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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2011	Feb. 17, 2012	Jun. 30, 2011
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2011
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	FY
Trading Symbol	POPE
Entity Registrant Name	POPE RESOURCES LTD PARTNERSHIP
Entity Central Index Key	0000784011
Current Fiscal Year End Date	--12-31
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		4,410,226
Entity Public Float			$ 141,717,000

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010
Current assets
Partnership cash and cash equivalents	$ 249	$ 237
ORM Timber Funds cash and cash equivalents	2,404	2,186
Cash and cash equivalents	2,653	2,423
Accounts receivable, net	1,876	543
Building and land held for sale	1,255	3
Current portion of contracts receivable	80	219
Prepaid expenses and other	853	805
Total current assets	6,717	3,993
Properties and equipment, at cost
Timber and roads, net of accumulated depletion of $71,955 and $60,044	154,236	164,961
Timberland	34,130	33,980
Land held for development	28,413	27,737
Buildings and equipment, net of accumulated depreciation of $6,203 and $7,739	6,019	3,854
Total properties and equipment, at cost	222,798	230,532
Other assets
Contracts receivable, net of current portion	409	652
Other	484	660
Total other assets	893	1,312
Total assets	230,408	235,837
Current liabilities
Accounts payable	1,328	868
Accrued liabilities	3,021	2,656
Current portion of long-term debt	32	30
Deferred revenue	447	674
Other current liabilities	468	588
Total current liabilities	5,296	4,816
Long-term debt, net of current portion	45,793	50,468
Other long-term liabilities	2,161	1,746
Commitments and contingencies
Partners' capital
General partners' capital (units issued and outstanding 60 and 60)	1,063	992
Limited partners' capital (units issued and outstanding 4,269 and 4,203)	74,696	69,998
Noncontrolling interests	101,399	107,817
Total partners' capital and noncontrolling interests	177,158	178,807
Total liabilities, partners' capital, and noncontrolling interests	$ 230,408	$ 235,837

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2011	Dec. 31, 2010
Timber and roads, accumulated depletion	$ 71,955	$ 60,044
Buildings and equipment, accumulated depreciation	$ 6,203	$ 7,739
General partners' capital, units issued	60	60
General partners' capital, units outstanding	60	60
Limited partners' capital, units issued	4,269	4,203
Limited partners' capital, units outstanding	4,269	4,203

CONSOLIDATED STATEMENTS OF OPERATIONS $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS $ in Thousands	Dec. 31, 2011 USD ($) $ / shares $ / PartnershipUnit	Dec. 31, 2010 USD ($) $ / shares $ / PartnershipUnit	Dec. 31, 2009 USD ($) $ / shares $ / PartnershipUnit
Revenue	$ 57,274	$ 31,192	$ 20,478
Costs and expenses
Cost of sales	(30,564)	(14,346)	(8,372)
Operating expenses	(15,863)	(13,933)	(10,827)
Operating income (loss)	10,847	2,913	1,279
Other income (expense)
Interest expense	(2,158)	(1,815)	(2,317)
Interest capitalized to development projects	432	569	1,091
Interest income	42	102	219
Net gain (loss) on student loan auction rate securities dispositions		11	(66)
Impairment of student loan auction rate securities			(252)
Total other expense	(1,684)	(1,133)	(1,325)
Debt extinguishment costs		(1,250)	(1,137)
Income (loss) before income taxes	9,163	530	(1,183)
Income tax benefit (expense)	(236)	290	(39)
Net income (loss)	8,927	820	(1,222)
Net (income) loss attributable to noncontrolling interests-ORM Timber Funds	(173)	1,218	950
Net income (loss) attributable to unitholders	8,754	2,038	(272)
Allocable to general partners	121	27	(4)
Allocable to limited partners	$ 8,633	$ 2,011	$ (268)
Earnings (loss) per unit attributable to unitholders:
Basic \| $ / PartnershipUnit	1.94	0.43	(0.07)
Diluted \| $ / PartnershipUnit	1.94	0.43	(0.07)
Distributions per unit \| $ / shares	$ 1.20	$ 0.70	$ 0.70
Fee Timber
Revenue	$ 52,729	$ 27,674	$ 14,847
Costs and expenses
Cost of sales	(30,042)	(14,184)	(7,980)
Operating expenses, excluding general and adminstrative expenses	(5,788)	(3,787)	(3,143)
Operating income (loss)	16,899	9,703	3,724
Timberland Management & Consulting
Revenue		31	601
Costs and expenses
Operating expenses, excluding general and adminstrative expenses	(1,515)	(1,281)	(976)
Operating income (loss)	(1,515)	(1,250)	(375)
Real Estate
Revenue	4,545	3,487	5,030
Costs and expenses
Cost of sales	(522)	(162)	(392)
Operating expenses, excluding general and adminstrative expenses	(3,395)	(3,259)	(2,945)
Operating income (loss)	(349)	(809)	1,663
Environmental Remediation Expense
Costs and expenses
Operating expenses, excluding general and adminstrative expenses	(977)	(875)	(30)
General and Administrative Expense
Costs and expenses
Operating expenses	(4,188)	(4,731)	(3,733)
Operating income (loss)	$ (4,188)	$ (4,731)	$ (3,733)

CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL - USD ($) $ in Thousands	Total	General Partners	Limited Partners	Noncontrolling Interests
Beginning Balance at Dec. 31, 2008	$ 132,171	$ 1,146	$ 86,671	$ 44,354
Net income (loss)	(1,222)	(4)	(268)	(950)
Cash distributions	(3,219)	(42)	(3,177)
Capital call	27,527			27,527
Excess tax benefit from equity-based compensation	17	1	16
Equity based compensation	621	12	609
Unit repurchases	(1,838)	(24)	(1,814)
Ending Balance at Dec. 31, 2009	154,057	1,089	82,037	70,931
Net income (loss)	820	64	1,974	(1,218)
Cash distributions	(4,062)	(42)	(3,199)	(821)
Proceeds from option exercises	622	19	603
Preferred stock issuance	125			125
Capital call	38,800			38,800
Equity based compensation	712	22	690
Unit repurchases	(12,267)	(160)	(12,107)
Ending Balance at Dec. 31, 2010	178,807	992	69,998	107,817
Net income (loss)	8,927	121	8,633	173
Cash distributions	(12,291)	(72)	(5,191)	(7,028)
Proceeds from option exercises	516	7	509
Capital call	437			437
Excess tax benefit from equity-based compensation	96	6	90
Equity based compensation	900	12	888
Indirect repurchase of units for minimum tax withholding	(234)	(3)	(231)
Ending Balance at Dec. 31, 2011	$ 177,158	$ 1,063	$ 74,696	$ 101,399

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Cash flows from operating activities:
Cash received from customers	$ 56,076	$ 31,289	$ 20,854
Cash paid to suppliers and employees	(31,609)	(19,210)	(16,533)
Interest received	47	103	280
Interest paid, net of amounts capitalized	(1,924)	(903)	(1,226)
Debt extinguishment costs		(1,250)	(1,137)
Capitalized development activities	(893)	(1,075)	(1,639)
Income taxes received (paid)	(37)	(4)	63
Net cash provided by operating activities	21,660	8,950	662
Cash flows from investing activities:
Capital expenditures	(5,121)	(941)	(1,224)
Proceeds from sale of fixed assets			50
Redemption of investments		1,497	1,815
Timberland acquisitions	(159)	(58,206)	(34,421)
Net cash used in investing activities	(5,280)	(57,650)	(33,780)
Cash flows from financing activities:
Repayment of (draw on) line of credit, net	(4,643)	9,600
Repayment of long-term debt	(30)	(1,038)	(1,418)
Extinguishment of long-term debt		(18,554)	(8,478)
Proceeds from issuance of long-term debt		31,000	9,800
Debt issuance costs		(283)	(71)
Unit repurchases		(12,267)	(1,838)
Proceeds from option exercises	516	622
Payroll taxes paid upon restricted unit vesting	(235)
Excess tax benefit from equity-based compensation	96		17
Cash distributions to unitholders	(5,263)	(3,241)	(3,219)
Cash distributions- ORM Timber Funds, net of distributions to Partnership	(7,012)	(806)
Preferred stock issuance (distribution), net - ORM Timber Fund II, Inc.	(16)	110
Net cash provided by (used in) financing activities	(16,150)	43,943	22,320
Net increase (decrease) in cash and cash equivalents	230	(4,757)	(10,798)
Cash and cash equivalents:
Beginning of year	2,423	7,180	17,978
End of year	2,653	2,423	7,180
Reconciliation of net income (loss) to net cash provided by operating activities:
Net income (loss)	8,927	820	(1,222)
Depletion	11,908	5,169	2,001
Capitalized development activities, net of reimbursements	(893)	(1,075)	(1,639)
Equity-based compensation	900	712	621
Excess tax benefit from equity-based compensation	(96)		(17)
Depreciation and amortization	701	642	810
(Gain) loss on investments		(11)	318
Deferred taxes, net	90	(252)	(222)
Cost of land sold	112	67	127
Write-off of debt issuance costs		32
Increase (decrease) in cash from changes in operating accounts:
Accounts receivable	(1,353)	(282)	239
Contracts receivable	382	174	11
Prepaid expenses and other current assets	(10)	(71)	(138)
Accounts payable and accrued liabilities	921	2,157	(45)
Deferred revenue	(227)	205	126
Other current liabilities	37	(6)	35
Environmental remediation	271	664	(285)
Other long-term liabilities	(13)	5	(31)
Other long-term assets	(1)		(6)
Other, net	4		(21)
Net cash provided by operating activities	21,660	8,950	662
ORM Timber Fund II, Inc.
Cash flows from financing activities:
Capital call		$ 38,800	$ 27,527
ORM Timber Fund III, Inc.
Cash flows from financing activities:
Capital call	$ 437

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2011

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 and consulting 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 the 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). With respect to Funds I and II, ORMLLC is the general partner and owns 1% while Pope Resources owns 19%. ORMLLC is the general partner of Fund III and the Partnership will provide a co-investment of between 5 and 10% of total committed capital in the third Fund. 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 & Consulting, and Real Estate. Fee Timber represents the growing and harvesting of trees from owned properties. Timberland Management & Consulting 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 have been eliminated in consolidation.

	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 80%-95% interest in the Funds owned by third-party investors. These entities are consolidated into Pope Resources’ financial statements due to our control over the entities (see Note 2).

