Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | POPE | |
Entity Registrant Name | POPE RESOURCES LTD PARTNERSHIP | |
Entity Central Index Key | 784011 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 4,336,323 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Partnership cash and cash equivalents | $16,476 | $14,505 |
ORM Timber Funds cash | 9,629 | 9,523 |
Cash and cash equivalents | 26,105 | 24,028 |
Short-term investments | 1,000 | |
Accounts receivable, net | 1,996 | 2,419 |
Land held for sale | 4,493 | 7,160 |
Prepaid expenses and other | 5,578 | 2,873 |
Total current assets | 38,172 | 37,480 |
Properties and equipment, at cost | ||
Timber and roads, net of accumulated depletion (2015 - 96,570; 2014 - $93,359) | 226,721 | 227,144 |
Timberland | 48,272 | 47,933 |
Land held for development | 27,389 | 26,040 |
Buildings and equipment, net of accumulated depreciation (2015 - $6,990; 2014 - $6,849) | 6,034 | 6,039 |
Total property and equipment, at cost | 308,416 | 307,156 |
Other assets | 526 | 441 |
Total assets | 347,114 | 345,077 |
Current liabilities | ||
Accounts payable | 1,005 | 1,293 |
Accrued liabilities | 2,798 | 3,196 |
Current portion of long-term debt | 5,110 | 5,109 |
Deferred revenue | 867 | 668 |
Current portion of environmental remediation liability | 4,600 | 3,700 |
Other current liabilities | 280 | 248 |
Total current liabilities | 14,660 | 14,214 |
Long-term debt, net of current portion | 84,844 | 84,872 |
Environmental remediation and other long-term liabilities | 16,907 | 18,362 |
Partners' capital and noncontrolling interests | ||
General partners' capital (units issued and outstanding 2015 - 60; 2014 - 60) | 1,081 | 1,003 |
Limited partners' capital (units issued and outstanding 2015 - 4,236; 2014 - 4,224) | 68,690 | 63,213 |
Noncontrolling interests | 160,932 | 163,413 |
Total partners' capital and noncontrolling interests | 230,703 | 227,629 |
Total liabilities and equity | $347,114 | $345,077 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Timber and roads, accumulated depletion | $96,570 | $93,359 |
Buildings and equipment, accumulated depreciation | $6,990 | $6,849 |
General partners' capital, units issued | 60,000 | 60,000 |
General partners' capital, units outstanding | 60,000 | 60,000 |
Limited partners' capital, units issued | 4,236,000 | 4,224,000 |
Limited partners' capital, units outstanding | 4,236,000 | 4,224,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenue | $26,908 | $37,779 |
Cost of sales | -14,497 | -18,924 |
Operating expenses | -3,148 | -3,285 |
General and administrative expenses | -1,190 | -1,322 |
Income from operations | 8,073 | 14,248 |
Other expense | ||
Interest expense, net | -745 | -574 |
Income before income taxes | 7,328 | 13,674 |
Income tax expense | -340 | -157 |
Net income | 6,988 | 13,517 |
Net (income) loss attributable to noncontrolling interests - ORM Timber Funds | 821 | -1,276 |
Net and comprehensive income attributable to unitholders | 7,809 | 12,241 |
Allocable to general partners | 109 | 167 |
Allocable to limited partners | 7,700 | 12,074 |
Net and comprehensive income attributable to unitholders | $7,809 | $12,241 |
Basic and diluted earnings per unit attributable to unitholders | $1.80 | $2.75 |
Basic and diluted weighted average units outstanding | 4,295 | 4,386 |
Distributions per unit | $0.65 | $0.55 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net income | $6,988 | $13,517 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depletion | 3,211 | 3,437 |
Equity-based compensation | 338 | 450 |
Excess tax benefit of equity-based compensation | -5 | |
Depreciation and amortization | 155 | 178 |
Deferred taxes | 179 | |
Cost of land and timber sold | 4,078 | 6,921 |
Cash flows from changes in operating accounts | ||
Accounts receivable, net | 423 | -1,732 |
Prepaid expenses and other assets | -2,894 | -20 |
Real estate project expenditures | -2,586 | -1,530 |
Accounts payable and accrued liabilities | -686 | -1,056 |
Deferred revenue | 199 | 76 |
Environmental remediation | -286 | -11 |
Other current and long-term liabilities | 8 | -14 |
Net cash provided by operating activities | 9,122 | 20,216 |
Cash flows from investing activities | ||
Maturity of short-term investments | 1,000 | |
Reforestation and roads | -426 | -302 |
Buildings and equipment | -136 | -79 |
Acquisition of timberland - Partnership | -2,876 | |
Net cash used in investing activities | -2,438 | -381 |
Cash flows from financing activities | ||
Repayment of long-term debt | -27 | -29 |
Proceeds from preferred stock issuance - ORM Timber Funds | 125 | |
