View Filing Data

$ 70,692

$ 54,043

$ 57,274

Cost of sales

(39,626)

(30,831)

(31,149)

Environmental remediation

(12,500)

(977)

General & Administrative

(4,562)

(4,170)

(4,188)

(18,134)

(28,196)

(15,278)

Interest capitalized to development projects

12,932

(4,984)

10,847

Other income (expense)

Interest expense

(2,364)

(2,077)

(2,158)

815

591

432

Interest income

Total other expense

(1,528)

(1,460)

(1,684)

Income (loss) before income taxes

11,404

(6,444)

9,163

Income tax benefit (expense)

307

(352)

(236)

Net income (loss)

11,711

(6,796)

8,927

Net (income) loss attributable to noncontrolling interests-ORM Timber Funds

1,424

2,087

(173)

Net and comprehensive income (loss) attributable to unitholders

13,135

(4,709)

8,754

Allocable to general partners

180

(65)

121

Allocable to limited partners

12,955

(4,644)

8,633

Net and comprehensive income (loss) attributable to unitholders

$ 13,135

$ (4,709)

$ 8,754

Basic and diluted earnings (loss) per unit attributable to unitholders

$ 2.96

$ (1.11)

$ 1.94

Distributions per unit

$ 2.00

$ 1.70

$ 1.20

Fee Timber

Revenue

$ 56,035

$ 45,539

$ 52,729

Cost of sales

(32,326)

(27,596)

(29,568)

Operating costs and expenses

(7,541)

(6,090)

(6,262)

(7,541)

(6,090)

(6,262)

Timberland Management & Consulting

16,168

11,853

16,899

Revenue

Operating costs and expenses

(1,950)

(1,575)

(1,515)

(1,950)

(1,575)

(1,515)

(1,950)

(1,568)

(1,515)

Real Estate

Revenue

14,657

8,497

4,545

Cost of sales

(7,300)

(3,235)

(1,581)

Operating costs and expenses

(4,081)

(3,861)

(2,336)

(4,081)

(16,361)

^[1]

(3,313)

^[2]

3,276

(11,099)

(349)

General & Administrative

Summary of Significant Accounting Policies

$ (4,562)

$ (4,170)

$ (4,188)

[1]	*Includes $12.5 MM of environmental remediation expense
[2]	**Includes $977,000 of environmental remediation expense

Consolidated Statements of Partners' Capital - USD ($) $ in Thousands	Total	General Partners	Limited Partners	Noncontrolling Interests
Beginning 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
Net income (loss)	(6,796)	(65)	(4,644)	(2,087)
Cash distributions	(11,457)	(105)	(7,394)	(3,958)
Proceeds from option exercises	12		12
Stock sale	118			118
Capital call	42,946			42,946
Excess tax benefit from equity-based compensation	220	3	217
Equity-based compensation	740	10	730
Indirect repurchase of units for minimum tax withholding	(300)	(4)	(296)
Ending balance at Dec. 31, 2012	202,641	902	63,321	138,418
Net income (loss)	11,711	180	12,955	(1,424)
Cash distributions	(25,369)	(122)	(8,764)	(16,483)
Capital call	24,658			24,658
Equity-based compensation	1,214	17	1,197
Indirect repurchase of units for minimum tax withholding	(241)	(3)	(238)
Ending balance at Dec. 31, 2013	$ 214,614	$ 974	$ 68,471	$ 145,169

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Cash flows from operating activities:
Cash received from customers	$ 69,009	$ 56,517	$ 56,076
Cash paid to suppliers and employees	(39,062)	(36,364)	(31,609)
Interest received	22	26	47
Interest paid, net of amounts capitalized	(1,376)	(1,490)	(1,924)
Capitalized development activities	(10,801)	(2,152)	(893)
Income taxes received (paid)	157	(328)	(37)
Net cash provided by operating activities	17,949	16,209	21,660
Cash flows from investing activities:
Capital expenditures	(2,230)	(2,305)	(5,121)
Proceeds from sale of fixed assets		2,873
Timberland acquisitions	(43,413)	(45,155)	(159)
Net cash used in investing activities	(45,643)	(44,587)	(5,280)
Cash flows from financing activities:
Repayment of line of credit, net		(4,957)	(4,643)
Repayment of long-term debt	(125)	(32)	(30)
Proceeds from issuance of long-term debt	31,980	3,000
Debt issuance costs	(28)	(46)
Proceeds from option exercises		12	516
Payroll taxes paid on unit net settlements	(241)	(300)	(235)
Excess tax benefit from equity-based compensation	0	220	96
Cash distributions to unitholders	(8,886)	(7,499)	(5,263)
Cash distributions- ORM Timber Funds, net of distributions to Partnership	(16,483)	(3,942)	(7,012)
Capital call - ORM Timber Funds, net of Partnership contribution	24,658	42,946	437
Stock sale - ORM Timber Fund II, Inc.		118
Preferred stock issuance (distribution), net - ORM Timber Fund II, Inc.		(16)	(16)
Net cash provided by (used in) financing activities	30,875	29,504	(16,150)
Net increase in cash and cash equivalents	3,181	1,126	230
Cash and cash equivalents:
Beginning of year	3,779	2,653	2,423
End of year	$ 6,960	$ 3,779	$ 2,653

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Net income (loss)	$ 11,711	$ (6,796)	$ 8,927
Depletion	11,204	10,019	11,908
Capitalized development activities	(10,801)	(2,152)	(893)
Equity-based compensation	1,214	740	900
Excess tax benefit from equity-based compensation		(220)	(96)
Depreciation and amortization	704	1,232	701
Gain (loss) on sale of property and equipment	47	(2,753)
Deferred taxes, net	(260)	97	90
Cost of land sold	5,004	1,492	112
Accounts receivable	(293)	668	(1,353)
Contracts receivable	76	188	382
Prepaid expenses and other current assets	(276)	(84)	(10)
Accounts payable and accrued liabilities	1,763	410	921
Deferred revenue	(1,466)	1,618	(227)
Other current liabilities	23	15	37
Environmental remediation	(701)	11,739	271
Other, net		(4)	(10)
Net cash provided by operating activities	$ 17,949	$ 16,209	$ 21,660

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2013

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 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 manager, respectively, and owns 1% while Pope Resources owns 19%. ORMLLC is the manager and owns 1% of Fund III and the Partnership separately has a 4% co-investment in Fund III. The purpose of all three Funds is to invest in timberlands. See Note 2 for additional information.