		Noncontrolling interests-ORM Timber Funds represented the portion of 2011 and 2010 net income and losses, respectively, of the Funds, each of which is attributable to third-party owners of the Funds.

	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.

	Cost of sales
		For statement of operations presentation, cost of sales consists of the Partnership’s cost basis in timber, 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.

	Concentration of credit risk
		Financial instruments that potentially subject the Partnership to concentrations of credit risk consist principally of accounts and contracts receivable. The Partnership limits its credit exposure by considering the creditworthiness of potential customers and collateral on contracts. The Partnership’s allowance for doubtful accounts on accounts receivable is $14,670 and $10,423 at December 31, 2011 and 2010, respectively.

	Contracts receivable
		The Partnership sells land parcels under contracts requiring minimum cash down payments of 20% to 25% at interest rates between 7% and 8.75% per annum. While one contract has a repayment term of 15 years, loans are typically structured with repayments based on a 20-year amortization schedule culminating in a balloon payment within 5 to 7 years. The Partnership reduces credit risk on contracts through down payment requirements and utilizing the underlying land as collateral.

		At December 31, 2011, minimum principal payments on contracts receivable for the next five years and thereafter are due as follows (in thousands):

2012	$	80
2013		16
2014		167
2015		13
2016		103
Thereafter		110
Total	$	489

	Income taxes
		Income taxes 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 is not aware of any tax exposure items as of December 31, 2011 and 2010. The Partnership has concluded that it is more likely than not that it’s deferred tax assets will be realizable and thus no valuation allowance has been recorded as of December 31, 2011. This conclusion is based on anticipated future taxable income 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.

	Building and land held for sale and Land held for development
		Building and land held for sale and Land held for development are recorded at either cost or the lower of cost or fair value less the cost to sell. Those properties that are for sale, under contract, or the Partnership has an expectation they will sell within 12 months are classified on our balance sheet as a current asset under “Building and Land Held for Sale”. The $1.3 million currently in Building and Land Held for Sale reflects our expectation of sales in 2012 of the Partnership’s headquarters building in Poulsbo and a 10-acre multi-family parcel from the Harbor Hill project in Gig Harbor.

		Land held for development represents the Partnership’s cost basis in land that has been identified as having greater value as development property rather than as timberland. Project 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 intentionally delayed.

	Timberland, timber and roads
		Timberland, timber and roads are recorded at cost. To calculate the depletion rate the Partnership uses a combined pool when the characteristics of the acquired timber are not significantly different from the Partnership’s existing timberlands. The depletion rate is calculated by dividing estimated merchantable timber inventory of the pools into the cost basis of merchantable inventory of the pools as of the beginning of the year. The resulting rate is applied to timber harvested during the year to determine timber depletion expense. The Partnership capitalizes the cost of building permanent roads on the tree farms and expenses temporary roads and road maintenance. Capitalized roads are depleted as timber is harvested. The road depletion rate is calculated by dividing the cost of capitalized roads at the beginning of the year by merchantable timber inventory. The resulting rate is applied to timber harvested during the year to determine road depletion expense. Each tree farm within the Funds is considered a separate pool and timber harvested by the Funds is accounted for and depleted separate from the Partnership’s timberlands due to the third-party owners in the Funds. Timberland is not subject to depletion.

	Properties 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.

		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. 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.

		Buildings and equipment are recorded at cost and consisted of the following as of December 31, 2011 and 2010 (in thousands):

Description	12/31/2011			12/31/2010
Buildings	$	8,507		$	8,177
Equipment		3,083			2,795
Furniture and fixtures		632			621
Total	$	12,222		$	11,593
Accumulated depreciation		(6,203	)		(7,739	)
Net buildings and equipment	$	6,019		$	3,854

	Deferred revenue
		Deferred revenue represents the unearned portion of cash collected. The respective balances of $447,000 and $674,000 at December 31, 2011 and 2010, respectively, primarily represent the unearned portion of rental payments received on cell tower leases.

	Revenue recognition
		Revenue on timber sales is recorded when title and risk of loss passes to the buyer. 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. The Partnership does not sell real estate with less than a 20% down payment. Management fees and consulting service revenues are recognized as the related services are provided.

	Land and conservation easement (CE) sales
		The Partnership considers the sale of land and 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. Cash generated from these sales is included in cash flows from operations on the Partnership’s statements of cash flows. Similarly, investments to acquire land to be held for sale or development, as well as costs incurred to develop those properties, are also included in cash flows from operations within the statements of cash flows.

		The Partnership had two conservation related sales in 2011. The first was a 386-acre fee interest sale to The Nature Conservancy for approximately $2.0 million.

		The second was the sale of a 255-acre CE to the state of Washington with assistance from Forterra in December 2011. This CE imposes restrictions on the development of the property encumbered by the CE but allows for continued management of the property as industrial timberlands, including harvest of timber. The CE sale provided revenue of $480,000.

		In December 2010, the Partnership sold a $2.4 million CE on nearly 6,900 acres in Skamania County, Washington. The sale was funded by the federal Forest Legacy program and, similar to the 2011 CE, restricts future development on the property while allowing continued management and harvest of timber. The revenue for these 2010 and 2011 conservation sales is reported in the Real Estate segment.

	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 during the vesting period which can range from two to four years. Grants to retirement-eligible individuals on the date of grant are expensed immediately.

