Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 17, 2015 | Jun. 30, 2014 | |
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | POPE | ||
Entity Registrant Name | POPE RESOURCES LTD PARTNERSHIP | ||
Entity Central Index Key | 784011 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 4,335,573 | ||
Entity Public Float | $226,424,782 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Partnership cash and cash equivalents | $14,505 | $5,704 |
ORM Timber Funds cash and cash equivalents | 9,523 | 1,256 |
Cash and cash equivalents | 24,028 | 6,960 |
Short-term investments | 1,000 | |
Accounts receivable, net | 2,419 | 1,501 |
Land held for sale | 7,160 | 10,258 |
Current portion of contracts receivable | 9 | 98 |
Prepaid expenses and other | 2,864 | 1,562 |
Total current assets | 37,480 | 20,379 |
Properties and equipment, at cost | ||
Timber and roads, net of accumulated depletion (2014 - $93,359; 2013 - $92,971) | 227,144 | 211,946 |
Timberland | 47,933 | 44,946 |
Land held for development | 26,040 | 27,040 |
Buildings and equipment, net of accumulated depreciation (2014 - $6,849; 2013 - $6,437) | 6,039 | 6,205 |
Total properties and equipment, at cost | 307,156 | 290,137 |
Other assets | ||
Contracts receivable, net of current portion | 119 | 128 |
Other | 322 | 264 |
Total other assets | 441 | 392 |
Total assets | 345,077 | 310,908 |
Current liabilities | ||
Accounts payable | 1,293 | 2,196 |
Accrued liabilities | 3,196 | 4,109 |
Current portion of long-term debt | 5,109 | 109 |
Deferred Revenue | 668 | 599 |
Current portion of environmental remediation liability | 3,700 | 700 |
Other current liabilities | 248 | 266 |
Total current liabilities | 14,214 | 7,979 |
Long-term debt, net of current portion | 84,872 | 75,581 |
Environmental remediation and other long-term liabilities | 18,362 | 12,734 |
Commitments and contingencies | ||
Partners' capital | ||
General partners' capital (units issued and outstanding 2014 - 60; 2013 - 60) | 1,003 | 974 |
Limited partners' capital (units issued and outstanding 2014 - 4,224; 2013 - 4,312) | 63,213 | 68,471 |
Noncontrolling interests | 163,413 | 145,169 |
Total partners' capital and noncontrolling interests | 227,629 | 214,614 |
Total liabilities and equity | $345,077 | $310,908 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Timber and roads, accumulated depletion | $93,359 | $92,971 |
Buildings and equipment, accumulated depreciation | $6,849 | $6,437 |
General partners' capital, units issued | 60 | 60 |
General partners' capital, units outstanding | 60 | 60 |
Limited partners' capital, units issued | 4,224 | 4,312 |
Limited partners' capital, units outstanding | 4,224 | 4,312 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Revenue | |||||
Revenue | $87,470,000 | $70,692,000 | $54,043,000 | ||
Cost of sales | |||||
Cost of sales | -48,090,000 | -39,626,000 | -30,831,000 | ||
Operating expenses | |||||
Environmental remediation (Real Estate) | -10,000,000 | -12,500,000 | |||
General & Administrative | -3,781,000 | -4,562,000 | -4,170,000 | ||
Operating expenses | -27,671,000 | -18,134,000 | -28,196,000 | ||
Gain on sale of tree farms (Fee Timber) | 23,750,000 | ||||
Operating income (loss) | |||||
Income (loss) from operations | 35,459,000 | 12,932,000 | -4,984,000 | ||
Other income (expense) | |||||
Interest expense | -3,539,000 | -2,364,000 | -2,077,000 | ||
Interest capitalized to development projects | 910,000 | 815,000 | 591,000 | ||
Interest income | 25,000 | 21,000 | 26,000 | ||
Total other expense | -2,604,000 | -1,528,000 | -1,460,000 | ||
Income (loss) before income taxes | 32,855,000 | 11,404,000 | -6,444,000 | ||
Income tax benefit (expense) | -984,000 | 307,000 | -352,000 | ||
Net income (loss) | 31,871,000 | 11,711,000 | -6,796,000 | ||
Net (income) loss attributable to noncontrolling interests-ORM Timber Funds | -19,456,000 | 1,424,000 | 2,087,000 | ||
Net and comprehensive income (loss) attributable to unitholders | 12,415,000 | 13,135,000 | -4,709,000 | ||
Allocable to general partners | 171,000 | 180,000 | -65,000 | ||
Allocable to limited partners | 12,244,000 | 12,955,000 | -4,644,000 | ||
Net and comprehensive income (loss) attributable to unitholders | 12,415,000 | 13,135,000 | -4,709,000 | ||
Basic and diluted earnings (loss) per unit attributable to unitholders | $2.82 | $2.96 | ($1.11) | ||
Distributions per unit | $2.50 | $2 | $1.70 | ||
Fee Timber | |||||
Revenue | |||||
Revenue | 65,204,000 | 56,035,000 | 45,539,000 | ||
Cost of sales | |||||
Cost of sales | -36,786,000 | -32,326,000 | -27,596,000 | ||
Operating expenses | |||||
Operating costs and expenses | -7,879,000 | -7,541,000 | -6,090,000 | ||
Operating expenses | -7,879,000 | -7,541,000 | -6,090,000 | ||
Gain on sale of tree farms (Fee Timber) | 23,750,000 | ||||
Operating income (loss) | |||||
Income (loss) from operations | 44,289,000 | 16,168,000 | 11,853,000 | ||
Timberland Management | |||||
Revenue | |||||
Revenue | 7,000 | ||||
Operating expenses | |||||
Operating costs and expenses | -2,329,000 | -1,950,000 | -1,575,000 | ||
Operating expenses | -2,329,000 | -1,950,000 | -1,575,000 | ||
Operating income (loss) | |||||
Income (loss) from operations | -2,329,000 | -1,950,000 | -1,568,000 | ||
Real Estate | |||||
Revenue | |||||
Revenue | 22,266,000 | 14,657,000 | 8,497,000 | ||
Cost of sales | |||||
Cost of sales | -11,304,000 | -7,300,000 | -3,235,000 | ||
Operating expenses | |||||
Operating costs and expenses | -3,682,000 | -4,081,000 | -3,861,000 | ||
Operating expenses | -13,682,000 | [1] | -4,081,000 | -16,361,000 | [1] |
Operating income (loss) | |||||
Income (loss) from operations | -2,720,000 | 3,276,000 | -11,099,000 | ||
General & Administrative | |||||
Operating income (loss) | |||||
Income (loss) from operations | ($3,781,000) | ($4,562,000) | ($4,170,000) | ||
[1] | *Includes $10.0 million and $12.5 million of environmental remediation expense in 2014 and 2012, respectively. |
Consolidated_Statements_of_Par
Consolidated Statements of Partners' Capital (USD $) | Total | General Partner | Limited Partners | Noncontrolling Interests |
In Thousands | ||||
Beginning balance at Dec. 31, 2011 | $177,158 | $1,063 | $74,696 | $101,399 |
Net income(loss) | -6,796 | -65 | -4,644 | -2,087 |
Cash distributions | -11,457 | -105 | -7,394 | -3,958 |
Proceeds from option exercises | 12 | 0 | 12 | |
Preferred stock issuance | 118 | 118 | ||
Capital call | 42,946 | 42,946 | ||
Excess tax benefit from equity-based compensation | 220 | 3 | 217 | |
Equity-based compensation | 740 | 10 | 730 | |
Indirect repurchase of units for minimum tax withholding | -300 | -4 | -296 | |
Ending balance at Dec. 31, 2012 | 202,641 | 902 | 63,321 | 138,418 |
Net income(loss) | 11,711 | 180 | 12,955 | -1,424 |
Cash distributions | -25,369 | -122 | -8,764 | -16,483 |
Capital call | 24,658 | 24,658 | ||
Equity-based compensation | 1,214 | 17 | 1,197 | |
Indirect repurchase of units for minimum tax withholding | -241 | -3 | -238 | |
Ending balance at Dec. 31, 2013 | 214,614 | 974 | 68,471 | 145,169 |
Net income(loss) | 31,871 | 171 | 12,244 | 19,456 |
Cash distributions | -67,094 | -152 | -10,885 | -56,057 |
Preferred stock issuance | 125 | 125 | ||
Capital call | 54,720 | 54,720 | ||
Excess tax benefit from equity-based compensation | 85 | 1 | 84 | |
Equity-based compensation | 867 | 12 | 855 | |
Unit repurchase | -7,363 | -7,363 | ||
Indirect repurchase of units for minimum tax withholding | -196 | -3 | -193 | |
Ending balance at Dec. 31, 2014 | $227,629 | $1,003 | $63,213 | $163,413 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Cash received from customers | $86,765 | $69,009 | $56,517 |
Cash paid to suppliers and employees | -48,344 | -39,062 | -36,364 |
Interest received | 25 | 22 | 26 |
Interest paid, net of amounts capitalized | -2,523 | -1,376 | -1,490 |
Capitalized development activities | -4,967 | -10,801 | -2,152 |
Income taxes received (paid) | -161 | 157 | -328 |
Net cash provided by operating activities | 30,795 | 17,949 | 16,209 |
Cash flows from investing activities: | |||
Purchase of short-term investments | -4,000 | ||
Maturity of short-term investments | 3,000 | ||
Capital expenditures | -2,335 | -2,230 | -2,305 |
Proceeds from sale of fixed assets | 37 | 2,873 | |
Proceeds from sale of timberland | 68,876 | ||
Net cash used in investing activities | -8,273 | -45,643 | -44,587 |
Cash flows from financing activities: | |||
Repayment of line of credit, net | -4,957 | ||
Repayment of long-term debt | -109 | -125 | -32 |
Proceeds from issuance of long-term debt | 14,400 | 31,980 | 3,000 |
Debt issuance costs | -22 | -28 | -46 |
Unit repurchases | -7,363 | ||
Proceeds from option exercises | 12 | ||
Payroll taxes paid on unit net settlements | -196 | -241 | -300 |
Excess tax benefit from equity-based compensation | 85 | 0 | 220 |
Cash distributions to unitholders | -11,037 | -8,886 | -7,515 |
Cash distributions- ORM Timber Funds, net of distributions to Partnership | -56,057 | -16,483 | -3,942 |
Capital call - ORM Timber Funds, net of Partnership contribution | 54,720 | 24,658 | 42,946 |
Preferred stock issuance (distribution) - ORM Timber Funds | 125 | 118 | |
Net cash provided by (used in) financing activities | -5,454 | 30,875 | 29,504 |
Net increase in cash and cash equivalents | 17,068 | 3,181 | 1,126 |
Cash and cash equivalents: | |||
Beginning of year | 6,960 | 3,779 | 2,653 |
End of year | 24,028 | 6,960 | 3,779 |
Partnership Interest | |||
Cash flows from investing activities: | |||
Acquisition of timberland | -1,826 | ||
Fund I, II and III | |||
Cash flows from investing activities: | |||
Acquisition of timberland | ($72,025) | ($43,413) | ($45,155) |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income (loss) | $31,871 | $11,711 | ($6,796) |
Depletion | 12,192 | 11,204 | 10,019 |
Capitalized development activities | -4,967 | -10,801 | -2,152 |
Equity-based compensation | 867 | 1,214 | 740 |
Excess tax benefit from equity-based compensation | -85 | -220 | |
Depreciation and amortization | 727 | 704 | 1,232 |
Gain on sale of tree farms | -23,750 | ||
Gain (loss) on sale of property and equipment | -23 | 47 | -2,753 |
Deferred taxes, net | 643 | -260 | 97 |
Cost of land sold | 9,160 | 5,004 | 1,492 |
Accounts receivable | -918 | -293 | 668 |
Contracts receivable | 97 | 76 | 188 |
Prepaid expenses and other current assets | -1,693 | -276 | -84 |
Accounts payable and accrued liabilities | -1,710 | 1,763 | 410 |
Deferred revenue | 116 | -1,466 | 1,618 |
Other current liabilities | -17 | 23 | 15 |
Environmental remediation | 8,410 | -701 | 11,739 |
Other noncurrent assets and liabilities | -125 | -4 | |
Net cash provided by operating activities | $30,795 | $17,949 | $16,209 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Summary of Significant Accounting Policies | 1 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||
Nature of operations | |||||||||||||
Pope Resources, A Delaware Limited Partnership (the “Partnership”) is a publicly traded limited partnership engaged primarily in managing timber resources on its own properties as well as those owned by others. Pope Resources’ active subsidiaries include the following: ORM, Inc., which is responsible for managing Pope Resources’ timber properties; Olympic Resource Management LLC (ORMLLC), which provides timberland management activities and is responsible for developing the timber fund business; Olympic Property Group I LLC, which manages the Port Gamble townsite and millsite together with land that is held as development property; and OPG Properties LLC, which owns land that is held as development property. These consolidated financial statements also include ORM Timber Fund I, LP (Fund I), ORM Timber Fund II, Inc. (Fund II), and ORM Timber Fund III, Inc. (Fund III, and collectively with Fund I and Fund II, the Funds). ORMLLC owns 1% of the Funds and is the general partner of Fund I and the manager of Funds II and III. Pope Resources owns 19% of Funds I and II and 4% of Fund III. The purpose of all three Funds is to invest in timberlands. See Note 2 for additional information. | |||||||||||||
The Partnership operates in three business segments: Fee Timber, Timberland Management, and Real Estate. Fee Timber represents the growing and harvesting of trees from properties owned by the Partnership and the Funds. Timberland Management represents management, acquisition, disposition, and consulting services provided to third-party owners of timberland and provides management services to the Funds. Real Estate consists of obtaining and entitling properties that have been identified as having value as developed residential or commercial property and operating the Partnership’s existing commercial property in Kitsap County, Washington. | |||||||||||||
Principles of consolidation | |||||||||||||
The consolidated financial statements include the accounts of the Partnership, its subsidiaries, and the Funds. Intercompany balances and transactions, including operations related to the Funds, have been eliminated in consolidation. | |||||||||||||
The Funds are consolidated into Pope Resources’ financial statements due to our control over the Funds (see Note 2). | |||||||||||||
New accounting standards | |||||||||||||
In April 2014, the FASB issued ASU 2014-08 Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The ASU is effective for annual and interim periods beginning in 2015, though early adoption is permitted. The Partnership adopted this standard in the second quarter of 2014. Under this new standard, Fund I’s sales of its tree farms, described in note 2, are not considered discontinued operations because the acquisition and sale of tree farms by the timber funds does not constitute a change in strategy. The Partnership continues to invest in and manage private equity timber funds. | |||||||||||||
On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Partnership is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Partnership has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. | |||||||||||||
General partner | |||||||||||||
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, income and other capital related items between the general and limited partners is pro rata among all units outstanding. The managing general partner of the Partnership is Pope MGP, Inc. | |||||||||||||
Noncontrolling interests | |||||||||||||
Noncontrolling interests represents the portion of net income and losses of the Funds attributable to third-party owners of the Funds. In the case of Funds I and II, noncontrolling interests represent 80%, while noncontrolling interests represent 95% of Fund III ownership. To arrive at net income (loss) attributable to Partnership unitholders, the portion of the income attributable to these third-party investors is subtracted from Partnership income (loss) or, in the case of a loss attributable to third-party investors, added back to Partnership income (loss). | |||||||||||||
Significant estimates and concentrations in financial statements | |||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates. | |||||||||||||
Depletion | |||||||||||||
Timber costs are combined into depletion pools based on the common characteristics of the timber such as location and species mix. Each tree farm within the Funds is considered a separate depletion pool and timber harvested by the Funds is accounted for and depleted separately from the Partnership’s timberlands. The applicable depletion rate is derived by dividing the aggregate cost of merchantable stands of timber, together with capitalized road expenditures, by the estimated volume of merchantable timber available for harvest at the beginning of that year. For purposes of the depletion calculation, merchantable timber is defined as timber that is equal to or greater than 35 years of age for all of the tree farms except California, for which merchantable timber is defined as timber with a diameter at breast height (DBH) of 16 inches or greater. The depletion rate, so derived and expressed in per MBF terms, is then multiplied by the volume harvested in a given period to calculate depletion expense for that period as follows: | |||||||||||||
Depletion rate =xA0;Accumulated cost of timber and capitalized road expenditures | |||||||||||||
Estimated volume of merchantable timber | |||||||||||||
Purchased timberland cost allocation. When the Partnership or Funds acquire timberlands, a purchase price allocation is performed that allocates cost between the categories of merchantable timber, pre-merchantable timber, and land based upon the relative fair values pertaining to each of the categories. Land value may include uses other than timberland including potential conservation easement (CE) sales and development opportunities. | |||||||||||||
Cost of sales | |||||||||||||
Cost of sales consists of the Partnership’s cost basis in timber (depletion expense), real estate, and other inventory sold, and direct costs incurred to make those assets saleable. Those direct costs include the expenditures associated with the harvesting and transporting of timber and closing costs incurred in land and lot sale transactions. Cost of sales also consists of those costs directly attributable to the Partnership’s rental activities. | |||||||||||||
Cash and cash equivalents | |||||||||||||
Cash and cash equivalents include highly liquid investments with original maturities of three months or less at date of purchase. | |||||||||||||
Short-term investments | |||||||||||||
