberland Acquisition | 3 Months Ended |
Mar. 31, 2018 | |
Timberland Acquisition [Abstract] | |
Timberland Acquisition | During the first quarter of 2018, the Partnership closed on four acquisitions of timberland in western Washington totaling 892 acres for $5.4 million . The Partnership utilized $598,000 of funds held by like-kind exchange intermediaries to fund a portion of these acquisitions. The aggregate purchase price was allocated $533,000 to land and $4.9 million to timber and roads. Part of the consideration paid for one of these transactions involved the conveyance by the Partnership of 365 acres of non-strategic timberland to the seller, valued at $214,000 , with the remainder paid in cash. |
Fair Value Disclosures
Fair Value Disclosures | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | The Partnership’s financial instruments include cash, accounts receivable, and a note receivable, included in other assets, for which the carrying amount of each represents fair value based on current market interest rates or their short-term nature. Collectively, the Partnership’s and the Funds’ fixed-rate debt has a carrying value of $101.6 million as of March 31, 2018 and December 31, 2017 . The estimated fair value of this debt, based on current interest rates for similar instruments (Level 2 inputs in the Fair Value Hierarchy), is approximately $103.1 million and $104.6 million as of March 31, 2018 and December 31, 2017 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | The Partnership had an accrual for estimated environmental remediation costs of $4.8 million and $5.0 million as of March 31, 2018 and December 31, 2017 , respectively. The environmental remediation liability represents management’s estimate of payments to be made to remediate and monitor certain areas in and around Port Gamble Bay, Washington. In December 2013, a consent decree and Clean-up Action Plan (CAP) related to Port Gamble Bay were finalized with the Washington State Department of Ecology (DOE) and filed with Kitsap County Superior Court. In the third quarter of 2015, the Partnership selected a contractor to complete the remediation work. Remediation activity began in late September 2015. The required in-water portion of the cleanup was completed in January 2017. This will be followed by cleanup activity on the millsite and by a monitoring period. Management’s cost estimates for the remainder of the project are based on amounts included in construction contracts, bids from contractors, and estimates for project management and other professional fees. In February 2018, the Partnership and DOE entered into an agreed order with respect to the millsite under which the Partnership will perform a remedial investigation and feasibility study and develop a CAP. As with the in-water portion of the project, the CAP will define the scope of the remediation activity for the millsite. Management expects the design of the millsite cleanup to be substantially completed by approximately the end of 2018. Accordingly, it is reasonably possible that the accrual for the millsite component of the liability may increase in 2018 as the design of the millsite cleanup progresses. The bulk of the millsite cleanup activity is expected to occur in 2019. Certain environmental laws allow state, federal, and tribal trustees (collectively, the Trustees) to bring suit against property owners to recover damages for injuries to natural resources. Like the liability that attaches to current property owners in the cleanup context, liability for natural resource damages (NRD) can attach to a property owner simply because an injury to natural resources resulted from releases of hazardous substances on that owner’s property, regardless of culpability for the release. In the case of Port Gamble, the Trustees are alleging that the Partnership has NRD liability because of releases that occurred on its property. The Partnership has been in discussions with the Trustees regarding their claims and the alleged conditions in Port Gamble Bay, and has also been discussing restoration alternatives that might address the damages the Trustees allege. Discussions with the Trustees may result in an obligation for the Partnership to fund NRD restoration activities and past assessment costs that are greater than it has estimated, and it is reasonably possible that this component of the liability may increase beyond what has been accrued in the liability. Management expects to update its estimate of the NRD liability, or range of liability, during the next twelve months. The environmental liability at March 31, 2018 is comprised of $2.0 million that management expects to expend in the next 12 months and $2.8 million thereafter. Activity in the environmental liability is as follows: (in thousands) Balance at Beginning of the Period Additions to Accrual Expenditures for Remediation Balance at Period-end Year ended December 31, 2016 16,761 7,700 11,691 12,770 Year ended December 31, 2017 12,770 — 7,791 4,979 Quarter ended March 31, 2018 $ 4,979 $ — $ 219 $ 4,760 |