		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, 2011, total compensation expense related to non-vested awards not yet recognized was $633,000 with a weighted average 17 months remaining to vest.

	Income (loss) per partnership unit
		Basic 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 preferred shareholders, by the weighted average units outstanding during the period. 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 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, unless the assumed exercise is antidilutive.

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:

	Year Ended December 31,
(in thousands)	2011		2010			2009
Average per unit trading price	$	43.15	$	30.80		$	21.07
Total options outstanding		5,500		47,874			163,053
Less: options with strike price above average trading price (out-of-the-money)		-		(1,464	)		(41,323	)
Options used in calculation of dilutive unit equivalents		5,500		46,410			121,730
Net income (loss) attributable to Pope Resources’ unitholders	$	8,754	$	2,038		$	(272	)
Dilutive unit equivalents		2		24			42
Less: unit equivalents considered anti-dilutive due to net loss in period		-		-			(42	)
Dilutive unit equivalents used to calculate dilutive EPS		2		24			-

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

	Year Ended December 31,
(in thousands)	2011			2010			2009
Net income (loss) attributable to Pope Resources’ unitholders	$	8,754		$	2,038		$	(272	)
Net income attributable to unvested restricted unitholders		(341	)		(45	)		(39	)
Dividends paid to Fund II preferred shareholders		(16	)		(15	)		-
Net income (loss) attributable to outstanding unitholders	$	8,397		$	1,978		$	(311	)

Weighted average units outstanding:
Basic		4,323			4,554			4,539
Dilutive effect of unit equivalents		2			24			-
Diluted		4,325			4,578			4,539

Earnings (loss) per unit: Basic	$	1.94		$	0.43		$	(0.07	)
Earnings (loss) per unit: Diluted	$	1.94		$	0.43		$	(0.07	)

For 2011, there were no options excluded from the calculation of dilutive unit equivalents. This compares to 2010 when options to purchase 1,464 units at prices ranging from $30.98 to $37.73 were not included in the calculation of dilutive unit equivalents as they were anti-dilutive and 2009, when options to purchase 41,323 units at prices ranging from $21.35 to $37.73 were anti-dilutive and, as such, excluded from the dilutive unit equivalent calculation.

Statements of cash flows
	The Partnership considers all highly liquid debt instruments with a maturity of three months or less when purchased to be cash equivalents.

Fund II Preferred Shares
	Fund II 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. 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 Fund II. The maximum amount that the consolidated subsidiary 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 sheet and are considered participating securities for purposes of calculating earnings (loss) per unit.

Fair Value Hierarchy
	Fair Value Measurements
		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), ORM TIMBER FUND II, INC. (FUND II), AND ORM TIMBER FUND III (REIT) INC. (FUND III)

12 Months Ended

Dec. 31, 2011

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)


		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 will operate for a term of ten years from the end of the drawdown period, with Fund I terminating in August 2017, Fund II terminating in March 2021, and Fund III with an as-yet-undefined term because its drawdown period is still open. Fund III has a final close expected in June 2012 to be followed by investment of the capital. Fund III’s term of ten years will begin after the capital is fully invested.

		Pope Resources and ORMLLC together own 20% of Fund I and Fund II and will own between 5% and 10% of Fund III. All Funds are consolidated into the Partnership’s financial statements. The Funds’ statements of operations for the year ended December 31, 2011 reflects income of $942,000 and losses of $1.3 million and $1.2 million for the years ended December 31, 2010 and 2009, respectively. These operations include management fees paid to ORMLLC of $2.4 million, $1.5 million, and $908,000 for 2011, 2010, and 2009, respectively, which are eliminated in consolidation.
		The Partnership’s consolidated financial statements include Fund I, Fund II, and Fund III assets and liabilities at December 31, 2011 and 2010, which were as follows:

(in thousands)	2011		2010
Cash	$	2,404	$	2,186
Other current assets		546		413
Timber, Timberland and roads (net of $13,729 and $5,141
of accumulated depletion in 2011 and 2010)		136,313		144,063
Other long-term assets		126		141
Total assets	$	139,389	$	146,803

Current liabilities excluding long-term debt	$	1,525	$	954
Current portion of long-term debt		32		30
Total current liabilities		1,557		984
Long-term debt		11,036		11,068
Funds' equity		126,796		134,751
Total liabilities and equity	$	139,389	$	146,803

The table above includes management fees payable to the Partnership of $444,000 and $416,000 as of December 31, 2011 and 2010, respectively. These amounts are eliminated in the Partnership’s Consolidated Balance Sheets.

LONG-TERM DEBT

12 Months Ended

Dec. 31, 2011

LONG-TERM DEBT

3.	LONG-TERM DEBT

	At December 31,
(in thousands)	2011			2010
Pope Resources debt:
Mortgages payable to NWFCS, collateralized by timberlands, as follows:
Five-year tranche, interest at 4.10% with monthly interest-only payments.
Matures in July 2015.	$	5,000		$	5,000

Seven-year tranche, interest at 4.85% with monthly interest-only payments.
Matures in 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 in July 2025.		10,000			10,000
		29,800			29,800
Operating line of credit, variable interest rate based on LIBOR plus 2.25%, with monthly interest-only payments. Matures August 2013.		4,957			9,600
Total Partnership debt		34,757			39,400

ORM Timber Funds debt:
Fund I note payable to the City of Tacoma, with interest at 4.5%, with monthly principal and interest payments maturing January 2014.		68			98

Fund II mortgage payable to MetLife, interest at 4.85%, collateralized by Fund II timberlands with quarterly interest payments maturing September 2020.		11,000			11,000
Total ORM Timber Funds debt		11,068			11,098
Consolidated subtotal		45,825			50,498
Less current portion		(32	)		(30	)
Consolidated long-term debt, less current portion	$	45,793		$	50,468

		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, 2011 and expects to remain in compliance for at least the next twelve months. As such, all long-term debt agreements are appropriately classified on the balance sheet.