Short-term investments consist of certificates of deposit maturing 180 days from the date of purchase. | |||||||||||||
Concentration of credit risk | |||||||||||||
Financial instruments that potentially subject the Partnership to concentrations of credit risk consist principally of short-term investments and accounts and contracts receivable. The Partnership limits its credit exposure by considering the creditworthiness of potential customers and utilizing the underlying land sold as collateral on real estate contracts. The Partnership’s allowance for doubtful accounts on accounts receivable is $17,000 and $19,000 at December 31, 2014 and 2013, respectively. | |||||||||||||
Income taxes | |||||||||||||
The Partnership itself is not subject to income taxes, but its corporate subsidiaries are subject to income taxes which are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Operating loss and tax credit carryforwards, if any, are also factored into the calculation of deferred tax assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates that are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Partnership has concluded that it is more likely than not that its deferred tax assets will be realizable and thus no valuation allowance has been recorded as of December 31, 2014. This conclusion is based on anticipated future taxable income, the expected future reversals of existing taxable temporary differences, and tax planning strategies to generate taxable income, if needed. The Partnership will continue to reassess the need for a valuation allowance during each future reporting period. The Partnership is not aware of any tax exposure items as of December 31, 2014 and 2013 where the Partnership’s tax position is not more likely than not to be sustained if challenged by the taxing authorities. | |||||||||||||
Land held for sale and Land held for development | |||||||||||||
Land held for sale and land held for development are recorded at the lower of cost or net realizable value. Costs of development, including interest, are capitalized for these projects and allocated to individual lots based upon their relative preconstruction fair value. This allocation of basis supports, in turn, the computation of those amounts reported as a current vs. long-term asset based on management’s expectation of when the sales will occur (Land Held for Sale and Land Held for Development, respectively). As lot sales occur, the allocation of these costs becomes part of cost of sales attributed to individual lot sales. Costs associated with land including acquisition, project design, architectural costs, road construction, capitalized interest and utility installation are accounted for as operating activities on our statement of cash flows. | |||||||||||||
Those properties that are for sale, under contract, and for which the Partnership has an expectation they will be sold within 12 months are classified on our balance sheet as a current asset under “Land Held for Sale”. The $7.2 million currently in Land Held for Sale reflects our expectation of sales in 2015 of parcels comprising 41 acres from the Harbor Hill project in Gig Harbor. Land Held for Sale as of December 31, 2013 represented an expected 2014 sales of 61acres from the Harbor Hill project in Gig Harbor as well as 535 acres of timberland near Port Gamble for conservation purposes. | |||||||||||||
Land held for development on our balance sheet represents the Partnership’s cost basis in land that has been identified as having greater value as development property rather than as timberland. Land development costs, including interest, clearly associated with development or construction of fully entitled projects are capitalized, whereas costs associated with projects that are in the entitlement phase are expensed. Interest capitalization ceases once projects reach the point of substantial completion or construction activity has been delayed intentionally. | |||||||||||||
Timberland, timber and roads | |||||||||||||
Timberland, timber and roads are recorded at cost. The Partnership capitalizes the cost of building permanent roads on the tree farms and expenses temporary roads and road maintenance. Timberland is not subject to depletion. | |||||||||||||
Buildings and equipment | |||||||||||||
Buildings and equipment depreciation is provided using the straight-line method over the estimated useful lives of the assets, which range from 3 to 39 years. | |||||||||||||
Buildings and equipment are recorded at cost and consisted of the following as of December 31, 2014 and 2013 (in thousands): | |||||||||||||
Description | 12/31/14 | 12/31/13 | |||||||||||
Buildings | $ | 9,078 | $ | 8,890 | |||||||||
Equipment | 3,169 | 3,118 | |||||||||||
Furniture and fixtures | 641 | 634 | |||||||||||
Total | $ | 12,888 | $ | 12,642 | |||||||||
Accumulated depreciation | (6,849 | ) | (6,437 | ) | |||||||||
Net buildings and equipment | $ | 6,039 | $ | 6,205 | |||||||||
Impairment of long-lived assets | |||||||||||||
When facts and circumstances indicate the carrying value of properties may be impaired, an evaluation of recoverability is performed by comparing the currently recorded carrying value of the property to the projected future undiscounted cash flows of the same property or, in the case of land held for sale, fair market value less costs to sell. If it is determined that the carrying value of such assets may not be fully recoverable, we would recognize an impairment loss, adjusting for the difference between the carrying value and the estimated fair market value, and would recognize an expense in this amount against current operations. | |||||||||||||
Deferred revenue | |||||||||||||
Deferred revenue represents the unearned portion of cash collected. Deferred revenue of $668,000 at December 31, 2014 reflects mostly advance deposits received on real estate sales contracts and the unearned portion of rental payments received on cell tower leases. The deferred revenue balance of $599,000 at December 31, 2013 represents primarily the unearned portion of rental payments received on cell tower leases. | |||||||||||||
Revenue recognition | |||||||||||||
Revenue on fee timber sales is recorded when title and risk of loss passes to the buyer, which typically occurs when delivered to the customer. Revenue on real estate sales is recorded on the date the sale closes, upon receipt of adequate down payment, and receipt of the buyer’s obligation to make sufficient continuing payments towards the purchase of the property and the Partnership has no continuing involvement with the real estate sold. When a real estate transaction is closed with obligations to complete infrastructure or other construction, revenue is recognized on a percentage of completion method by calculating a ratio of costs incurred to total costs expected. Revenue is deferred proportionately based on the remaining costs to satisfy the obligation. Timberland management fees and consulting service revenues are recognized as the related services are provided. | |||||||||||||
Land and development rights or conservation easement (CE) sales | |||||||||||||
The Partnership considers the sale of land and development rights, or conservation easements (CE’s), to be part of its normal operations and therefore recognizes revenue from such sales and cost of sales for the Partnership’s basis in the property sold. CE sales allow us to retain harvesting and other timberland management rights, but bar any future subdivision of or real estate development on the property. Cash generated from these sales is included in cash flows from operations on the Partnership’s statements of cash flows. | |||||||||||||
In 2014 and 2012 the Partnership generated $743,000, and $1.2 million, respectively, from conservation easement sales. There were no such sales in 2013. | |||||||||||||
Environmental remediation liabilities | |||||||||||||
Environmental remediation liabilities are evaluated using a combination of methods, but most significantly using a “Monte Carlo” statistical simulation model for the Port Gamble project. This model takes into account the estimated likelihood of a range of potential outcomes, coupled with the estimated cost associated with those outcomes. The model then produces a range of possible outcomes corresponding to a two standard deviation range from the mean. Management records a liability based on its best estimate of the most likely outcome within the range. | |||||||||||||
Equity-based compensation | |||||||||||||
The Partnership issues restricted units to certain employees, officers, and directors of the Partnership as part of their annual compensation. Restricted units are valued on the grant date at the market closing price of the partnership units on that date. The value of the restricted units is amortized to compensation expense on a straight-line basis during the vesting period which is generally four years. Grants to retirement-eligible individuals on the date of grant are expensed immediately. | |||||||||||||
Income (loss) per partnership unit | |||||||||||||
Basic and diluted net earnings (loss) per unit are calculated by dividing net income (loss) attributable to unitholders, adjusted for non-forfeitable distributions paid out to unvested restricted unitholders and Fund II and Fund III preferred shareholders, by the weighted average units outstanding during the period. | |||||||||||||
The table below displays how we arrived at basic and diluted earnings (loss) per unit: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Net income (loss) attributable to Pope Resources’ unitholders | $ | 12,415 | $ | 13,135 | $ | (4,709 | ) | ||||||
Net income attributable to unvested restricted unitholders | (112 | ) | (195 | ) | (88 | ) | |||||||
Dividends paid to Funds preferred shareholders | (31 | ) | (16 | ) | (16 | ) | |||||||
Net income (loss) attributable to unitholders | $ | 12,272 | $ | 12,924 | $ | (4,813 | ) | ||||||
Basic and diluted weighted average units outstanding | 4,353 | 4,369 | 4,351 | ||||||||||
Basic and diluted net earnings (loss) per unit | $ | 2.82 | $ | 2.96 | $ | (1.11 | ) | ||||||
Fund II and Fund III Preferred Shares | |||||||||||||
Fund II and Fund III issued 125 par $0.01 shares of its 12.5% Series A Cumulative Non-Voting Preferred Stock (Series A Preferred Stock) at $1,000 per share for total proceeds of $125,000 in March 2010 and January 2014 respectively. Each holder of the Series A Preferred Stock is entitled to a liquidation preference of $1,000 per share. Dividends on each share of Series A Preferred Stock will accrue on a daily basis at the rate of 12.5% per annum. Upon redemption, the Series A Preferred Shares will be settled in cash and are not convertible into any other class or series of shares or Partnership units. Redemption timing is controlled by the Funds. The maximum amount that each of the consolidated subsidiaries could be required to pay to redeem the instruments upon settlement is $125,000 plus accrued but unpaid dividends. The Series A Preferred Stock is recorded within noncontrolling interests on the consolidated balance sheets and are considered participating securities for purposes of calculating earnings (loss) per unit. | |||||||||||||
Fair Value Hierarchy | |||||||||||||
We use a fair value hierarchy in accounting for certain nonfinancial assets and liabilities including long-lived assets (asset groups) measured at fair value for an impairment assessment. | |||||||||||||
The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity’s pricing based upon its own market assumptions. | |||||||||||||
The fair value hierarchy consists of the following three levels: | |||||||||||||
● | Level 1-Inputs are quoted prices in active markets for identical assets or liabilities. | ||||||||||||
● | Level 2-Inputs are: (a) quoted prices for similar assets or liabilities in an active market, (b) quoted prices for identical or similar assets or liabilities in markets that are not active, or (c) inputs other than quoted prices that are observable and market-corroborated inputs, which are derived principally from or corroborated by observable market data. | ||||||||||||
● | Level 3-Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable. |
Orm_Timber_Fund_I_Lp_Fund_I_Or
Orm Timber Fund I, Lp (Fund I), Orm Timber Fund II, Inc. (Fund II), and Orm Timber Fund III (Reit) Inc. (Fund III) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Orm Timber Fund I, Lp (Fund I), Orm Timber Fund II, Inc. (Fund II), and Orm Timber Fund III (Reit) Inc. (Fund III) | 2 | ORM TIMBER FUND I, LP (FUND I), ORM TIMBER FUND II, INC. (FUND II), AND ORM TIMBER FUND III (REIT) INC. (FUND III) (COLLECTIVELY, “THE FUNDS”) | |||||||
The Funds were formed by ORMLLC for the purpose of attracting 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 term of ten years from the end of the drawdown period, with Fund I scheduled to terminate in August 2017, Fund II terminating in March 2021, and Fund III terminating on the tenth anniversary of the completion of its drawdown period. Fund III’s drawdown period will end at the earlier of placement of all committed capital or July 31, 2015. | |||||||||
Pope Resources and ORMLLC together own 20% of Fund I and Fund II and own 5% of Fund III. All Funds are consolidated into the Partnership’s financial statements. The Funds’ statements of operations for the year ended December 31, 2014 reflects an operating income of $26.6 million, an operating loss of $664,000 for the year ended December 31, 2013 and an operating loss of $2.0 million for the year ended December 31, 2012. These operations include management fees paid to ORMLLC of approximately $3.3 million, $2.8 million and $2.2 million for 2014, 2013 and 2012 respectively, which are eliminated in consolidation. | |||||||||
During the fourth quarter of 2012, Fund III acquired 19,000 acres of northern California timberland for a purchase price of $45.1 million. The purchase price was allocated $7.5 million to land and $37.6 million to timber and roads. During the fourth quarter of 2013, Fund III acquired 11,000 acres of timberland in southwest Washington for $43.4 million. $18.0 million of the purchase price was financed by a loan from Northwest Farm Credit Services (NWFCS) with the remainder coming from contributed capital. The purchase price was allocated $4.3 million to land and $39.1 million to timber and roads. During the fourth quarter of 2014, Fund III acquired 13,000 acres of timberland in northwestern Oregon for $72.0 million. The purchase price was allocated $7.8 million to land and $64.2 million to timber and roads. | |||||||||
In September 2014, Fund I sold one of its two tree farms located in western Washington for $39.0 million and recognized a gain on the sale of $9.2 million. This tree farm’s carrying value consisted of $26.6 million for timber and roads and $2.4 million for the land. | |||||||||
In October 2014, Fund I sold its remaining tree farm, located in western Washington, for $31.5 million and recognized a gain on the sale of $14.6 million. The carrying value of this tree farm consisted of $13.6 million for timber and roads and $2.6 million for the land. | |||||||||
The Partnership’s share of the pretax profit or loss generated by Fund I was a profit of $4.7 million for 2014 and losses of $124,000 and $191,000 for 2013 and 2012, respectively. The aforementioned 2014 pretax profit amounts include the Partnership’s share of the gain on sale of the tree farms. | |||||||||
The Partnership’s consolidated financial statements include Fund I, Fund II, and Fund III assets and liabilities at December 31, 2014 and 2013, which were as follows: | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Cash | $ | 9,523 | $ | 1,256 | |||||
Other current assets | 1,108 | 362 | |||||||
Total current assets | 10,631 | 1,618 | |||||||
Properties and equipment (net of accumulated depletion | |||||||||
and depreciation in 2014 and 2013 of $26,738 and $28,713) | 230,123 | 211,871 | |||||||
Other long-term assets | 156 | 125 | |||||||
Total assets | $ | 240,910 | $ | 213,614 | |||||
Current liabilities | $ | 1,891 | $ | 1,747 | |||||
Current portion of long-term debt | - | 3 | |||||||
Total current liabilities | 1,891 | 1,750 | |||||||
Long-term debt | 57,380 | 42,980 | |||||||
Funds' equity | 181,639 | 168,884 | |||||||
Total liabilities and equity | $ | 240,910 | $ | 213,614 | |||||
The table above includes management fees payable to the Partnership of $613,000 and $557,000 as of December 31, 2014 and 2013, respectively. These amounts are eliminated in the Partnership’s Consolidated Balance Sheets. | |||||||||
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Long-Term Debt | 3 | LONG-TERM DEBT | |||||||
At December 31, | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Pope Resources debt: | |||||||||
Mortgage payable to NWFCS, collateralized by Poulsbo headquarters: | |||||||||
Ten-year tranche, interest at 3.80% with monthly principal and interest | |||||||||
payments (matures January 2023) | $ | 2,802 | $ | 2,908 | |||||
Mortgages payable to NWFCS, collateralized by timberlands, as follows: | |||||||||
Five-year tranche, interest at 4.10% with monthly interest-only payments | |||||||||
(matures July 2015) | 4,999 | 4,999 | |||||||
Seven-year tranche, interest at 4.85% with monthly interest-only payments. | |||||||||
(matures July 2017) | 5,000 | 5,000 | |||||||
Ten-year tranche, interest at 6.40%, collateralized by timberlands | |||||||||
