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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2011	Aug. 05, 2011
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2011
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q2
Trading Symbol	POPE
Entity Registrant Name	POPE RESOURCES LTD PARTNERSHIP
Entity Central Index Key	0000784011
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		4,388,094

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2011	Dec. 31, 2010
Current assets
Partnership cash and cash equivalents	$ 193	$ 237
ORM Timber Funds cash and cash equivalents	2,291	2,186
Cash and cash equivalents	2,484	2,423
Accounts receivable, net	796	543
Building and land held for sale	672	3
Current portion of contracts receivable	19	219
Prepaid expenses and other	605	805
Total current assets	4,576	3,993
Properties and equipment, at cost
Timber and roads, net of accumulated depletion of $66,017 and $60,044	159,267	164,961
Timberland	34,111	33,980
Land held for development	28,617	27,737
Buildings and equipment, net of accumulated depreciation of $5,997 and $7,739	6,008	3,854
Total properties and equipment, at cost	228,003	230,532
Other assets
Contracts receivable, net of current portion	724	652
Other	604	660
Total other assets	1,328	1,312
Total assets	233,907	235,837
Current liabilities
Accounts payable	1,068	868
Accrued liabilities	2,461	2,656
Current portion of environmental remediation	224	397
Current portion of long-term debt	31	30
Deferred revenue	613	674
Other current liabilities	242	191
Total current liabilities	4,639	4,816
Long-term liabilities
Long-term debt, net of current portion	46,165	50,468
Environmental remediation, net of current portion	1,536	1,536
Other long-term liabilities	186	210
Partners' capital and noncontrolling interests
General partners' capital (units issued and outstanding 60 and 60)	1,063	992
Limited partners' capital (units issued and outstanding 4,268 and 4,203)	75,584	69,998
Noncontrolling interests	104,734	107,817
Total partners' capital and noncontrolling interests	181,381	178,807
Total liabilities, partners' capital, and noncontrolling interests	$ 233,907	$ 235,837

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2011	Dec. 31, 2010
Timber and roads, accumulated depletion	$ 66,017	$ 60,044
Buildings and equipment, accumulated depreciation	$ 5,997	$ 7,739
General partners' capital, units issued	60	60
General partners' capital, units outstanding	60	60
Limited partners' capital, units issued	4,268	4,203
Limited partners' capital, units outstanding	4,268	4,203

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011 USD ($) $ / shares $ / PartnershipUnit shares	Jun. 30, 2010 USD ($) $ / shares $ / PartnershipUnit shares	Jun. 30, 2011 USD ($) $ / shares $ / PartnershipUnit shares	Jun. 30, 2010 USD ($) $ / shares $ / PartnershipUnit shares
Revenue	$ 14,269	$ 8,089	$ 31,943	$ 14,055
Cost of timber and land sold	(7,061)	(3,825)	(15,917)	(6,431)
Operating expenses	(2,584)	(2,681)	(5,562)	(4,528)
General and administrative expenses	(1,164)	(1,452)	(2,242)	(2,393)
Income from operations	3,460	131	8,222	703
Other income (expense)
Interest expense	(541)	(321)	(1,115)	(862)
Debt extinguishment costs		(1,250)		(1,250)
Capitalized interest	108	78	206	318
Interest income	10	27	22	61
Realized gain on investments				11
Total other expense	(423)	(1,466)	(887)	(1,722)
Income (loss) before income taxes	3,037	(1,335)	7,335	(1,019)
Income tax expense	(83)		(139)	(12)
Net income (loss)	2,954	(1,335)	7,196	(1,031)
Net (income) loss attributable to noncontrolling interests
ORM Timber Funds	333	209	(229)	356
Net income (loss) attributable to unitholders	3,287	(1,126)	6,967	(675)
Allocable to general partners	46	(15)	97	(9)
Allocable to limited partners	3,241	(1,111)	6,870	(666)
Net Income (Loss) Attributable to Parent	$ 3,287	$ (1,126)	$ 6,967	$ (675)
Earnings per unit attributable to unitholders
Basic \| $ / PartnershipUnit	0.73	(0.25)	1.55	(0.15)
Diluted \| $ / PartnershipUnit	0.73	(0.25)	1.55	(0.15)
Weighted average units outstanding
Basic \| shares	4,329	4,541	4,318	4,536
Diluted \| shares	4,331	4,541	4,320	4,536
Distributions per unit \| $ / shares	$ 0.25	$ 0.10	$ 0.50	$ 0.20