		Fund II’s debt agreement contains a requirement to maintain a loan-to-value ratio of less than 40%, with the denominator defined as appraised value. Fund II is in compliance with this covenant as of December 31, 2011 and expects to remain in compliance for at least the next 12 months.

		At December 31, 2011, principal payments on long-term debt for the next five years and thereafter are due as follows (in thousands):

2012	$	32
2013		4,993
2014		-
2015		5,000
2016		-
Thereafter		35,800
Total	$	45,825

		On April 16, 2010 we used existing cash balances along with proceeds from our operating line of credit to retire an $18.6 million timberland mortgage held by John Hancock Life Insurance Company (JHLIC) with a stated interest rate of 7.63% due in April 2011. The early retirement of this mortgage triggered $1.2 million of debt extinguishment costs. In June 2010, we entered into a new $20.0 million term loan agreement with Northwest Farm Credit Services (NWFCS). This new term loan agreement was structured with three tranches with terms of 5, 7, and 15 years that collectively have a weighted average interest rate of 5.3%. A fourth tranche of debt with NWFCS had been take out previously in 2009 in the amount of $9.8 million with an interest rate of 6.4% The weighted average interest rate for these four tranches of term debt is 5.6%.

		In connection with the 2010 refinancing of term debt, we elected to extend the Partnership’s revolving line of credit with NWFCS from August 2011 to August 2013 and to reduce the maximum borrowing limit from $35 million to $20 million. This line of credit had $5.0 million drawn as of December 31, 2011, down from $9.6 million as of December 31, 2010. This unsecured revolving loan agreement has a debt covenant that requires maintenance of a maximum debt-to-total-capitalization ratio of 30%, with total capitalization calculated using fair market value of timberland, which the Partnership passed at December 31, 2011. 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 225 to 325 basis points. As of December 31, 2011 the rate (benchmark plus the spread) was 255 basis points. The debt arrangement between the Partnership and NWFCS includes an annual reimbursement of interest expense (patronage). The Partnership’s 2011 interest expense was reduced by $239,000, which reflects estimated patronage to be refunded in 2012 with the related receivable recorded within Accounts Receivable as of December 31, 2011.

		Simultaneous with a timberland acquisition during the third quarter of 2010, Fund II closed on an $11 million timberland mortgage with MetLife. This mortgage is a non-amortizing 10-year loan with an interest rate of 4.85%. The loan agreement allows for, but does not require, annual principal payments of up to 10% without incurring a make-whole premium.

Accrued interest relating to all debt instruments was $494,000 and $453,000 at December 31, 2011 and 2010, respectively, and is included in accrued liabilities.

FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2011

FAIR VALUE OF FINANCIAL INSTRUMENTS

4.	FAIR VALUE OF FINANCIAL INSTRUMENTS

The Partnership’s 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. The fair value of the Partnership’s and Funds’ fixed-rate debt having a carrying value of $40.9 million and $40.9 million as of December 31, 2011 and 2010, respectively, has been estimated based on current interest rates for similar financial instruments, Level 2 inputs in the fair value hierarchy, to be approximately $46.6 million and $41.9 million, respectively.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-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 Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15C, 15D
-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 107
-Paragraph 15A
-Subparagraph a-d
-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 FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-Subparagraph a, b
-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 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
-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 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32, 33, 34
-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 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 17-22, 27, 28
-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 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258

Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13537-108611

Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 11: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
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-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13504-108611

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258

+ Details

INCOME TAXES

12 Months Ended

Dec. 31, 2011

INCOME TAXES

5.	INCOME TAXES

The Partnership 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. However, the Partnership’s corporate subsidiaries 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)	2011		2010			2009
Income (loss) before income taxes	$	9,163	$	530		$	(1,183	)
Less: Income/(loss) earned in entities that pass-through pre-tax earnings to the partners		8,427		1,408			(1,263	)
Income (loss) subject to income taxes	$	736	$	(878	)	$	80

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)	2011			2010		2009
Current		(242	)	$	38	$	(278	)
Deferred		(90	)		252		222
Paid in capital		96			-		17
Total	$	(236	)	$	290	$	(39	)

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:

	2011			2010			2009
Statutory tax on income		34	%		34	%		34	%
Income earned in entities that pass-through pre-tax earnings to the partners		(31	%)		(67	%)		(37	%)
Effective income tax rate		3	%		(33	%)		(3	%)

The net deferred income tax assets include the following components as of December 31:

(in thousands)	2011		2010		2009
Current (included in prepaid expenses and other)	$	439	$	401	$	111
Non-current (included in other assets)		207		335		373
Total	$	646	$	736	$	484

The deferred tax assets are comprised of the following:

(in thousands)	2011			2010		2009
Compensation-related accruals	$	628		$	647	$	403
Depreciation		54			38		25
Other		(36	)		51		56
Total	$	646		$	736	$	484

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-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 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-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 FASB
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-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

+ Details

UNIT INCENTIVE PLAN

12 Months Ended

Dec. 31, 2011

UNIT INCENTIVE PLAN

6.	UNIT INCENTIVE PLAN

		The Partnership’s 2005 Unit Incentive Plan (the Plan) authorized the granting of nonqualified equity compensation to employees, officers, and directors of the Partnership. A total of 1,105,815 units have been reserved for issuance under the Plan of which there are 978,544 units authorized but unissued as of December 31, 2011.