The Partnership operates in three business segments: Fee Timber, Timberland Management & 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, including operations related to the Funds, have been eliminated in consolidation.

The Funds are consolidated into Pope Resources’ financial statements due to our control over the Funds (see Note 2).

General partner

The Partnership has two general partners: Pope MGP, Inc. and Pope EGP, Inc. In total, these two entities own 60,000 partnership units. The allocation of distributions, income and other capital related items between the general and limited partners is pro rata among all units outstanding. The managing general partner of the Partnership is Pope MGP, Inc.

Noncontrolling interests

Noncontrolling interests represents the portion of 2013, 2012, and 2011 net income and losses of the Funds attributable to third-party owners of the Funds. In the case of Funds I and II, noncontrolling interests represent 80%, while noncontrolling interests represent 95% of Fund III ownership. To arrive at net income (loss) attributable to Partnership unitholders, the portion of the income attributable to these third-party investors is subtracted from Partnership income (loss) or, in the case of a loss attributable to third-party investors, added back to Partnership income (loss).

Significant estimates and concentrations in financial statements

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates.

Depletion

Timber costs are combined into depletion pools based on the common characteristics of the timber such as location and species mix. Each tree farm within the Funds is considered a separate depletion pool and timber harvested by the Funds is accounted for and depleted separate from the Partnership’s timberlands due to third-party owners in the Funds. The applicable depletion rate is derived by dividing the aggregate cost of merchantable stands of timber, together with capitalized road expenditures, by the estimated volume of merchantable timber available for harvest at the beginning of that year. The depletion rate, so derived and expressed in per MBF terms, is then multiplied by the volume harvested in a given period to calculate depletion expense for that period as follows:

Depletion rate = Accumulated cost of timber and capitalized road expenditures

Estimated volume of merchantable timber

Purchased timberland cost allocation.

When the Partnership or Funds acquire timberlands, a purchase price allocation is performed that allocates cost between the categories of merchantable timber, pre-merchantable timber, and land based upon the relative fair values pertaining to each of the categories. Land value may include uses other than timberland including potential conservation easement (CE) sales and development opportunities.

Cost of sales

Cost of sales consists of the Partnership’s cost basis in timber, real estate, and other inventory sold, and direct costs incurred to make those assets saleable. Those direct costs include the expenditures associated with the harvesting and transporting of timber and closing costs incurred in land and lot sale transactions. Cost of sales also consists of those costs directly attributable to the Partnership’s rental activities.

Cash and cash equivalents

Cash and cash equivalents include highly liquid investments with original maturities of three months or less at date of purchase.

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 utilizing the underlying land sold as collateral on contracts. The Partnership’s allowance for doubtful accounts on accounts receivable is $19,492 and $58,509 at December 31, 2013 and 2012, respectively.

Contracts receivable

In the past, the Partnership has occasionally sold small land parcels under contracts that require minimum cash down payments of 20% to 25% at interest rates between 7% and 8.75% per annum. As of December 31, 2013 and 2012, we held 3 such contracts. 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.

At December 31, 2013, minimum principal payments on contracts receivable for the next five years and thereafter are due as follows (in thousands):

2014		98
2015		9
2016		10
2017		10
2018		11
Thereafter		88
Total	$	226

Income taxes

The Partnership itself is not subject to income taxes, but its corporate subsidiaries are subject to income taxes which are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Operating loss and tax credit carryforwards, if any, are also factored into the calculation of deferred tax assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates that are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Partnership has concluded that it is more likely than not that its deferred tax assets will be realizable and thus no valuation allowance has been recorded as of December 31, 2013. This conclusion is based on anticipated future taxable income, the expected future reversals of existing taxable temporary differences, and tax planning strategies to generate taxable income, if needed. The Partnership will continue to reassess the need for a valuation allowance during each future reporting period. The Partnership is not aware of any tax exposure items as of December 31, 2013 and 2012 where the Partnership’s tax position is not more likely than not to be sustained if challenged by the taxing authorities.

Land held for sale and Land held for development

Land held for sale and land held for development are recorded at the lower of cost or net realizable value. Costs of development, including interest, are capitalized for these projects and allocated to individual lots based upon their relative preconstruction fair value. This allocation of basis supports, in turn, the computation of those amounts reported as a current vs. long-term asset based on management’s expectation of when the sales will occur (Land Held for Sale and Land Held for Development, respectively). As lot sales occur, the allocation of these costs becomes part of cost of sales attributed to individual lot sales. Costs associated with land including acquisition, project design, architectural costs, road construction, capitalized interest and utility installation are accounted for as operating activities on our statement of cash flows.

Those properties that are for sale, under contract, and for which the Partnership has an expectation they will be sold within 12 months are classified on our balance sheet as a current asset under “Land Held for Sale”. The $10.3 million currently in Land Held for Sale reflects our expectation of sales in 2014 of parcels comprising 61acres from the Harbor Hill project in Gig Harbor as well as 535 acres of timberland near Port Gamble for conservation purposes. Land Held for Sale as of December 31, 2012 represented an expected 2013 sales of a 11-acre single-family parcel from the Harbor Hill project.

Land held for development on our balance sheet represents the Partnership’s cost basis in land that has been identified as having greater value as development property rather than as timberland. Land development costs, including interest, clearly associated with development or construction of fully entitled projects are capitalized, whereas costs associated with projects that are in the entitlement phase are expensed. Interest capitalization ceases once projects reach the point of substantial completion or construction activity has been intentionally delayed.

Timberland, timber and roads

Timberland, timber and roads are recorded at cost. The Partnership capitalizes the cost of building permanent roads on the tree farms and expenses temporary roads and road maintenance. Timberland is not subject to depletion.

Buildings and equipment

Buildings and equipment depreciation is provided using the straight-line method over the estimated useful lives of the assets, which range from 3 to 39 years.