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Net income (loss)	$ 7,196	$ (1,031)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depletion	5,897	2,189
Timber depletion on land sale	150
Capitalized development activities, net of reimbursements	(493)	(472)
Equity-based compensation	592	424
Depreciation and amortization	351	305
Gain on investments		(11)
Deferred taxes	43
Cost of land sold	89	67
Write-off of debt issuance costs		32
Cash flows from changes in operating accounts
Deferred revenue	(61)	150
Accounts receivable, net	(273)	(2,073)
Contracts receivable	128	81
Prepaid expenses and other current assets	189	219
Accounts payable and accrued liabilities	6	798
Other current liabilities	51	47
Environmental remediation	(173)	429
Other long-term liabilities	(24)	(25)
Other, net	(1)	(6)
Net cash provided by operating activities	13,667	1,123
Cash flows from investing activities
Redemption of investments		1,497
Reforestation and roads	(488)	(230)
Buildings and equipment	(3,463)	(213)
ORM Timber Fund II, Inc. land acquisition	(140)
Net cash provided by (used in) investing activities	(4,091)	1,054
Cash flows from financing activities
Repayment of line of credit, net	(4,287)
Repayment of long-term debt	(15)	(868)
Extinguishment of long-term debt		(18,554)
Proceeds from issuance of long-term debt		20,000
Debt issuance costs		(81)
Proceeds from option exercises, net	516	148
Payroll taxes paid upon restricted unit vesting	(226)
Cash distributions to unitholders	(2,191)	(920)
Cash distributions - ORM Timber Funds, net of distributions to Partnership	(3,304)
Preferred stock issuance- ORM Timber Fund II, Inc.		125
Preferred stock distribution- ORM Timber Fund II, Inc.	(8)	(8)
Net cash used in financing activities	(9,515)	(158)
Net increase in cash and cash equivalents	61	2,019
Cash and cash equivalents at beginning of period	2,423	7,180
Cash and cash equivalents at the end of the six-month period	$ 2,484	$ 9,199

Organization, Consolidation and Presentation of Financial Statements Disclosure

6 Months Ended

Jun. 30, 2011

Organization, Consolidation and Presentation of Financial Statements Disclosure

The condensed consolidated financial statements as of June 30, 2011 and December 31, 2010 and for the three-month periods (quarters) and six-month periods ended June 30, 2011 and 2010 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 "SEC"). 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, 2010, is derived from the Partnership’s audited consolidated financial statements and notes thereto for the year ended December 31, 2010, 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, 2011.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References

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-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 2-6
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Name Statement of Position (SOP)
-Publisher AICPA
-Number 94-6
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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+ Details

Significant Accounting Policies

6 Months Ended

Jun. 30, 2011

Significant Accounting Policies

2.	The financial statements in the Partnership's 2010 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.

Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share

Basic net earnings per unit are based on the weighted average number of units outstanding during the period. Diluted net earnings per unit are calculated by dividing net income attributable to unitholders, adjusted for non-forfeitable distributions paid out to unvested restricted unitholders and Fund II preferred shareholders, by the weighted average units outstanding during the year plus additional units that would have been outstanding assuming the exercise of in-the-money unit equivalents using the treasury stock method.

The table below displays how we arrived at options used to calculate dilutive unit equivalents and subsequent treatment of dilutive unit equivalents based on net income (loss) for the period:

	Quarter Ended					Six Months Ended
	June 30,					June 30,
(Thousands)	2011		2010			2011		2010
Average per unit trading price		$43.84		$27.50			$42.47		$26.32
Total options outstanding at end of period		6		137			6		137
Less: options with strike price above average trading price (out-of-the-money)		-		(2	)		-		(2	)
Options used in calculation of dilutive unit equivalents		6		135			6		135

Net income (loss) attributable to Pope Resources’ unitholders		$3,287		($1,126	)		$6,967		($675	)

Dilutive unit equivalents used to calculate dilutive EPS		2		58			2		55
Less: unit equivalents considered anti-dilutive due to net loss in period		-		(58	)		-		(55	)
Dilutive unit equivalents used to calculate dilutive EPS		2		-			2		-

The following table shows how we arrived at basic and diluted income per unit:

	Quarter Ended						Six Months Ended
	June 30,						June 30,
(Thousands)	2011			2010			2011			2010
Net income (loss) attributable to Pope Resources' unitholders		$3,287			($1,126	)		$6,967			($675	)
Less:
Net income attributable to unvested restricted unitholders		(131	)		(7	)		(277	)		(13	)
Dividends paid to Fund II preferred shareholders		(4	)		(4	)		(8	)		(8	)
Net income (loss) for calculation of EPS		$3,152			($1,137	)		$6,682			($696	)

Weighted average units outstanding (in thousands):
Basic		4,329			4,541			4,318			4,536
Dilutive effect of unit equivalents		2			-			2			-
Diluted		4,331			4,541			4,320			4,536

Earnings (loss) per unit: Basic		$0.73			($0.25	)		$1.55			($0.15	)
Earnings (loss) per unit: Diluted		$0.73			($0.25	)		$1.55			($0.15	)

Options to purchase 5,500 units at prices ranging from $10.75 to $17.40 were outstanding at June 30, 2011. There were no out-of-the money options to exclude from the calculation of dilutive unit equivalents for the quarter or six months ended June 30, 2011. Options to purchase 136,810 units at prices ranging from $9.30 to $37.73 per unit were outstanding as of June 30, 2010. As of June 30, 2010, 1,869 options at prices ranging from $28.50 to $37.73 were excluded from the calculation of dilutive unit equivalents as they were out-of-the-money and, as such, anti-dilutive.

Stock Based Compensation

6 Months Ended

Jun. 30, 2011

Stock Based Compensation

The Partnership granted 20,500 restricted units pursuant to a new management incentive compensation program in January 2011. These restricted units vest ratably over four years with the grant date fair value equal to the market price on the date of grant. We recognized $152,000 of equity compensation expense related to the PRU in the first half of 2011 which includes accelerated expense related to retirement-eligible employees.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

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-Name Accounting Standards Codification
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+ Details

Cash Flow, Supplemental Disclosures

6 Months Ended

Jun. 30, 2011

Cash Flow, Supplemental Disclosures

Supplemental disclosure of cash flow information: interest paid, net of amounts capitalized, totaled $873,000 and $540,000 for the six months ended June 30, 2011 and 2010, respectively. Income taxes paid in the first six months of 2011 was $33,000 compared to $5,000 of income taxes paid in the first six months of 2010

Cash and Cash Equivalents Disclosure

6 Months Ended

Jun. 30, 2011

Cash and Cash Equivalents Disclosure

6.	The fair values of cash and cash equivalents held at June 30, 2011 and December 31, 2010 were $2.5 million and $2.4 million, respectively. Pursuant to accounting guidance, cash and cash equivalents for the period presented are considered a Level 1 fair value measurement.

- Definition

The entire disclosure for cash and cash equivalent footnotes, which may include the types of deposits and money market instruments, applicable carrying amounts, restricted amounts and compensating balance arrangements. Cash and equivalents include: (1) currency on hand (2) demand deposits with banks or financial institutions (3) other kinds of accounts that have the general characteristics of demand deposits (4) short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments maturing within three months from the date of acquisition qualify.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 1
-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 7
-Footnote 1
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 8, 9, 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
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-Section H
-Subsection 3

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Partners' Capital Notes Disclosure

6 Months Ended

Jun. 30, 2011

Partners' Capital Notes Disclosure

7.	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 and loss between the general and limited partners is pro rata across all units outstanding.

- Definition

The entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units.

+ References + Details

Segment Reporting Disclosure

6 Months Ended

Jun. 30, 2011

Segment Reporting Disclosure

In the presentation of the Partnership’s revenue and operating income (loss) by segment all intersegment revenue and expense is eliminated to determine externally reported operating income (loss) by business segment. The tables that follow reconcile internally reported income (loss) from operations to externally reported income (loss) from operations by business segment, for the quarters and six months ended June 30, 2011 and 2010:

	Fee Timber									Timberland
Three Months Ended	Pope Resources			ORM Timber			Total Fee			Management &			Real
June 30, (Thousands)	Timber			Funds			Timber			Consulting			Estate			Other			Consolidated
2011
Revenue internal		$7,144			$4,300			$11,444			$522			$2,942			$-			$14,908
Eliminations		(105	)		-			(105	)		(522	)		(12	)		-			(639	)
Revenue external		7,039			4,300			11,339			-			2,930			-			14,269