with monthly interest-only payments (matures September 2019) | 9,800 | 9,800 | |||||||
Fifteen-year tranche, interest at 6.05% with monthly interest-only payments. | |||||||||
(matures July 2025) | 10,000 | 10,000 | |||||||
Total Partnership debt | 32,601 | 32,707 | |||||||
ORM Timber Funds debt: | |||||||||
Fund I note payable to the City of Tacoma, repaid January 2014 | - | 3 | |||||||
Mortgages payable to MetLife, collateralized by Fund II timberlands with quarterly | |||||||||
interest payments (matures September 2020), as follows: | |||||||||
4.85% interest rate tranche | 11,000 | 11,000 | |||||||
3.84% interest rate tranche | 14,000 | 14,000 | |||||||
Fund III mortgage payable to NWFCS, collateralized by Fund III timberlands with quarterly interest payments, as follows: | |||||||||
5.10% interest rate tranche (matures December 2023) | 17,980 | 17,980 | |||||||
4.45% interest rate tranche (matures October 2024) | 14,400 | - | |||||||
Total ORM Timber Funds debt | 57,380 | 42,983 | |||||||
Consolidated subtotal | 89,981 | 75,690 | |||||||
Less current portion | (5,109 | ) | (109 | ) | |||||
Consolidated long-term debt, less current portion | $ | 84,872 | $ | 75,581 | |||||
The Partnership’s debt agreements have covenants which are measured quarterly. Among the covenants measured is a requirement that the Partnership not exceed a maximum debt-to-total-capitalization ratio of 30%, with total capitalization calculated using fair market (vs. carrying) value of timberland, roads and timber. The Partnership is in compliance with this covenant as of December 31, 2014. | |||||||||
Fund II’s debt agreement contains a requirement to maintain a loan-to-value ratio of less than 40%, with the denominator defined as fair market value. Fund II is in compliance with this covenant as of December 31, 2014. | |||||||||
Fund III’s debt agreement contains a requirement to maintain a minimum debt coverage ratio and a loan-to-value ratio of less than 50%, with the denominator defined as fair market value. Fund III is in compliance with this covenant as of December 31, 2014. | |||||||||
At December 31, 2014, principal payments on long-term debt for the next five years and thereafter are due as follows (in thousands): | |||||||||
2015 | 5,109 | ||||||||
2016 | 114 | ||||||||
2017 | 5,118 | ||||||||
2018 | 123 | ||||||||
2019 | 9,928 | ||||||||
Thereafter | 69,589 | ||||||||
Total | $ | 89,981 | |||||||
The Partnership’s revolving line of credit with NWFCS matures August 2015 and has a maximum borrowing limit of $20 million. This line of credit had nothing drawn as of December 31, 2014 or 2013. The interest rate under this credit facility uses LIBOR as a benchmark. The spread above the benchmark rate is variable depending on the Partnership’s trailing twelve-month interest coverage ratio but ranges from 175 to 275 basis points. As of December 31, 2014 the rate (benchmark plus the spread) was 1.92%. The debt arrangements between NWFCS and the Partnership and Fund III include an annual reimbursement of interest expense (patronage). Interest expense was reduced by $395,000, 249,000 and 214,000 in 2014, 2013 and 2012, respectively, which reflects estimated patronage to be refunded in in the following year with the related receivable reflected in Accounts Receivable. | |||||||||
Accrued interest relating to all debt instruments was $960,000 and $671,000 at December 31, 2014 and 2013, respectively, and is included in accrued liabilities. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | |
Dec. 31, 2014 | ||
Fair Value of Financial Instruments | 4 | FAIR VALUE OF FINANCIAL INSTRUMENTS |
The Partnership’s consolidated financial instruments include cash and cash equivalents and accounts receivable, for which the carrying amount of each represents fair value based on current market interest rates or their short-term nature. Carrying amounts of contracts receivable, although long-term, also approximate fair value given the current market interest rates. The fair value of the Partnership’s and Funds’ fixed-rate debt having a carrying value of $90.0 million and $75.7 million as of December 31, 2014 and 2013, respectively, has been estimated based on current interest rates for similar financial instruments, Level 2 inputs in the Fair Value Hierarchy, to be approximately $96.0 million and $77.5 million, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Taxes | 5 | INCOME TAXES | |||||||||||
The Partnership itself is not subject to income taxes. Instead, partners are taxed on their share of the Partnership’s taxable income, whether or not cash distributions are paid. The Partnership’s corporate subsidiaries, however, are subject to income taxes. The following tables provide information on the impact of income taxes in taxable subsidiaries. Consolidated Partnership income (loss) is reconciled to income (loss) before income taxes in corporate subsidiaries for the years ended December 31 as follows: | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Income (loss) before income taxes | $ | 32,855 | $ | 11,404 | $ | (6,444 | ) | ||||||
Income (loss) in entities that pass-through pre-tax earnings to the partners | 30,169 | 11,632 | (6,578 | ) | |||||||||
Income (loss) subject to income taxes | $ | 2,686 | $ | (228 | ) | $ | 134 | ||||||
The provision for income taxes relating to corporate subsidiaries of the Partnership consist of the following income tax benefit (expense) for each of the years ended December 31: | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Current | $ | (341 | ) | $ | 47 | $ | (255 | ) | |||||
Deferred | (643 | ) | 260 | (97 | ) | ||||||||
Total | $ | (984 | ) | $ | 307 | $ | (352 | ) | |||||
Included in the deferred income tax expense for 2014 is $274,000 related to the utilization of net operating loss carryforwards. Included in the deferred tax benefit (expense) for 2013 and 2012 was a benefit of $444,000 and $167,000, respectively, related to net operating loss carryforwards. The Company also recorded excess tax benefits from equity-based compensation of $85,000 and $220,000 for the years ended December 31, 2014 and 2012, respectively. There were no such excess tax benefits for 2013. | |||||||||||||
A reconciliation between the federal statutory tax rate and the Partnership’s effective tax rate is as follows for each of the years ended December 31: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Statutory tax on income | 34 | % | 34 | % | 34 | % | |||||||
Income (loss) in entities that pass-through pre-tax earnings to the partners | 31 | % | (36 | %) | (39 | %) | |||||||
Effective income tax rate | 3 | % | (2 | %) | (5 | %) | |||||||
The net deferred income tax assets include the following components as of December 31: | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Current (included in prepaid expenses and other) | $ | 602 | $ | 992 | $ | 590 | |||||||
Non-current (included in other assets (other long-term liabilities)) | (244 | ) | 9 | (41 | ) | ||||||||
Total | $ | 358 | $ | 1,001 | $ | 549 | |||||||
The deferred tax assets are comprised of the following: | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Compensation-related accruals | $ | 17 | $ | 370 | $ | 353 | |||||||
Net operating loss carryforward | 337 | 611 | 167 | ||||||||||
Depreciation | (23 | ) | (8 | ) | 4 | ||||||||
Other | 27 | 28 | 25 | ||||||||||
Total | $ | 358 | $ | 1,001 | $ | 549 | |||||||
The federal net operating loss carryforwards generated in 2012 and 2013 in the table above expire in 2032 and 2033, respectively. |
Unit_Incentive_Plan
Unit Incentive Plan | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Unit Incentive Plan | 6 | UNIT INCENTIVE PLAN | |||||||
One of the two components of a management incentive compensation program adopted in 2010 (2010 Incentive Compensation Program) is the Performance Restricted Unit (PRU) plan which includes both an equity and cash component. Compensation expense relating to the PRUs will vest over a 4-year future service period. The first equity grants pursuant to this program were made in January 2011. On the date of grant, these restricted units are owned by the employee, officer, or director of the Partnership, subject to a trading restriction that is in effect during the vesting period. As of December 31, 2014, total compensation expense not yet recognized related to non-vested awards was $758,000 with a weighted average 17 months remaining to vest. | |||||||||
The second component of the incentive compensation program is the Long-Term Incentive Plan (LTIP) which is paid in cash. The LTIP awards contain a feature whereby the award amount is based upon the Partnership’s total shareholder return (TSR) as compared to TSR’s of a benchmark peer group of companies, measured over a rolling three-year performance period. The component based on relative TSR requires the company’s projected cash payout for yet-to-be-completed performance cycles to be re-measured quarterly based upon the Partnership’s relative TSR ranking, using a Monte Carlo simulation model. | |||||||||
Total equity compensation expense was $867,000, $1.2 million and $740,000 for 2014, 2013 and 2012, respectively. As of December 31, 2014, we recorded in accrued liabilities $1.0 million relating to the 2010 Incentive Compensation Program, with $287,000 of that total attributable to the cash component of the PRU and the balance of $751,000 attributable to the LTIP. This compares with December 31, 2013 when we recorded in accrued liabilities $2.0 million, with $197,000 related to the cash-payout component of the PRU and the balance of $1.8 million attributable to the LTIP. | |||||||||
The Partnership’s 2005 Unit Incentive Plan (the 2005 Plan) authorized the granting of nonqualified equity compensation to employees, officers, and directors of the Partnership and provides a one-way linkage to the 2010 Incentive Compensation Program because it (2005 Plan) established the formal framework by which unit grants, options, etc., can be issued. The 2010 Incentive Compensation Program does not affect the existence or availability of the 2005 Unit Incentive Plan or change its terms. Upon the vesting of restricted units, grantees have the choice of tendering back units to pay for their minimum tax withholdings. A total of 1,105,815 units have been authorized for issuance under the 2005 Plan of which there are 921,289 units authorized but unissued as of December 31, 2014. | |||||||||
The Human Resources Committee makes awards of restricted units to certain employees, plus the officers and directors of the Partnership and its subsidiaries. The restricted unit grants vest over four years and are compensatory in nature. Restricted unit awards entitle the recipient to full distribution rights during the vesting period, and thus are considered participating securities, but are restricted from disposition and may be forfeited until the units vest. | |||||||||
Restricted unit activity for the three years ended December 31, 2014 was as follows: | |||||||||
Weighted Avg | |||||||||
Grant Date | |||||||||
Units | Fair Value ($) | ||||||||
Outstanding December 31, 2011 | 58,500 | 31.54 | |||||||
Grants | 26,350 | 42.85 | |||||||
Vested, net of units tendered back | (26,676 | ) | 30.15 | ||||||
Tendered back to pay tax withholding | (5,826 | ) | 28.6 | ||||||
Outstanding December 31, 2012 | 52,348 | 38.09 | |||||||
Grants | 36,200 | 60 | |||||||
Vested, net of units tendered back | (12,409 | ) | 31.95 | ||||||
Forfeited | (1,350 | ) | 49.07 | ||||||
Tendered back to pay tax withholding | (4,031 | ) | 34.98 | ||||||
Outstanding December 31, 2013 | 70,758 | 50.34 | |||||||
Grants | 12,966 | 65.5 | |||||||
Vested, net of units tendered back | (21,070 | ) | 46.04 | ||||||
Forfeited | (18,261 | ) | 55.49 | ||||||
Tendered back to pay tax withholding | (2,966 | ) | 47.3 | ||||||
Outstanding December 31, 2014 | 41,427 | 55.23 |
Employee_Benefits
Employee Benefits | 12 Months Ended | |
Dec. 31, 2014 | ||
Employee Benefits | 7 | EMPLOYEE BENEFITS |
As of December 31, 2014 all employees of the Partnership and its subsidiaries are eligible to receive benefits under a defined contribution plan. During the years 2012 through 2014 the Partnership matched 50% of employees’ contributions up to 8% of an individual’s compensation. The Partnership’s contributions to the plan amounted to $176,000, $147,000, and $141,000 for the years ended December 31, 2014, 2013, and 2012 respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Commitments and Contingencies | 8 | COMMITMENTS AND CONTINGENCIES | |||||||||||||||
Environmental remediation | |||||||||||||||||
The Partnership has an accrual for estimated environmental remediation costs of $21.7 million and $13.2 million as of December 31, 2014 and 2013, respectively. The environmental remediation liability represents management’s best estimate of payments to be made to monitor and remedy certain areas in and around the townsite/millsite of Port Gamble ($21.6 million), and at Port Ludlow, Washington ($86,000). | |||||||||||||||||
In 2012 the Partnership accrued an additional $12.5 million for the Port Gamble environmental liability. This accrual was the result of significant modifications to the draft Port Gamble Baywide and Millsite Remedial Investigation and Feasibility Study issued by the Washington State Department of Ecology (DOE) in May 2012. From mid-August 2012 through the balance of 2013, management was in regular dialogue with DOE on a Clean-up Action Plan (CAP), coincident with a consent decree (CD) that outlines clean-up actions and potential property sales of land around Gamble Bay by the Partnership. The CD and CAP were finalized and filed with Kitsap County Superior Court in December 2013. Pursuant to the CD and CAP, an engineering design report (EDR) was submitted to DOE in November 2014, followed by related supplemental material in December. DOE has provided initial feedback on the EDR and discussions between management and DOE to finalize the remediation project design are ongoing. These discussions and further sampling and investigation conducted in 2014 in the process of preparing the EDR have yielded new information that indicate certain areas of the project will be significantly more expensive than estimated when the CD and CAP were filed. The increase in costs is expected to come from four primary categories; pile removal and disposal, dredging and disposal, the application of sand cover, and eelgrass mitigation. | |||||||||||||||||
Although the project design is not yet complete, the new information is sufficient to update the estimated project cost. Accordingly, management updated its Monte Carlo statistical simulation model to incorporate the new information. The updated model suggests a potential aggregate range of clean-up costs from $19.0 million to $24.9 million, which corresponds to a two standard deviation range of possible outcomes from the mean of $21.6 million. The Partnership accrued an additional liability of $10.0 million in the fourth quarter of 2014 to increase the recorded liability to the $21.6 million mean, which management considers the best estimate of the most likely outcome. | |||||||||||||||||
In addition to finalizing the project design, it remains to be determined the degree to which the Department of Natural Resources (DNR), the other potentially liable party (PLP) in Port Gamble, is going to participate in funding the costs of clean-up. The recorded liability is an estimate of the Partnership’s share of the total liability. As such, it is net of the estimated amount that DNR, as the other PLP, will contribute as its share of the project cost. | |||||||||||||||||
The environmental remediation accrual also includes estimated costs related to a separate remediation effort within the resort community of Port Ludlow. In February 2014, DOE issued an opinion letter in which it concurred with the clean-up alternative proposed by the Partnership. At this point, costs for this project consist primarily of ongoing monitoring activity. | |||||||||||||||||
The environmental liability at December 31, 2014 is comprised of $3.7 million that the Partnership expects to expend in the next 12 months and $18.0 million thereafter and are included in other current liabilities and other long-term liabilities, respectively. | |||||||||||||||||
Changes in the environmental liability for the last three years are as follows: | |||||||||||||||||
Balances at | Additions | Expenditures | |||||||||||||||
the Beginning | to | for | Balance at | ||||||||||||||
(in thousands) | of the Period | Accrual | Remediation | Period-end | |||||||||||||
Year ended December 31, 2012 | $ | 2,203 | $ | 12,500 | $ | 761 | $ | 13,942 | |||||||||
Year ended December 31, 2013 | 13,942 | - | 701 | 13,241 | |||||||||||||
Year ended December 31, 2014 | 13,241 | 10,000 | 1,590 | 21,651 | |||||||||||||
Performance bonds | |||||||||||||||||
In the ordinary course of business, and as part of the entitlement and development process, the Partnership is required to provide performance bonds to ensure completion of certain public facilities. The Partnership had performance bonds of $6.9 million and $15.5 million outstanding at December 31, 2014 and 2013, respectively. The bonds relate primarily to development activity in connection with pending and completed sales from our Harbor Hill project in Gig Harbor. | |||||||||||||||||
Supplemental Employee Retirement Plan | |||||||||||||||||