Payroll taxes paid on unit net settlements | -107 | -196 |
Excess tax benefit of equity-based compensation | 5 | |
Cash distributions to unitholders | -2,818 | -2,449 |
Cash distributions - ORM Timber Funds, net of distributions to Partnership | -1,660 | -3,219 |
Net cash used in financing activities | -4,607 | -5,768 |
Net increase in cash and cash equivalents | 2,077 | 14,067 |
Cash and cash equivalents at beginning of period | 24,028 | 6,960 |
Cash and cash equivalents at end of period | $26,105 | $21,027 |
Organization_Consolidation_and
Organization, Consolidation and Presentation of Financial Statements Disclosure | 3 Months Ended | |
Mar. 31, 2015 | ||
Organization, Consolidation and Presentation of Financial Statements Disclosure | 1 | The condensed consolidated balance sheets as of March 31, 2015 and December 31, 2014 and the related condensed consolidated statements of comprehensive income and cash flows for the three-month periods ended March 31, 2015 and 2014 have been prepared by Pope Resources, A Delaware Limited Partnership (the “Partnership”), pursuant to the rules and regulations of the Securities and Exchange Commission. The condensed consolidated financial statements are unaudited, but, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments and accruals) necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods. The financial information as of December 31, 2014, is derived from the Partnership’s audited consolidated financial statements and notes thereto for the year ended December 31, 2014, and should be read in conjunction with such financial statements and notes. The results of operations for the interim periods are not indicative of the results of operations that may be achieved for the entire fiscal year ending December 31, 2015. |
Significant_Accounting_Policie
Significant Accounting Policies | 3 Months Ended | |
Mar. 31, 2015 | ||
Significant Accounting Policies | 2 | The financial statements in the Partnership’s 2014 annual report on Form 10-K include a summary of significant accounting policies of the Partnership and should be read in conjunction with this Quarterly Report on Form 10-Q. |
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. In April 2015, the FASB proposed to delay the effective date for public companies to January 1, 2018. The Partnership has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. | ||
On April 7, 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated liability. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2015, though early adoption is permitted, and the new guidance is to be applied on a retrospective basis. As of March 31, 2015, the Partnership has $238,000 in debt issuance costs that will be reclassified from other assets to long-term debt, net of current portion on the balance sheet when it adopts this standard. |
Partners_Capital_Notes_Disclos
Partners' Capital Notes Disclosure | 3 Months Ended | |
Mar. 31, 2015 | ||
Partners' Capital Notes Disclosure | 3 | The Partnership has two general partners: Pope MGP, Inc. and Pope EGP, Inc. In total, these two entities own 60,000 partnership units. The allocation of distributions, profits and losses between the general and limited partners is pro rata across all units outstanding. |
Balance_Sheet_of_Partnership_C
Balance Sheet of Partnership Co-Investments | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Balance Sheet of Partnership Co-Investments | 4 | 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”, were formed by Olympic Resource Management LLC (ORMLLC), a wholly owned subsidiary of Pope Resources, 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 has a stated term of ten years from the end of the respective investment period. If the Fund is liquidated and all assets distributed to investors before the Fund’s planned termination date, however, the fund will end earlier than planned, as is expected for Fund I. The Funds’ stated termination dates are August 2017 for Fund I, March 2021 for Fund II and the tenth anniversary of the completion of its investment period for Fund III. Fund I’s assets were sold in 2014 and the Fund is expected to terminate in 2015. Fund III’s investment period will end at the earlier of the investment of all committed capital or July 31, 2015, unless extended by a vote of the Fund investors. | |||||||||