Buildings and equipment are recorded at cost and consisted of the following as of December 31, 2013 and 2012 (in thousands):

Description	12/31/2013			12/31/2012
Buildings	$	8,890		$	8,512
Equipment		3,118			3,029
Furniture and fixtures		634			625
Total	$	12,642		$	12,166
Accumulated depreciation		(6,437	)		(6,012	)
Net buildings and equipment	$	6,205		$	6,154

Impairment of long-lived assets

When facts and circumstances indicate the carrying value of properties may be impaired, an evaluation of recoverability is performed by comparing the currently recorded carrying value of the property to the projected future undiscounted cash flows of the same property. If it is determined that the carrying value of such assets may not be fully recoverable, we would recognize an impairment loss, adjusting for the difference between the carrying value and the estimated fair market value, and would recognize an expense in this amount against current operations.

Deferred revenue

Deferred revenue represents the unearned portion of cash collected. Deferred revenue of $599,000 at December 31, 2013 reflects mostly the unearned portion of rental payments received on cell tower leases. The deferred revenue balance of $2.1 million at December 31, 2012 represents primarily revenue that was recognized in 2013 as we completed post-closing obligations related to the 12-acre sale of a multi-family parcel in our Gig Harbor project.

Revenue recognition

Revenue on fee timber sales is recorded when title and risk of loss passes to the buyer, which typically occurs when delivered to the customer. Revenue on real estate sales is recorded on the date the sale closes, upon receipt of adequate down payment, and receipt of the buyer’s obligation to make sufficient continuing payments towards the purchase of the property and the Partnership has no continuing involvement with the real estate sold. When a real estate transaction is closed with obligations to complete infrastructure or other construction, revenue is recognized on a percentage of completion method by calculating a ratio of costs incurred to total costs expected. Revenue is deferred proportionately based on the remaining costs to satisfy the obligation. Timberland management fees and consulting service revenues are recognized as the related services are provided.

Land and development rights or conservation easement (CE) sales

The Partnership considers the sale of land and development rights, or conservation easements (CE’s), to be part of its normal operations and therefore recognizes revenue from such sales and cost of sales for the Partnership’s basis in the property sold. CE sales allow us to retain harvesting and other timberland management rights, but bar any future subdivision of or real estate development on the property. Cash generated from these sales is included in cash flows from operations on the Partnership’s statements of cash flows.

In 2012, and 2011 the Partnership generated $1.2 million, and $2.0 million, respectively, from conservation easement sales. There were no such sales in 2013.

Equity-based compensation

The Partnership issues restricted units to certain employees, officers, and directors of the Partnership as part of their annual compensation. Restricted units are valued on the grant date at the market closing price of the partnership units on that date. The value of the restricted units is amortized to compensation expense on a straight-line basis during the vesting period which is generally four years. Grants to retirement-eligible individuals on the date of grant are expensed immediately.

Income (loss) per partnership unit

Basic 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 basic and diluted earnings (loss) per unit:

	Year Ended December 31,
(in thousands)	2013			2012			2011
Net income (loss) attributable to Pope Resources’ unitholders	$	13,135		$	(4,709	)	$	8,754
Net income attributable to unvested restricted unitholders		(195	)		(88	)		(341	)
Dividends paid to Fund II preferred shareholders		(16	)		(16	)		(16	)
Net income (loss) attributable to outstanding unitholders	$	12,924		$	(4,813	)	$	8,397

Weighted average units outstanding:
Basic		4,369			4,351			4,323
Dilutive effect of unit equivalents		-			-			2
Diluted		4,369			4,351			4,325
Net earnings (loss) per unit: Basic	$	2.96		$	(1.11	)	$	1.94
Net earnings (loss) per unit: Diluted	$	2.96		$	(1.11	)	$	1.94

As of December 31, 2013 and 2012 there were no outstanding options. At December 31, 2011, there were 5,500 options to purchase units at prices ranging from $10.75 to $17.40, none of which were excluded from the calculation of dilutive unit 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

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, 2013

Orm Timber Fund I, Lp (Fund I), Orm Timber Fund II, Inc. (Fund II), and Orm Timber Fund III (Reit) Inc. (Fund III)

2. ORM TIMBER FUND I, LP (FUND I), ORM TIMBER FUND II, INC. (FUND II), AND ORM TIMBER FUND III (REIT) INC. (FUND III) (COLLECTIVELY, “THE FUNDS”)

The Funds were formed by ORMLLC for the purpose of attracting capital to purchase timberlands. The objective of these Funds is to generate a return on investments through the acquisition, management, value enhancement and sale of timberland properties. Each Fund is organized to operate for a term of ten years from the end of the drawdown period, with Fund I terminating in August 2017, Fund II terminating in March 2021, and Fund III terminating on the tenth anniversary of the completion of its drawdown period. Fund III’s drawdown period will end at the earlier of placement of all committed capital or July 31, 2015. During the fourth quarter of 2012, Fund III acquired 19,000 acres of northern California timberland for a purchase price of $45.1 million which represented a deployment of 25% of the Fund III committed capital. The purchase price was allocated $7.5 million to land and $37.6 million to roads and timber. During the fourth quarter of 2013, Fund III acquired 11,000 acres of timberland in southwest Washington for $43.4 million. $18.0 million of the purchase price was financed by a loan from Northwest Farm Credit Services (NWFCS) with the remainder coming from contributed capital. The purchase price was allocated $4.3 million to land and $39.1 million to roads and timber.

Pope Resources and ORMLLC together own 20% of Fund I and Fund II and own 5% of Fund III. All Funds are consolidated into the Partnership’s financial statements. The Funds’ statements of operations for the year ended December 31, 2013 reflects an operating loss of $664,000, operating loss of $2.0 for the year ended December 31, 2012 and operating income of $941,000 for the year ended December 31, 2011. These operations include management fees paid to ORMLLC of $2.8 million, $2.2 million, and $2.4 million for 2013, 2012, and 2011, 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, 2013 and 2012, which were as follows:

(in thousands)	2013		2012
Cash	$	1,256	$	1,262
Other current assets		362		691
Total current assets		1,618		1,953
Properties and equipment (net of accumulated depletion
and depreciation in 2013 and 2012 of $28,713 and 20,664)		211,871		175,410
Other long-term assets		125		111
Total assets	$	213,614	$	177,474

Current liabilities	$	1,747	$	1,413
Current portion of long-term debt		3		34
Total current liabilities		1,750		1,447
Long-term debt		42,980		11,002
Funds' equity		168,884		165,025
Total liabilities and equity	$	213,614	$	177,474

The table above includes management fees payable to the Partnership of $557,000 and $490,000 as of December 31, 2013 and 2012, respectively. These amounts are eliminated in the Partnership’s Consolidated Balance Sheets.