Cost of timber and land sold		(3,030	)		(3,687	)		(6,717	)		-			(344	)		-			(7,061	)

Operating, general and
administrative expenses internal		(942	)		(900	)		(1,842	)		(459	)		(922	)		(1,164	)		(4,387	)
Eliminations		12			522			534			105			-			-			639
Operating, general and
administrative expenses external		(930	)		(378	)		(1,308	)		(354	)		(922	)		(1,164	)		(3,748	)

Income (loss) from operations
internal		3,172			(287	)		2,885			63			1,676			(1,164	)		3,460
Eliminations		(93	)		522			429			(417	)		(12	)		-			-
Income (loss) from operations
external		$3,079			$235			$3,314			($354	)		$1,664			($1,164	)		$3,460

2010
Revenue internal		$6,420			$1,428			$7,848			$337			$288			$-			$8,473
Eliminations		(35	)		-			(35	)		(337	)		(12	)		-			(384	)
Revenue external		6,385			1,428			7,813			-			276			-			8,089

Cost of timber and land sold		(2,570	)		(1,253	)		(3,823	)		-			(2	)		-			(3,825	)

Operating, general and
administrative expenses internal		(837	)		(435	)		(1,272	)		(423	)		(1,370	)		(1,452	)		(4,517	)
Eliminations		12			324			336			48			-			-			384
Operating, general and
administrative expenses external		(825	)		(111	)		(936	)		(375	)		(1,370	)		(1,452	)		(4,133	)

Income (loss) from operations
internal		3,013			(260	)		2,753			(86	)		(1,084	)		(1,452	)		131
Eliminations		(23	)		324			301			(289	)		(12	)		-			-
Income (loss) from operations
external		$2,990			$64			$3,054			($375	)		($1,096	)		($1,452	)		$131

	Fee Timber									Timberland
Six Months Ended	Pope Resources			ORM Timber			Total			Management &			Real
June 30, (Thousands)	Timber			Funds			Fee Timber			Consulting			Estate			Other			Consolidated
2011
Revenue internal		$18,584			$10,436			$29,020			$1,089			$3,169			$-			$33,278
Eliminations		(222	)		-			(222	)		(1,089	)		(24	)		-			(1,335	)
Revenue external		18,362			10,436			28,798			-			3,145			-			31,943

Cost of timber and land sold		(7,538	)		(8,035	)		(15,573	)		-			(344	)		-			(15,917	)

Operating, general and
administrative expenses internal		(2,110	)		(1,790	)		(3,900	)		(1,003	)		(1,994	)		(2,242	)		(9,139	)
Eliminations		27			1,089			1,116			219			-			-			1,335
Operating, general and
administrative expenses external		(2,083	)		(701	)		(2,784	)		(784	)		(1,994	)		(2,242	)		(7,804	)

Income (loss) from operations
internal		8,936			611			9,547			86			831			(2,242	)		8,222
Eliminations		(195	)		1,089			894			(870	)		(24	)		-			-
Income (loss) from operations
external		$8,741			$1,700			$10,441			($784	)		$807			($2,242	)		$8,222

2010
Revenue internal		$11,923			$1,706			$13,629			$590			$504			$-			$14,723
Eliminations		(54	)		-			(54	)		(590	)		(24	)		-			(668	)
Revenue external		11,869			1,706			13,575			-			480			-			14,055

Cost of timber and land sold external		(5,099	)		(1,329	)		(6,428	)		-			(3	)		-			(6,431	)

Operating, general and
administrative expenses internal		(1,598	)		(819	)		(2,417	)		(680	)		(2,099	)		(2,393	)		(7,589	)
Eliminations		27			577			604			64			-			-			668
Operating, general and
administrative expenses external		(1,571	)		(242	)		(1,813	)		(616	)		(2,099	)		(2,393	)		(6,921	)

Income (loss) from operations
internal		5,226			(442	)		4,784			(90	)		(1,598	)		(2,393	)		703
Eliminations		(27	)		577			550			(526	)		(24	)		-			-
Income (loss) from operations
external		$5,199			$135			$5,334			($616	)		($1,622	)		($2,393	)		$703

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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+ Details