Pope Resources and ORMLLC together own 20% of Fund I and Fund II and 5% of Fund III. The Funds are consolidated into the Partnership’s financial statements based in part on ORMLLC’s controlling role as the general partner or managing member of the Funds. The consolidated financial statements exclude management fees paid by the Funds to ORMLLC as they are eliminated in consolidation. See note 5 for a breakdown of operating results before and after such eliminations. The portion of these fees, among other items of income and expense, attributed to third-party investors is reflected as an adjustment to income in the Partnership’s Condensed Consolidated Statement of Comprehensive Income under the caption “Net (income) loss attributable to noncontrolling interests - ORM Timber Funds.” | |||||||||
The Partnership’s condensed consolidated balance sheet included assets and liabilities of the Funds as of March 31, 2015 and December 31, 2014, which were as follows: | |||||||||
(in thousands) | March 31, | December 31, | |||||||
2015 | 2014 | ||||||||
Assets: | |||||||||
Cash | $ | 9,629 | $ | 9,523 | |||||
Other current assets | 953 | 1,108 | |||||||
Total current assets | 10,582 | 10,631 | |||||||
Timber, timberland and roads, net of accumulated | 227,778 | 230,123 | |||||||
depletion (2015 - $29,363; 2014 - $26,738) | |||||||||
Other long-term assets | 168 | 156 | |||||||
Total assets | $ | 238,528 | $ | 240,910 | |||||
Liabilities and equity: | |||||||||
Current liabilities excluding long-term debt | $ | 2,225 | $ | 1,891 | |||||
Long-term debt | 57,380 | 57,380 | |||||||
Total liabilities | 59,605 | 59,271 | |||||||
Funds' equity | 178,923 | 181,639 | |||||||
Total liabilities and equity | $ | 238,528 | $ | 240,910 |
Segment_Reporting_Disclosure
Segment Reporting Disclosure | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Segment Reporting Disclosure | 5 | In the presentation of the Partnership’s revenue and operating income (loss) by segment, all intersegment revenue and expense is eliminated to determine operating income (loss) reported externally. The following table reconciles internally reported income (loss) from operations to externally reported income (loss) from operations by business segment for the three months ended March 31, 2015 and 2014: | |||||||||||||||||||||||||||
Fee Timber | |||||||||||||||||||||||||||||
Three Months Ended | Pope | ORM | Total Fee | Timberland | Real | ||||||||||||||||||||||||
Resources | Timber | ||||||||||||||||||||||||||||
March 31, (in thousands) | Timber | Funds | Timber | Management | Estate | Other | Consolidated | ||||||||||||||||||||||
2015 | |||||||||||||||||||||||||||||
Revenue internal | $ | 8,872 | $ | 7,156 | $ | 16,028 | $ | 834 | $ | 10,996 | $ | - | $ | 27,858 | |||||||||||||||
Eliminations | (82 | ) | - | (82 | ) | (834 | ) | (34 | ) | - | (950 | ) | |||||||||||||||||
Revenue external | 8,790 | 7,156 | 15,946 | - | 10,962 | - | 26,908 | ||||||||||||||||||||||
Cost of sales | (3,607 | ) | (5,995 | ) | (9,602 | ) | - | (4,895 | ) | - | (14,497 | ) | |||||||||||||||||
Operating, general and | |||||||||||||||||||||||||||||
administrative expenses internal | (1,095 | ) | (1,223 | ) | (2,318 | ) | (811 | ) | (940 | ) | (1,219 | ) | (5,288 | ) | |||||||||||||||
Eliminations | - | 834 | 834 | 82 | 5 | 29 | 950 | ||||||||||||||||||||||
Operating, general and | |||||||||||||||||||||||||||||
administrative expenses external | (1,095 | ) | (389 | ) | (1,484 | ) | (729 | ) | (935 | ) | (1,190 | ) | (4,338 | ) | |||||||||||||||
Income (loss) from operations | |||||||||||||||||||||||||||||
internal | 4,170 | (62 | ) | 4,108 | 23 | 5,161 | (1,219 | ) | 8,073 | ||||||||||||||||||||
Eliminations | (82 | ) | 834 | 752 | (752 | ) | (29 | ) | 29 | - | |||||||||||||||||||
Income (loss) from operations | |||||||||||||||||||||||||||||
external | $ | 4,088 | $ | 772 | $ | 4,860 | $ | (729 | ) | $ | 5,132 | $ | (1,190 | ) | $ | 8,073 | |||||||||||||
2014 | |||||||||||||||||||||||||||||
Revenue internal | $ | 11,298 | $ | 10,965 | $ | 22,263 | $ | 875 | $ | 15,699 | $ | - | $ | 38,837 | |||||||||||||||
Eliminations | (154 | ) | - | (154 | ) | (875 | ) | (29 | ) | - | (1,058 | ) | |||||||||||||||||
Revenue external | 11,144 | 10,965 | 22,109 | - | 15,670 | - | 37,779 | ||||||||||||||||||||||
Cost of sales | (3,910 | ) | (7,194 | ) | (11,104 | ) | - | (7,820 | ) | - | (18,924 | ) | |||||||||||||||||
Operating, general and | |||||||||||||||||||||||||||||
administrative expenses internal | (1,100 | ) | (1,559 | ) | (2,659 | ) | (764 | ) | (891 | ) | (1,351 | ) | (5,665 | ) | |||||||||||||||
Eliminations | - | 875 | 875 | 154 | - | 29 | 1,058 | ||||||||||||||||||||||
Operating, general and | |||||||||||||||||||||||||||||
administrative expenses external | (1,100 | ) | (684 | ) | (1,784 | ) | (610 | ) | (891 | ) | (1,322 | ) | (4,607 | ) | |||||||||||||||