Long-Term Debt

12 Months Ended

Dec. 31, 2013

Long-Term Debt

3. LONG-TERM DEBT

	At December 31,
(in thousands)	2013			2012
Pope Resources debt:
Mortgage payable to NWFCS, collateralized by Poulsbo headquarters:
Ten-year tranche, interest at 3.80% with monthly principal and interest
payments (matures in January 2023)	$	2,908		$	3,000

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)		4,999			4,999

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
Total Partnership debt		32,707			32,799

ORM Timber Funds debt:
Fund I note payable to the City of Tacoma, interest at 4.5%, with monthly principal and interest payments (matures January 2014)		3			36

Mortgages payable to MetLife, collateralized by Fund II timberlands with quarterly interest payments (matures September 2020), as follows:
4.85% interest rate tranche		11,000			11,000
3.84% interest rate tranche		14,000			-
Fund III mortgage payable to NWFCS, interest at 5.1%, collateralized by Fund III timberlands with quarterly interest payments (matures December 2023)		17,980			-
Total ORM Timber Funds debt		42,983			11,036
Consolidated subtotal		75,690			43,835
Less current portion		(109	)		(125	)
Consolidated long-term debt, less current portion	$	75,581		$	43,710

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, 2013.

Fund II’s debt agreement contains a requirement to maintain a loan-to-value ratio of less than 40%, with the denominator defined as fair market value. Fund II is in compliance with this covenant as of December 31, 2013.

At December 31, 2013, principal payments on long-term debt for the next five years and thereafter are due as follows (in thousands):

2014	$	109
2015		5,109
2016		114
2017		5,119
2018		123
Thereafter		65,116
Total	$	75,690

The Partnership’s revolving line of credit with NWFCS matures August 2015 and has a maximum borrowing limit of $20 million. This line of credit had nothing drawn as of December 31, 2013 or 2012. The interest rate under this credit facility uses LIBOR as a benchmark. The spread above the benchmark rate is variable depending on the Partnership’s trailing twelve-month interest coverage ratio but ranges from 175 to 275 basis points. As of December 31, 2013 the rate (benchmark plus the spread) was 195 basis points. The debt arrangement between the Partnership and NWFCS includes an annual reimbursement of interest expense (patronage). The Partnership’s 2013 interest expense was reduced by $249,000 which reflects estimated patronage to be refunded in 2014 with the related receivable recorded within Accounts Receivable as of December 31, 2013.

Accrued interest relating to all debt instruments was $671,000 and $463,000 at December 31, 2013 and 2012, respectively, and is included in accrued liabilities.

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2013

Fair Value of Financial Instruments

4. FAIR VALUE OF FINANCIAL INSTRUMENTS

The Partnership’s consolidated financial instruments include cash and cash equivalents and accounts receivable, for which the carrying amount of each represents fair value based on current market interest rates or their short-term nature. Carrying amounts of contracts receivable, although long-term, also approximate fair value given the current market interest rates. The fair value of the Partnership’s and Funds’ fixed-rate debt having a carrying value of $75.7 million and $43.8 million as of December 31, 2013 and 2012, respectively, has been estimated based on current interest rates for similar financial instruments, Level 2 inputs in the Fair Value Hierarchy, to be approximately $77.5 million and $50.1 million, respectively.

Commitments and Contingencies

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 + Details

Income Taxes

12 Months Ended

Dec. 31, 2013

Income Taxes

5. INCOME TAXES

The Partnership itself is not subject to income taxes. Instead, partners are taxed on their share of the Partnership’s taxable income, whether or not cash distributions are paid. The Partnership’s corporate subsidiaries, however, are subject to income taxes. The following tables provide information on the impact of income taxes in taxable subsidiaries. Consolidated Partnership income (loss) is reconciled to income (loss) before income taxes in corporate subsidiaries for the years ended December 31 as follows:

(in thousands)	2013			2012			2011
Income (loss) before income taxes	$	11,404		$	(6,444	)	$	9,163
Income (loss) in entities that pass-through pre-tax earnings to the partners		11,632			(6,578	)		8,427
Income (loss) subject to income taxes	$	(228	)	$	134		$	736

The provision for income taxes relating to corporate subsidiaries of the Partnership consists of the following income tax benefit (expense) for each of the years ended December 31:

(in thousands)	2013		2012			2011
Current	$	47	$	(255	)	$	(146	)
Deferred		260		(97	)		(90	)
Total	$	307	$	(352	)	$	(236	)

For the years ended December 31, 2012 and 2011, the Company also recorded excess tax benefits from equity-based compensation of $220,000 and $96,000, respectively. There were no such excess tax benefits for 2013.

A reconciliation between the federal statutory tax rate and the Partnership’s effective tax rate is as follows for each of the years ended December 31:

	2013			2012			2011
Statutory tax on income		34	%		34	%		34	%
Income (loss) in entities that pass-through pre-tax earnings to the partners		(37	%)		(39	%)		(31	%)
Effective income tax rate		(3	%)		(5	%)		3	%

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

(in thousands)	2013		2012			2011
Current (included in prepaid expenses and other)	$	992	$	590		$	439
Non-current (included in other assets (other long-term liabilities))		9		(41	)		207
Total	$	1,001	$	549		$	646

The deferred tax assets are comprised of the following:

(in thousands)	2013			2012		2011
Compensation-related accruals	$	370		$	353	$	628
Net operating loss carryforward		611			167		-
Depreciation		(8	)		4		54
Other		28			25		(36	)
Total	$	1,001		$	549	$	646

The net operating loss carryforwards generated in 2012 and 2013 in the table above expire in 2032 and 2033, respectively.