The Partnership has a supplemental employee retirement plan for a retired employee. The plan provides for a retirement income of 70% of his base salary at retirement after taking into account both 401(k) and Social Security benefits with a fixed payment set at $25,013 annually. The recorded balance of the projected liability as of December 31, 2014 and 2013 was $165,000 and $192,000, respectively. | |||||||||||||||||
Contingencies | |||||||||||||||||
The Partnership may from time to time be a defendant in various lawsuits arising in the ordinary course of business. Management believes Partnership losses related to such lawsuits, if any, will not have a material adverse effect to the Partnership’s consolidated financial condition or results of operations or cash flows. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |
Dec. 31, 2014 | ||
Related Party Transactions | 9 | RELATED PARTY TRANSACTIONS |
Pope MGP, Inc. is the managing general partner of the Partnership and receives an annual management fee of $150,000. |
Segment_and_Major_Customer_Inf
Segment and Major Customer Information | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Segment and Major Customer Information | 10 | SEGMENT AND MAJOR CUSTOMER INFORMATION | |||||||||||||||||||||||||||
The Partnership’s operations are classified into three segments: Fee Timber, Timberland Management, and Real Estate. The Fee Timber segment consists of the harvest and sale of timber from both the Partnership’s 111,000 acres of fee timberland in Washington and the Funds’ 80,000 acres in Washington, Oregon, and California. | |||||||||||||||||||||||||||||
The Timberland Management segment provides investment management, disposition, and technical forestry services in connection with 24,000 acres for Fund I, which were sold in 2014, 37,000 acres for Fund II, and 43,000 acres for Fund III. | |||||||||||||||||||||||||||||
The Real Estate segment’s operations consist of management of development properties and the rental of residential and commercial properties in Port Gamble and Poulsbo, Washington. Real Estate manages a portfolio of 2,500 acres of higher-and-better-use properties as of December 31, 2014. All of the Partnership’s real estate activities are presently in the state of Washington. | |||||||||||||||||||||||||||||
For the year ended December 31, 2014, the Partnership had no customers that represented over 10% of consolidated revenue. For the year ended December 31, 2013, the Partnership had one customer that represented 14% of consolidated revenue, or $9.9 million and another that represented $12% of consolidated revenue, or $8.6 million. For the year ended December 31, 2012, the Partnership had one customer that represented 20% of consolidated revenue, or $10.6 million. | |||||||||||||||||||||||||||||
Identifiable assets are those used exclusively in the operations of each reportable segment or those allocated when used jointly. The Partnership does not allocate cash, accounts receivable, certain prepaid expenses, or the cost basis of the Partnership’s administrative office for purposes of evaluating segment performance by the chief operating decision maker. Intersegment transactions are valued at prices that approximate the price that would be charged to a third-party customer. | |||||||||||||||||||||||||||||
Details of the Partnership’s operations by business segment for the years ended December 31 were as follows: | |||||||||||||||||||||||||||||
(in thousands) | Fee Timber | Timberland | Real | ||||||||||||||||||||||||||
2014 | Partnership | Funds | Combined | Management | Estate | Other | Consolidated | ||||||||||||||||||||||
Revenue internal | $ | 34,459 | $ | 31,356 | $ | 65,815 | $ | 3,303 | $ | 22,385 | $ | - | $ | 91,503 | |||||||||||||||
Eliminations | (611 | ) | - | (611 | ) | (3,303 | ) | (119 | ) | - | (4,033 | ) | |||||||||||||||||
Revenue external | 33,848 | 31,356 | 65,204 | - | 22,266 | - | 87,470 | ||||||||||||||||||||||
Cost of sales | (14,397 | ) | (22,389 | ) | (36,786 | ) | - | (11,304 | ) | - | (48,090 | ) | |||||||||||||||||
Operating, general and | |||||||||||||||||||||||||||||
administrative expenses internal | (5,101 | ) | (6,081 | ) | (11,182 | ) | (2,940 | ) | (13,682 | )* | (3,900 | ) | (31,704 | ) | |||||||||||||||
Eliminations | - | 3,303 | 3,303 | 611 | 119 | 4,033 | |||||||||||||||||||||||
Operating, general and | |||||||||||||||||||||||||||||
administrative expenses external | (5,101 | ) | (2,778 | ) | (7,879 | ) | (2,329 | ) | (13,682 | )* | (3,781 | ) | (27,671 | ) | |||||||||||||||
Gain on sale of tree farms | - | 23,750 | 23,750 | - | - | - | 23,750 | ||||||||||||||||||||||
Income (loss) from operations internal | 14,961 | 26,636 | 41,597 | 363 | (2,601 | ) | (3,900 | ) | 35,459 | ||||||||||||||||||||
Eliminations | (611 | ) | 3,303 | 2,692 | (2,692 | ) | (119 | ) | 119 | - | |||||||||||||||||||
Income (loss) from operations | |||||||||||||||||||||||||||||
external | $ | 14,350 | $ | 29,939 | $ | 44,289 | $ | (2,329 | ) | $ | (2,720 | ) | $ | (3,781 | ) | $ | 35,459 | ||||||||||||
2013 | |||||||||||||||||||||||||||||
Revenue internal | $ | 32,781 | $ | 23,854 | $ | 56,635 | $ | 2,807 | $ | 14,798 | $ | - | $ | 74,240 | |||||||||||||||
Eliminations | (600 | ) | - | (600 | ) | (2,807 | ) | (141 | ) | - | (3,548 | ) | |||||||||||||||||
Revenue external | 32,181 | $ | 23,854 | 56,035 | - | 14,657 | - | 70,692 | |||||||||||||||||||||
Cost of sales | (13,554 | ) | (18,772 | ) | (32,326 | ) | - | (7,300 | ) | - | (39,626 | ) | |||||||||||||||||
Operating, general and | |||||||||||||||||||||||||||||
administrative expenses internal | (4,620 | ) | (5,746 | ) | (10,366 | ) | (2,557 | ) | (4,081 | ) | (4,678 | ) | (21,682 | ) | |||||||||||||||
Eliminations | 25 | 2,800 | 2,825 | 607 | 116 | 3,548 | |||||||||||||||||||||||
Operating, general and | |||||||||||||||||||||||||||||
administrative expenses external | (4,595 | ) | (2,946 | ) | (7,541 | ) | (1,950 | ) | (4,081 | ) | (4,562 | ) | (18,134 | ) | |||||||||||||||
Income (loss) from operations | |||||||||||||||||||||||||||||
internal | 14,607 | (664 | ) | 13,943 | 250 | 3,417 | (4,678 | ) | 12,932 | ||||||||||||||||||||
Eliminations | (575 | ) | 2,800 | 2,225 | (2,200 | ) | (141 | ) | 116 | - | |||||||||||||||||||
Income (loss) from operations | |||||||||||||||||||||||||||||
external | $ | 14,032 | $ | 2,136 | $ | 16,168 | $ | (1,950 | ) | $ | 3,276 | $ | (4,562 | ) | $ | 12,932 | |||||||||||||
2012 | |||||||||||||||||||||||||||||
Revenue internal | $ | 29,353 | $ | 16,681 | $ | 46,034 | $ | 2,218 | $ | 8,574 | $ | - | $ | 56,826 | |||||||||||||||
Eliminations | (495 | ) | - | (495 | ) | (2,211 | ) | (77 | ) | - | (2,783 | ) | |||||||||||||||||
Revenue external | 28,858 | $ | 16,681 | 45,539 | 7 | 8,497 | - | 54,043 | |||||||||||||||||||||
Cost of sales | (13,115 | ) | (14,481 | ) | (27,596 | ) | - | (3,235 | ) | - | (30,831 | ) | |||||||||||||||||
Operating, general and | |||||||||||||||||||||||||||||
administrative expenses internal | (4,183 | ) | (4,166 | ) | (8,349 | ) | (2,070 | ) | (16,361 | )* | (4,199 | ) | (30,979 | ) | |||||||||||||||
Eliminations | 48 | 2,211 | 2,259 | 495 | - | 29 | 2,783 | ||||||||||||||||||||||
Operating, general and | |||||||||||||||||||||||||||||
administrative expenses external | (4,135 | ) | (1,955 | ) | (6,090 | ) | (1,575 | ) | (16,361 | )* | (4,170 | ) | (28,196 | ) | |||||||||||||||
Income (loss) from operations | |||||||||||||||||||||||||||||
internal | 12,055 | (1,966 | ) | 10,089 | 148 | (11,022 | ) | (4,199 | ) | (4,984 | ) | ||||||||||||||||||
Eliminations | (447 | ) | 2,211 | 1,764 | (1,716 | ) | (77 | ) | 29 | - | |||||||||||||||||||
Income (loss) from operations | |||||||||||||||||||||||||||||
external | $ | 11,608 | $ | 245 | $ | 11,853 | $ | (1,568 | ) | $ | (11,099 | ) | $ | (4,170 | ) | $ | (4,984 | ) | |||||||||||
*Includes $10.0 million and $12.5 million of environmental remediation expense in 2014 and 2012, respectively. | |||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Depreciation, Amortization and Depletion | |||||||||||||||||||||||||||||
Fee Timber-Partnership | $ | 2,570 | $ | 2,999 | $ | 3,348 | |||||||||||||||||||||||
Fee Timber-Funds | 9,969 | 8,066 | 6,950 | ||||||||||||||||||||||||||
Fee Timber-Combined | 12,539 | 11,065 | 10,298 | ||||||||||||||||||||||||||
Timberland Management | 2 | 2 | 4 | ||||||||||||||||||||||||||
Real Estate | 394 | 733 | 854 | ||||||||||||||||||||||||||
G&A | 88 | 108 | 95 | ||||||||||||||||||||||||||
Total | $ | 13,023 | $ | 11,908 | $ | 11,251 | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Fee Timber-Partnership | $ | 46,453 | $ | 46,856 | $ | 53,090 | |||||||||||||||||||||||
Fee Timber-Funds | 240,910 | 213,614 | 177,474 | ||||||||||||||||||||||||||
Fee Timber-Combined | 287,363 | 260,470 | 230,564 | ||||||||||||||||||||||||||
Timberland Management | 52 | 3 | 29 | ||||||||||||||||||||||||||
Real Estate | 37,687 | 37,712 | 32,909 | ||||||||||||||||||||||||||
G&A | 19,975 | 12,723 | 3,997 | ||||||||||||||||||||||||||
Total | $ | 345,077 | $ | 310,908 | $ | 267,499 | |||||||||||||||||||||||
Capital and Land Expenditures | |||||||||||||||||||||||||||||
Fee Timber-Partnership | $ | 2,536 | $ | 985 | $ | 927 | |||||||||||||||||||||||
Fee Timber-Funds | 73,359 | 44,510 | 46,033 | ||||||||||||||||||||||||||
Fee Timber-Combined | 75,895 | 45,495 | 46,960 | ||||||||||||||||||||||||||
Timberland Management | 38 | 4 | 3 | ||||||||||||||||||||||||||
Real Estate-development activities | 4,967 | 10,801 | 2,478 | ||||||||||||||||||||||||||
Real Estate-other | 198 | 101 | 35 | ||||||||||||||||||||||||||
G&A | 55 | 43 | 136 | ||||||||||||||||||||||||||
Total | $ | 81,153 | $ | 56,444 | $ | 49,612 | |||||||||||||||||||||||
Revenue by product/service | |||||||||||||||||||||||||||||
Domestic forest products | $ | 42,896 | $ | 34,001 | $ | 33,577 | |||||||||||||||||||||||
Export forest products, indirect | 22,308 | 22,034 | 11,962 | ||||||||||||||||||||||||||
Conservation easements and sales | 7,703 | 7,259 | 1,235 | ||||||||||||||||||||||||||
Fees for service | 37 | - | 7 | ||||||||||||||||||||||||||
Homes, lots, and undeveloped acreage | 14,526 | 7,398 | 7,262 | ||||||||||||||||||||||||||
Total | $ | 87,470 | $ | 70,692 | $ | 54,043 | |||||||||||||||||||||||
Quarterly_Financial_Informatio
Quarterly Financial Information | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information | 11 | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | |||||||||||||||
(in thousands except | Revenue | Income (loss) | Net income (loss) | Basic and diluted | |||||||||||||
per unit amounts) | from operations | attributable to | earnings (loss) per | ||||||||||||||
unitholders | partnership unit | ||||||||||||||||
2014 | |||||||||||||||||
First quarter | $ | 37,779 | $ | 14,248 | $ | 12,241 | $ | 2.75 | |||||||||
Second quarter | 18,583 | 3,137 | 1,846 | 0.41 | |||||||||||||
Third quarter | 13,755 | 9,191 | 1,500 | 0.34 | |||||||||||||
Fourth quarter | 17,353 | 8,883 | (3,172 | ) | (0.75 | ) | |||||||||||
2013 | |||||||||||||||||
First quarter | $ | 16,718 | $ | 3,758 | $ | 3,484 | $ | 0.76 | |||||||||
Second quarter | 23,197 | 6,859 | 6,128 | 1.34 | |||||||||||||
Third quarter | 11,724 | (530 | ) | (75 | ) | (0.03 | ) | ||||||||||
Fourth quarter | 19,053 | 2,845 | 3,598 | 0.81 | |||||||||||||
Quarterly fluctuations in data result from the addition and/or deferral of harvest volumes as well as the timing of real estate sales and environmental remediation charges, as disclosed in our quarterly filings. Management considered the disclosure requirements of Item 302(a)(3) and does not note any extraordinary, unusual, or infrequently occurring items except for the $10 million environmental remediation charge recorded in the fourth quarter and the sales of Fund I’s two tree farms, one in the third quarter and one in the fourth quarter. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Nature of operations | Nature of operations | ||||||||||||
Pope Resources, A Delaware Limited Partnership (the “Partnership”) is a publicly traded limited partnership engaged primarily in managing timber resources on its own properties as well as those owned by others. Pope Resources’ active subsidiaries include the following: ORM, Inc., which is responsible for managing Pope Resources’ timber properties; Olympic Resource Management LLC (ORMLLC), which provides timberland management activities and is responsible for developing the timber fund business; Olympic Property Group I LLC, which manages the Port Gamble townsite and millsite together with land that is held as development property; and OPG Properties LLC, which owns land that is held as development property. These consolidated financial statements also include ORM Timber Fund I, LP (Fund I), ORM Timber Fund II, Inc. (Fund II), and ORM Timber Fund III, Inc. (Fund III, and collectively with Fund I and Fund II, the Funds). ORMLLC owns 1% of the Funds and is the general partner of Fund I and the manager of Funds II and III. Pope Resources owns 19% of Funds I and II and 4% of Fund III. The purpose of all three Funds is to invest in timberlands. See Note 2 for additional information. | |||||||||||||
The Partnership operates in three business segments: Fee Timber, Timberland Management, and Real Estate. Fee Timber represents the growing and harvesting of trees from properties owned by the Partnership and the Funds. Timberland Management represents management, acquisition, disposition, and consulting services provided to third-party owners of timberland and provides management services to the Funds. Real Estate consists of obtaining and entitling properties that have been identified as having value as developed residential or commercial property and operating the Partnership’s existing commercial property in Kitsap County, Washington. | |||||||||||||
Principles of consolidation | Principles of consolidation | ||||||||||||
The consolidated financial statements include the accounts of the Partnership, its subsidiaries, and the Funds. Intercompany balances and transactions, including operations related to the Funds, have been eliminated in consolidation. | |||||||||||||
The Funds are consolidated into Pope Resources’ financial statements due to our control over the Funds (see Note 2). | |||||||||||||
New accounting standards | New accounting standards | ||||||||||||
In April 2014, the FASB issued ASU 2014-08 Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The ASU is effective for annual and interim periods beginning in 2015, though early adoption is permitted. The Partnership adopted this standard in the second quarter of 2014. Under this new standard, Fund I’s sales of its tree farms, described in note 2, are not considered discontinued operations because the acquisition and sale of tree farms by the timber funds does not constitute a change in strategy. The Partnership continues to invest in and manage private equity timber funds. | |||||||||||||
On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Partnership is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Partnership has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. | |||||||||||||
General partner | General partner | ||||||||||||
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, income and other capital related items between the general and limited partners is pro rata among all units outstanding. The managing general partner of the Partnership is Pope MGP, Inc. | |||||||||||||
Noncontrolling interests | Noncontrolling interests | ||||||||||||
Noncontrolling interests represents the portion of net income and losses of the Funds attributable to third-party owners of the Funds. In the case of Funds I and II, noncontrolling interests represent 80%, while noncontrolling interests represent 95% of Fund III ownership. To arrive at net income (loss) attributable to Partnership unitholders, the portion of the income attributable to these third-party investors is subtracted from Partnership income (loss) or, in the case of a loss attributable to third-party investors, added back to Partnership income (loss). | |||||||||||||
Significant estimates and concentrations in financial statements | Significant estimates and concentrations in financial statements | ||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates. | |||||||||||||
Depletion | Depletion | ||||||||||||
Timber costs are combined into depletion pools based on the common characteristics of the timber such as location and species mix. Each tree farm within the Funds is considered a separate depletion pool and timber harvested by the Funds is accounted for and depleted separately from the Partnership’s timberlands. The applicable depletion rate is derived by dividing the aggregate cost of merchantable stands of timber, together with capitalized road expenditures, by the estimated volume of merchantable timber available for harvest at the beginning of that year. For purposes of the depletion calculation, merchantable timber is defined as timber that is equal to or greater than 35 years of age for all of the tree farms except California, for which merchantable timber is defined as timber with a diameter at breast height (DBH) of 16 inches or greater. The depletion rate, so derived and expressed in per MBF terms, is then multiplied by the volume harvested in a given period to calculate depletion expense for that period as follows: | |||||||||||||
Depletion rate =font style='TEXT-DECORATION: underline; DISPLAY: inline'>Accumulated cost of timber and capitalized road expenditures | |||||||||||||