Income (loss) from operations | |||||||||||||||||||||||||||||
internal | 6,288 | 2,212 | 8,500 | 111 | 6,988 | (1,351 | ) | 14,248 | |||||||||||||||||||||
Eliminations | (154 | ) | 875 | 721 | (721 | ) | (29 | ) | 29 | - | |||||||||||||||||||
Income (loss) from operations | |||||||||||||||||||||||||||||
external | $ | 6,134 | $ | 3,087 | $ | 9,221 | $ | (610 | ) | $ | 6,959 | $ | (1,322 | ) | $ | 14,248 | |||||||||||||
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share | 6 | Basic and diluted earnings per unit are calculated by dividing net income attributable to unitholders, adjusted for non-forfeitable distributions paid out to unvested restricted unitholders and preferred shareholders of Fund II and Fund III, by the weighted average units outstanding during the period. There were no dilutive securities outstanding during the periods presented. The following table shows the calculation of basic and diluted income per unit: | |||||||
Quarter Ended March 31 | |||||||||
(in thousands, except per unit amounts) | 2015 | 2014 | |||||||
Net income attributable to Pope Resources' unitholders | $ | 7,809 | $ | 12,241 | |||||
Less: | |||||||||
Net income attributable to unvested restricted unitholders | (66 | ) | (172 | ) | |||||
Preferred share dividends - ORM Timber Funds | (8 | ) | (8 | ) | |||||
Net income for calculation of EPS | $ | 7,735 | $ | 12,061 | |||||
Basic and diluted weighted average units outstanding | 4,295 | 4,386 | |||||||
Basic and diluted earnings per unit | $ | 1.8 | $ | 2.75 |
Stock_Based_Compensation
Stock Based Compensation | 3 Months Ended |
Mar. 31, 2015 | |
Stock Based Compensation | 7. |
In the first quarter of 2015, the Partnership granted 7,550 restricted units pursuant to the management incentive compensation program. These restricted units vest ratably over four years with the grant date fair value equal to the market price on the date of grant. In addition to the restricted unit grant to management, members of our Board of Directors received 4,500 restricted units. Restricted units granted to directors are not part of the management incentive compensation program, but are included in the calculation of total equity compensation expense. These awards to directors vest 50% on the third anniversary and 50% on the fourth anniversary of the date of grant. Total equity compensation expense is recognized over the vesting period. We recognized $338,000 and $450,000 of equity compensation expense in the first quarters of 2015 and 2014, respectively, related to these incentive compensation programs. |
Cash_Flow_Supplemental_Disclos
Cash Flow, Supplemental Disclosures | 3 Months Ended | |
Mar. 31, 2015 | ||
Cash Flow, Supplemental Disclosures | 8. | Supplemental disclosure of cash flow information: interest paid, net of amounts capitalized, totaled $457,000 and $311,000 for the first quarter of 2015 and 2014, respectively. |
Fair_Value_Disclosures
Fair Value Disclosures | 3 Months Ended | |
Mar. 31, 2015 | ||
Fair Value Disclosures | 9. | The Partnership’s financial instruments include cash and cash equivalents, short-term investments and accounts receivable, as well as $4.4 million of funds held in escrow included in prepaid expenses and other current assets, 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 based on current market rates. |
The Partnership’s and the Funds’ fixed-rate debt collectively have a carrying value of $90.0 million as of March 31, 2015 and December 31, 2014. The estimated fair value of this debt, based on current interest rates for similar instruments (Level 2 inputs in the Fair Value Hierarchy), is approximately $97.6 million and $96.0 million, as of March 31, 2015 and December 31, 2014, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Commitments and Contingencies | 10 | The Partnership had an accrual for estimated environmental remediation costs of $21.4 million and $21.7 million as of March 31, 2015 and December 31, 2014, respectively. The environmental remediation liability represents management’s estimate of payments to be made to monitor and remediate certain areas in and around the townsite/millsite of Port Gamble ($21.3 million), and at Port Ludlow ($81,000), Washington. | |||||||||||||||