Unit Incentive Plan

12 Months Ended

Dec. 31, 2013

Unit Incentive Plan

6. UNIT INCENTIVE PLAN

One of the two components of a management incentive compensation program adopted in 2010 (2010 Incentive Compensation Program) is the Performance Restricted Unit (PRU) plan which includes both an equity and cash component. Compensation expense relating to the PRUs will vest 25% per year over a 4-year future service period. The first equity grants pursuant to this program were made in January 2011. On the date of grant, these restricted units are owned by the employee, officer, or director of the Partnership, subject to a trading restriction that is in effect during the vesting period. As of December 31, 2013, total compensation expense not yet recognized related to non-vested awards was $1.9 million with a weighted average 22 months remaining to vest.

The second component of the incentive compensation program is the Long-Term Incentive Plan (LTIP) which is paid in cash. The LTIP awards contain a feature whereby the award amount is based upon the Partnership’s total shareholder return (TSR) as compared to TSR’s of a benchmark peer group of companies, measured over a rolling three-year performance period. The component based on relative TSR requires the company’s projected cash payout for yet-to-be-completed performance cycles to be re-measured quarterly based upon the Partnership’s relative TSR ranking, using a Monte Carlo simulation model.

Total equity compensation expense was $1.2 million, $740,000 and $900,000 for 2013, 2012 and 2011, respectively. As of December 31, 2013, we accrued $2.0 million relating to the 2010 Incentive Compensation Program, with $197,000 of that total attributable to the cash component of the PRU and the balance of $1.8 million attributable to the LTIP that is paid in cash. This compares with December 31, 2012 when we had accrued $2.0 million for such liabilities, with $275,000 related to the cash-payout component of the PRU and the balance of the $1.7 million attributable to the LTIP that is paid in cash.

The Partnership’s 2005 Unit Incentive Plan (the 2005 Plan) authorized the granting of nonqualified equity compensation to employees, officers, and directors of the Partnership and provides a one-way linkage to the 2010 Incentive Compensation Program because it (2005 Plan) established the formal framework by which unit grants, options, etc., can be issued. The 2010 Incentive Compensation Program does not affect the existence or availability of the 2005 Unit Incentive Plan or change its terms. Upon 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. A total of 1,105,815 units have been reserved for issuance under the 2005 Plan of which there are 915,994 units authorized but unissued as of December 31, 2013.

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 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, 2013 was as follows:

				Weighted Avg
				Grant Date
	Units			Fair Value ($)
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
Grants		26,350			42.85
Vested, net of units tendered back		(26,676	)		30.15
Tendered back to pay tax withholding		(5,826	)		28.60
Outstanding December 31, 2012		52,348			38.09
Grants		36,200			60.00
Vested, net of units tendered back		(12,409	)		31.95
Forfeited		(1,350	)		49.07
Tendered back to pay tax withholding		(4,031	)		34.98
Outstanding December 31, 2013		70,758			50.34

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 generally vested over four years. Options granted had a life of ten years. There are no outstanding options, vested or unvested, at December 31, 2012 or thereafter. The table below shows the option activity and balances through December 31, 2013.

				Weighted Avg
	Options			Exercise Price ($)
Outstanding and Vested December 31, 2010		47,874			14.85
Exercised		(39,982	)		13.81
Expired		-			-
Tendered back to pay exercise price and tax withholding		(2,392	)		12.26
Outstanding and Vested December 31, 2011		5,500			16.35
Exercised		(3,265	)		15.63
Tendered back to pay exercise price and tax withholding		(2,235	)		17.40
Outstanding and Vested December 31, 2012 and 2013		-			-

Employee Benefits

12 Months Ended

Dec. 31, 2013

Employee Benefits

7. EMPLOYEE BENEFITS

As of December 31, 2013 all employees of the Partnership and its subsidiaries are eligible to receive benefits under a defined contribution plan. During the years 2011 through 2013 the Partnership matched 50% of employees’ contributions up to 8% of an individual’s compensation. The Partnership’s contributions to the plan amounted to $147,000, $141,000, and $128,000 for the years ended December 31, 2013, 2012, and 2011 respectively.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2013

8. COMMITMENTS AND CONTINGENCIES

Environmental remediation

The Partnership has an accrual for estimated environmental remediation costs of $13.2 million and $13.9 million as of December 31, 2013 and 2012, respectively. The environmental remediation liability represents management’s best estimate of payments to be made to monitor and remedy certain areas in and around the townsite/millsite of Port Gamble ($13.1 million), and at Port Ludlow, Washington ($100,000).

In 2012 we accrued an additional $12.5 million for the Port Gamble environmental liability. This additional accrual was derived prior to the conclusion of negotiations with the Department of Ecology (DOE), but was the result of significant modifications to the draft Port Gamble Baywide and Millsite Remedial Investigation (RI) and Feasibility Study (FS) issued by the DOE in May 2012. From mid-August 2012 through the balance of 2013, management was in regular dialogue with DOE on a Clean-up Action Plan (CAP), coincident with a consent decree that outlines clean-up actions and potential property sales of land around Gamble Bay by Pope Resources. In December of 2013, the consent decree and CAP were finalized and filed with Kitsap County Superior Court. The scope of the clean-up in the final CAP is substantially the same as was contemplated in the second quarter of 2012 when the additional accrual was recorded. A short list of unresolved issues remain, principally related to the degree to which the Department of Natural Resources (DNR), the other potentially liable party (PLP) in Port Gamble, is going to participate in funding the costs of clean-up.

In developing its estimate of the Port Gamble environmental liability, management has employed a Monte Carlo statistical simulation model that suggests a potential aggregate range of clean-up costs from $11.4 million to $15.3 million which corresponds to a two standard deviation range from the mean of possible outcomes. The $13.1 million liability recorded by the Company as of December 31, 2013 is based on the 50th percentile within the range, which management considers the best estimate of the most likely outcome.

The environmental remediation accrual also includes estimated costs related to a separate remediation effort within the resort community of Port Ludlow. Early in 2012, soil vapor extraction (SVE) pilot tests were conducted in Port Ludlow with this round of testing producing somewhat inconclusive results regarding the efficacy of SVE as a remediation technique. In September 2013, the Company completed and submitted to the DOE a focused feasibility study of clean-up action alternatives. The Company has recorded a liability of $100,000 which corresponds to the estimated cost of the clean-up alternative recommended in the study. In February 2014, DOE issued an opinion letter in which it concurred with the clean-up alternative recommended in the study.