Significant Accounting Polici20
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements | In February 2016, the FASB issued ASU 2016-02, Leases , which requires substantially all leases to be reflected on the balance sheet as a liability and a right-of-use asset. The ASU will replace existing lease accounting guidance in U.S. GAAP when it becomes effective on January 1, 2019, and the Partnership will adopt it at that time. The standard will be applied on a modified retrospective basis in which certain optional practical expedients may be applied. Due to the Partnership’s limited leasing activity, management does not expect the effect of this standard to be material to its consolidated financial statements. Effective January 1, 2018, the Partnership adopted Topic 606, Revenue from Contracts with Customers . For revenue from the Fee Timber - Partnership and Fee Timber - Funds segments, which consists primarily of the sale of logs, there were no changes to the timing or amount of revenue recognized because contracts are legally enforceable, the transaction price is fixed, and performance is completed and control transfers at a point in time, typically when risk of loss and title passes to the customer. Similarly, no changes were identified to the timing or amount of revenue recognized from other revenue in these segments, which includes timber deed sales, commercial thinning, royalties from gravel mines and quarries, and land use permits. For the Real Estate segment, this new standard may result in accelerating the recognition of revenue for performance obligations that are satisfied over time, which generally consist of construction and landscaping activity in common areas completed after transaction closing. The Partnership adopted this standard using the cumulative effect transition method applied to uncompleted contracts as of the date of adoption. The Partnership, however, had no uncompleted contracts at the date of adoption. Accordingly, the adoption of this standard did not have a cumulative effect on the Partnership’s consolidated financial statements. |
Revenue from Contracts with C21
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table breaks down revenue for the Real Estate segment for the quarters ended March 31, 2018 and 2017 : Quarter ended March 31, 2018 2017 Residential land sales $ — $ 285 Rentals and other 308 248 Total revenue $ 308 $ 533 The following table presents log sale and other revenue for the quarters ended March 31, 2018 and 2017 : (in thousands) Quarter ended March 31, 2018 2017 Fee Timber - Partnership Log sale revenue $ 14,635 $ 8,677 Other revenue 503 429 Total revenue $ 15,138 $ 9,106 Fee Timber - Funds Log sale revenue $ 9,509 $ 7,602 Other revenue 32 104 Total revenue $ 9,541 $ 7,706 |
Balance Sheet Of Partnership 22
Balance Sheet Of Partnership Co-Investments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Partnership's Consolidated Balance Sheet included Assets and Liabilities of Funds | The assets and liabilities of the Funds as of March 31, 2018 , and December 31, 2017 , were as follows: (in thousands) March 31, 2018 December 31, 2017 Assets: Cash $ 1,478 $ 1,636 Other current assets 1,829 2,481 Total current assets 3,307 4,117 Properties and equipment, net of accumulated depreciation 346,047 235,046 Other long-term assets — 5,683 Total assets $ 349,354 $ 244,846 Liabilities and equity: Current liabilities $ 2,607 $ 2,862 Long-term debt, net of unamortized debt issuance costs 57,296 57,291 Funds’ equity 289,451 184,693 Total liabilities and equity $ 349,354 $ 244,846 |
Other Assets (Tables)
Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets | Other assets consisted of the following at March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 Deferred tax assets, net $ 420 $ 465 Cash held by like-kind exchange intermediaries — 598 Deposits for acquisitions of timberland — 5,688 Investment in Real Estate joint venture entity 5,895 5,895 Note receivable 1,801 2,625 Other 37 37 Total $ 8,153 $ 15,308 |
