Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 30, 2020 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | POPE RESOURCES LTD PARTNERSHIP | |
Entity Central Index Key | 0000784011 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 4,367,215 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets | ||
Partnership cash | $ 2,740 | $ 2,030 |
ORM Timber Funds cash | 9,575 | 6,197 |
Cash | 12,315 | 8,227 |
Restricted cash | 770 | 810 |
Total cash and restricted cash | 13,085 | 9,037 |
Accounts receivable, net | 4,618 | 3,824 |
Contract assets | 2,361 | 2,765 |
Prepaid expenses and other current assets | 1,405 | 1,385 |
Total current assets | 21,469 | 17,011 |
Properties and equipment, at cost | ||
Timber and roads | 359,354 | 367,305 |
Timberland | 77,064 | 77,035 |
Land held for development | 20,264 | 20,223 |
Buildings and equipment, net of accumulated depreciation (2020 - $8,366; 2019 - $8,214) | 5,208 | 5,340 |
Total properties and equipment, at cost | 461,890 | 469,903 |
Other assets | 6,503 | 6,635 |
Total assets | 489,862 | 493,549 |
Current liabilities | ||
Accounts payable | 2,939 | 1,700 |
Accrued liabilities | 5,675 | 7,165 |
Deferred revenue | 445 | 223 |
Current portion of environmental remediation liability | 993 | 1,104 |
Other current liabilities | 1,125 | 1,399 |
Total current liabilities | 36,305 | 36,714 |
Environmental remediation and other long-term liabilities | 9,068 | 9,091 |
Partners’ capital and noncontrolling interests | ||
General partners' capital (units issued and outstanding 2020 - 60; 2019 - 60) | 645 | 751 |
Limited partners' capital (units issued and outstanding 2020 - 4,273; 2019 - 4,258) | 34,565 | 42,010 |
Noncontrolling interests | 272,543 | 276,232 |
Total partners’ capital and noncontrolling interests | 307,753 | 318,993 |
Total liabilities, partners’ capital and noncontrolling interests | 489,862 | 493,549 |
Consolidated Entity Excluding Variable Interest Entities (VIE) | ||
Current liabilities | ||
Current portion of long-term debt | 134 | 133 |
Long-term debt, net of unamortized debt issuance costs and current portion | 104,389 | 96,406 |
Variable Interest Entity, Primary Beneficiary | ||
Current liabilities | ||
Current portion of long-term debt | 24,994 | 24,990 |
Long-term debt, net of unamortized debt issuance costs and current portion | $ 32,347 | $ 32,345 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Buildings and equipment, accumulated depreciation | $ 8,366 | $ 8,214 |
General partners’ capital, units issued (in units) | 60,000 | 60,000 |
General partners’ capital, units outstanding (in units) | 60,000 | 60,000 |
Limited partners’ capital, units issued (in units) | 4,273,000 | 4,258,000 |
Limited partners’ capital, units outstanding (in units) | 4,273,000 | 4,258,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue | $ 24,385 | $ 25,042 |
Cost of sales | (18,515) | (16,608) |
Operating expenses | (4,826) | (4,294) |
General and administrative expenses | (7,496) | (1,764) |
Income (loss) from operations | (6,452) | 2,376 |
Interest expense, net | (1,443) | (1,515) |
Income (loss) before income taxes | (7,895) | 861 |
Income tax benefit (expense) | 265 | (94) |
Net income (loss) | (7,630) | 767 |
Comprehensive income (loss) | (7,630) | 767 |
Net income (loss) attributable to unitholders | (3,941) | 3,311 |
Comprehensive income (loss) attributable to unitholders | (3,941) | 3,311 |
Allocable to general partners | (55) | 46 |
Allocable to limited partners | $ (3,886) | $ 3,265 |
Basic and diluted earnings (loss) per unit attributable to unitholders (in dollars per unit) | $ (0.92) | $ 0.75 |
Basic and diluted weighted average units outstanding (in units) | 4,330 | 4,325 |
Distributions per unit (in dollars per unit) | $ 1 | $ 1 |
ORM Timber Funds | ||
Net loss attributable to noncontrolling interests | $ 3,460 | $ 2,528 |
Comprehensive loss attributable to noncontrolling interests | 3,460 | 2,528 |
Real Estate | ||
Net loss attributable to noncontrolling interests | 229 | 16 |
Comprehensive loss attributable to noncontrolling interests | $ 229 | $ 16 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Partners' Capital and Noncontrolling Interests (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Noncontrolling Interests | General Partners | Limited Partners |
Beginning balance (in units) at Dec. 31, 2018 | 4,313 | |||
Beginning balance at Dec. 31, 2018 | $ 338,600 | $ 281,123 | $ 944 | $ 56,533 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Net income (loss) | 767 | (2,544) | 46 | 3,265 |
Cash distributions | (7,442) | (3,076) | (61) | (4,305) |
Capital call | 17,259 | 17,259 | ||
Preferred stock issuance | $ 125 | 125 | ||
Equity-based compensation (in units) | 17 | |||
Equity-based compensation | $ 593 | 8 | 585 | |
Units issued under distribution reinvestment plan (in units) | 0 | |||
Units issued under distribution reinvestment plan | $ 24 | 24 | ||
Unit repurchases (in units) | (3) | |||
Unit repurchases | $ (166) | (166) | ||
Payroll taxes paid on unit net settlements (in units) | (1) | |||
Payroll taxes paid on unit net settlements | $ (79) | (1) | (78) | |