The environmental liability at December 31, 2013 is comprised of $700,000 that the Partnership expects to expend in the next 12 months and $12.5 million thereafter and are included in other current liabilities and other long-term liabilities, respectively.

Changes in the environmental liability for the last three years are as follows:

in thousands
Balance, December 31, 2010	$	1,933
Additions to accrual		977
Expenditures for remediation		(707	)
Balance, December 31, 2011		2,203
Additions to accrual		12,500
Expenditures for remediation		(761	)
Balance, December 31, 2012		13,942
Additions to accrual		-
Expenditures for remediation		(701	)
Balance, December 31, 2013	$	13,241

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 $15.5 million and $6.1 million outstanding at December 31, 2013 and 2012, respectively. The bonds relate primarily to development activity in connection with pending and completed sales from our Harbor Hill project in Gig Harbor.

Supplemental Employee Retirement Plan

The Partnership has a supplemental employee retirement plan for a retired 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 $25,000 and $19,000 in 2013 and 2012, respectively, for this benefit based on an approximation of the cost of purchasing a life annuity paying the aforementioned benefit amount. The recorded balance of the projected liability as of December 31, 2013 and 2012 was $192,000 and $191,000, respectively.

Contingencies

The Partnership may from time to time be a defendant in various lawsuits arising in the ordinary course of business. Management believes Partnership losses related to such lawsuits, if any, will not have a material adverse effect to the Partnership’s consolidated financial condition or results of operations or cash flows.

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2013
Related Party Transactions	9. RELATED PARTY TRANSACTIONS Pope MGP, Inc. is the managing general partner of the Partnership and receives an annual management fee of $150,000.

Segment and Major Customer Information

The entire disclosure for related party transactions. 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 + Details

Segment and Major Customer Information

12 Months Ended

Dec. 31, 2013

10. 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 110,000 acres of fee timberland in Washington and the Funds’ 91,000 acres in Washington, Oregon, and California.

The Timberland Management & Consulting segment provides investment management, disposition, and technical forestry services in connection with 24,000 acres for Fund I, 37,000 acres for Fund II, and 30,000 acres for Fund III.

The Real Estate segment’s operations consist of management of development properties and the rental of residential and commercial properties in Port Gamble and Poulsbo, Washington. Real Estate manages a portfolio of 2,900 acres of higher-and-better-use properties as of December 31, 2013. All of the Partnership’s real estate activities are presently in the state of Washington.

For the year ended December 31, 2013, the Partnership had one customer that represented 14% of consolidated revenue, or $9.9 million and another that represented 12% of consolidated revenue, or $8.6 million. For the year ended December 31, 2012, the Partnership had one customer that represented 20% of consolidated revenue, or $10.6 million. For the year ended December 31, 2011, the Partnership had one customer that represented 28% of consolidated revenue, or $16.2 million.

Identifiable assets are those used exclusively in the operations of each reportable segment or those allocated when used jointly. The Partnership does not allocate cash, accounts receivable, certain prepaid expenses, or the cost basis of the Partnership’s administrative office for purposes of evaluating segment performance by the chief operating decision maker. Intersegment transactions are valued at prices that approximate the price that would be charged to a third-party customer. Details of the Partnership’s operations by business segment for the years ended December 31 were as follows:

										Timberland
(in thousands)	Fee Timber									Management &			Real
2013	Partnership			Funds			Combined			Consulting			Estate			Other			Consolidated
Revenue internal	$	32,781		$	23,854		$	56,635		$	2,807		$	14,798		$	-		$	74,240
Eliminations		(600	)		-			(600	)		(2,807	)		(141	)		-			(3,548	)
Revenue external		32,181		$	23,854			56,035			-			14,657			-			70,692

Cost of sales		(13,554	)		(18,772	)		(32,326	)		-			(7,300	)		-			(39,626	)
Operating, general and
administrative expenses internal		(4,620	)		(5,746	)		(10,366	)		(2,557	)		(4,081	)		(4,678	)		(21,682	)
Eliminations		25			2,800			2,825			607						116			3,548
Operating, general and
administrative expenses external		(4,595	)		(2,946	)		(7,541	)		(1,950	)		(4,081	)		(4,562	)		(18,134	)
Income (loss) from operations
internal		14,607			(664	)		13,943			250			3,417			(4,678	)		12,932
Eliminations		(575	)		2,800			2,225			(2,200	)		(141	)		116			-
Income (loss) from operations
external	$	14,032		$	2,136		$	16,168		$	(1,950	)	$	3,276		$	(4,562	)	$	12,932

2012
Revenue internal	$	29,353		$	16,681		$	46,034		$	2,218		$	8,574		$	-		$	56,826
Eliminations		(495	)		-			(495	)		(2,211	)		(77	)		-			(2,783	)
Revenue external		28,858		$	16,681			45,539			7			8,497			-			54,043

Cost of sales		(13,115	)		(14,481	)		(27,596	)		-			(3,235	)		-			(30,831	)
Operating, general and
administrative expenses internal		(4,183	)		(4,166	)		(8,349	)		(2,070	)		(16,361	) *		(4,199	)		(30,979	)
Eliminations		48			2,211			2,259			495			-			29			2,783
Operating, general and
administrative expenses external		(4,135	)		(1,955	)		(6,090	)		(1,575	)		(16,361	) *		(4,170	)		(28,196	)
Income (loss) from operations
internal		12,055			(1,966	)		10,089			148			(11,022	)		(4,199	)		(4,984	)
Eliminations		(447	)		2,211			1,764			(1,716	)		(77	)		29			-
Income (loss) from operations
external	$	11,608		$	245		$	11,853		$	(1,568	)	$	(11,099	)	$	(4,170	)	$	(4,984	)
2011
Revenue internal	$	31,429		$	21,749		$	53,178		$	2,390		$	4,593		$	-		$	60,161
Eliminations		(449	)		-			(449	)		(2,390	)		(48	)		-			(2,887	)
Revenue external		30,980			21,749			52,729			-			4,545			-			57,274
Cost of sales		(13,042	)		(16,526	)		(29,568	)		-			(1,581	)		-			(31,149	)
Operating, general and
administrative expenses internal		(4,421	)		(4,282	)		(8,703	)		(1,961	)		(3,313	) **		(4,188	)		(18,165	)
Eliminations		51			2,390			2,441			446			-			-			2,887
Operating, general and
administrative expenses external		(4,370	)		(1,892	)		(6,262	)		(1,515	)		(3,313	) **		(4,188	)		(15,278	)
Income (loss) from operations
internal		13,966			941			14,907			429			(301	)		(4,188	)		10,847
Eliminations		(398	)		2,390			1,992			(1,944	)		(48	)		-			-
Income (loss) from operations
external	$	13,568		$	3,331		$	16,899		$	(1,515	)	$	(349	)	$	(4,188	)	$	10,847