Segment Reporting Disclosure (T
Segment Reporting Disclosure (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Reconciliation of Internally Reported Income (Loss) from Operations to Externally Reported Income (Loss) from Operations by Business Segment | The following tables reconcile internally reported income (loss) from operations to externally reported income (loss) from operations by business segment. Beginning with the first quarter of 2018, we measure segment performance based on Adjusted EBITDDA in addition to operating income. We define Adjusted EBITDDA as earnings, on an internal basis, before interest, taxes, depletion, depreciation, amortization, gain or loss on sales of timberland, and environmental remediation expense. The following tables reconcile internally reported operating income (loss) from operations to Adjusted EBITDDA. In addition, we have changed our internal reporting and our segment reporting to segregate our former “Fee Timber” segment into two segments: “Fee Timber - Partnership” includes the operating results of the Partnership’s 100%-owned timberland while “Fee Timber - Funds” includes the operating results of our three private equity timber funds. Our chief operating decision maker reviews internal financial reporting information at the Fee Timber - Partnership and Fee Timber - Funds level to allocate resources and evaluate the results of the business. Prior period segment disclosures have been revised to reflect our current segment structure. Quarter ended March 31, (in thousands) Fee Timber - Partnership Fee Timber - Funds Timberland Investment Management Real Estate Other Consolidated 2018 Revenue - internal $ 15,247 $ 9,541 $ 1,024 $ 443 $ — $ 26,255 Eliminations (109 ) — (1,024 ) (135 ) — (1,268 ) Revenue - external 15,138 9,541 — 308 — 24,987 Cost of sales (5,026 ) (6,952 ) — (322 ) — (12,300 ) Operating, general and administrative expenses - internal (1,510 ) (1,806 ) (1,076 ) (955 ) (1,651 ) (6,998 ) Eliminations 50 1,024 129 35 30 1,268 Operating, general and administrative expenses - external (1,460 ) (782 ) (947 ) (920 ) (1,621 ) (5,730 ) Income (loss) from operations - internal 8,711 783 (52 ) (834 ) (1,651 ) 6,957 Eliminations (59 ) 1,024 (895 ) (100 ) 30 — Income (loss) from operations - external $ 8,652 $ 1,807 $ (947 ) $ (934 ) $ (1,621 ) $ 6,957 Income (loss) from operations - internal $ 8,711 $ 783 $ (52 ) $ (834 ) $ (1,651 ) $ 6,957 Depletion, depreciation, and amortization 1,325 3,422 10 68 14 4,839 Adjusted EBITDDA $ 10,036 $ 4,205 $ (42 ) $ (766 ) $ (1,637 ) $ 11,796 2017 Revenue - internal $ 9,191 $ 7,706 $ 848 $ 667 $ — $ 18,412 Eliminations (85 ) — (848 ) (134 ) — (1,067 ) Revenue - external 9,106 7,706 — 533 — 17,345 Cost of sales (3,542 ) (7,093 ) — (566 ) — (11,201 ) Operating, general and administrative expenses - internal (1,244 ) (1,773 ) (1,073 ) (1,205 ) (1,735 ) (7,030 ) Eliminations 57 848 107 21 34 1,067 Operating, general and administrative expenses -external (1,187 ) (925 ) (966 ) (1,184 ) (1,701 ) (5,963 ) Gain on sale of timberland — 12,503 — — — 12,503 Income (loss) from operations - internal 4,405 11,343 (225 ) (1,104 ) (1,735 ) 12,684 Eliminations (28 ) 848 (741 ) (113 ) 34 — Income (loss) from operations - external $ 4,377 $ 12,191 $ (966 ) $ (1,217 ) $ (1,701 ) $ 12,684 Income (loss) from operations - internal $ 4,405 $ 11,343 $ (225 ) $ (1,104 ) $ (1,735 ) $ 12,684 Depletion, depreciation, and amortization 1,023 3,900 8 72 — 5,003 (Gain) loss on sale of timberland — (12,503 ) — — — (12,503 ) Adjusted EBITDDA $ 5,428 $ 2,740 $ (217 ) $ (1,032 ) $ (1,735 ) $ 5,184 |
Earnings Per Unit (Tables)
Earnings Per Unit (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings per Unit | The following table shows the calculation of basic and diluted earnings per unit: Quarter Ended (in thousands, except per unit amounts) 2018 2017 Net and comprehensive income attributable to Pope Resources’ unitholders $ 5,718 $ 3,370 Less: Non-forfeitable distributions paid to unvested restricted unitholders (45 ) (23 ) Preferred share dividends - ORM Timber Funds (8 ) (8 ) Net and comprehensive income for calculation of earnings per unit $ 5,665 $ 3,339 Basic and diluted weighted average units outstanding 4,321 4,325 Basic and diluted net earnings per unit $ 1.31 $ 0.77 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Activity in Environmental Liability | Activity in the environmental liability is as follows: (in thousands) Balance at Beginning of the Period Additions to Accrual Expenditures for Remediation Balance at Period-end Year ended December 31, 2016 16,761 7,700 11,691 12,770 Year ended December 31, 2017 12,770 — 7,791 4,979 Quarter ended March 31, 2018 $ 4,979 $ — $ 219 $ 4,760 |