Ending balance (in units) at Mar. 31, 2019 | 4,326 | |||
Ending balance at Mar. 31, 2019 | $ 349,681 | 292,887 | 936 | 55,858 |
Beginning balance (in units) at Dec. 31, 2019 | 4,318 | |||
Beginning balance at Dec. 31, 2019 | $ 318,993 | 276,232 | 751 | 42,010 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Net income (loss) | (7,630) | (3,689) | (55) | (3,886) |
Cash distributions | $ (4,367) | 0 | (61) | (4,306) |
Equity-based compensation (in units) | 15 | |||
Equity-based compensation | $ 757 | 10 | 747 | |
Ending balance (in units) at Mar. 31, 2020 | 4,333 | |||
Ending balance at Mar. 31, 2020 | $ 307,753 | $ 272,543 | $ 645 | $ 34,565 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Cash Flows [Abstract] | ||
Net income (loss) | $ (7,630) | $ 767 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | ||
Depletion | 8,875 | 6,534 |
Equity-based compensation | 757 | 593 |
Depreciation and amortization | 186 | 166 |
Deferred taxes | (203) | 23 |
Cost of land sold | 0 | 2 |
Loss from unconsolidated real estate joint venture | 327 | 9 |
Gain on disposal of property and equipment | 0 | (61) |
Cash flows from changes in operating accounts | ||
Accounts receivable, net | (795) | (2,026) |
Prepaid expenses, contract assets, and other assets | 419 | 517 |
Real estate project expenditures | (55) | (1,023) |
Accounts payable and accrued liabilities | (252) | (736) |
Deferred revenue | 222 | 86 |
Environmental remediation payments | (112) | (158) |
Other current and long-term liabilities | (295) | 285 |
Net cash provided by operating activities | 1,444 | 4,978 |
Cash flows from investing activities | ||
Reforestation and roads | (931) | (644) |
Capital expenditures | 0 | (252) |
Proceeds from sale of property and equipment | 0 | 71 |
Investment in unconsolidated real estate joint venture | (46) | 0 |
Deposit for acquisition of timberland - Partnership | 0 | (5) |
Acquisitions of timberland - Partnership | (19) | (16) |
Acquisitions of timberland - Funds | 0 | (19,344) |
Net cash used in investing activities | (996) | (20,190) |
Cash flows from financing activities | ||
Line of credit borrowings | 9,000 | 4,500 |
Line of credit repayments | (1,000) | (2,400) |
Proceeds from issuance of long-term debt | 0 | 3,000 |
Repayment of long-term debt | (33) | (32) |
Proceeds from unit issuances - distribution reinvestment plan | 0 | 24 |
Unit repurchases | 0 | (166) |
Proceeds from preferred stock issuance - ORM Timber Funds | 0 | 125 |
Payroll taxes paid on unit net settlements | 0 | (79) |
Cash distributions to unitholders | (4,367) | (4,366) |
Cash distributions - ORM Timber Funds, net of distributions to Partnership | 0 | (3,076) |
Capital call - ORM Timber Funds, net of Partnership contribution | 0 | 17,259 |
Net cash provided by financing activities | 3,600 | 14,789 |
Net increase (decrease) in cash and restricted cash | 4,048 | (423) |
Cash and restricted cash at beginning of period | 9,037 | 6,057 |
Cash and restricted cash at end of period | $ 13,085 | $ 5,634 |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements Disclosure | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 , and December 31, 2019 , and the related condensed consolidated statements of comprehensive income, partners’ capital and noncontrolling interests, and cash flows for the three-month periods ended March 31, 2020 , and 2019 , 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, 2019 , is derived from the Partnership’s audited consolidated financial statements and notes thereto for the year ended December 31, 2019 , 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, 2020 . |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | The financial statements in the Partnership’s 2019 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. |
Merger
Merger | 3 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Merger | On January 14, 2020, Pope Resources entered into an Agreement and Plan of Merger (the “ Merger Agreement ”) with Rayonier, Inc., (“ Rayonier ”) and certain of its subsidiaries, and the Merger Agreement and merger were approved by Pope Resources unitholders on May 5, 2020. Upon consummation of the transaction, holders of limited partner units of the Partnership (including the depositary receipts therefor, the “ Partnership Units ”), will be entitled to receive, for each Partnership Unit, merger consideration consisting of (i) 3.929 common shares of Rayonier, (ii) 3.929 units of Rayonier Operating Partnership LP, or (iii) $125 in cash. Elections will be subject to proration to ensure that the aggregate amount of cash, on the one hand, and Rayonier common stock and Rayonier operating partnership units, on the other hand, that are issued in the merger would be equal to the amounts issued as if every Partnership Unit received $37.50 in cash and 2.751 Rayonier common shares or Rayonier operating partnership units. If elections for the Rayonier common shares and Rayonier operating partnership units are oversubscribed, then to reduce the effect of such proration Rayonier can, in its discretion, add additional equity (and decrease the amount of cash) payable to the Partnership unitholders making such election. The merger is expected to be completed on May 8, 2020, and is subject to the satisfaction (or waiver, if permissible under applicable law) of customary closing conditions, including the approval of the holders of a majority of the Partnership Units. |