*Includes $12.5 MM of environmental remediation expense
**Includes $977,000 of environmental remediation expense

(in thousands)	2013		2012		2011
Depreciation, Amortization and Depletion
Fee Timber-Partnership	$	2,999	$	3,348	$	3,460
Fee Timber-Funds		8,066		6,950		8,602
Fee Timber-Combined		11,065		10,298		12,062
Timberland Management & Consulting		2		4		8
Real Estate		733		854		405
G&A		108		95		134
Total	$	11,908	$	11,251	$	12,609
Assets
Fee Timber-Partnership	$	46,856	$	53,090	$	52,886
Fee Timber-Funds		213,614		177,474		139,389
Fee Timber-Combined		260,470		230,564		192,275
Timberland Management & Consulting		3		29		3
Real Estate		37,712		32,909		35,913
G&A		12,723		3,997		2,217
Total	$	310,908	$	267,499	$	230,408
Capital and Land Expenditures
Fee Timber-Partnership	$	985	$	927	$	998
Fee Timber-Funds		44,510		46,033		837
Fee Timber-Combined		45,495		46,960		1,835
Timberland Management & Consulting		4		3		3
Real Estate-development activities		10,801		2,478		4,104
Real Estate-other		101		35		168
G&A		43		136		63
Total	$	56,444	$	49,612	$	6,173
Revenue by product/service
Domestic forest products	$	34,001	$	33,577	$	27,227
Export forest products, indirect		22,034		11,962		25,502
Conservation easements and sales		7,259		1,235		2,435
Fees for service		-		7		-
Homes, lots, and undeveloped acreage		7,398		7,262		2,110
Total	$	70,692	$	54,043	$	57,274

Quarterly Financial Information

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 Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

+ Details

Subseqent Events

12 Months Ended

Dec. 31, 2013

Subseqent Events

11. SUBSEQUENT EVENTS

In January 2014, the Partnership closed on a sale of 40 single-family lots from its Harbor Hill project in Gig Harbor, Washington for $3.6 million. At December 31, 2013, the Partnership’s basis in this project was $2.5 million and is reflected in the balance sheet in Land held for sale.

In February 2014, the Partnership closed on the sale of 535 acres of timberland in Port Gamble, Washington for $4.6 million. At December 31, 2013, the Partnership’s basis for this property was $391,000 and is reflected in the balance sheet in Land held for sale.

Quarterly Financial Information

12 Months Ended

Dec. 31, 2013

12. QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

(in thousands except per unit amounts)	Revenue		Income (loss) from operations			Net income (loss) attributable to unitholders			Basic and Diluted Earnings (loss) per partnership unit
2013
First quarter	$	16,718	$	3,758		$	3,484		$	0.76
Second quarter		23,197		6,859			6,128			1.34
Third quarter		11,724		(530	)		(75	)		(0.03	)
Fourth quarter		19,053		2,845			3,598			0.81

2012
First quarter	$	8,804	$	1,070		$	1,206		$	0.27
Second quarter		17,790		(9,150	)		(9,295	)		(2.14	)
Third quarter		14,595		3,412			3,675			0.81
Fourth quarter		12,854		(316	)		(295	)		(0.07	)

Quarterly fluctuations in data result from the addition and/or deferral of harvest volumes as well as the timing of real estate sales and any environmental remediation charges, as disclosed in our quarterly filings. Management considered the disclosure requirements of Item 302(a)(3) and does not note any extraordinary, unusual, or infrequently occurring items except as disclosed.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2013

Nature of Operations

Nature of operations

Principles of Consolidation

Principles of consolidation

The Funds are consolidated into Pope Resources’ financial statements due to our control over the Funds (see Note 2).

General Partner

General partner

Noncontrolling Interests

Noncontrolling interests

Significant Estimates and Concentrations in Financial Statements

Significant estimates and concentrations in financial statements

Depletion

Depletion rate = Accumulated cost of timber and capitalized road expenditures

Estimated volume of merchantable timber

Purchased Timberland Cost Allocation

Purchased timberland cost allocation.

Cost of Sales

Cost of sales

Cash and Cash Equivalents

Cash and cash equivalents

Cash and cash equivalents include highly liquid investments with original maturities of three months or less at date of purchase.

Concentration of Credit Risk

Concentration of credit risk

Contracts Receivable

Contracts receivable

At December 31, 2013, minimum principal payments on contracts receivable for the next five years and thereafter are due as follows (in thousands):

2014		98
2015		9
2016		10
2017		10
2018		11
Thereafter		88
Total	$	226

Income Taxes

Income taxes

Land Held for Sale and Land Held for Development

Land held for sale and Land held for development

Timberland, Timber and Roads

Timberland, timber and roads

Buildings and Equipment

Buildings and equipment

Buildings and equipment depreciation is provided using the straight-line method over the estimated useful lives of the assets, which range from 3 to 39 years.

Buildings and equipment are recorded at cost and consisted of the following as of December 31, 2013 and 2012 (in thousands):

Description	12/31/2013			12/31/2012
Buildings	$	8,890		$	8,512
Equipment		3,118			3,029
Furniture and fixtures		634			625
Total	$	12,642		$	12,166
Accumulated depreciation		(6,437	)		(6,012	)
Net buildings and equipment	$	6,205		$	6,154

Impairment of long-lived assets

Deferred Revenue

Deferred revenue

Revenue Recognition

Revenue recognition

Land and Development Rights or Conservation Easement (CE) Sales

Land and development rights or conservation easement (CE) sales

In 2012, and 2011 the Partnership generated $1.2 million, and $2.0 million, respectively, from conservation easement sales. There were no such sales in 2013.

