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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported) June 7, 2004
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Pope Resources, A Delaware Limited Partnership
(Exact name of registrant as specified in its charter)
Delaware 91-1313292
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
19245 Tenth Avenue NE, Poulsbo, Washington 98370
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(Address of principal executive offices) (ZIP Code)
Registrant's telephone number, including area code (360) 697-6626
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NOT APPLICABLE
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(Former name or former address, if changed since last report.)
INFORMATION TO BE INCLUDED IN THE REPORT
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Item 5: RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On June 7, 2004 the registrant issued a press release announcing the close of a
$1.9 million land sale to Kitsap County. A copy of that press release is
attached hereto as Exhibit 99.1.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibit No. Description
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99.1 Press release of the registrant dated June 7, 2004
SIGNATURES
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Pursuant to the requirements of Section 13 of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
POPE RESOURCES, A DELAWARE LIMITED PARTNERSHIP
DATE: June 7, 2004 BY: /s/ Thomas M. Ringo
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Thomas M. Ringo
Vice President and Chief Financial Officer,
Pope Resources, A Delaware Limited Partnership,
and Pope MGP, Inc., General Partner
Exhibit 99.1
Pope Resources Closes $1.9 Million Sale to Kitsap County
POULSBO, Wash.--(BUSINESS WIRE)--June 7, 2004--Pope Resources
(Nasdaq:POPEZ) announced it has closed the sale of 426 acres to Kitsap
County. Pope Resources received $1.9 million for the acreage that will
be developed by the County's Parks and Recreation Department as a
regional "Heritage Park". The property is located in the northern part
of Kitsap County near the town of Kingston, Washington. In addition to
the sale of 426 acres, Pope Resources agreed to extend an option to
the County to purchase up to an additional 360 acres of adjacent land
in either one or two phases. If this option is not exercised, it will
expire in July 2008.
Kitsap County has had a goal to acquire and develop five such
regional Heritage Parks, each of which will provide future generations
with a wide range of active and passive recreational opportunities. In
the near-term, the North Kitsap park will provide the Parks and
Recreation Department with the opportunity to alleviate an existing
shortage of sports fields in this part of the County.
"Although the closing of this transaction is certainly exciting,
its real benefits to the community will become more apparent as the
area around it grows," said Jon Rose, President of Pope Resources'
real estate subsidiary, Olympic Property Group. "For the long-term,
the park's strategic location, within close proximity to Kingston's
fast-growing urban center and ferry connections, creates an amenity
that will serve as a centerpiece for sustainable, high-quality
community development."
County Commissioner Chris Endresen, who represents the North
Kitsap area, has consistently expressed enthusiastic support for the
acquisition. "The establishment of a series of regional Heritage Parks
throughout Kitsap County is a vision that has been strongly endorsed
by the Board of Commissioners. In recent years, we've successfully
acquired magnificent properties in South Kitsap and Central Kitsap,
and this acquisition of 426 acres in North Kitsap represents another
jewel in Kitsap's park system. We looked long and hard for property
that could best meet the community's need for both active recreation
and natural resource preservation. The unique characteristics of the
Pope Resources property provides us with an opportunity to build ball
fields, picnic areas and active trails while simultaneously protecting
hundreds of acres of forestland and critical habitat. The County's
investment in the North Kitsap Heritage Park will serve our current
residents and multiple generations of future Kitsap residents as
well."
About Pope Resources
Pope Resources, a publicly traded limited partnership, and its
subsidiaries Olympic Resource Management and Olympic Property Group,
own 118,000 acres of timberland and development property in
Washington. In addition, it provides forestry consulting and
timberland management services to third-party owners and managers of
timberland in Washington, Oregon and California. The company and its
predecessor companies have owned and managed timberlands and
development properties for more than 150 years. Additional information
on the company can be found at www.orm.com.
CONTACT: Pope Resources
Tom Ringo, 360-697-6626