Revenue from Contract with Cust
Revenue from Contract with Customer | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | 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. Included in “Accounts receivable, net” are $4.1 million and $2.2 million of receivables from contracts with customers as of March 31, 2020 , and December 31, 2019 , respectively. Significant changes in the contract asset balance during the period were as follows, and there were no contract liabilities as of March 31, 2020 , and December 31, 2019 (in thousands): Contract assets, December 31, 2019 $ 2,765 Revenue recognized from changes in estimates of variable consideration 4 Transferred to receivables from contract assets (408 ) Contract assets, March 31, 2020 $ 2,361 The contract assets in the table above represent rights to consideration for timber deeds transferred to the customer and are related primarily to the Funds Timber segment. These contracts provide the customer the legal right to harvest timber on a designated portion of the Funds’ or Partnership’s property. The value of a timber deed contract is determined based on the estimated timber volume by tree species multiplied by the contracted price. The contract consideration is considered variable because the timber volume by species is an estimate until the harvest is completed. The contract assets are transferred to receivables when the rights to consideration become due under the contract. Customers may harvest the timber at their discretion, within a time period and operational parameters stated in the contract. The following is a description of principal activities, separated by reportable segments, from which the Partnership generates its revenue. Partnership Timber and Funds Timber Log sale revenue in these two segments is recognized when control is transferred, and title and risk of loss passes to the customer, 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 sales), 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 thousands of board feet (MBF), and revenue is recognized when control is transferred to the customer, which generally occurs on the effective date of the contract. 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 Partnership Timber and Funds Timber segments: (in thousands) Quarter ended March 31, 2020 2019 Partnership Timber Log sale revenue $ 9,861 $ 14,722 Timber deed sale revenue 1,638 — Other revenue 577 449 Total revenue $ 12,076 $ 15,171 Funds Timber Log sale revenue $ 11,999 $ 8,860 Timber deed sale revenue 4 — Other revenue 47 580 Total revenue $ 12,050 $ 9,440 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 Funds Timber 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: (in thousands) Quarter ended March 31, 2020 2019 Sale of unimproved land $ — $ 22 Rentals and other 259 409 Total revenue $ 259 $ 431 |
Partners' Capital Notes Disclos
Partners' Capital Notes Disclosure | 3 Months Ended |
Mar. 31, 2020 | |
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 limited partner units. The allocation of distributions, profits, and losses among the general and limited partners is pro rata across all units outstanding. |
Supplemental Balance Sheet Disc
Supplemental Balance Sheet Disclosures | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental Balance Sheet Disclosures | 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; 10 years for each of Fund II and Fund III, and 15 years for Fund IV. Fund II, Fund III, and Fund IV are scheduled to terminate in March 2021 , December 2025 , and December 2034 , respectively. 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. The assets and liabilities of the Funds as of March 31, 2020 , and December 31, 2019 , were as follows: (in thousands) March 31, 2020 December 31, 2019 Assets: Cash $ 9,575 $ 6,197 Contract assets 2,361 2,765 Other current assets 2,621 2,427 Total current assets 14,557 11,389 Properties and equipment, net of accumulated depreciation 348,256 355,162 Total assets $ 362,813 $ 366,551 Liabilities and equity: Current liabilities $ 3,913 $ 3,747 Current portion of long-term debt 24,994 24,990 Total current liabilities 28,907 28,737 Long-term debt, net of unamortized debt issuance costs and current portion 32,347 32,345 Funds’ equity 301,559 305,469 Total liabilities and equity $ 362,813 $ 366,551 |
Other Assets Disclosure
Other Assets Disclosure | 3 Months Ended |
Mar. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets Disclosure | Other assets consisted of the following at March 31, 2020 and December 31, 2019 : (in thousands) March 31, 2020 December 31, 2019 Investment in Real Estate joint venture entity $ 4,653 $ 4,954 Advances to Real Estate joint venture entity 1,000 1,000 Deferred tax assets, net 672 469 Right-of-use assets 128 161 Note receivable 49 50 Other 1 1 Total $ 6,503 $ 6,635 |
Segment Reporting Disclosure
Segment Reporting Disclosure | 3 Months Ended |