Revenue from Contracts with C27
Revenue from Contracts with Customers (Narrative) (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Disaggregation of Revenue [Line Items] | ||
Accounts receivable, net | $ 4,484,000 | $ 6,427,000 |
Contract assets | 0 | 0 |
Contract liabilities | 0 | 0 |
Receivables from contracts with customers | ||
Disaggregation of Revenue [Line Items] | ||
Accounts receivable, net | $ 4,000,000 | $ 4,400,000 |
Revenue from Contracts with C28
Revenue from Contracts with Customers (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Fee Timber - Partnership | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 15,138 | $ 9,106 |
Fee Timber - Funds | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 9,541 | 7,706 |
Real Estate | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 308 | 533 |
Log sale revenue | Fee Timber - Partnership | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 14,635 | 8,677 |
Log sale revenue | Fee Timber - Funds | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 9,509 | 7,602 |
Other revenue | Fee Timber - Partnership | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 503 | 429 |
Other revenue | Fee Timber - Funds | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 32 | 104 |
Residential land sales | Real Estate | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | 285 |
Rentals and other | Real Estate | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 308 | $ 248 |
Partners' Capital Notes Discl29
Partners' Capital Notes Disclosure (Details) | Mar. 31, 2018Partnershares | Dec. 31, 2017shares |
Equity [Abstract] | ||
Number of general partners | Partner | 2 | |
Number of partnership units owned by two general partners | shares | 60,000 | 60,000 |
Balance Sheet Of Partnership 30
Balance Sheet Of Partnership Co-Investments (Narrative) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jan. 31, 2018USD ($)Property | Jan. 31, 2017USD ($)Property | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($) | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||
Pretax income (loss) | $ 5,813 | $ 11,674 | |||
Fund II | |||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||
Operating term for Fund | 10 years | ||||
Pope Resources and ORMLLC combined ownership percentage | 20.00% | ||||
Number of tree farms sold | Property | 1 | ||||
Proceeds from sale of tree farms | $ 26,500 | ||||
Fund II | Productive Land | |||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||
Pretax income (loss) | $ 2,500 | ||||
Fund III | |||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||
Operating term for Fund | 10 years | ||||
Pope Resources and ORMLLC combined ownership percentage | 5.00% | ||||
Fund IV | |||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||
Operating term for Fund | 15 years | ||||
Pope Resources and ORMLLC combined ownership percentage | 15.00% | ||||
Total purchase price | $ 17,000 | ||||
Payment for deposit | $ 5,700 | ||||
Purchase price allocated to timber and roads | 100,700 | ||||
Purchase price allocated to underlying land | $ 13,300 | ||||
Southwestern Oregon and South Puget Sound Washington | Fund IV | |||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||
Number of acquisitions | Property | 2 | ||||
Southwestern Oregon | Fund IV | |||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||
Total purchase price | $ 33,600 | ||||
South Puget Sound, WA | Fund IV | |||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||
Total purchase price | $ 80,400 |
Balance Sheet Of Partnership 31
Balance Sheet Of Partnership Co-Investments (Partnership's Consolidated Balance Sheet included Assets and Liabilities of Funds) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Assets: | ||
Cash | $ 1,478 | $ 1,636 |
Total current assets | 16,954 | 18,030 |
Properties and equipment, net of accumulated depreciation | 463,576 | 347,335 |
Other assets | 8,153 | 15,308 |
Total assets | 488,683 | 380,673 |
Liabilities and equity: | ||
Current liabilities | 454 | 401 |
Total liabilities, partners’ capital and noncontrolling interests | 488,683 | 380,673 |