Estimated volume of merchantable timber | |||||||||||||
Purchased timberland cost allocation | Purchased timberland cost allocation. When the Partnership or Funds acquire timberlands, a purchase price allocation is performed that allocates cost between the categories of merchantable timber, pre-merchantable timber, and land based upon the relative fair values pertaining to each of the categories. Land value may include uses other than timberland including potential conservation easement (CE) sales and development opportunities. | ||||||||||||
Cost of sales | Cost of sales | ||||||||||||
Cost of sales consists of the Partnership’s cost basis in timber (depletion expense), real estate, and other inventory sold, and direct costs incurred to make those assets saleable. Those direct costs include the expenditures associated with the harvesting and transporting of timber and closing costs incurred in land and lot sale transactions. Cost of sales also consists of those costs directly attributable to the Partnership’s rental activities. | |||||||||||||
Cash and cash equivalents | Cash and cash equivalents | ||||||||||||
Cash and cash equivalents include highly liquid investments with original maturities of three months or less at date of purchase. | |||||||||||||
Short-term investments | Short-term investments | ||||||||||||
Short-term investments consist of certificates of deposit maturing 180 days from the date of purchase. | |||||||||||||
Concentration of credit risk | Concentration of credit risk | ||||||||||||
Financial instruments that potentially subject the Partnership to concentrations of credit risk consist principally of short-term investments and accounts and contracts receivable. The Partnership limits its credit exposure by considering the creditworthiness of potential customers and utilizing the underlying land sold as collateral on real estate contracts. The Partnership’s allowance for doubtful accounts on accounts receivable is $17,000 and $19,000 at December 31, 2014 and 2013, respectively. | |||||||||||||
Income taxes | Income taxes | ||||||||||||
The Partnership itself is not subject to income taxes, but its corporate subsidiaries are subject to income taxes which are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Operating loss and tax credit carryforwards, if any, are also factored into the calculation of deferred tax assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates that are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Partnership has concluded that it is more likely than not that its deferred tax assets will be realizable and thus no valuation allowance has been recorded as of December 31, 2014. This conclusion is based on anticipated future taxable income, the expected future reversals of existing taxable temporary differences, and tax planning strategies to generate taxable income, if needed. The Partnership will continue to reassess the need for a valuation allowance during each future reporting period. The Partnership is not aware of any tax exposure items as of December 31, 2014 and 2013 where the Partnership’s tax position is not more likely than not to be sustained if challenged by the taxing authorities. | |||||||||||||
Land held for sale and Land held for development | Land held for sale and Land held for development | ||||||||||||
Land held for sale and land held for development are recorded at the lower of cost or net realizable value. Costs of development, including interest, are capitalized for these projects and allocated to individual lots based upon their relative preconstruction fair value. This allocation of basis supports, in turn, the computation of those amounts reported as a current vs. long-term asset based on management’s expectation of when the sales will occur (Land Held for Sale and Land Held for Development, respectively). As lot sales occur, the allocation of these costs becomes part of cost of sales attributed to individual lot sales. Costs associated with land including acquisition, project design, architectural costs, road construction, capitalized interest and utility installation are accounted for as operating activities on our statement of cash flows. | |||||||||||||
Those properties that are for sale, under contract, and for which the Partnership has an expectation they will be sold within 12 months are classified on our balance sheet as a current asset under “Land Held for Sale”. The $7.2 million currently in Land Held for Sale reflects our expectation of sales in 2015 of parcels comprising 41 acres from the Harbor Hill project in Gig Harbor. Land Held for Sale as of December 31, 2013 represented an expected 2014 sales of 61acres from the Harbor Hill project in Gig Harbor as well as 535 acres of timberland near Port Gamble for conservation purposes. | |||||||||||||
Land held for development on our balance sheet represents the Partnership’s cost basis in land that has been identified as having greater value as development property rather than as timberland. Land development costs, including interest, clearly associated with development or construction of fully entitled projects are capitalized, whereas costs associated with projects that are in the entitlement phase are expensed. Interest capitalization ceases once projects reach the point of substantial completion or construction activity has been delayed intentionally. | |||||||||||||
Timberland, timber and roads | Timberland, timber and roads | ||||||||||||
Timberland, timber and roads are recorded at cost. The Partnership capitalizes the cost of building permanent roads on the tree farms and expenses temporary roads and road maintenance. Timberland is not subject to depletion. | |||||||||||||
Buildings and equipment | Buildings and equipment | ||||||||||||
Buildings and equipment depreciation is provided using the straight-line method over the estimated useful lives of the assets, which range from 3 to 39 years. | |||||||||||||
Buildings and equipment are recorded at cost and consisted of the following as of December 31, 2014 and 2013 (in thousands): | |||||||||||||
Description | 12/31/14 | 12/31/13 | |||||||||||
Buildings | $ | 9,078 | $ | 8,890 | |||||||||
Equipment | 3,169 | 3,118 | |||||||||||
Furniture and fixtures | 641 | 634 | |||||||||||
Total | $ | 12,888 | $ | 12,642 | |||||||||
Accumulated depreciation | (6,849 | ) | (6,437 | ) | |||||||||
Net buildings and equipment | $ | 6,039 | $ | 6,205 | |||||||||
Impairment of long-lived assets | Impairment of long-lived assets | ||||||||||||
When facts and circumstances indicate the carrying value of properties may be impaired, an evaluation of recoverability is performed by comparing the currently recorded carrying value of the property to the projected future undiscounted cash flows of the same property or, in the case of land held for sale, fair market value less costs to sell. If it is determined that the carrying value of such assets may not be fully recoverable, we would recognize an impairment loss, adjusting for the difference between the carrying value and the estimated fair market value, and would recognize an expense in this amount against current operations. | |||||||||||||
Deferred revenue | Deferred revenue | ||||||||||||
Deferred revenue represents the unearned portion of cash collected. Deferred revenue of $668,000 at December 31, 2014 reflects mostly advance deposits received on real estate sales contracts and the unearned portion of rental payments received on cell tower leases. The deferred revenue balance of $599,000 at December 31, 2013 represents primarily the unearned portion of rental payments received on cell tower leases. | |||||||||||||
Revenue recognition | Revenue recognition | ||||||||||||
Revenue on fee timber sales is recorded when title and risk of loss passes to the buyer, which typically occurs when delivered to the customer. Revenue on real estate sales is recorded on the date the sale closes, upon receipt of adequate down payment, and receipt of the buyer’s obligation to make sufficient continuing payments towards the purchase of the property and the Partnership has no continuing involvement with the real estate sold. When a real estate transaction is closed with obligations to complete infrastructure or other construction, revenue is recognized on a percentage of completion method by calculating a ratio of costs incurred to total costs expected. Revenue is deferred proportionately based on the remaining costs to satisfy the obligation. Timberland management fees and consulting service revenues are recognized as the related services are provided. | |||||||||||||
Land and development rights or conservation easement (CE) sales | Land and development rights or conservation easement (CE) sales | ||||||||||||
The Partnership considers the sale of land and development rights, or conservation easements (CE’s), to be part of its normal operations and therefore recognizes revenue from such sales and cost of sales for the Partnership’s basis in the property sold. CE sales allow us to retain harvesting and other timberland management rights, but bar any future subdivision of or real estate development on the property. Cash generated from these sales is included in cash flows from operations on the Partnership’s statements of cash flows. | |||||||||||||
In 2014 and 2012 the Partnership generated $743,000, and $1.2 million, respectively, from conservation easement sales. There were no such sales in 2013. | |||||||||||||
Environmental remediation liabilities | Environmental remediation liabilities | ||||||||||||
Environmental remediation liabilities are evaluated using a combination of methods, but most significantly using a “Monte Carlo” statistical simulation model for the Port Gamble project. This model takes into account the estimated likelihood of a range of potential outcomes, coupled with the estimated cost associated with those outcomes. The model then produces a range of possible outcomes corresponding to a two standard deviation range from the mean. Management records a liability based on its best estimate of the most likely outcome within the range. | |||||||||||||
Equity-based compensation | Equity-based compensation | ||||||||||||
The Partnership issues restricted units to certain employees, officers, and directors of the Partnership as part of their annual compensation. Restricted units are valued on the grant date at the market closing price of the partnership units on that date. The value of the restricted units is amortized to compensation expense on a straight-line basis during the vesting period which is generally four years. Grants to retirement-eligible individuals on the date of grant are expensed immediately. | |||||||||||||
Income (loss) per partnership unit | Income (loss) per partnership unit | ||||||||||||
Basic and diluted net earnings (loss) per unit are calculated by dividing net income (loss) attributable to unitholders, adjusted for non-forfeitable distributions paid out to unvested restricted unitholders and Fund II and Fund III preferred shareholders, by the weighted average units outstanding during the period. | |||||||||||||
The table below displays how we arrived at basic and diluted earnings (loss) per unit: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Net income (loss) attributable to Pope Resources’ unitholders | $ | 12,415 | $ | 13,135 | $ | (4,709 | ) | ||||||
Net income attributable to unvested restricted unitholders | (112 | ) | (195 | ) | (88 | ) | |||||||
Dividends paid to Funds preferred shareholders | (31 | ) | (16 | ) | (16 | ) | |||||||
Net income (loss) attributable to unitholders | $ | 12,272 | $ | 12,924 | $ | (4,813 | ) | ||||||
Basic and diluted weighted average units outstanding | 4,353 | 4,369 | 4,351 | ||||||||||
Basic and diluted net earnings (loss) per unit | $ | 2.82 | $ | 2.96 | $ | (1.11 | ) | ||||||
Fund II and Fund III Preferred Shares | Fund II and Fund III Preferred Shares | ||||||||||||
Fund II and Fund III issued 125 par $0.01 shares of its 12.5% Series A Cumulative Non-Voting Preferred Stock (Series A Preferred Stock) at $1,000 per share for total proceeds of $125,000 in March 2010 and January 2014 respectively. Each holder of the Series A Preferred Stock is entitled to a liquidation preference of $1,000 per share. Dividends on each share of Series A Preferred Stock will accrue on a daily basis at the rate of 12.5% per annum. Upon redemption, the Series A Preferred Shares will be settled in cash and are not convertible into any other class or series of shares or Partnership units. Redemption timing is controlled by the Funds. The maximum amount that each of the consolidated subsidiaries could be required to pay to redeem the instruments upon settlement is $125,000 plus accrued but unpaid dividends. The Series A Preferred Stock is recorded within noncontrolling interests on the consolidated balance sheets and are considered participating securities for purposes of calculating earnings (loss) per unit. | |||||||||||||
Fair Value Hierarchy | Fair Value Hierarchy | ||||||||||||
We use a fair value hierarchy in accounting for certain nonfinancial assets and liabilities including long-lived assets (asset groups) measured at fair value for an impairment assessment. | |||||||||||||
The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity’s pricing based upon its own market assumptions. | |||||||||||||
The fair value hierarchy consists of the following three levels: | |||||||||||||
● | Level 1-Inputs are quoted prices in active markets for identical assets or liabilities. | ||||||||||||
● | Level 2-Inputs are: (a) quoted prices for similar assets or liabilities in an active market, (b) quoted prices for identical or similar assets or liabilities in markets that are not active, or (c) inputs other than quoted prices that are observable and market-corroborated inputs, which are derived principally from or corroborated by observable market data. | ||||||||||||
● | Level 3-Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Buildings and Equipment | Buildings and equipment are recorded at cost and consisted of the following as of December 31, 2014 and 2013 (in thousands): | ||||||||||||
Description | 12/31/14 | 12/31/13 | |||||||||||
Buildings | $ | 9,078 | $ | 8,890 | |||||||||
Equipment | 3,169 | 3,118 | |||||||||||
Furniture and fixtures | 641 | 634 | |||||||||||
Total | $ | 12,888 | $ | 12,642 | |||||||||
Accumulated depreciation | (6,849 | ) | (6,437 | ) | |||||||||
Net buildings and equipment | $ | 6,039 | $ | 6,205 | |||||||||
Basic and Diluted Earnings (Loss) per Unit | The table below displays how we arrived at basic and diluted earnings (loss) per unit: | ||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Net income (loss) attributable to Pope Resources’ unitholders | $ | 12,415 | $ | 13,135 | $ | (4,709 | ) | ||||||
Net income attributable to unvested restricted unitholders | (112 | ) | (195 | ) | (88 | ) | |||||||
Dividends paid to Funds preferred shareholders | (31 | ) | (16 | ) | (16 | ) | |||||||
Net income (loss) attributable to unitholders | $ | 12,272 | $ | 12,924 | $ | (4,813 | ) | ||||||
Basic and diluted weighted average units outstanding | 4,353 | 4,369 | 4,351 | ||||||||||
Basic and diluted net earnings (loss) per unit | $ | 2.82 | $ | 2.96 | $ | (1.11 | ) |
Orm_Timber_Fund_I_Lp_Fund_I_Or1
Orm Timber Fund I, Lp (Fund I), Orm Timber Fund II, Inc. (Fund II), and Orm Timber Fund III (Reit) Inc. (Fund III) (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Partnership's Consolidated Financial Statement include Fund I, Fund II, Fund III Assets and Liabilities | The Partnership’s consolidated financial statements include Fund I, Fund II, and Fund III assets and liabilities at December 31, 2014 and 2013, which were as follows: | ||||||||
(in thousands) | 2014 | 2013 | |||||||
Cash | $ | 9,523 | $ | 1,256 | |||||
Other current assets | 1,108 | 362 | |||||||
Total current assets | 10,631 | 1,618 | |||||||
Properties and equipment (net of accumulated depletion | |||||||||
and depreciation in 2014 and 2013 of $26,738 and $28,713) | 230,123 | 211,871 | |||||||
Other long-term assets | 156 | 125 | |||||||
Total assets | $ | 240,910 | $ | 213,614 | |||||
Current liabilities | $ | 1,891 | $ | 1,747 | |||||
Current portion of long-term debt | - | 3 | |||||||
Total current liabilities | 1,891 | 1,750 | |||||||
Long-term debt | 57,380 | 42,980 | |||||||
Funds' equity | 181,639 | 168,884 | |||||||
Total liabilities and equity | $ | 240,910 | $ | 213,614 |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Long-Term Debt | At December 31, | ||||||||
(in thousands) | 2014 | 2013 | |||||||
Pope Resources debt: | |||||||||
Mortgage payable to NWFCS, collateralized by Poulsbo headquarters: | |||||||||
Ten-year tranche, interest at 3.80% with monthly principal and interest | |||||||||
payments (matures January 2023) | $ | 2,802 | $ | 2,908 | |||||
Mortgages payable to NWFCS, collateralized by timberlands, as follows: | |||||||||
Five-year tranche, interest at 4.10% with monthly interest-only payments | |||||||||
(matures July 2015) | 4,999 | 4,999 | |||||||
Seven-year tranche, interest at 4.85% with monthly interest-only payments. | |||||||||
(matures July 2017) | 5,000 | 5,000 | |||||||
Ten-year tranche, interest at 6.40%, collateralized by timberlands | |||||||||
with monthly interest-only payments (matures September 2019) | 9,800 | 9,800 | |||||||
Fifteen-year tranche, interest at 6.05% with monthly interest-only payments. | |||||||||