Mar. 31, 2020 | |
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. Quarter ended March 31, (in thousands) Partnership Timber Funds Timber Timberland Investment Management Real Estate Other Consolidated 2020 Revenue - internal $ 12,275 $ 12,050 $ 1,459 $ 394 $ — $ 26,178 Eliminations (199 ) — (1,459 ) (135 ) — (1,793 ) Revenue - external 12,076 12,050 — 259 — 24,385 Cost of sales (5,305 ) (12,893 ) — (317 ) — (18,515 ) Operating, general and administrative expenses - internal (1,279 ) (2,569 ) (1,352 ) (1,390 ) (7,525 ) (14,115 ) Eliminations 249 1,407 70 38 29 1,793 Operating, general and administrative expenses - external (1,030 ) (1,162 ) (1,282 ) (1,352 ) (7,496 ) (12,322 ) Income (loss) from operations - internal 5,691 (3,412 ) 107 (1,313 ) (7,525 ) (6,452 ) Eliminations 50 1,407 (1,389 ) (97 ) 29 — Income (loss) from operations - external $ 5,741 $ (2,005 ) $ (1,282 ) $ (1,410 ) $ (7,496 ) $ (6,452 ) 2019 Revenue - internal $ 15,372 $ 9,440 $ 1,363 $ 551 $ — $ 26,726 Eliminations (201 ) — (1,363 ) (120 ) — (1,684 ) Revenue - external 15,171 9,440 — 431 — 25,042 Cost of sales (7,188 ) (9,139 ) — (281 ) — (16,608 ) Operating, general and administrative expenses - internal (1,317 ) (2,489 ) (1,290 ) (856 ) (1,790 ) (7,742 ) Eliminations 245 1,311 69 33 26 1,684 Operating, general and administrative expenses -external (1,072 ) (1,178 ) (1,221 ) (823 ) (1,764 ) (6,058 ) Income (loss) from operations - internal 6,867 (2,188 ) 73 (586 ) (1,790 ) 2,376 Eliminations 44 1,311 (1,294 ) (87 ) 26 — Income (loss) from operations - external $ 6,911 $ (877 ) $ (1,221 ) $ (673 ) $ (1,764 ) $ 2,376 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 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 the Funds, 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) 2020 2019 Net and comprehensive income (loss) attributable to Pope Resources’ unitholders $ (3,941 ) $ 3,311 Less: Non-forfeitable distributions paid to unvested restricted unitholders (35 ) (38 ) Preferred share dividends - ORM Timber Funds (12 ) (12 ) Net and comprehensive income (loss) for calculation of earnings per unit $ (3,988 ) $ 3,261 Basic and diluted weighted average units outstanding 4,330 4,325 Basic and diluted net earnings (loss) per unit $ (0.92 ) $ 0.75 |
Disclosure of Compensation Rela
Disclosure of Compensation Related Costs, Share Based Payments | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Disclosure of Compensation Related Costs, Share Based Payments | In the first quarter of 2020 , the Partnership issued 11,977 restricted units pursuant to the management incentive compensation program and no 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. Units granted to directors are included in the calculation of total equity compensation expense which is recognized over the vesting period. Grants to retirement-eligible individuals on the date of grant are expensed immediately. The Partnership recognized $757,000 and $593,000 of equity compensation expense in the first quarter of 2020 and 2019 , respectively, related to these compensation programs. |
Cash Flow, Supplemental Disclos
Cash Flow, Supplemental Disclosures | 3 Months Ended |
Mar. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow, Supplemental Disclosures | Supplemental disclosure of cash flow information: interest paid, net of amounts capitalized, totaled $226,000 and $415,000 during the first three months of 2020 and 2019 , respectively. Income taxes paid totaled $0 and $20,000 for the first three months of 2020 and 2019 , respectively. |
Fair Value Disclosures
Fair Value Disclosures | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | The Partnership’s financial instruments include cash, and accounts receivable, for which the carrying amount represents fair value based on their short-term nature. The carrying amounts of note receivable, included in other assets, also approximates fair value given current market interest rates. Collectively, the Partnership’s and the Funds’ fixed-rate debt has a carrying value of $125.4 million as of March 31, 2020 and December 31, 2019 . 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 $138.1 million and $133.1 million as of March 31, 2020 and December 31, 2019 , respectively. |
Commitments and Contingencies D
Commitments and Contingencies Disclosure | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure | The Partnership had an accrual for estimated environmental remediation costs of $9.9 million and $10.0 million as of March 31, 2020 and December 31, 2019 , respectively. The environmental remediation liability represents management’s estimate of payments to be made to remedy and monitor certain areas in and around Port Gamble Bay, Washington. The liability at March 31, 2020 is comprised of $993,000 that management expects to expend in the next 12 months and $8.9 million thereafter. In December of 2013, a consent decree (CD) and a 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. Construction activity commenced in late September 2015. The required in-water construction activity was completed in January 2017. By the end of the third quarter of 2017, the