The recorded liability of $21.3 million for the Port Gamble project, which consists entirely of third-party costs, represents management’s current estimate of the most likely outcome based on a combination of two estimation methodologies. For a number of years, management has employed a “Monte Carlo” statistical simulation model to determine the liability. 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. In the case of Port Gamble, the simulation model suggests a potential range of $19.0 to $24.9 million. To validate the results of the Monte Carlo model, management has also assessed the costs based on its estimate of the likely design scenarios for the various elements of the project. | |||||||||||||||||
The liability recorded is based on results of the Monte Carlo model, as corroborated by this separate estimate. As the project design becomes more defined, management’s evaluation of the liability will be informed increasingly by its best estimate of costs and less by the Monte Carlo model. Once the design is finalized, management anticipates that the Monte Carlo model will no longer be necessary. The recorded liability is an estimate of the Partnership’s share of the total liability. As such, it is net of the amount management estimates that the Washington State Department of Natural Resources (DNR), as the other potentially liable party, will contribute as its share of the project cost. The specific allocation of costs between the Partnership and DNR has not yet been finalized. | |||||||||||||||||
The environmental remediation accrual also includes estimated costs related to a separate remediation effort within the resort community of Port Ludlow. The liability for this project consists primarily of ongoing monitoring activity. | |||||||||||||||||
The environmental liability at March 31, 2015 is comprised of $4.6 million that the Partnership expects to expend in the next 12 months and $16.8 million thereafter. | |||||||||||||||||
Activity in the environmental liability is as follows: | |||||||||||||||||
Balance, | Additions | Expenditures | |||||||||||||||
beginning | to | for | Balance, end | ||||||||||||||
(in thousands) | of Period | Accrual | Remediation | of Period | |||||||||||||
Year ended December 31, 2013 | $ | 13,942 | $ | - | $ | 701 | $ | 13,241 | |||||||||
Year ended December 31, 2014 | 13,241 | 10,000 | 1,590 | 21,651 | |||||||||||||
Quarter ended March 31, 2015 | 21,651 | - | 286 | 21,365 |
Balance_Sheet_of_Partnership_C1
Balance Sheet of Partnership Co-Investments (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Partnership's Consolidated Balance Sheet included Assets and Liabilities of Funds | The Partnership’s condensed consolidated balance sheet included assets and liabilities of the Funds as of March 31, 2015 and December 31, 2014, which were as follows: | ||||||||
(in thousands) | March 31, | December 31, | |||||||
2015 | 2014 | ||||||||
Assets: | |||||||||
Cash | $ | 9,629 | $ | 9,523 | |||||
Other current assets | 953 | 1,108 | |||||||
Total current assets | 10,582 | 10,631 | |||||||
Timber, timberland and roads, net of accumulated | 227,778 | 230,123 | |||||||
depletion (2015 - $29,363; 2014 - $26,738) | |||||||||
Other long-term assets | 168 | 156 | |||||||
Total assets | $ | 238,528 | $ | 240,910 | |||||
Liabilities and equity: | |||||||||
Current liabilities excluding long-term debt | $ | 2,225 | $ | 1,891 | |||||
Long-term debt | 57,380 | 57,380 | |||||||
Total liabilities | 59,605 | 59,271 | |||||||
Funds' equity | 178,923 | 181,639 | |||||||
Total liabilities and equity | $ | 238,528 | $ | 240,910 |
Segment_Reporting_Disclosure_T
Segment Reporting Disclosure (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Reconciliation of Internally Reported Income (Loss) from Operations to Externally Reported Income (Loss) from Operations by Business Segment | The following table reconciles internally reported income (loss) from operations to externally reported income (loss) from operations by business segment for the three months ended March 31, 2015 and 2014: | ||||||||||||||||||||||||||||
Fee Timber | |||||||||||||||||||||||||||||
Three Months Ended | Pope | ORM | Total Fee | Timberland | Real | ||||||||||||||||||||||||
Resources | Timber | ||||||||||||||||||||||||||||
March 31, (in thousands) | Timber | Funds | Timber | Management | Estate | Other | Consolidated | ||||||||||||||||||||||
2015 | |||||||||||||||||||||||||||||
Revenue internal | $ | 8,872 | $ | 7,156 | $ | 16,028 | $ | 834 | $ | 10,996 | $ | - | $ | 27,858 | |||||||||||||||
Eliminations | (82 | ) | - | (82 | ) | (834 | ) | (34 | ) | - | (950 | ) | |||||||||||||||||
Revenue external | 8,790 | 7,156 | 15,946 | - | 10,962 | - | 26,908 | ||||||||||||||||||||||
Cost of sales | (3,607 | ) | (5,995 | ) | (9,602 | ) | - | (4,895 | ) | - | (14,497 | ) | |||||||||||||||||
Operating, general and | |||||||||||||||||||||||||||||