(matures July 2025) | 10,000 | 10,000 | |||||||
Total Partnership debt | 32,601 | 32,707 | |||||||
ORM Timber Funds debt: | |||||||||
Fund I note payable to the City of Tacoma, repaid January 2014 | - | 3 | |||||||
Mortgages payable to MetLife, collateralized by Fund II timberlands with quarterly | |||||||||
interest payments (matures September 2020), as follows: | |||||||||
4.85% interest rate tranche | 11,000 | 11,000 | |||||||
3.84% interest rate tranche | 14,000 | 14,000 | |||||||
Fund III mortgage payable to NWFCS, collateralized by Fund III timberlands with quarterly interest payments, as follows: | |||||||||
5.10% interest rate tranche (matures December 2023) | 17,980 | 17,980 | |||||||
4.45% interest rate tranche (matures October 2024) | 14,400 | - | |||||||
Total ORM Timber Funds debt | 57,380 | 42,983 | |||||||
Consolidated subtotal | 89,981 | 75,690 | |||||||
Less current portion | (5,109 | ) | (109 | ) | |||||
Consolidated long-term debt, less current portion | $ | 84,872 | $ | 75,581 | |||||
Principal Payments on Long-Term Debt | At December 31, 2014, principal payments on long-term debt for the next five years and thereafter are due as follows (in thousands): | ||||||||
2015 | 5,109 | ||||||||
2016 | 114 | ||||||||
2017 | 5,118 | ||||||||
2018 | 123 | ||||||||
2019 | 9,928 | ||||||||
Thereafter | 69,589 | ||||||||
Total | $ | 89,981 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Consolidated Partnership Income (Loss) Before Income Taxes | The following tables provide information on the impact of income taxes in taxable subsidiaries. Consolidated Partnership income (loss) is reconciled to income (loss) before income taxes in corporate subsidiaries for the years ended December 31 as follows: | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Income (loss) before income taxes | $ | 32,855 | $ | 11,404 | $ | (6,444 | ) | ||||||
Income (loss) in entities that pass-through pre-tax earnings to the partners | 30,169 | 11,632 | (6,578 | ) | |||||||||
Income (loss) subject to income taxes | $ | 2,686 | $ | (228 | ) | $ | 134 | ||||||
Provision for Income Taxes Relating to Corporate Subsidiaries of Partnership | The provision for income taxes relating to corporate subsidiaries of the Partnership consist of the following income tax benefit (expense) for each of the years ended December 31: | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Current | $ | (341 | ) | $ | 47 | $ | (255 | ) | |||||
Deferred | (643 | ) | 260 | (97 | ) | ||||||||
Total | $ | (984 | ) | $ | 307 | $ | (352 | ) | |||||
Reconciliation Between Federal Statutory Tax Rate and Partnership's Effective Tax Rate | A reconciliation between the federal statutory tax rate and the Partnership’s effective tax rate is as follows for each of the years ended December 31: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Statutory tax on income | 34 | % | 34 | % | 34 | % | |||||||
Income (loss) in entities that pass-through pre-tax earnings to the partners | 31 | % | (36 | %) | (39 | %) | |||||||
Effective income tax rate | 3 | % | (2 | %) | (5 | %) | |||||||
Net Deferred Income Tax Assets | The net deferred income tax assets include the following components as of December 31: | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Current (included in prepaid expenses and other) | $ | 602 | $ | 992 | $ | 590 | |||||||
Non-current (included in other assets (other long-term liabilities)) | (244 | ) | 9 | (41 | ) | ||||||||
Total | $ | 358 | $ | 1,001 | $ | 549 | |||||||
Deferred Tax Assets | The deferred tax assets are comprised of the following: | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Compensation-related accruals | $ | 17 | $ | 370 | $ | 353 | |||||||
Net operating loss carryforward | 337 | 611 | 167 | ||||||||||
Depreciation | (23 | ) | (8 | ) | 4 | ||||||||
Other | 27 | 28 | 25 | ||||||||||
Total | $ | 358 | $ | 1,001 | $ | 549 |
Unit_Incentive_Plan_Tables
Unit Incentive Plan (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Restricted Unit Activity | Restricted unit activity for the three years ended December 31, 2014 was as follows: | ||||||||
Weighted Avg | |||||||||
Grant Date | |||||||||
Units | Fair Value ($) | ||||||||
Outstanding December 31, 2011 | 58,500 | 31.54 | |||||||
Grants | 26,350 | 42.85 | |||||||
Vested, net of units tendered back | (26,676 | ) | 30.15 | ||||||
Tendered back to pay tax withholding | (5,826 | ) | 28.6 | ||||||
Outstanding December 31, 2012 | 52,348 | 38.09 | |||||||
Grants | 36,200 | 60 | |||||||
Vested, net of units tendered back | (12,409 | ) | 31.95 | ||||||
Forfeited | (1,350 | ) | 49.07 | ||||||
Tendered back to pay tax withholding | (4,031 | ) | 34.98 | ||||||
Outstanding December 31, 2013 | 70,758 | 50.34 | |||||||
Grants | 12,966 | 65.5 | |||||||
Vested, net of units tendered back | (21,070 | ) | 46.04 | ||||||
Forfeited | (18,261 | ) | 55.49 | ||||||
Tendered back to pay tax withholding | (2,966 | ) | 47.3 | ||||||
Outstanding December 31, 2014 | 41,427 | 55.23 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Changes in Environmental Liability | Changes in the environmental liability for the last three years are as follows: | ||||||||||||||||
Balances at | Additions | Expenditures | |||||||||||||||
the Beginning | to | for | Balance at | ||||||||||||||
(in thousands) | of the Period | Accrual | Remediation | Period-end | |||||||||||||
Year ended December 31, 2012 | $ | 2,203 | $ | 12,500 | $ | 761 | $ | 13,942 | |||||||||
Year ended December 31, 2013 | 13,942 | - | 701 | 13,241 | |||||||||||||
Year ended December 31, 2014 | 13,241 | 10,000 | 1,590 | 21,651 |
Segment_and_Major_Customer_Inf1
Segment and Major Customer Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Schedule of Partnership's Operations by Business Segment | Details of the Partnership’s operations by business segment for the years ended December 31 were as follows: | ||||||||||||||||||||||||||||
(in thousands) | Fee Timber | Timberland | Real | ||||||||||||||||||||||||||
2014 | Partnership | Funds | Combined | Management | Estate | Other | Consolidated | ||||||||||||||||||||||
Revenue internal | $ | 34,459 | $ | 31,356 | $ | 65,815 | $ | 3,303 | $ | 22,385 | $ | - | $ | 91,503 | |||||||||||||||
Eliminations | (611 | ) | - | (611 | ) | (3,303 | ) | (119 | ) | - | (4,033 | ) | |||||||||||||||||
Revenue external | 33,848 | 31,356 | 65,204 | - | 22,266 | - | 87,470 | ||||||||||||||||||||||
Cost of sales | (14,397 | ) | (22,389 | ) | (36,786 | ) | - | (11,304 | ) | - | (48,090 | ) | |||||||||||||||||
Operating, general and | |||||||||||||||||||||||||||||
administrative expenses internal | (5,101 | ) | (6,081 | ) | (11,182 | ) | (2,940 | ) | (13,682 | )* | (3,900 | ) | (31,704 | ) | |||||||||||||||
Eliminations | - | 3,303 | 3,303 | 611 | 119 | 4,033 | |||||||||||||||||||||||
Operating, general and | |||||||||||||||||||||||||||||
administrative expenses external | (5,101 | ) | (2,778 | ) | (7,879 | ) | (2,329 | ) | (13,682 | )* | (3,781 | ) | (27,671 | ) | |||||||||||||||
Gain on sale of tree farms | - | 23,750 | 23,750 | - | - | - | 23,750 | ||||||||||||||||||||||
Income (loss) from operations internal | 14,961 | 26,636 | 41,597 | 363 | (2,601 | ) | (3,900 | ) | 35,459 | ||||||||||||||||||||
Eliminations | (611 | ) | 3,303 | 2,692 | (2,692 | ) | (119 | ) | 119 | - | |||||||||||||||||||
Income (loss) from operations | |||||||||||||||||||||||||||||
external | $ | 14,350 | $ | 29,939 | $ | 44,289 | $ | (2,329 | ) | $ | (2,720 | ) | $ | (3,781 | ) | $ | 35,459 | ||||||||||||
2013 | |||||||||||||||||||||||||||||
Revenue internal | $ | 32,781 | $ | 23,854 | $ | 56,635 | $ | 2,807 | $ | 14,798 | $ | - | $ | 74,240 | |||||||||||||||
Eliminations | (600 | ) | - | (600 | ) | (2,807 | ) | (141 | ) | - | (3,548 | ) | |||||||||||||||||
Revenue external | 32,181 | $ | 23,854 | 56,035 | - | 14,657 | - | 70,692 | |||||||||||||||||||||
Cost of sales | (13,554 | ) | (18,772 | ) | (32,326 | ) | - | (7,300 | ) | - | (39,626 | ) | |||||||||||||||||
Operating, general and | |||||||||||||||||||||||||||||
administrative expenses internal | (4,620 | ) | (5,746 | ) | (10,366 | ) | (2,557 | ) | (4,081 | ) | (4,678 | ) | (21,682 | ) | |||||||||||||||
Eliminations | 25 | 2,800 | 2,825 | 607 | 116 | 3,548 | |||||||||||||||||||||||
Operating, general and | |||||||||||||||||||||||||||||
administrative expenses external | (4,595 | ) | (2,946 | ) | (7,541 | ) | (1,950 | ) | (4,081 | ) | (4,562 | ) | (18,134 | ) | |||||||||||||||
Income (loss) from operations | |||||||||||||||||||||||||||||
internal | 14,607 | (664 | ) | 13,943 | 250 | 3,417 | (4,678 | ) | 12,932 | ||||||||||||||||||||
Eliminations | (575 | ) | 2,800 | 2,225 | (2,200 | ) | (141 | ) | 116 | - | |||||||||||||||||||
Income (loss) from operations | |||||||||||||||||||||||||||||
external | $ | 14,032 | $ | 2,136 | $ | 16,168 | $ | (1,950 | ) | $ | 3,276 | $ | (4,562 | ) | $ | 12,932 | |||||||||||||
2012 | |||||||||||||||||||||||||||||
Revenue internal | $ | 29,353 | $ | 16,681 | $ | 46,034 | $ | 2,218 | $ | 8,574 | $ | - | $ | 56,826 | |||||||||||||||
Eliminations | (495 | ) | - | (495 | ) | (2,211 | ) | (77 | ) | - | (2,783 | ) | |||||||||||||||||
Revenue external | 28,858 | $ | 16,681 | 45,539 | 7 | 8,497 | - | 54,043 | |||||||||||||||||||||
Cost of sales | (13,115 | ) | (14,481 | ) | (27,596 | ) | - | (3,235 | ) | - | (30,831 | ) | |||||||||||||||||
Operating, general and | |||||||||||||||||||||||||||||
administrative expenses internal | (4,183 | ) | (4,166 | ) | (8,349 | ) | (2,070 | ) | (16,361 | )* | (4,199 | ) | (30,979 | ) | |||||||||||||||
Eliminations | 48 | 2,211 | 2,259 | 495 | - | 29 | 2,783 | ||||||||||||||||||||||
Operating, general and | |||||||||||||||||||||||||||||
administrative expenses external | (4,135 | ) | (1,955 | ) | (6,090 | ) | (1,575 | ) | (16,361 | )* | (4,170 | ) | (28,196 | ) | |||||||||||||||
Income (loss) from operations | |||||||||||||||||||||||||||||
internal | 12,055 | (1,966 | ) | 10,089 | 148 | (11,022 | ) | (4,199 | ) | (4,984 | ) | ||||||||||||||||||
Eliminations | (447 | ) | 2,211 | 1,764 | (1,716 | ) | (77 | ) | 29 | - | |||||||||||||||||||
Income (loss) from operations | |||||||||||||||||||||||||||||
external | $ | 11,608 | $ | 245 | $ | 11,853 | $ | (1,568 | ) | $ | (11,099 | ) | $ | (4,170 | ) | $ | (4,984 | ) | |||||||||||
*Includes $10.0 million and $12.5 million of environmental remediation expense in 2014 and 2012, respectively. | |||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Depreciation, Amortization and Depletion | |||||||||||||||||||||||||||||
Fee Timber-Partnership | $ | 2,570 | $ | 2,999 | $ | 3,348 | |||||||||||||||||||||||
Fee Timber-Funds | 9,969 | 8,066 | 6,950 | ||||||||||||||||||||||||||
Fee Timber-Combined | 12,539 | 11,065 | 10,298 | ||||||||||||||||||||||||||
Timberland Management | 2 | 2 | 4 | ||||||||||||||||||||||||||
Real Estate | 394 | 733 | 854 | ||||||||||||||||||||||||||
G&A | 88 | 108 | 95 | ||||||||||||||||||||||||||
Total | $ | 13,023 | $ | 11,908 | $ | 11,251 | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Fee Timber-Partnership | $ | 46,453 | $ | 46,856 | $ | 53,090 | |||||||||||||||||||||||
Fee Timber-Funds | 240,910 | 213,614 | 177,474 | ||||||||||||||||||||||||||
Fee Timber-Combined | 287,363 | 260,470 | 230,564 | ||||||||||||||||||||||||||
Timberland Management | 52 | 3 | 29 | ||||||||||||||||||||||||||
Real Estate | 37,687 | 37,712 | 32,909 | ||||||||||||||||||||||||||
G&A | 19,975 | 12,723 | 3,997 | ||||||||||||||||||||||||||
Total | $ | 345,077 | $ | 310,908 | $ | 267,499 | |||||||||||||||||||||||
Capital and Land Expenditures | |||||||||||||||||||||||||||||
Fee Timber-Partnership | $ | 2,536 | $ | 985 | $ | 927 | |||||||||||||||||||||||
Fee Timber-Funds | 73,359 | 44,510 | 46,033 | ||||||||||||||||||||||||||
Fee Timber-Combined | 75,895 | 45,495 | 46,960 | ||||||||||||||||||||||||||
Timberland Management | 38 | 4 | 3 | ||||||||||||||||||||||||||
Real Estate-development activities | 4,967 | 10,801 | 2,478 | ||||||||||||||||||||||||||
Real Estate-other | 198 | 101 | 35 | ||||||||||||||||||||||||||
G&A | 55 | 43 | 136 | ||||||||||||||||||||||||||
Total | $ | 81,153 | $ | 56,444 | $ | 49,612 | |||||||||||||||||||||||
Revenue by product/service | |||||||||||||||||||||||||||||
Domestic forest products | $ | 42,896 | $ | 34,001 | $ | 33,577 | |||||||||||||||||||||||
Export forest products, indirect | 22,308 | 22,034 | 11,962 | ||||||||||||||||||||||||||
Conservation easements and sales | 7,703 | 7,259 | 1,235 | ||||||||||||||||||||||||||
Fees for service | 37 | - | 7 | ||||||||||||||||||||||||||
Homes, lots, and undeveloped acreage | 14,526 | 7,398 | 7,262 | ||||||||||||||||||||||||||
Total | $ | 87,470 | $ | 70,692 | $ | 54,043 |
Quarterly_Financial_Informatio1
Quarterly Financial Information (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information | (in thousands except | Revenue | Income (loss) | Net income (loss) | Basic and diluted | ||||||||||||
per unit amounts) | from operations | attributable to | earnings (loss) per | ||||||||||||||
unitholders | partnership unit | ||||||||||||||||
2014 | |||||||||||||||||
First quarter | $ | 37,779 | $ | 14,248 | $ | 12,241 | $ | 2.75 | |||||||||
Second quarter | 18,583 | 3,137 | 1,846 | 0.41 | |||||||||||||
Third quarter | 13,755 | 9,191 | 1,500 | 0.34 | |||||||||||||
Fourth quarter | 17,353 | 8,883 | (3,172 | ) | (0.75 | ) | |||||||||||
2013 | |||||||||||||||||
First quarter | $ | 16,718 | $ | 3,758 | $ | 3,484 | $ | 0.76 | |||||||||
Second quarter | 23,197 | 6,859 | 6,128 | 1.34 | |||||||||||||
Third quarter | 11,724 | (530 | ) | (75 | ) | (0.03 | ) | ||||||||||
Fourth quarter | 19,053 | 2,845 | 3,598 | 0.81 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2014 | Mar. 31, 2010 | |
Segment | |||||
Significant Accounting Policies [Line Items] | |||||
Number of business segments | 3 | ||||
Number of partnership units owned by two general partners | 60,000 | 60,000 | |||
Certificates of deposit maturity period | 180 days | ||||
Allowance for doubtful accounts on accounts receivable | $17,000 | $19,000 | |||
Deferred tax assets, valuation allowance | 0 | ||||
Deferred Revenue | 668,000 | 599,000 | |||
Restricted Units | |||||
Significant Accounting Policies [Line Items] | |||||
Vesting period of restricted stock unit award | 4 years | ||||
Funds I and II | |||||
Significant Accounting Policies [Line Items] | |||||
Percentage of interests owned by third parties in non controlling interests | 80.00% | ||||
Fund III | |||||
Significant Accounting Policies [Line Items] | |||||
Percentage of interests owned by third parties in non controlling interests | 95.00% | ||||
Timberland Management | |||||
Significant Accounting Policies [Line Items] | |||||
Depletion Disclosure | Depletion rate Accumulated cost of timber and capitalized road expenditures Estimated volume of merchantable timber | ||||
Land | |||||
Significant Accounting Policies [Line Items] | |||||
Asset held for sale | 7,200,000 | ||||
Area Land for sale | 41 | 61 | |||
Land | Fee Timber | |||||
Significant Accounting Policies [Line Items] | |||||
Area Land for sale | 535 | ||||
Conservation easements and sales | |||||
Significant Accounting Policies [Line Items] | |||||
Sale | 743,000 | 0 | 1,200,000 | ||
Maximum | |||||
Significant Accounting Policies [Line Items] | |||||
Cash and cash equivalents original maturities | 3 months | ||||
Estimated useful life of properties and equipment | 39 years | ||||
Minimum | |||||
Significant Accounting Policies [Line Items] | |||||
Estimated useful life of properties and equipment | 3 years | ||||
Series A Preferred Stock | Fund III | |||||
Significant Accounting Policies [Line Items] | |||||
Preferred stock issued | 125 | ||||
Preferred stock issued at par value | $0.01 | ||||
Series A preferred stock | $1,000 | ||||
Preferred stock rate of interest | 12.50% | ||||
Series A preferred stock, proceeds | 125,000 | ||||
Maximum amount required to pay on redemption upon settlement | 125,000 | ||||
Series A Preferred Stock | Fund II | |||||
Significant Accounting Policies [Line Items] | |||||
Preferred stock issued | 125 | ||||
Preferred stock issued at par value | $0.01 | ||||
Series A preferred stock | $1,000 | ||||
Preferred stock rate of interest | 12.50% | ||||
Series A preferred stock, proceeds | 125,000 | ||||
Maximum amount required to pay on redemption upon settlement | $125,000 | ||||
Olympic Resource Management Llc | Fund I, II and III | |||||
Significant Accounting Policies [Line Items] | |||||
Percentage of ownership interest in Funds | 1.00% | ||||
Pope Resources Timber | Funds I and II | |||||
Significant Accounting Policies [Line Items] | |||||
Percentage of ownership interest in Funds | 19.00% | ||||
Pope Resources Timber | Fund III | |||||
Significant Accounting Policies [Line Items] | |||||
Percentage of ownership interest in Funds | 4.00% | ||||
General Partner | |||||
Significant Accounting Policies [Line Items] | |||||
Number of partnership units owned by two general partners | 60,000 | ||||
Number of general partner | 2 |
Buildings_and_Equipment_Detail
Buildings and Equipment (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | $12,888 | $12,642 |
Accumulated depreciation | -6,849 | -6,437 |
Net buildings and equipment | 6,039 | 6,205 |
Building | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | 9,078 | 8,890 |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | 3,169 | 3,118 |
Furniture and Fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | $641 | $634 |
Basic_and_Diluted_Income_Loss_