		One of the two components of the new incentive compensation program adopted in 2010 is the Performance Restricted Unit (PRU) plan which includes both a cash and equity component. Compensation expense relating to the PRUs will vest 25% per year over a 4 year future service period. The first equity grants pursuant to this new program were made in January 2011. The second component of the new incentive compensation program is the Long-Term Incentive Plan (LTIP) which is paid in cash. The LTIP awards contain a market condition whereby the award amount is based upon the Partnership’s total shareholder return (TSR) as compared to the TSR of a peer group of 23 companies, measured over a rolling three-year performance period. The market condition component requires the company’s projected cash payout to be remeasured quarterly based upon the Partnership’s relative TSR ranking, using a Monte Carlo simulation model.

		Total equity compensation expense for 2011 was $900,000, of which $473,000 of equity compensation expense was related to the PRU plan. The remaining expense was related to amortization of restricted units issued under the 2005 Plan, but not part of the new incentive compensation program. As of December 31, 2011, we accrued $2.0 million relating to the incentive compensation program, with $220,000 of that total attributable to that portion of the PRU that is to be paid out in cash. This compares with December 31, 2010 when we had accrued $1.5 million for such liabilities, with $200,000 related to the cash-payout component of the PRU.

		The new incentive compensation program does not affect the existence or availability of the 2005 Unit Incentive Plan or change its terms. The 2005 Unit Incentive Plan provides a one-way linkage to the new program because it (2005 Plan) has already established the formal framework by which unit grants, options, etc., can be issued. Upon either the exercise of options or vesting of restricted units, grantees have the choice of tendering back units to pay for their option exercise price and minimum tax withholdings.

	Restricted Units
		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 two to 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. The fair value, which equals the market price at date of grant, is charged to income on a straight-line basis over the vesting period. Grants to retirement-eligible individuals on the date of grant are expensed immediately.

Restricted unit activity for the three years ended December 31, 2011 was as follows:

				Weighted Avg
				Grant Date
	Units			Fair Value ($)
Outstanding December 31, 2008		61,875			36.42
Grants		11,695			20.52
Vested, net of units tendered back		(16,196	)		34.32
Tendered back to pay tax withholding		(1,179	)		33.98
Outstanding December 31, 2009		56,195			33.76
Grants		26,200			25.15
Vested, net of units tendered back		(16,334	)		38.29
Tendered back to pay tax withholding		(1,388	)		39.24
Outstanding December 31, 2010		64,673			29.01
Grants		26,500			38.64
Vested, net of units tendered back		(26,431	)		32.38
Tendered back to pay tax withholding		(6,242	)		31.91
Outstanding December 31, 2011		58,500			31.54

Unit Options

Unit options have not been granted since December 2005. Unit options granted prior to January 1, 2006 were non-qualified options granted at an exercise price not less than 100% of the fair value on the grant date. Unit options granted to employees vested over four or five years. Directors had the option of receiving their annual retainer in the form of unit options and those options vested immediately as they were granted monthly for services rendered during the month. Options granted have a life of ten years.

				Weighted Avg
	Options			Exercise Price ($)
Outstanding and Vested December 31, 2008		166,053			16.08
Expired		(3,000	)		27.88
Outstanding and Vested December 31, 2009		163,053			15.86
Exercised		(75,692	)		14.96
Expired		(2,500	)		24.13
Tendered back to pay exercise price and tax withholding		(36,987	)		18.46
Outstanding and Vested December 31, 2010		47,874			14.85
Exercised		(39,982	)		13.81
Tendered back to pay exercise price and tax withholding		(2,392	)		12.26
Outstanding and Vested December 31, 2011		5,500			16.35

There are no unvested unit options at December 31, 2011.

The aggregate spread between the option exercise price and unit market price (intrinsic value) of all options outstanding with a positive intrinsic value at December 31, 2011 was $147,000. The weighted average remaining contractual term for all outstanding and exercisable options at December 31, 2010 was 1.9 years.

PARTNERSHIP UNIT REPURCHASE PLANS

12 Months Ended

Dec. 31, 2011

PARTNERSHIP UNIT REPURCHASE PLANS

7.	PARTNERSHIP UNIT REPURCHASE PLANS

		The Partnership adopted a unit repurchase plan in December 2008 pursuant to which authorization was granted to repurchase limited partner units with an aggregate value of up to $2.5 million. Since that time, we have increased the aggregate value of units authorized for repurchase to $5 million and extended the repurchase plan to allow for repurchases through December 2012. As of December 31, 2011, there remained an unutilized authorization for unit repurchases of $2.5 million.