administrative expenses internal | (1,095 | ) | (1,223 | ) | (2,318 | ) | (811 | ) | (940 | ) | (1,219 | ) | (5,288 | ) | |||||||||||||||
Eliminations | - | 834 | 834 | 82 | 5 | 29 | 950 | ||||||||||||||||||||||
Operating, general and | |||||||||||||||||||||||||||||
administrative expenses external | (1,095 | ) | (389 | ) | (1,484 | ) | (729 | ) | (935 | ) | (1,190 | ) | (4,338 | ) | |||||||||||||||
Income (loss) from operations | |||||||||||||||||||||||||||||
internal | 4,170 | (62 | ) | 4,108 | 23 | 5,161 | (1,219 | ) | 8,073 | ||||||||||||||||||||
Eliminations | (82 | ) | 834 | 752 | (752 | ) | (29 | ) | 29 | - | |||||||||||||||||||
Income (loss) from operations | |||||||||||||||||||||||||||||
external | $ | 4,088 | $ | 772 | $ | 4,860 | $ | (729 | ) | $ | 5,132 | $ | (1,190 | ) | $ | 8,073 | |||||||||||||
2014 | |||||||||||||||||||||||||||||
Revenue internal | $ | 11,298 | $ | 10,965 | $ | 22,263 | $ | 875 | $ | 15,699 | $ | - | $ | 38,837 | |||||||||||||||
Eliminations | (154 | ) | - | (154 | ) | (875 | ) | (29 | ) | - | (1,058 | ) | |||||||||||||||||
Revenue external | 11,144 | 10,965 | 22,109 | - | 15,670 | - | 37,779 | ||||||||||||||||||||||
Cost of sales | (3,910 | ) | (7,194 | ) | (11,104 | ) | - | (7,820 | ) | - | (18,924 | ) | |||||||||||||||||
Operating, general and | |||||||||||||||||||||||||||||
administrative expenses internal | (1,100 | ) | (1,559 | ) | (2,659 | ) | (764 | ) | (891 | ) | (1,351 | ) | (5,665 | ) | |||||||||||||||
Eliminations | - | 875 | 875 | 154 | - | 29 | 1,058 | ||||||||||||||||||||||
Operating, general and | |||||||||||||||||||||||||||||
administrative expenses external | (1,100 | ) | (684 | ) | (1,784 | ) | (610 | ) | (891 | ) | (1,322 | ) | (4,607 | ) | |||||||||||||||
Income (loss) from operations | |||||||||||||||||||||||||||||
internal | 6,288 | 2,212 | 8,500 | 111 | 6,988 | (1,351 | ) | 14,248 | |||||||||||||||||||||
Eliminations | (154 | ) | 875 | 721 | (721 | ) | (29 | ) | 29 | - | |||||||||||||||||||
Income (loss) from operations | |||||||||||||||||||||||||||||
external | $ | 6,134 | $ | 3,087 | $ | 9,221 | $ | (610 | ) | $ | 6,959 | $ | (1,322 | ) | $ | 14,248 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Basic and Diluted Income (Loss) per Unit | The following table shows the calculation of basic and diluted income per unit: | ||||||||
Quarter Ended March 31 | |||||||||
(in thousands, except per unit amounts) | 2015 | 2014 | |||||||
Net income attributable to Pope Resources' unitholders | $ | 7,809 | $ | 12,241 | |||||
Less: | |||||||||
Net income attributable to unvested restricted unitholders | (66 | ) | (172 | ) | |||||
Preferred share dividends - ORM Timber Funds | (8 | ) | (8 | ) | |||||
Net income for calculation of EPS | $ | 7,735 | $ | 12,061 | |||||
Basic and diluted weighted average units outstanding | 4,295 | 4,386 | |||||||
Basic and diluted earnings per unit | $ | 1.8 | $ | 2.75 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Activity in Environmental | Activity in the environmental liability is as follows: | ||||||||||||||||
Balance, | Additions | Expenditures | |||||||||||||||
beginning | to | for | Balance, end | ||||||||||||||
(in thousands) | of Period | Accrual | Remediation | of Period | |||||||||||||
Year ended December 31, 2013 | $ | 13,942 | $ | - | $ | 701 | $ | 13,241 | |||||||||
Year ended December 31, 2014 | 13,241 | 10,000 | 1,590 | 21,651 | |||||||||||||
Quarter ended March 31, 2015 | 21,651 | - | 286 | 21,365 |
Significant_Accounting_Policie1
Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Significant Accounting Policies [Line Items] | |
Debt issuance cost | $238,000 |
Partners_Capital_Notes_Disclos1
Partners' Capital Notes Disclosure - Additional Information (Detail) | Mar. 31, 2015 | Dec. 31, 2014 |
Other Ownership Interests [Line Items] | ||
Number of partnership units owned by two general partners | 60,000 | 60,000 |
General Partner | ||
Other Ownership Interests [Line Items] | ||
Number of partnership units owned by two general partners | 60,000 | |
Number of general partner | 2 |
Balance_Sheet_of_Partnership_C2
Balance Sheet of Partnership Co-Investments - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
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% |
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's investment period will end at the earlier of the investment of all committed capital or July 31, 2015, unless extended by a vote of the Fund investors. |
Pope Resources and ORMLLC combined ownership percentage | 5.00% |
Partnerships_Consolidated_Bala