BALANCE SHEET OF PARTNERSHIP CO-INVESTMENTS

6 Months Ended

Jun. 30, 2011

BALANCE SHEET OF PARTNERSHIP CO-INVESTMENTS

The Funds were formed by Olympic Resource Management LLC (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. Both Funds will operate for a term of ten years from the end of the drawdown period, with Fund I terminating August 2017 and Fund II terminating March 2021. Pope Resources and ORMLLC together own 20% of each Fund and both are consolidated into the Partnership’s financial statements. The Funds’ statements of operations included management fees paid to ORMLLC which are eliminated in consolidation. The Partnership’s consolidated balance sheet included assets and liabilities of the Funds as of June 30, 2011 and December 31, 2010, which were as follows:

ORM Timber Funds

(Thousands)	June 30, 2011		December 31, 2010
Assets:
Cash and cash equivalents		$2,291		$2,186
Other current assets		391		413
Total current assets		2,682		2,599
Timber and roads, net		121,601		125,456
Timberlands		18,747		18,607
Other assets		133		141
Total assets		$143,163		146,803
Liabilities and equity:
Current liabilities		$1,151		$954
Current portion of long-term debt		31		30
Long-term debt		11,052		11,068
Total liabilities		12,234		12,052
Funds' Equity		130,929		134,751
Total liabilities and equity		$143,163		$146,803

Long-term debt

6 Months Ended

Jun. 30, 2011

Long-term debt

10.

The Partnership's long-term debt is not actively traded and, as such, fair values were estimated using discounted cash flow analyses, based on the Partnership’s current estimated incremental borrowing rates for similar types of borrowing arrangements, which are considered level 3 inputs. As of June 30, 2011 and December 31, 2010, consolidated fixed-rate debt outstanding had a fair value of approximately $43.5 million and $41.9 million, respectively:

During the second quarter of 2011, the Partnership had net incremental borrowings of $33,000 on its operating line of credit, keeping the outstanding borrowings flat at $5.3 million for both March 31, 2011 and June 30, 2011. For the six months ended June 30, 2011, we repaid $4.3 million on the operating line of credit, reducing outstanding borrowings from $9.6 million at December 31, 2010. The outstanding borrowings are recorded within long-term debt because the line of credit does not mature until 2013 and predictability of cash flows in light of operating needs is not reliable enough to suggest a meaningful and accurate bifurcation of what portion of the line of credit can or will be paid down in the near term.

Accrued interest relating to all debt instruments was $489,000 at June 30, 2011, and is included in accrued liabilities.

Environmental Loss Contingency Disclosure

6 Months Ended

Jun. 30, 2011

Environmental Loss Contingency Disclosure

11.

The Partnership has an accrual for estimated environmental remediation costs of $1.8 million as of June 30, 2011 and $1.9 million as of December 31, 2010. The environmental remediation liability represents estimated payments to be made to monitor and remedy certain areas in and around the townsite and millsite at Port Gamble, Washington, and at Port Ludlow, Washington.

During the second quarter, the Washington State Department of Ecology (DOE) received comments on its Baywide and Millsite Remedial Investigation and Feasibility Study (RI/FS) reports from tribal stakeholders following an extended public comment period. DOE has agreed to modify the RI/FS by the end of 2011, contemporaneously with development of a clean-up action plan and consent decree.

Additionally, during the second quarter of 2011 the Partnership recorded a charge of $77,000 relating to final expenses incurred associated with a second and separate remediation effort completed during the quarter at Port Gamble. This brings the six-month charge for this project to $344,000.

The environmental remediation accrual also contains costs estimated in connection with a site located within the resort community of Port Ludlow. During the second quarter of 2011, additional investigative work was performed to further refine the characterization and extent of the contamination. During the second half of 2011, we expect to continue monitoring the site with the intent to point toward feasibility of remedies if and when appropriate.

The environmental liability at June 30, 2011 is comprised of $224,000 that the Partnership expects to expend in the next 12 months and $1.5 million thereafter. Statistical models have been used to estimate the liability and suggest a potential aggregate range of loss of $744,000 to $3.8 million.

- Definition

The entire disclosure for environmental loss contingencies, such as presence of hazardous waste, relevant information from reports issued by regulators, and estimated costs to achieve compliance with regulatory requirements. This element may be used for all of an entity's disclosures about environmental loss contingencies.

+ References + Details

New Accounting Pronouncements Not yet Adopted

6 Months Ended

Jun. 30, 2011

New Accounting Pronouncements Not yet Adopted

12.	There were no new accounting pronouncements issued or that became effective during the first half of 2011 that impact the Partnership’s financial statements.