EMPLOYEE BENEFITS

12 Months Ended

Dec. 31, 2011

EMPLOYEE BENEFITS

8.	EMPLOYEE BENEFITS


		As of December 31, 2011 all employees of the Partnership and its subsidiaries are eligible to receive benefits under a defined contribution plan. During the years 2009 through 2011 the Partnership matched 50% of employees’ contributions up to 8% of an individual’s compensation. The Partnership’s contributions to the plan amounted to $128,000, $123,000, and $131,000 for the years ended December 31, 2011, 2010, and 2009 respectively.

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph a
-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 Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph b
-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 132R
-Paragraph 5
-Subparagraph h
-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 FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph q
-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 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 8
-Subparagraph m
-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 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 106
-Paragraph 518
-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 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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-Paragraph 264
-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 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Emerging Issues Task Force (EITF)
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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.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
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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.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
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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.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 158
-Paragraph 7, 21, 22
-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 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5, 6, 7, 8
-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 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Implementation Guide (Q and A)
-Number FAS88
-Paragraph 63
-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 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

+ Details

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2011

COMMITMENTS AND CONTINGENCIES

9.	COMMITMENTS AND CONTINGENCIES


	Environmental remediation
		The Partnership has an accrual for estimated environmental remediation costs of $2.2 million and $1.9 million as of December 31, 2011 and 2010, respectively. The environmental remediation liability represents estimated payments to be made to monitor and remedy certain areas in and around the townsite/millsite of Port Gamble, and at Port Ludlow, Washington.

		During the fourth quarter of 2011, Department of Ecology (DOE) completed additional sampling requested by a group of stakeholders earlier in the year. The sampling introduced a significant delay in the process toward the goal of modifying the Port Gamble Baywide and Millsite Remedial Investigation (RI) and Feasibility Study (FS) and issuing a Clean-Up Action Plan (CAP) coincident with a consent decree by the end of 2011. Two factors took on more significance during the fourth quarter clean-up approach and, as such, at December 31, 2011 were incorporated into a Monte Carlo simulation model that we use to estimate such liabilities. These updates to the Monte Carlo simulation model resulted in a $631,000 fourth quarter of 2011 charge for environmental remediation costs. Looking into 2012, DOE has suggested that the RI/FS may be finalized in the first half of 2012. This would be followed by a CAP and consent decree and include timetables and financial arrangements for completing the remediation.

		The environmental remediation accrual contains costs estimated in connection with a separate remediation effort within the resort community of Port Ludlow. We continue to monitor this site and will remediate contaminated sites if and where required. Additionally, the Partnership recorded a $346,000 charge during the year related to a second and separate remediation effort at Port Gamble. A No-Further-Action letter was received in the third quarter of 2011 and, as such, the remediation effort is considered complete and closed.

		The environmental liability at December 31, 2011 is comprised of $240,000 that the Partnership expects to expend in the next 12 months and $2.0 million thereafter. Statistical models have been used to estimate the liability and suggest a potential aggregate range of loss of zero to $4.8 million which represents a two-standard-deviation range from the mean of possible outcomes generated by the modeling process used to estimate the liability.

	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 $291,000 and $340,000 outstanding at December 31, 2011 and 2010, respectively.

	Operating leases
		The Partnership has non-cancelable operating leases for automobiles, office space, and computer equipment. The lease terms are from 12 to 60 months. Rent expense under the operating leases totaled $52,000, $79,000, and $105,000 for the years ended December 31, 2011, 2010, and 2009, respectively.

		At December 31, 2011 future annual minimum rental payments under non-cancelable operating leases were as follows:

	Year	Amount
	2012	$69,000
	2013	50,000
	2014	15,000
	2015	4,000
	2016	3,000

	Supplemental Employee Retirement Plan
		The Partnership has a supplemental employee retirement plan for a retired key 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 Partnership accrued $11,000 and $31,000 in 2011 and 2010, respectively, for this benefit based on an approximation of the cost of purchasing a life annuity paying the aforementioned benefit amount. The balance of the projected liability as of December 31, 2011 and 2010 was $197,000 and $211,000, 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.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-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 Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-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
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.5-02.25)
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-Name Accounting Standards Codification
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-Topic 825
-SubTopic 20
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-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

+ Details

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2011

RELATED PARTY TRANSACTIONS

10.	RELATED PARTY TRANSACTIONS


		Pope MGP, Inc. is the managing general partner of the Partnership and receives an annual management fee of $150,000.

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph k

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 3A
-Section 04
-Paragraph b

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 57
-Paragraph 1-4
-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 FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864

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-Name Accounting Standards Codification
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-Subparagraph (SX 210.4-08.(k))
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+ Details

SEGMENT AND MAJOR CUSTOMER INFORMATION

12 Months Ended

Dec. 31, 2011

SEGMENT AND MAJOR CUSTOMER INFORMATION

11.	SEGMENT AND MAJOR CUSTOMER INFORMATION


		The Partnership’s operations are classified into three segments: Fee Timber, Timberland Management & Consulting, and Real Estate. The Fee Timber segment consists of the harvest and sale of timber from both the Partnership’s 114,000 acres of fee timberland in Washington and the Funds’ 61,000 acres in Washington and Oregon.

		The Timberland Management & Consulting segment provides investment management, disposition, and technical forestry services in connection with 24,000 acres for Fund I and 37,000 acres for Fund II.