Partnership's Consolidated Balance Sheet included Assets and Liabilities of Funds (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets: | ||
Cash | $9,629 | $9,523 |
Total current assets | 38,172 | 37,480 |
Timber, timberland and roads, net of accumulated depletion (2015 - $29,363; 2014 - $26,738) | 308,416 | 307,156 |
Other long-term assets | 526 | 441 |
Total assets | 347,114 | 345,077 |
Liabilities and equity: | ||
Current liabilities excluding long-term debt | 280 | 248 |
Long-term debt | 84,844 | 84,872 |
Total liabilities and equity | 347,114 | 345,077 |
ORM Timber Funds | ||
Assets: | ||
Cash | 9,629 | 9,523 |
Other current assets | 953 | 1,108 |
Total current assets | 10,582 | 10,631 |
Timber, timberland and roads, net of accumulated depletion (2015 - $29,363; 2014 - $26,738) | 227,778 | 230,123 |
Other long-term assets | 168 | 156 |
Total assets | 238,528 | 240,910 |
Liabilities and equity: | ||
Current liabilities excluding long-term debt | 2,225 | 1,891 |
Long-term debt | 57,380 | 57,380 |
Total liabilities | 59,605 | 59,271 |
Funds' equity | 178,923 | 181,639 |
Total liabilities and equity | $238,528 | $240,910 |
Partnerships_Consolidated_Bala1
Partnership's Consolidated Balance Sheet included Assets and Liabilities of Funds (Parenthetical) (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Condensed Financial Statements, Captions [Line Items] | ||
Timber, Timberland and roads, accumulated depletion | $96,570 | $93,359 |
ORM Timber Funds | ||
Condensed Financial Statements, Captions [Line Items] | ||
Timber, Timberland and roads, accumulated depletion | $29,363 | $26,738 |
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 | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | $26,908 | $37,779 |
Cost of sales | -14,497 | -18,924 |
Operating, general and administrative expenses | -4,338 | -4,607 |
Income (loss) from operations | 8,073 | 14,248 |
Fee Timber | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 15,946 | 22,109 |
Cost of sales | -9,602 | -11,104 |
Operating, general and administrative expenses | -1,484 | -1,784 |
Income (loss) from operations | 4,860 | 9,221 |
Fee Timber | Pope Resources Timber | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 8,790 | 11,144 |
Cost of sales | -3,607 | -3,910 |
Operating, general and administrative expenses | -1,095 | -1,100 |
Income (loss) from operations | 4,088 | 6,134 |
Fee Timber | ORM Timber Funds | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 7,156 | 10,965 |
Cost of sales | -5,995 | -7,194 |
Operating, general and administrative expenses | -389 | -684 |
Income (loss) from operations | 772 | 3,087 |
Timberland Management | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Operating, general and administrative expenses | -729 | -610 |
Income (loss) from operations | -729 | -610 |
Real Estate | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 10,962 | 15,670 |
Cost of sales | -4,895 | -7,820 |
Operating, general and administrative expenses | -935 | -891 |
Income (loss) from operations | 5,132 | 6,959 |
Other | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Operating, general and administrative expenses | -1,190 | -1,322 |
Income (loss) from operations | -1,190 | -1,322 |
Internal | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 27,858 | 38,837 |
Operating, general and administrative expenses | -5,288 | -5,665 |
Income (loss) from operations | 8,073 | 14,248 |
Internal | Fee Timber | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 16,028 | 22,263 |
Operating, general and administrative expenses | -2,318 | -2,659 |
Income (loss) from operations | 4,108 | 8,500 |
Internal | Fee Timber | Pope Resources Timber | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 8,872 | 11,298 |
Operating, general and administrative expenses | -1,095 | -1,100 |
Income (loss) from operations | 4,170 | 6,288 |
Internal | Fee Timber | ORM Timber Funds | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 7,156 | 10,965 |
Operating, general and administrative expenses | -1,223 | -1,559 |
Income (loss) from operations | -62 | 2,212 |
Internal | Timberland Management | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 834 | 875 |
Operating, general and administrative expenses | -811 | -764 |
Income (loss) from operations | 23 | 111 |
Internal | Real Estate | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 10,996 | 15,699 |
Operating, general and administrative expenses | -940 | -891 |
Income (loss) from operations | 5,161 | 6,988 |
Internal | Other | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Operating, general and administrative expenses | -1,219 | -1,351 |