sediments dredged from the Bay were moved to their permanent storage location on property owned by the Partnership a short distance from the town of Port Gamble. This effectively concluded the component of the project related to the in-water cleanup of Port Gamble Bay. The two remaining components of the project consist of restoration projects to address Natural Resource Damages (NRD) and the cleanup of the millsite. As disclosed previously, 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. These discussions have progressed to the point where a short list of restoration projects has been identified that would resolve the Trustees’ NRD claims, and management is hopeful that a settlement agreement will be reached by mid-year 2020. With respect to the millsite, in early 2019, the Partnership submitted the final remedial investigation/feasibility study (RI/FS) and draft Cleanup Action Plan (CAP) to DOE for the millsite cleanup. The CAP and consent decree for the millsite are expected to be finalized during mid-year 2020, following a public review period. For both the NRD restoration and millsite cleanup components of the liability, it is reasonably possible that cost estimates could change. We currently expect the NRD restoration projects and the millsite cleanup to occur over the next two to three years. Finally, there will be a monitoring period of approximately 10 to 15 more years during which the Partnership will monitor conditions in the Bay, on the millsite, and at the storage location of the dredged and excavated sediments. During this monitoring phase, conditions may arise that require corrective action, and monitoring protocols may change over time. In addition, extreme weather events could cause damage to the sediment caps that would need to be repaired. These factors could result in additional costs. 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, 2018 4,979 5,600 (1,496 ) 9,083 Year ended December 31, 2019 9,083 1,576 (649 ) 10,010 Quarter ended March 31, 2020 10,010 — (112 ) 9,898 |
Unusual or Infrequent Items, or
Unusual or Infrequent Items, or Both, Disclosure | 3 Months Ended |
Mar. 31, 2020 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Unusual or Infrequent Items, or Both, Disclosure | On March 11, 2020, the World Health Organization declared the novel strain of coronavirus (COVID-19) a global pandemic and recommended containment and mitigation measures worldwide. On March 13, 2020, the United States declared a national emergency concerning the outbreak, and all states and several municipalities have declared public health emergencies. The COVID-19 pandemic has introduced significant economic and business uncertainty, along with volatile financial market conditions. The states in which we operate have issued stay-at-home orders. However, our timberland-related businesses have been deemed essential businesses in those states. As such, we continue to operate these businesses at full capacity where market conditions allow, while maintaining the health and safety of our employees, contractors, suppliers and customers. Towards the end of the first quarter of 2020, business slowdowns resulting from COVID-19 began to have a negative impact on log prices. The ongoing impact on log prices, or our business more generally, is uncertain at this time. |
Revenue from Contract with Cu_2
Revenue from Contract with Customer (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Contract Assets | Significant changes in the contract asset balance during the period were as follows, and there were no contract liabilities as of March 31, 2020 , and December 31, 2019 (in thousands): Contract assets, December 31, 2019 $ 2,765 Revenue recognized from changes in estimates of variable consideration 4 Transferred to receivables from contract assets (408 ) Contract assets, March 31, 2020 $ 2,361 |
Disaggregation of Revenue | The following table presents log sale and other revenue for the Partnership Timber and Funds Timber segments: (in thousands) Quarter ended March 31, 2020 2019 Partnership Timber Log sale revenue $ 9,861 $ 14,722 Timber deed sale revenue 1,638 — Other revenue 577 449 Total revenue $ 12,076 $ 15,171 Funds Timber Log sale revenue $ 11,999 $ 8,860 Timber deed sale revenue 4 — Other revenue 47 580 Total revenue $ 12,050 $ 9,440 The following table breaks down revenue for the Real Estate segment: (in thousands) Quarter ended March 31, 2020 2019 Sale of unimproved land $ — $ 22 Rentals and other 259 409 Total revenue $ 259 $ 431 |
Supplemental Balance Sheet Di_2
Supplemental Balance Sheet Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 , and December 31, 2019 , were as follows: (in thousands) March 31, 2020 December 31, 2019 Assets: Cash $ 9,575 $ 6,197 Contract assets 2,361 2,765 Other current assets 2,621 2,427 Total current assets 14,557 11,389 Properties and equipment, net of accumulated depreciation 348,256 355,162 Total assets $ 362,813 $ 366,551 Liabilities and equity: Current liabilities $ 3,913 $ 3,747 Current portion of long-term debt 24,994 24,990 Total current liabilities 28,907 28,737 Long-term debt, net of unamortized debt issuance costs and current portion 32,347 32,345 Funds’ equity 301,559 305,469 Total liabilities and equity $ 362,813 $ 366,551 |