Fee Timber - Funds | ||
Assets: | ||
Cash | 1,478 | 1,636 |
Other current assets | 1,829 | 2,481 |
Total current assets | 3,307 | 4,117 |
Properties and equipment, net of accumulated depreciation | 346,047 | 235,046 |
Other assets | 0 | 5,683 |
Total assets | 349,354 | 244,846 |
Liabilities and equity: | ||
Current liabilities | 2,607 | 2,862 |
Long-term debt, net of unamortized debt issuance costs | 57,296 | 57,291 |
Funds’ equity | 289,451 | 184,693 |
Total liabilities, partners’ capital and noncontrolling interests | $ 349,354 | $ 244,846 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Deferred tax assets, net | $ 420 | $ 465 |
Cash held by like-kind exchange intermediaries | 0 | 598 |
Deposits for acquisitions of timberland | 0 | 5,688 |
Investment in Real Estate joint venture entity | 5,895 | 5,895 |
Note receivable | 1,801 | 2,625 |
Other | 37 | 37 |
Total | $ 8,153 | $ 15,308 |
Segment Reporting Disclosure (D
Segment Reporting Disclosure (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | $ 24,987 | $ 17,345 |
Cost of sales | (12,300) | (11,201) |
Operating, general and administrative expenses | (5,730) | (5,963) |
Gain on sale of timberland | 0 | 12,503 |
Income (loss) from operations | 6,957 | 12,684 |
Depletion, depreciation, and amortization | 4,839 | 5,003 |
Adjusted EBITDDA | 11,796 | 5,184 |
Fee Timber - Partnership | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 15,138 | 9,106 |
Cost of sales | (5,026) | (3,542) |
Operating, general and administrative expenses | (1,460) | (1,187) |
Gain on sale of timberland | 0 | |
Income (loss) from operations | 8,652 | 4,377 |
Depletion, depreciation, and amortization | 1,325 | 1,023 |
Adjusted EBITDDA | 10,036 | 5,428 |
Fee Timber - Funds | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 9,541 | 7,706 |
Cost of sales | (6,952) | (7,093) |
Operating, general and administrative expenses | (782) | (925) |
Gain on sale of timberland | 12,503 | |
Income (loss) from operations | 1,807 | 12,191 |
Depletion, depreciation, and amortization | 3,422 | 3,900 |
Adjusted EBITDDA | 4,205 | 2,740 |
Timberland Investment Management | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 0 | 0 |
Cost of sales | 0 | 0 |
Operating, general and administrative expenses | (947) | (966) |
Gain on sale of timberland | 0 | |
Income (loss) from operations | (947) | (966) |
Depletion, depreciation, and amortization | 10 | 8 |
Adjusted EBITDDA | (42) | (217) |
Real Estate | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 308 | 533 |
Cost of sales | (322) | (566) |
Operating, general and administrative expenses | (920) | (1,184) |
Gain on sale of timberland | 0 | |
Income (loss) from operations | (934) | (1,217) |
Depletion, depreciation, and amortization | 68 | 72 |
Adjusted EBITDDA | (766) | (1,032) |
Other | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 0 | 0 |
Cost of sales | 0 | 0 |
Operating, general and administrative expenses | (1,621) | (1,701) |
Gain on sale of timberland | 0 | |
Income (loss) from operations | (1,621) | (1,701) |
Depletion, depreciation, and amortization | 14 | 0 |
Adjusted EBITDDA | (1,637) | (1,735) |
Internal | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 26,255 | 18,412 |
Operating, general and administrative expenses | (6,998) | (7,030) |
Income (loss) from operations | 6,957 | 12,684 |
Internal | Fee Timber - Partnership | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 15,247 | 9,191 |
Operating, general and administrative expenses | (1,510) | (1,244) |
Income (loss) from operations | 8,711 | 4,405 |
Internal | Fee Timber - Funds | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 9,541 | 7,706 |
Operating, general and administrative expenses | (1,806) | (1,773) |
Income (loss) from operations | 783 | 11,343 |
Internal | Timberland Investment Management | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 1,024 | 848 |
Operating, general and administrative expenses | (1,076) | (1,073) |
Income (loss) from operations | (52) | (225) |
Internal | Real Estate | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 443 | 667 |
Operating, general and administrative expenses | (955) | (1,205) |
Income (loss) from operations | (834) | (1,104) |
Internal | Other | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 0 | 0 |
Operating, general and administrative expenses | (1,651) | (1,735) |
Income (loss) from operations | (1,651) | (1,735) |
Eliminations | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | (1,268) | (1,067) |