Basic and Diluted Income (Loss) per Unit (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share Disclosure [Line Items] | |||||||||||
Net income (loss) attributable to Pope Resources' unitholders | ($3,172) | $1,500 | $1,846 | $12,241 | $3,598 | ($75) | $6,128 | $3,484 | $12,415 | $13,135 | ($4,709) |
Net income attributable to unvested restricted unitholders | -112 | -195 | -88 | ||||||||
Dividends paid to Funds preferred shareholders | -31 | -16 | -16 | ||||||||
Net income (loss) attributable to unitholders | $12,272 | $12,924 | ($4,813) | ||||||||
Basic and diluted weighted average units outstanding | 4,353 | 4,369 | 4,351 | ||||||||
Basic and diluted net earnings (loss) per unit | ($0.75) | $0.34 | $0.41 | $2.75 | $0.81 | ($0.03) | $1.34 | $0.76 | $2.82 | $2.96 | ($1.11) |
Balance_Sheet_of_Partnership_C
Balance Sheet of Partnership Co-Investments - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | ||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2012 | |
Property | acre | |||||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||||||||
Funds' income (losses) from operation | $8,883,000 | $9,191,000 | $3,137,000 | $14,248,000 | $2,845,000 | ($530,000) | $6,859,000 | $3,758,000 | $35,459,000 | $12,932,000 | ($4,984,000) | |||
Gain recognized on sale of tree farms | 23,750,000 | |||||||||||||
Land held for sale, carrying value | 7,160,000 | 10,258,000 | 7,160,000 | 10,258,000 | ||||||||||
Pretax profit (loss) | 32,855,000 | 11,404,000 | -6,444,000 | |||||||||||
Management fees payable | 613,000 | 557,000 | 613,000 | 557,000 | ||||||||||
Fund I | ||||||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||||||||
Operating term for Fund | 10 years | |||||||||||||
Termination agreement date | 2017-08 | |||||||||||||
Pope Resources and ORMLLC combined ownership percentage | 20.00% | |||||||||||||
Number of tree farms sold | 1 | 1 | ||||||||||||
Gain recognized on sale of tree farms | 14,600,000 | 9,200,000 | ||||||||||||
Fund I | Western Washington | ||||||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||||||||
Number of tree farms sold | 1 | |||||||||||||
Proceeds from sale of tree farms | 31,500,000 | 39,000,000 | ||||||||||||
Pretax profit (loss) | 4,700,000 | -124,000 | -191,000 | |||||||||||
Fund I | property | ||||||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||||||||
Land held for sale, carrying value | 26,600,000 | 13,600,000 | 26,600,000 | |||||||||||
Fund I | Land | ||||||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||||||||
Land held for sale, carrying value | 2,400,000 | 2,600,000 | 2,400,000 | |||||||||||
Fund II | ||||||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||||||||
Operating term for Fund | 10 years | |||||||||||||
Termination agreement date | 2021-03 | |||||||||||||
Pope Resources and ORMLLC combined ownership percentage | 20.00% | |||||||||||||
Fund III | ||||||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||||||||
Operating term for Fund | 10 years | |||||||||||||
Termination agreement description | Fund III terminating on the tenth anniversary of the completion of its drawdown period. Fund III's drawdown period will end at the earlier of placement of all committed capital or July 31, 2015. | |||||||||||||
Pope Resources and ORMLLC combined ownership percentage | 5.00% | |||||||||||||
Fund III | Northern California | ||||||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||||||||
Area of timberland acquired | 19,000 | |||||||||||||
Payment to acquire timberland | 45,100,000 | |||||||||||||
Fund III | Northern California | Land | ||||||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||||||||
Payment to acquire timberland | 7,500,000 | |||||||||||||
Fund III | Northern California | Timber and Roads | ||||||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||||||||
Payment to acquire timberland | 37,600,000 | |||||||||||||
Fund III | Southwest Washington | ||||||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||||||||
Area of timberland acquired | 11,000 | |||||||||||||
Payment to acquire timberland | 43,400,000 | |||||||||||||
Proceeds from loan | 18,000,000 | |||||||||||||
Fund III | Southwest Washington | Land | ||||||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||||||||
Payment to acquire timberland | 4,300,000 | |||||||||||||
Fund III | Southwest Washington | Timber and Roads | ||||||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||||||||
Payment to acquire timberland | 39,100,000 | |||||||||||||
Fund III | Northwestern Oregon | ||||||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||||||||
Area of timberland acquired | 13,000 | |||||||||||||
Payment to acquire timberland | 72,000,000 | |||||||||||||
Fund III | Northwestern Oregon | Land | ||||||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||||||||
Payment to acquire timberland | 7,800,000 | |||||||||||||
Fund III | Northwestern Oregon | Timber and Roads | ||||||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||||||||
Payment to acquire timberland | 64,200,000 | |||||||||||||
ORM Timber Funds | ||||||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||||||||
Funds' income (losses) from operation | 26,600,000 | -664,000 | -2,000,000 | |||||||||||
Management fees paid to ORMLLC | $3,300,000 | $2,800,000 | $2,200,000 |
Partnerships_Consolidated_Bala
Partnership's Consolidated Balance Sheet included Assets and Liabilities of Funds (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash | $9,523 | $1,256 | |
Total current assets | 37,480 | 20,379 | |
Properties and equipment (net of accumulated depletion and depreciation in 2014 and 2013 of $26,738 and $28,713) | 307,156 | 290,137 | |
Other long-term assets | 441 | 392 | |
Total assets | 345,077 | 310,908 | 267,499 |
Current liabilities | 248 | 266 | |
Current portion of long-term debt | 5,109 | 109 | |
Total current liabilities | 14,214 | 7,979 | |
Long-term debt | 84,872 | 75,581 | |
Total liabilities and equity | 345,077 | 310,908 | |
ORM Timber Funds | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash | 9,523 | 1,256 | |
Other current assets | 1,108 | 362 | |
Total current assets | 10,631 | 1,618 | |
Properties and equipment (net of accumulated depletion and depreciation in 2014 and 2013 of $26,738 and $28,713) | 230,123 | 211,871 | |
Other long-term assets | 156 | 125 | |
Total assets | 240,910 | 213,614 | |
Current liabilities | 1,891 | 1,747 | |
Current portion of long-term debt | 3 | ||
Total current liabilities | 1,891 | 1,750 | |
Long-term debt | 57,380 | 42,980 | |
Funds' equity | 181,639 | 168,884 | |
Total liabilities and equity | $240,910 | $213,614 |
Partnerships_Consolidated_Bala1
Partnership's Consolidated Balance Sheet included Assets and Liabilities of Funds (Parenthetical) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Condensed Financial Statements, Captions [Line Items] | ||
Properties and equipment, accumulated depletion and depreciation | $93,359 | $92,971 |
ORM Timber Funds | ||
Condensed Financial Statements, Captions [Line Items] | ||
Properties and equipment, accumulated depletion and depreciation | $26,738 | $28,713 |
LongTerm_Debt_Detail
Long-Term Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Long-term debt | $89,981 | $75,690 |
Less current portion | -5,109 | -109 |
Consolidated long-term debt, less current portion | 84,872 | 75,581 |
Pope Resources Poulsbo Headquarters | Mortgages payable to NWFCS | Ten-year tranche, interest at 3.80% with monthly principal and interest payments (matures in January 2023) | ||
Debt Instrument [Line Items] | ||
Long-term debt | 2,802 | 2,908 |
Pope Resources Timber | Mortgages payable to NWFCS | ||
Debt Instrument [Line Items] | ||
Long-term debt | 32,601 | 32,707 |
Pope Resources Timber | Mortgages payable to NWFCS | Five-year tranche, interest at 4.10% with monthly interest-only payments (matures in July 2015) | ||
Debt Instrument [Line Items] | ||
Long-term debt | 4,999 | 4,999 |
Pope Resources Timber | Mortgages payable to NWFCS | Seven-year tranche, interest at 4.85% with monthly interest-only payments (matures in July 2017) | ||
Debt Instrument [Line Items] | ||
Long-term debt | 5,000 | 5,000 |
Pope Resources Timber | Mortgages payable to NWFCS | Ten-year tranche, interest at 6.40%, collateralized by timberlands with monthly interest-only payments (matures September 2019) | ||
Debt Instrument [Line Items] | ||
Long-term debt | 9,800 | 9,800 |
Pope Resources Timber | Mortgages payable to NWFCS | Fifteen-year tranche, interest at 6.05% with monthly interest-only payments. (matures in July 2025) | ||
Debt Instrument [Line Items] | ||
Long-term debt | 10,000 | 10,000 |
ORM Timber Funds | ||
Debt Instrument [Line Items] | ||
Long-term debt | 57,380 | 42,983 |
ORM Timber Funds | Fund I note payable to the City of Tacoma, repaid January 2014 | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current portion | 3 | |
ORM Timber Funds | Mortgages payable to MetLife, collateralized by Fund II timberlands with quarterly interest payments (matures September 2020) | 4.85% interest rate tranche | ||
Debt Instrument [Line Items] | ||
Long-term debt | 11,000 | 11,000 |
ORM Timber Funds | Mortgages payable to MetLife, collateralized by Fund II timberlands with quarterly interest payments (matures September 2020) | 3.84% interest rate tranche | ||
Debt Instrument [Line Items] | ||
Long-term debt | 14,000 | 14,000 |
ORM Timber Funds | Fund III mortgage payable to NWFCS, interest at 5.1%, collateralized by Fund III timberlands with quarterly interest payments (matures December 2023) | Five Point One Zero Due December Twenty Twenty Three | ||
Debt Instrument [Line Items] | ||
Long-term debt | 17,980 | 17,980 |
ORM Timber Funds | Fund III mortgage payable to NWFCS, interest at 4.45%, collateralized by Fund III timberlands with quarterly interest payments (matures October 2024) | Four Point Four Five Due October Twenty Twenty Four | ||
Debt Instrument [Line Items] | ||
Long-term debt | $14,400 |
LongTerm_Debt_Parenthetical_De
Long-Term Debt (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Pope Resources Poulsbo Headquarters | Mortgages payable to NWFCS | Ten-year tranche, interest at 3.80% with monthly principal and interest payments (matures in January 2023) | ||
Debt Instrument [Line Items] | ||
Long-term debt term | 10 years | 10 years |
Long-term debt interest rate | 3.80% | 3.80% |
Debt Maturity Date | 2023-01 | 2023-01 |
Pope Resources Timber | Mortgages payable to NWFCS | Five-year tranche, interest at 4.10% with monthly interest-only payments (matures in July 2015) | ||
Debt Instrument [Line Items] | ||
Long-term debt term | 5 years | 5 years |
Long-term debt interest rate | 4.10% | 4.10% |
Debt Maturity Date | 2015-07 | 2015-07 |
Pope Resources Timber | Mortgages payable to NWFCS | Seven-year tranche, interest at 4.85% with monthly interest-only payments (matures in July 2017) | ||
Debt Instrument [Line Items] | ||
Long-term debt term | 7 years | 7 years |
Long-term debt interest rate | 4.85% | 4.85% |
Debt Maturity Date | 2017-07 | 2017-07 |
Pope Resources Timber | Mortgages payable to NWFCS | Ten-year tranche, interest at 6.40%, collateralized by timberlands with monthly interest-only payments (matures September 2019) | ||
Debt Instrument [Line Items] | ||
Long-term debt term | 10 years | 10 years |
Long-term debt interest rate | 6.40% | 6.40% |
Debt Maturity Date | 2019-09 | 2019-09 |
Pope Resources Timber | Mortgages payable to NWFCS | Fifteen-year tranche, interest at 6.05% with monthly interest-only payments. (matures in July 2025) | ||
Debt Instrument [Line Items] | ||
Long-term debt term | 15 years | 15 years |
Long-term debt interest rate | 6.05% | 6.05% |
Debt Maturity Date | 2025-07 | 2025-07 |
ORM Timber Funds | Fund I note payable to the City of Tacoma, repaid January 2014 | ||
Debt Instrument [Line Items] | ||
Debt Maturity Date | 2014-01 | 2014-01 |
ORM Timber Funds | Mortgages payable to MetLife, collateralized by Fund II timberlands with quarterly interest payments (matures September 2020) | ||
Debt Instrument [Line Items] | ||
Debt Maturity Date | 2020-09 | 2020-09 |
ORM Timber Funds | Mortgages payable to MetLife, collateralized by Fund II timberlands with quarterly interest payments (matures September 2020) | 4.85% interest rate tranche | ||
Debt Instrument [Line Items] | ||
Long-term debt interest rate | 4.85% | 4.85% |
ORM Timber Funds | Mortgages payable to MetLife, collateralized by Fund II timberlands with quarterly interest payments (matures September 2020) | 3.84% interest rate tranche | ||
Debt Instrument [Line Items] | ||
Long-term debt interest rate | 3.84% | 3.84% |
ORM Timber Funds | Fund III mortgage payable to NWFCS, interest at 5.1%, collateralized by Fund III timberlands with quarterly interest payments (matures December 2023) | Five Point One Zero Due December Twenty Twenty Three | ||
Debt Instrument [Line Items] | ||
Long-term debt interest rate | 5.10% | 5.10% |
Debt Maturity Date | 2023-12 | 2023-12 |
ORM Timber Funds | Fund III mortgage payable to NWFCS, interest at 4.45%, collateralized by Fund III timberlands with quarterly interest payments (matures October 2024) | Four Point Four Five Due October Twenty Twenty Four | ||
Debt Instrument [Line Items] | ||
Long-term debt interest rate | 4.45% | 4.45% |
Debt Maturity Date | 2024-10 | 2024-10 |
Long_Term_Debt_Additional_Info
Long Term Debt - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | |||
Capitalization Rate | 30.00% | ||
Accrued Interest on Debt Instruments | $960,000 | $671,000 | |
Line of credit | |||
Debt Instrument [Line Items] | |||
Line Of Credit maximum Borrowing Limit | 20,000,000 | ||
Line Of Credit Maturity Term | 2015-08 | 2015-08 | |
Line of Credit Drawn | 0 | 0 | |
Spread above the benchmark rate | 1.92% | ||
Decrease in interest Expense | $395,000 | $249,000 | $214,000 |
Line of credit | Minimum | |||
Debt Instrument [Line Items] | |||
Spread above the benchmark rate | 1.75% | ||
Line of credit | Maximum | |||
Debt Instrument [Line Items] | |||
Spread above the benchmark rate | 2.75% | ||
Fund II | |||
Debt Instrument [Line Items] | |||
Loan to Value Ratio | 40.00% | ||
Fund III | |||
Debt Instrument [Line Items] | |||
Loan to Value Ratio | 50.00% |
Principal_Payments_on_LongTerm
Principal Payments on Long-Term Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
2015 | $5,109 | |
2016 | 114 | |
2017 | 5,118 | |
2018 | 123 | |
2019 | 9,928 | |
Thereafter | 69,589 | |
Total | $89,981 | $75,690 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments - Additional Information (Detail) (Fixed-Rate Debt, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt outstanding carrying value | $90 | $75.70 |
Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt outstanding fair value | $96 | $77.50 |
Consolidated_Partnership_Incom
Consolidated Partnership Income (Loss) Before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax [Line Items] | |||
Income (loss) before income taxes | $32,855 | $11,404 | ($6,444) |
Income (loss) in entities that pass-through pre-tax earnings to the partners | 30,169 | 11,632 | -6,578 |
Income (loss) subject to income taxes | $2,686 | ($228) | $134 |
Provision_for_Income_Taxes_Rel
Provision for Income Taxes Relating to Corporate Subsidiaries of Partnership (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Line Items] | |||
Current | ($341) | $47 | ($255) |
Deferred | -643 | 260 | -97 |
Total | ($984) | $307 | ($352) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax [Line Items] | |||
Excess tax benefit | $85 | $0 | $220 |
Deferred income tax benefit (expense) | -643 | 260 | -97 |
Domestic Tax Authority | |||
Income Tax [Line Items] | |||
Net operating loss carryforwards expiration year | 2033 | 2032 | |
Operating Loss Carryforwards | |||
Income Tax [Line Items] | |||
Deferred income tax benefit (expense) | ($274) | $444 | ($167) |
Reconciliation_Between_Federal
Reconciliation Between Federal Statutory Tax Rate and Partnership's Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Reconciliation of Statutory Federal Tax Rate [Line Items] | |||
Statutory tax on income | 34.00% | 34.00% | 34.00% |
Income (loss) in entities that pass-through pre-tax earnings to the partners | 31.00% | -36.00% | -39.00% |
Effective income tax rate | 3.00% | -2.00% | -5.00% |
Net_Deferred_Income_Tax_Assets
Net Deferred Income Tax Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Schedule of Deferred Income Tax Assets and Liabilities [Line Items] | |||
Current (included in prepaid expenses and other) | $602 | $992 | $590 |
Non-current (included in other assets (other long-term liabilities)) | -244 | 9 | -41 |
Total | $358 | $1,001 | $549 |
Deferred_Tax_Assets_Detail
Deferred Tax Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Schedule of Deferred Income Tax Assets and Liabilities [Line Items] | |||
Compensation-related accruals | $17 | $370 | $353 |
Net operating loss carryforward | 337 | 611 | 167 |
Depreciation | -23 | -8 | 4 |
Other | 27 | 28 | 25 |
Total | $358 | $1,001 | $549 |
Unit_Incentive_Plan_Additional
Unit Incentive Plan - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity Compensation Expense | $867,000 | $1,214,000 | $740,000 |
Accrued liabilities relating to incentive compensation program | 1,000,000 | 2,000,000 | |
Unvested Restricted Stock Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total Compensation expense related to non-vested awards not yet recognized | 758,000 | ||
Weighted average remaining period to vest | 17 months | ||
PRU plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense vesting period | 4 years | ||