Other Assets Disclosure (Tables
Other Assets Disclosure (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets | Other assets consisted of the following at March 31, 2020 and December 31, 2019 : (in thousands) March 31, 2020 December 31, 2019 Investment in Real Estate joint venture entity $ 4,653 $ 4,954 Advances to Real Estate joint venture entity 1,000 1,000 Deferred tax assets, net 672 469 Right-of-use assets 128 161 Note receivable 49 50 Other 1 1 Total $ 6,503 $ 6,635 |
Segment Reporting Disclosure (T
Segment Reporting Disclosure (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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. Quarter ended March 31, (in thousands) Partnership Timber Funds Timber Timberland Investment Management Real Estate Other Consolidated 2020 Revenue - internal $ 12,275 $ 12,050 $ 1,459 $ 394 $ — $ 26,178 Eliminations (199 ) — (1,459 ) (135 ) — (1,793 ) Revenue - external 12,076 12,050 — 259 — 24,385 Cost of sales (5,305 ) (12,893 ) — (317 ) — (18,515 ) Operating, general and administrative expenses - internal (1,279 ) (2,569 ) (1,352 ) (1,390 ) (7,525 ) (14,115 ) Eliminations 249 1,407 70 38 29 1,793 Operating, general and administrative expenses - external (1,030 ) (1,162 ) (1,282 ) (1,352 ) (7,496 ) (12,322 ) Income (loss) from operations - internal 5,691 (3,412 ) 107 (1,313 ) (7,525 ) (6,452 ) Eliminations 50 1,407 (1,389 ) (97 ) 29 — Income (loss) from operations - external $ 5,741 $ (2,005 ) $ (1,282 ) $ (1,410 ) $ (7,496 ) $ (6,452 ) 2019 Revenue - internal $ 15,372 $ 9,440 $ 1,363 $ 551 $ — $ 26,726 Eliminations (201 ) — (1,363 ) (120 ) — (1,684 ) Revenue - external 15,171 9,440 — 431 — 25,042 Cost of sales (7,188 ) (9,139 ) — (281 ) — (16,608 ) Operating, general and administrative expenses - internal (1,317 ) (2,489 ) (1,290 ) (856 ) (1,790 ) (7,742 ) Eliminations 245 1,311 69 33 26 1,684 Operating, general and administrative expenses -external (1,072 ) (1,178 ) (1,221 ) (823 ) (1,764 ) (6,058 ) Income (loss) from operations - internal 6,867 (2,188 ) 73 (586 ) (1,790 ) 2,376 Eliminations 44 1,311 (1,294 ) (87 ) 26 — Income (loss) from operations - external $ 6,911 $ (877 ) $ (1,221 ) $ (673 ) $ (1,764 ) $ 2,376 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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) 2020 2019 Net and comprehensive income (loss) attributable to Pope Resources’ unitholders $ (3,941 ) $ 3,311 Less: Non-forfeitable distributions paid to unvested restricted unitholders (35 ) (38 ) Preferred share dividends - ORM Timber Funds (12 ) (12 ) Net and comprehensive income (loss) for calculation of earnings per unit $ (3,988 ) $ 3,261 Basic and diluted weighted average units outstanding 4,330 4,325 Basic and diluted net earnings (loss) per unit $ (0.92 ) $ 0.75 |
Commitments and Contingencies_2
Commitments and Contingencies Disclosure (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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, 2018 4,979 5,600 (1,496 ) 9,083 Year ended December 31, 2019 9,083 1,576 (649 ) 10,010 Quarter ended March 31, 2020 10,010 — (112 ) 9,898 |
Merger (Details)
Merger (Details) - Pope Resources and Rayonier, Inc. Merger Agreement | Jan. 14, 2020$ / sharesshares |
Rayonier, Inc. | |
Business Acquisition [Line Items] | |
Merger consideration (in shares) | 3.929 |
Merger consideration (in dollars per share) | $ / shares | $ 125 |
Merger consideration, prorated (in dollars per share) | $ / shares | $ 37.50 |
Merger consideration, prorated (in shares) | 2.751 |
Rayonier Operating Partnership LP | |
Business Acquisition [Line Items] | |
Merger consideration (in shares) | 3.929 |
Merger consideration, prorated (in shares) | 2.751 |
Revenue from Contract with Cu_3
Revenue from Contract with Customer (Narrative) (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Disaggregation of Revenue [Line Items] | ||
Accounts receivable, net | $ 4,618,000 | $ 3,824,000 |
Contract liabilities | 0 | 0 |
Receivables from contracts with customers | ||
Disaggregation of Revenue [Line Items] | ||
Accounts receivable, net | $ 4,100,000 | $ 2,200,000 |
Revenue from Contract with Cu_4
Revenue from Contract with Customer (Contract Assets) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Contract With Customer, Asset And Liability [Roll Forward] | |
Contract assets, December 31, 2019 | $ 2,765 |
Revenue recognized from changes in estimates of variable consideration | 4 |
Transferred to receivables from contract assets | (408) |
Contract assets, March 31, 2020 | $ 2,361 |
Revenue from Contract with Cu_5
Revenue from Contract with Customer (Log Sale and Other Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 24,385 | $ 25,042 |
Partnership Timber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 12,076 | 15,171 |
Funds Timber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 12,050 | 9,440 |
Log sale revenue | Partnership Timber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 9,861 | 14,722 |
Log sale revenue | Funds Timber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 11,999 | 8,860 |