Operating, general and administrative expenses | 1,268 | 1,067 |
Income (loss) from operations | 0 | 0 |
Eliminations | Fee Timber - Partnership | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | (109) | (85) |
Operating, general and administrative expenses | 50 | 57 |
Income (loss) from operations | (59) | (28) |
Eliminations | Fee Timber - Funds | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 0 | 0 |
Operating, general and administrative expenses | 1,024 | 848 |
Income (loss) from operations | 1,024 | 848 |
Eliminations | Timberland Investment Management | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | (1,024) | (848) |
Operating, general and administrative expenses | 129 | 107 |
Income (loss) from operations | (895) | (741) |
Eliminations | Real Estate | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | (135) | (134) |
Operating, general and administrative expenses | 35 | 21 |
Income (loss) from operations | (100) | (113) |
Eliminations | Other | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 0 | 0 |
Operating, general and administrative expenses | 30 | 34 |
Income (loss) from operations | $ 30 | $ 34 |
Earnings Per Unit (Details)
Earnings Per Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Net and comprehensive income attributable to Pope Resources’ unitholders | $ 5,718 | $ 3,370 |
Non-forfeitable distributions paid to unvested restricted unitholders | (45) | (23) |
Preferred share dividends - ORM Timber Funds | (8) | (8) |
Net and comprehensive income for calculation of earnings per unit | $ 5,665 | $ 3,339 |
Basic and diluted weighted average units outstanding (units) | 4,321 | 4,325 |
Basic and diluted net earnings per unit (in dollars per unit) | $ 1.31 | $ 0.77 |
Stock Based Compensation (Detai
Stock Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Director | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity compensation units, granted in period (in shares) | 409 | |
Restricted Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity compensation units, granted in period (in shares) | 11,393 | |
Vesting period of restricted stock unit award | 4 years | |
Restricted Units | Long Term Incentive Plans | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity compensation expense | $ 523 | $ 605 |
Restricted Units | Director | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity compensation units, granted in period (in shares) | 3,575 |
Cash Flow, Supplemental Discl36
Cash Flow, Supplemental Disclosures (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest paid, net of amounts capitalized | $ 508,000 | $ 570,000 |
Income taxes paid | $ 338,000 | $ 0 |
Timberland Acquisition (Details
Timberland Acquisition (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($)aProperty | |
Business Acquisition [Line Items] | |
Funds held by like-kind exchange intermediaries | $ 598 |
Western Washington | |
Business Acquisition [Line Items] | |
Number of acquisitions | Property | 4 |
Acres of land acquired | a | 892 |
Assets acquired | $ 5,400 |
Land | Western Washington | |
Business Acquisition [Line Items] | |
Assets acquired | 533 |
Timber and roads | Western Washington | |
Business Acquisition [Line Items] | |
Assets acquired | $ 4,900 |
Productive Land | |
Business Acquisition [Line Items] | |
Transfer of non-strategic timberland to seller, in acres | a | 365 |
Transfer of non-strategic timberland to seller, value | $ 214 |
Fair Value Disclosures (Details
Fair Value Disclosures (Details) - Fixed-Rate Debt - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt outstanding carrying value | $ 101.6 | $ 101.6 |
Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt outstanding fair value | $ 103.1 | $ 104.6 |
Commitments and Contingencies39
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] | ||||
Accrual for estimated environmental remediation costs | $ 4,760 | $ 4,979 | $ 12,770 | $ 16,761 |
Environmental liability, next 12 months | 2,000 | |||
Environmental liability thereafter | $ 2,800 |
Commitments and Contingencies40
Commitments and Contingencies (Changes in Environmental Liability) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accrual for Environmental Loss Contingencies [Roll Forward] | |||
Balance at Beginning of the Period | $ 4,979 | $ 12,770 | $ 16,761 |
Additions to Accrual | 0 | 0 | 7,700 |
Expenditures for Remediation | 219 | 7,791 | 11,691 |
Balance at Period-end | $ 4,760 | $ 4,979 | $ 12,770 |