Performance Period | 3 years | ||
Portion of accrued liabilities paid in cash | 287,000 | 197,000 | |
LTIP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Portion of accrued liabilities paid in cash | $751,000 | $1,800,000 | |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense vesting period | 4 years | ||
2005 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock authorized for issuance | 1,105,815 | ||
Shares authorized but unissued | 921,289 |
Restricted_Unit_Activity_Detai
Restricted Unit Activity (Detail) (Restricted Stock and Restricted Stock Units, USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock and Restricted Stock Units | |||
Number of Shares | |||
Outstanding Beginning Balance | 70,758 | 52,348 | 58,500 |
Grants | 12,966 | 36,200 | 26,350 |
Vested, net of units tendered back | -21,070 | -12,409 | -26,676 |
Forfeited | -18,261 | -1,350 | |
Tendered back to pay tax withholding | -2,966 | -4,031 | -5,826 |
Outstanding Ending Balance | 41,427 | 70,758 | 52,348 |
Weighted Average Grant Date Fair Value | |||
Outstanding Beginning Balance | $50.34 | $38.09 | $31.54 |
Grants | $65.50 | $60 | $42.85 |
Vested, net of units tendered back | $46.04 | $31.95 | $30.15 |
Forfeited | $55.49 | $49.07 | |
Tendered back to pay tax withholding | $47.30 | $34.98 | $28.60 |
Outstanding Ending Balance | $55.23 | $50.34 | $38.09 |
Employee_Benefits_Additional_I
Employee Benefits - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Employer matching contribution to a defined contribution plan | 50.00% | 50.00% | 50.00% |
Maximum percentage of compensation contribution by company to a defined contribution plan | 8.00% | 8.00% | 8.00% |
Amount of contribution by company to a defined contribution plan | $176,000 | $147,000 | $141,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 | |
Commitments and Contingencies [Line Items] | |||||
Accrual for estimated environmental remediation costs | $21,651,000 | $13,942,000 | $21,651,000 | $13,241,000 | $2,203,000 |
Expense for additional environmental liabilities | 10,000,000 | 12,500,000 | |||
Performance bonds outstanding | 6,900,000 | 6,900,000 | 15,500,000 | ||
Percent of salary as retirement income | 70.00% | 70.00% | |||
Payment of fixed retirement benefits | 25,013 | ||||
Projected liability under retirement plan | 165,000 | 165,000 | 192,000 | ||
Port Gamble | |||||
Commitments and Contingencies [Line Items] | |||||
Accrual for estimated environmental remediation costs | 21,600,000 | 21,600,000 | |||
Expense for additional environmental liabilities | 10,000,000 | ||||
Port Ludlow | |||||
Commitments and Contingencies [Line Items] | |||||
Accrual for estimated environmental remediation costs | 86,000 | 86,000 | |||
Other Current Liabilities | |||||
Commitments and Contingencies [Line Items] | |||||
Environmental liability, next 12 month | 3,700,000 | 3,700,000 | |||
Other Long-Term Liabilities | |||||
Commitments and Contingencies [Line Items] | |||||
Environmental liability thereafter | 18,000,000 | 18,000,000 | |||
Minimum | |||||
Commitments and Contingencies [Line Items] | |||||
Estimated environmental clean up costs | 19,000,000 | ||||
Maximum | |||||
Commitments and Contingencies [Line Items] | |||||
Estimated environmental clean up costs | 24,900,000 | ||||
mean | |||||
Commitments and Contingencies [Line Items] | |||||
Accrual for estimated environmental remediation costs | $21,600,000 | $21,600,000 |
Changes_in_Environmental_Liabi
Changes in Environmental Liability (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments And Contingent Liabilities [Line Items] | |||
Beginning balance | $13,241 | $13,942 | $2,203 |
Additions to Accrual | 10,000 | 12,500 | |
Expenditures for Remediation | 1,590 | 701 | 761 |
Ending balance | $21,651 | $13,241 | $13,942 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (General Partner, USD $) | 12 Months Ended |
Dec. 31, 2014 | |
General Partner | |
Related Party Transaction [Line Items] | |
Management fees paid | $150,000 |
Segment_and_Major_Customer_Inf2
Segment and Major Customer Information - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Customer | Customer | Customer | |||||||||
Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of segment | 3 | ||||||||||
Consolidated Revenue | $17,353 | $13,755 | $18,583 | $37,779 | $19,053 | $11,724 | $23,197 | $16,718 | $87,470 | $70,692 | $54,043 |
Number of major customer | 0 | 1 | 1 | ||||||||
Sales Revenue, Net | Customer One | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Consolidated Revenue | 9,900 | 10,600 | |||||||||
Sales Revenue, Net | Customer One | Customer Concentration Risk | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Percent of Consolidated Revenue | 10.00% | 14.00% | 20.00% | ||||||||
Sales Revenue, Net | Customer Two | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Consolidated Revenue | 8,600 | ||||||||||
Sales Revenue, Net | Customer Two | Customer Concentration Risk | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Percent of Consolidated Revenue | 12.00% | ||||||||||
Fee Timber | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Area of land | 111,000 | 111,000 | |||||||||
Consolidated Revenue | 65,204 | 56,035 | 45,539 | ||||||||
ORM Timber Funds | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Area of land | 80,000 | 80,000 | |||||||||
Real Estate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Area of land | 2,500 | 2,500 | |||||||||
Consolidated Revenue | $22,266 | $14,657 | $8,497 | ||||||||
Fund I | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Area of land | 24,000 | 24,000 | |||||||||
Fund II | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Area of land | 37,000 | 37,000 | |||||||||
Fund III | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Area of land | 43,000 | 43,000 |
Reconciliation_of_Internally_R
Reconciliation of Internally Reported Income (Loss) from Operations to Externally Reported Income (Loss) from Operations by Business Segment (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Revenue | $17,353,000 | $13,755,000 | $18,583,000 | $37,779,000 | $19,053,000 | $11,724,000 | $23,197,000 | $16,718,000 | $87,470,000 | $70,692,000 | $54,043,000 | ||
Cost of sales | -48,090,000 | -39,626,000 | -30,831,000 | ||||||||||
Operating, general and administrative expenses | -27,671,000 | -18,134,000 | -28,196,000 | ||||||||||
Gain on sale of tree farms | 23,750,000 | ||||||||||||
Income (loss) from operations | 8,883,000 | 9,191,000 | 3,137,000 | 14,248,000 | 2,845,000 | -530,000 | 6,859,000 | 3,758,000 | 35,459,000 | 12,932,000 | -4,984,000 | ||
Depreciation, Amortization and Depletion | 13,023,000 | 11,908,000 | 11,251,000 | ||||||||||
Assets | 345,077,000 | 310,908,000 | 345,077,000 | 310,908,000 | 267,499,000 | ||||||||
Capital and Land Expenditures | 81,153,000 | 56,444,000 | 81,153,000 | 56,444,000 | 49,612,000 | ||||||||
Domestic forest products | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Revenue | 42,896,000 | 34,001,000 | 33,577,000 | ||||||||||
Export forest products, indirect | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Revenue | 22,308,000 | 22,034,000 | 11,962,000 | ||||||||||
Conservation easements and sales | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Revenue | 7,703,000 | 7,259,000 | 1,235,000 | ||||||||||
Professional Fee | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Revenue | 37,000 | 7,000 | |||||||||||
Homes, lots, and undeveloped acreage | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Revenue | 14,526,000 | 7,398,000 | 7,262,000 | ||||||||||
ORM Timber Funds | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Assets | 240,910,000 | 213,614,000 | 240,910,000 | 213,614,000 | |||||||||
Fee Timber | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Revenue | 65,204,000 | 56,035,000 | 45,539,000 | ||||||||||
Cost of sales | -36,786,000 | -32,326,000 | -27,596,000 | ||||||||||
Operating, general and administrative expenses | -7,879,000 | -7,541,000 | -6,090,000 | ||||||||||
Gain on sale of tree farms | 23,750,000 | ||||||||||||
Income (loss) from operations | 44,289,000 | 16,168,000 | 11,853,000 | ||||||||||
Depreciation, Amortization and Depletion | 12,539,000 | 11,065,000 | 10,298,000 | ||||||||||
Assets | 287,363,000 | 260,470,000 | 287,363,000 | 260,470,000 | 230,564,000 | ||||||||
Capital and Land Expenditures | 75,895,000 | 45,495,000 | 75,895,000 | 45,495,000 | 46,960,000 | ||||||||
Fee Timber | Pope Resources Timber | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Revenue | 33,848,000 | 32,181,000 | 28,858,000 | ||||||||||
Cost of sales | -14,397,000 | -13,554,000 | -13,115,000 | ||||||||||
Operating, general and administrative expenses | -5,101,000 | -4,595,000 | -4,135,000 | ||||||||||
Income (loss) from operations | 14,350,000 | 14,032,000 | 11,608,000 | ||||||||||
Depreciation, Amortization and Depletion | 2,570,000 | 2,999,000 | 3,348,000 | ||||||||||
Assets | 46,453,000 | 46,856,000 | 46,453,000 | 46,856,000 | 53,090,000 | ||||||||
Capital and Land Expenditures | 2,536,000 | 985,000 | 2,536,000 | 985,000 | 927,000 | ||||||||
Fee Timber | ORM Timber Funds | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Revenue | 31,356,000 | 23,854,000 | 16,681,000 | ||||||||||
Cost of sales | -22,389,000 | -18,772,000 | -14,481,000 | ||||||||||
Operating, general and administrative expenses | -2,778,000 | -2,946,000 | -1,955,000 | ||||||||||
Gain on sale of tree farms | 23,750,000 | ||||||||||||
Income (loss) from operations | 29,939,000 | 2,136,000 | 245,000 | ||||||||||
Depreciation, Amortization and Depletion | 9,969,000 | 8,066,000 | 6,950,000 | ||||||||||
Assets | 240,910,000 | 213,614,000 | 240,910,000 | 213,614,000 | 177,474,000 | ||||||||
Capital and Land Expenditures | 73,359,000 | 44,510,000 | 73,359,000 | 44,510,000 | 46,033,000 | ||||||||
Timberland Management | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Revenue | 7,000 | ||||||||||||
Operating, general and administrative expenses | -2,329,000 | -1,950,000 | -1,575,000 | ||||||||||
Income (loss) from operations | -2,329,000 | -1,950,000 | -1,568,000 | ||||||||||
Depreciation, Amortization and Depletion | 2,000 | 2,000 | 4,000 | ||||||||||
Assets | 52,000 | 3,000 | 52,000 | 3,000 | 29,000 | ||||||||
Capital and Land Expenditures | 38,000 | 4,000 | 38,000 | 4,000 | 3,000 | ||||||||
Real Estate | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Revenue | 22,266,000 | 14,657,000 | 8,497,000 | ||||||||||
Cost of sales | -11,304,000 | -7,300,000 | -3,235,000 | ||||||||||
Operating, general and administrative expenses | -13,682,000 | [1] | -4,081,000 | -16,361,000 | [1] | ||||||||
Income (loss) from operations | -2,720,000 | 3,276,000 | -11,099,000 | ||||||||||
Depreciation, Amortization and Depletion | 394,000 | 733,000 | 854,000 | ||||||||||
Assets | 37,687,000 | 37,712,000 | 37,687,000 | 37,712,000 | 32,909,000 | ||||||||
Real Estate | Development Activities | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Capital and Land Expenditures | 4,967,000 | 10,801,000 | 4,967,000 | 10,801,000 | 2,478,000 | ||||||||
Real Estate | Other | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Capital and Land Expenditures | 198,000 | 101,000 | 198,000 | 101,000 | 35,000 | ||||||||
Other | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Operating, general and administrative expenses | -3,781,000 | -4,562,000 | -4,170,000 | ||||||||||
Income (loss) from operations | -3,781,000 | -4,562,000 | -4,170,000 | ||||||||||
Internal | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Revenue | 91,503,000 | 74,240,000 | 56,826,000 | ||||||||||
Operating, general and administrative expenses | -31,704,000 | -21,682,000 | -30,979,000 | ||||||||||
Income (loss) from operations | 35,459,000 | 12,932,000 | -4,984,000 | ||||||||||
Internal | Fee Timber | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Revenue | 65,815,000 | 56,635,000 | 46,034,000 | ||||||||||
Operating, general and administrative expenses | -11,182,000 | -10,366,000 | -8,349,000 | ||||||||||
Income (loss) from operations | 41,597,000 | 13,943,000 | 10,089,000 | ||||||||||
Internal | Fee Timber | Pope Resources Timber | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Revenue | 34,459,000 | 32,781,000 | 29,353,000 | ||||||||||
Operating, general and administrative expenses | -5,101,000 | -4,620,000 | -4,183,000 | ||||||||||
Income (loss) from operations | 14,961,000 | 14,607,000 | 12,055,000 | ||||||||||
Internal | Fee Timber | ORM Timber Funds | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Revenue | 31,356,000 | 23,854,000 | 16,681,000 | ||||||||||
Operating, general and administrative expenses | -6,081,000 | -5,746,000 | -4,166,000 | ||||||||||
Income (loss) from operations | 26,636,000 | -664,000 | -1,966,000 | ||||||||||
Internal | Timberland Management | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Revenue | 3,303,000 | 2,807,000 | 2,218,000 | ||||||||||
Operating, general and administrative expenses | -2,940,000 | -2,557,000 | -2,070,000 | ||||||||||
Income (loss) from operations | 363,000 | 250,000 | 148,000 | ||||||||||
Internal | Real Estate | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Revenue | 22,385,000 | 14,798,000 | 8,574,000 | ||||||||||
Operating, general and administrative expenses | -13,682,000 | [1] | -4,081,000 | -16,361,000 | [1] | ||||||||
Income (loss) from operations | -2,601,000 | 3,417,000 | -11,022,000 | ||||||||||
Internal | Other | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Operating, general and administrative expenses | -3,900,000 | -4,678,000 | -4,199,000 | ||||||||||
Income (loss) from operations | -3,900,000 | -4,678,000 | -4,199,000 | ||||||||||
Eliminations | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Revenue | -4,033,000 | -3,548,000 | -2,783,000 | ||||||||||
Operating, general and administrative expenses | 4,033,000 | 3,548,000 | 2,783,000 | ||||||||||
Eliminations | Fee Timber | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Revenue | -611,000 | -600,000 | -495,000 | ||||||||||
Operating, general and administrative expenses | 3,303,000 | 2,825,000 | 2,259,000 | ||||||||||
Income (loss) from operations | 2,692,000 | 2,225,000 | 1,764,000 | ||||||||||
Eliminations | Fee Timber | Pope Resources Timber | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Revenue | -611,000 | -600,000 | -495,000 | ||||||||||
Operating, general and administrative expenses | 25,000 | 48,000 | |||||||||||
Income (loss) from operations | -611,000 | -575,000 | -447,000 | ||||||||||
Eliminations | Fee Timber | ORM Timber Funds | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Operating, general and administrative expenses | 3,303,000 | 2,800,000 | 2,211,000 | ||||||||||
Income (loss) from operations | 3,303,000 | 2,800,000 | 2,211,000 | ||||||||||
Eliminations | Timberland Management | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Revenue | -3,303,000 | -2,807,000 | -2,211,000 | ||||||||||
Operating, general and administrative expenses | 611,000 | 607,000 | 495,000 | ||||||||||
Income (loss) from operations | -2,692,000 | -2,200,000 | -1,716,000 | ||||||||||
Eliminations | Real Estate | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Revenue | -119,000 | -141,000 | -77,000 | ||||||||||
Income (loss) from operations | -119,000 | -141,000 | -77,000 | ||||||||||
Eliminations | Other | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Operating, general and administrative expenses | 119,000 | 116,000 | 29,000 | ||||||||||
Income (loss) from operations | 119,000 | 116,000 | 29,000 | ||||||||||
General & Administrative | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Income (loss) from operations | -3,781,000 | -4,562,000 | -4,170,000 | ||||||||||
Depreciation, Amortization and Depletion | 88,000 | 108,000 | 95,000 | ||||||||||
Assets | 19,975,000 | 12,723,000 | 19,975,000 | 12,723,000 | 3,997,000 | ||||||||
Capital and Land Expenditures | $55,000 | $43,000 | $55,000 | $43,000 | $136,000 | ||||||||
[1] | *Includes $10.0 million and $12.5 million of environmental remediation expense in 2014 and 2012, respectively. |
Reconciliation_of_Internally_R1
Reconciliation of Internally Reported Income (Loss) from Operations to Externally Reported Income (Loss) from Operations by Business Segment (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2012 |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Environmental remediation expense | $10 | $10 | $12.50 |
Schedule_of_Quarterly_Financia
Schedule of Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information [Line Items] | |||||||||||
Revenue | $17,353 | $13,755 | $18,583 | $37,779 | $19,053 | $11,724 | $23,197 | $16,718 | $87,470 | $70,692 | $54,043 |
Income (loss) from operations | 8,883 | 9,191 | 3,137 | 14,248 | 2,845 | -530 | 6,859 | 3,758 | 35,459 | 12,932 | -4,984 |
Net income (loss) attributable to unitholders | ($3,172) | $1,500 | $1,846 | $12,241 | $3,598 | ($75) | $6,128 | $3,484 | $12,415 | $13,135 | ($4,709) |
Basic and Diluted Earnings (loss) per partnership unit | ($0.75) | $0.34 | $0.41 | $2.75 | $0.81 | ($0.03) | $1.34 | $0.76 | $2.82 | $2.96 | ($1.11) |
Quarterly_Financial_Informatio2
Quarterly Financial Information - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2012 | Sep. 30, 2014 |
Property | ||||
Quarterly Financial Information [Line Items] | ||||
Environmental remediation expense | $10 | $10 | $12.50 | |
Fund I | ||||
Quarterly Financial Information [Line Items] | ||||
Number of tree farms sold | 1 | 1 |