Timber deed sale revenue | Partnership Timber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,638 | 0 |
Timber deed sale revenue | Funds Timber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 4 | 0 |
Other revenue | Partnership Timber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 577 | 449 |
Other revenue | Funds Timber | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 47 | $ 580 |
Revenue from Contract with Cu_6
Revenue from Contract with Customer (Real Estate Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 24,385 | $ 25,042 |
Real Estate | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 259 | 431 |
Real Estate | Sale of unimproved land | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | 22 |
Real Estate | Rentals and other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 259 | $ 409 |
Partners' Capital Notes Discl_2
Partners' Capital Notes Disclosure (Details) | Mar. 31, 2020Partnershares | Dec. 31, 2019shares |
Equity [Abstract] | ||
Number of general partners | Partner | 2 | |
Number of partnership units owned by two general partners | shares | 60,000 | 60,000 |
Supplemental Balance Sheet Di_3
Supplemental Balance Sheet Disclosures (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2020 | |
Fund Two and Three | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Operating term for Fund | 10 years |
Fund IV | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Operating term for Fund | 15 years |
Fund II | Pope Resources And Olympic Resource Management LLC | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Ownership interest | 20.00% |
Fund III | Pope Resources And Olympic Resource Management LLC | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Ownership interest | 5.00% |
Fund IV | Pope Resources And Olympic Resource Management LLC | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Ownership interest | 15.00% |
Supplemental Balance Sheet Di_4
Supplemental Balance Sheet Disclosures (Partnership's Consolidated Balance Sheet included Assets and Liabilities of Funds) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Cash | $ 9,575 | $ 6,197 |
Contract assets | 2,361 | 2,765 |
Total current assets | 21,469 | 17,011 |
Properties and equipment, net of accumulated depreciation | 461,890 | 469,903 |
Total assets | 489,862 | 493,549 |
Liabilities and equity: | ||
Current liabilities | 1,125 | 1,399 |
Total current liabilities | 36,305 | 36,714 |
Total liabilities, partners’ capital and noncontrolling interests | 489,862 | 493,549 |
Funds Timber | ||
Assets: | ||
Cash | 9,575 | 6,197 |
Contract assets | 2,361 | 2,765 |
Other current assets | 2,621 | 2,427 |
Total current assets | 14,557 | 11,389 |
Properties and equipment, net of accumulated depreciation | 348,256 | 355,162 |
Total assets | 362,813 | 366,551 |
Liabilities and equity: | ||
Current liabilities | 3,913 | 3,747 |
Current portion of long-term debt | 24,994 | 24,990 |
Total current liabilities | 28,907 | 28,737 |
Long-term debt, net of unamortized debt issuance costs and current portion | 32,347 | 32,345 |
Funds’ equity | 301,559 | 305,469 |
Total liabilities, partners’ capital and noncontrolling interests | $ 362,813 | $ 366,551 |
Other Assets Disclosure (Detail
Other Assets Disclosure (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Investment in Real Estate joint venture entity | $ 4,653 | $ 4,954 |
Advances to Real Estate joint venture entity | 1,000 | 1,000 |
Deferred tax assets, net | 672 | 469 |
Right of use assets | 128 | 161 |
Note receivable | 49 | 50 |
Other | 1 | 1 |
Total | $ 6,503 | $ 6,635 |
Segment Reporting Disclosure (D
Segment Reporting Disclosure (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | $ 24,385 | $ 25,042 |
Cost of sales | (18,515) | (16,608) |
Operating, general and administrative expenses | (12,322) | (6,058) |
Income (loss) from operations | (6,452) | 2,376 |
Partnership Timber | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 12,076 | 15,171 |
Cost of sales | (5,305) | (7,188) |
Operating, general and administrative expenses | (1,030) | (1,072) |
Income (loss) from operations | 5,741 | 6,911 |
Funds Timber | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 12,050 | 9,440 |
Cost of sales | (12,893) | (9,139) |
Operating, general and administrative expenses | (1,162) | (1,178) |
Income (loss) from operations | (2,005) | (877) |
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 | (1,282) | (1,221) |
Income (loss) from operations | (1,282) | (1,221) |
Real Estate | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 259 | 431 |
Cost of sales | (317) | (281) |
Operating, general and administrative expenses | (1,352) | (823) |
Income (loss) from operations | (1,410) | (673) |
Internal | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 26,178 | 26,726 |
Operating, general and administrative expenses | (14,115) | (7,742) |
Income (loss) from operations | (6,452) | 2,376 |
Internal | Partnership Timber | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 12,275 | 15,372 |
Operating, general and administrative expenses | (1,279) | (1,317) |