		The Real Estate segment’s operations consist of management of development properties and the rental of residential and commercial properties in Port Gamble and Kingston, Washington. Real Estate manages a portfolio of 2,800 acres of higher-and-better-use properties as of December 31, 2011. All of the Partnership’s real estate activities are in the State of Washington.

For the year ended December 31, 2011, the Partnership had one customer that represented 28% of consolidated revenue, or $16.2 million. For the year ended December 31, 2010, the Partnership had one customer that represented 24% of consolidated revenue, or $7.6 million. For the year ended December 31, 2009, the Partnership had two customers that represented 16% and 10% of consolidated revenue, or $3.3 million and $2.1 million, respectively.

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 major third-party customer. Details of the Partnership’s operations by business segment for the years ended December 31 were as follows:

(in thousands)	2011			2010			2009
Revenue
Partnership Fee Timber	$	31,429		$	22,474		$	14,977
Funds Fee Timber		21,749			5,370			31
Total Combined Fee Timber		53,178			27,844			15,008
Timberland Management & Consulting		2,390			1,519			1,509
Real Estate		4,593			3,535			5,078
Total Revenue (Internal)		60,161			32,898			21,595

Elimination of Intersegment Revenue		(2,887	)		(1,706	)		(1,117	)
Total Revenue (External)	$	57,274		$	31,192		$	20,478

Intersegment Revenue or Transfers
Partnership Fee Timber	$	(449	)	$	(170	)	$	(161	)
Funds Fee Timber		-			-			-
Total Combined Fee Timber		(449	)		(170	)		(161	)
Timberland Management & Consulting		(2,390	)		(1,488	)		(908	)
Real Estate		(48	)		(48	)		(48	)
Total Intersegment Revenue or Transfers	$	(2,887	)	$	(1,706	)	$	(1,117	)

Operating Income (Loss)
Partnership Fee Timber	$	13,965		$	9,657		$	4,131
Funds Fee Timber		942			(1,307	)		(1,185	)
Total Combined Fee Timber		14,907			8,350			2,946
Timberland Management & Consulting		429			55			355
Real Estate		(301	)		(761	)		1,711
G&A		(4,188	)		(4,731	)		(3,733	)
Total Operating Income (Internal)	$	10,847		$	2,913		$	1,279

Intersegment Charges or Transfers
Partnership Fee Timber	$	(398	)	$	(119	)	$	(113	)
Funds Fee Timber		2,390			1,472			891
Total Combined Fee Timber		1,992			1,353			778
Timberland Management & Consulting		(1,944	)		(1,305	)		(730	)
Real Estate		(48	)		(48	)		(48	)
G&A		-			-			-
Total Intersegment Charges or Transfers		-			-			-
Total Operating Income (External)	$	10,847		$	2,913		$	1,279

(in thousands)	2011		2010		2009
Depreciation, Amortization and Depletion
Partnership Fee Timber	$	3,460	$	2,883	$	2,413
Funds Fee Timber		8,602		2,534		-
Total Combined Fee Timber		12,062		5,417		2,413
Timberland Management & Consulting		8		3		17
Real Estate		405		240		190
G&A		134		151		191
Total	$	12,609	$	5,811	$	2,811
Assets
Partnership Fee Timber	$	52,886	$	54,990	$	57,982
Funds Fee Timber		139,389		146,803		89,531
Total Combined Fee Timber		192,275		201,793		147,513
Timberland Management & Consulting		3		10		38
Real Estate		35,913		31,757		30,604
G&A		2,217		2,277		8,925
Total	$	230,408	$	235,837	$	187,080
Capital and Land Expenditures
Partnership Fee Timber	$	998	$	524	$	532
Funds Fee Timber		837		58,311		34,553
Total Combined Fee Timber		1,835		58,835		35,085
Timberland Management & Consulting		3		2		-
Real Estate-development activities		4,104		1,075		1,639
Real Estate-other		168		185		537
G&A		63		125		23
Total	$	6,173	$	60,222	$	37,284
Revenue by product/service
Domestic forest products	$	27,227	$	18,384	$	12,016
Export forest products, indirect		25,502		9,290		2,831
Conservation easements and sales		2,435		2,400		3,298
Fees for service		-		31		632
Homes, lots, and undeveloped acreage		2,110		1,087		1,701
Total	$	57,274	$	31,192	$	20,478

- 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
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+ Details

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

12 Months Ended

Dec. 31, 2011

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

12.	QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

(in thousands except per unit amounts)	Revenue		Income (loss) from operations			Net income (loss) attributable to unitholders			Earnings (loss) per partnership unit: Basic			Earnings (loss) per partnership unit: Diluted
2011
First quarter	$	17,674	$	4,762		$	3,680		$	0.82		$	0.82
Second quarter		14,269		3,460			3,287			0.73			0.73
Third quarter		7,522		(766	)		(562	)		(0.14	)		(0.14	)
Fourth quarter		17,809		3,391			2,349			0.52			0.52

2010
First quarter	$	5,966	$	572		$	451		$	0.10		$	0.10
Second quarter		8,089		131			(1,126	)		(0.25	)		(0.25	)
Third quarter		8,591		889			1,050			0.23			0.22
Fourth quarter		8,546		1,321			1,663			0.35			0.35

Quarterly fluctuations in data result from the addition and/or deferral of harvest volumes as well as the timing of real estate and CE sales, 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 as disclosed.

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References + Details