Income (loss) from operations | -1,219 | -1,351 |
Eliminations | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | -950 | -1,058 |
Operating, general and administrative expenses | 950 | 1,058 |
Eliminations | Fee Timber | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | -82 | -154 |
Operating, general and administrative expenses | 834 | 875 |
Income (loss) from operations | 752 | 721 |
Eliminations | Fee Timber | Pope Resources Timber | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | -82 | -154 |
Income (loss) from operations | -82 | -154 |
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 | 834 | 875 |
Income (loss) from operations | 834 | 875 |
Eliminations | Timberland Management | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | -834 | -875 |
Operating, general and administrative expenses | 82 | 154 |
Income (loss) from operations | -752 | -721 |
Eliminations | Real Estate | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | -34 | -29 |
Operating, general and administrative expenses | 5 | |
Income (loss) from operations | -29 | -29 |
Eliminations | Other | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Operating, general and administrative expenses | 29 | 29 |
Income (loss) from operations | $29 | $29 |
Basic_and_Diluted_Income_Loss_
Basic and Diluted Income (Loss) per Unit (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share Disclosure [Line Items] | ||
Net income attributable to Pope Resources' unitholders | $7,809 | $12,241 |
Net income attributable to unvested restricted unitholders | -66 | -172 |
Preferred share dividends - ORM Timber Funds | -8 | -8 |
Net income for calculation of EPS | $7,735 | $12,061 |
Basic and diluted weighted average units outstanding | 4,295 | 4,386 |
Basic and diluted earnings per unit | $1.80 | $2.75 |
Stock_Based_Compensation_Addit
Stock Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity compensation expense | $338,000 | $450,000 |
Restricted Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity compensation units, granted in period | 7,550 | |
Vesting period of restricted stock unit award | 4 years | |
Restricted Units | Long Term Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity compensation expense | $338,000 | $450,000 |
Restricted Units | Board of Directors Chairman | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity compensation units, granted in period | 4,500 | |
Restricted Units | Board of Directors Chairman | Third anniversary | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting percentage | 50.00% | |
Restricted Units | Board of Directors Chairman | Fourth anniversary | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting percentage | 50.00% |
Cash_Flow_Supplemental_Disclos1
Cash Flow Supplemental Disclosures - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Cash Flow Supplemental Disclosures [Line Items] | ||
Interest paid, net of amounts capitalized | $457,000 | $311,000 |
Fair_Value_Disclosures_Additio
Fair Value Disclosures - Additional Information (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Funds held in escrow | $4.40 | |
Fixed-Rate Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt outstanding carrying value | 90 | 90 |
Fair Value, Inputs, Level 2 | Fixed-Rate Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt outstanding fair value | $97.60 | $96 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Commitments and Contingencies [Line Items] | ||||
Accrual for estimated environmental remediation costs | $21,365,000 | $21,651,000 | $13,241,000 | $13,942,000 |
Environmental liability, next 12 month | 4,600,000 | |||
Environmental liability thereafter | 16,800,000 | |||
Port Gamble | ||||
Commitments and Contingencies [Line Items] | ||||
Accrual for estimated environmental remediation costs | 21,300,000 | |||
Port Ludlow | ||||
Commitments and Contingencies [Line Items] | ||||
Accrual for estimated environmental remediation costs | 81,000 | |||
Minimum | Port Gamble | ||||
Commitments and Contingencies [Line Items] | ||||
Estimated environmental clean up costs | 19,000,000 | |||
Maximum | Port Gamble | ||||
Commitments and Contingencies [Line Items] | ||||
Estimated environmental clean up costs | $24,900,000 |
Changes_in_Environmental_Liabi
Changes in Environmental Liability (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Commitments And Contingent Liabilities [Line Items] | |||
Beginning balance | $21,651 | $13,241 | $13,942 |
Additions to Accrual | 10,000 | ||
Expenditures for Remediation | 286 | 1,590 | 701 |
Ending balance | $21,365 | $21,651 | $13,241 |