Income (loss) from operations | 5,691 | 6,867 |
Internal | Funds Timber | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 12,050 | 9,440 |
Operating, general and administrative expenses | (2,569) | (2,489) |
Income (loss) from operations | (3,412) | (2,188) |
Internal | Timberland Investment Management | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 1,459 | 1,363 |
Operating, general and administrative expenses | (1,352) | (1,290) |
Income (loss) from operations | 107 | 73 |
Internal | Real Estate | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 394 | 551 |
Operating, general and administrative expenses | (1,390) | (856) |
Income (loss) from operations | (1,313) | (586) |
Eliminations | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | (1,793) | (1,684) |
Operating, general and administrative expenses | 1,793 | 1,684 |
Income (loss) from operations | 0 | 0 |
Eliminations | Partnership Timber | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | (199) | (201) |
Operating, general and administrative expenses | 249 | 245 |
Income (loss) from operations | 50 | 44 |
Eliminations | Funds Timber | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 0 | 0 |
Operating, general and administrative expenses | 1,407 | 1,311 |
Income (loss) from operations | 1,407 | 1,311 |
Eliminations | Timberland Investment Management | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | (1,459) | (1,363) |
Operating, general and administrative expenses | 70 | 69 |
Income (loss) from operations | (1,389) | (1,294) |
Eliminations | Real Estate | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | (135) | (120) |
Operating, general and administrative expenses | 38 | 33 |
Income (loss) from operations | (97) | (87) |
Corporate, Non-Segment, Before Intersegment Eliminations | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 0 | 0 |
Operating, general and administrative expenses | (7,525) | (1,790) |
Income (loss) from operations | (7,525) | (1,790) |
Corporate, Non-Segment, Intersegment Eliminations | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 0 | 0 |
Operating, general and administrative expenses | 29 | 26 |
Income (loss) from operations | 29 | 26 |
Corporate, Non-Segment | ||
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 | (7,496) | (1,764) |
Income (loss) from operations | $ (7,496) | $ (1,764) |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Net income (loss) attributable to Pope Resources' unitholders | $ (3,941) | $ 3,311 |
Comprehensive income (loss) attributable to Pope Resources' unitholders | (3,941) | 3,311 |
Less: | ||
Non-forfeitable distributions paid to unvested restricted unitholders | (35) | (38) |
Preferred share dividends - ORM Timber Funds | (12) | (12) |
Net and comprehensive income (loss) for calculation of earnings per unit | $ (3,988) | $ 3,261 |
Basic and diluted weighted average units outstanding (in units) | 4,330 | 4,325 |
Basic and diluted net earnings (loss) per unit (in dollars per unit) | $ (0.92) | $ 0.75 |
Disclosure of Compensation Re_2
Disclosure of Compensation Related Costs, Share Based Payments (Details) - Restricted Units - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity compensation units, granted in period (in units) | 11,977 | |
Vesting period of restricted stock unit award | 4 years | |
Long Term Incentive Plans | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity compensation expense | $ 757 | $ 593 |
Director | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity compensation units, granted in period (in units) | 0 |
Cash Flow, Supplemental Discl_2
Cash Flow, Supplemental Disclosures (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest paid, net of amounts capitalized | $ 226,000 | $ 415,000 |
Income taxes paid | $ 0 | $ 20,000 |
Fair Value Disclosures (Details
Fair Value Disclosures (Details) - Fixed-Rate Debt - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt outstanding carrying value | $ 125.4 | $ 125.4 |
Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt outstanding fair value | $ 138.1 | $ 133.1 |
Commitments and Contingencies_3
Commitments and Contingencies Disclosure (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Site Contingency [Line Items] | ||||
Accrual for estimated environmental remediation costs | $ 9,898 | $ 10,010 | $ 9,083 | $ 4,979 |
Environmental liability, next 12 months | 993 | |||
Environmental liability thereafter | $ 8,900 | |||
Minimum | ||||
Site Contingency [Line Items] | ||||
Remediation period | 2 years | |||
Remediation activity monitoring period | 10 years | |||
Maximum | ||||
Site Contingency [Line Items] | ||||
Remediation period | 3 years | |||
Remediation activity monitoring period | 15 years |
Commitments and Contingencies_4
Commitments and Contingencies Disclosure (Changes in Environmental Liability) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accrual for Environmental Loss Contingencies [Roll Forward] | |||
Balance at Beginning of the Period | $ 10,010 | $ 9,083 | $ 4,979 |
Additions to Accrual | 0 | 1,576 | 5,600 |
Expenditures for Remediation | (112) | (649) | (1,496) |
Balance at Period-end | $ 9,898 | $ 10,010 | $ 9,083 |