Equity-Based Compensation

Equity-based compensation

Income (Loss) Per Partnership Unit

Income (loss) per partnership unit

The table below displays how we arrived at basic and diluted earnings (loss) per unit:

	Year Ended December 31,
(in thousands)	2013			2012			2011
Net income (loss) attributable to Pope Resources’ unitholders	$	13,135		$	(4,709	)	$	8,754
Net income attributable to unvested restricted unitholders		(195	)		(88	)		(341	)
Dividends paid to Fund II preferred shareholders		(16	)		(16	)		(16	)
Net income (loss) attributable to outstanding unitholders	$	12,924		$	(4,813	)	$	8,397

Weighted average units outstanding:
Basic		4,369			4,351			4,323
Dilutive effect of unit equivalents		-			-			2
Diluted		4,369			4,351			4,325
Net earnings (loss) per unit: Basic	$	2.96		$	(1.11	)	$	1.94
Net earnings (loss) per unit: Diluted	$	2.96		$	(1.11	)	$	1.94

Fund II Preferred Shares

Fair Value Hierarchy

We use a fair value hierarchy in accounting for certain nonfinancial assets and liabilities including long-lived assets (asset groups) measured at fair value for an impairment assessment.

The fair value hierarchy consists of the following three levels:

·	Level 1-Inputs are quoted prices in active markets for identical assets or liabilities.

·	Level 3-Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2013

Minimum Principal Payments on Contracts Receivable

At December 31, 2013, minimum principal payments on contracts receivable for the next five years and thereafter are due as follows (in thousands):

2014		98
2015		9
2016		10
2017		10
2018		11
Thereafter		88
Total	$	226

Buildings and Equipment

Buildings and equipment are recorded at cost and consisted of the following as of December 31, 2013 and 2012 (in thousands):

Description	12/31/2013			12/31/2012
Buildings	$	8,890		$	8,512
Equipment		3,118			3,029
Furniture and fixtures		634			625
Total	$	12,642		$	12,166
Accumulated depreciation		(6,437	)		(6,012	)
Net buildings and equipment	$	6,205		$	6,154

Basic and Diluted Earnings (Loss) per Unit

The table below displays how we arrived at basic and diluted earnings (loss) per unit:

	Year Ended December 31,
(in thousands)	2013			2012			2011
Net income (loss) attributable to Pope Resources’ unitholders	$	13,135		$	(4,709	)	$	8,754
Net income attributable to unvested restricted unitholders		(195	)		(88	)		(341	)
Dividends paid to Fund II preferred shareholders		(16	)		(16	)		(16	)
Net income (loss) attributable to outstanding unitholders	$	12,924		$	(4,813	)	$	8,397

Weighted average units outstanding:
Basic		4,369			4,351			4,323
Dilutive effect of unit equivalents		-			-			2
Diluted		4,369			4,351			4,325
Net earnings (loss) per unit: Basic	$	2.96		$	(1.11	)	$	1.94
Net earnings (loss) per unit: Diluted	$	2.96		$	(1.11	)	$	1.94

Orm Timber Fund I, Lp (Fund I), Orm Timber Fund II, Inc. (Fund II), and Orm Timber Fund III (Reit) Inc. (Fund III) (Tables)

12 Months Ended

Dec. 31, 2013

Partnership's Consolidated Financial Statement include Fund I, Fund II, Fund III Assets and Liabilities

The Partnership’s consolidated financial statements include Fund I, Fund II, and Fund III assets and liabilities at December 31, 2013 and 2012, which were as follows:

(in thousands)	2013		2012
Cash	$	1,256	$	1,262
Other current assets		362		691
Total current assets		1,618		1,953
Properties and equipment (net of accumulated depletion
and depreciation in 2013 and 2012 of $28,713 and 20,664)		211,871		175,410
Other long-term assets		125		111
Total assets	$	213,614	$	177,474

Current liabilities	$	1,747	$	1,413
Current portion of long-term debt		3		34
Total current liabilities		1,750		1,447
Long-term debt		42,980		11,002
Funds' equity		168,884		165,025
Total liabilities and equity	$	213,614	$	177,474

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2013

Long-Term Debt

	At December 31,
(in thousands)	2013			2012
Pope Resources debt:
Mortgage payable to NWFCS, collateralized by Poulsbo headquarters:
Ten-year tranche, interest at 3.80% with monthly principal and interest
payments (matures in January 2023)	$	2,908		$	3,000

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)		4,999			4,999

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
Total Partnership debt		32,707			32,799

ORM Timber Funds debt:
Fund I note payable to the City of Tacoma, interest at 4.5%, with monthly principal and interest payments (matures January 2014)		3			36

Mortgages payable to MetLife, collateralized by Fund II timberlands with quarterly interest payments (matures September 2020), as follows:
4.85% interest rate tranche		11,000			11,000
3.84% interest rate tranche		14,000			-
Fund III mortgage payable to NWFCS, interest at 5.1%, collateralized by Fund III timberlands with quarterly interest payments (matures December 2023)		17,980			-
Total ORM Timber Funds debt		42,983			11,036
Consolidated subtotal		75,690			43,835
Less current portion		(109	)		(125	)
Consolidated long-term debt, less current portion	$	75,581		$	43,710

Principal Payments on Long-Term Debt

At December 31, 2013, principal payments on long-term debt for the next five years and thereafter are due as follows (in thousands):

2014	$	109
2015		5,109
2016		114
2017		5,119
2018		123
Thereafter		65,116
Total	$	75,690

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Consolidated Partnership Income (Loss) Before Income Taxes

The following tables provide information on the impact of income taxes in taxable subsidiaries. Consolidated Partnership income (loss) is reconciled to income (loss) before income taxes in corporate subsidiaries for the years ended December 31 as follows:

(in thousands)	2013			2012			2011
Income (loss) before income taxes	$	11,404		$	(6,444	)	$	9,163
Income (loss) in entities that pass-through pre-tax earnings to the partners		11,632			(6,578	)		8,427
Income (loss) subject to income taxes	$	(228	)	$	134		$	736

Provision for Income Taxes Relating to Corporate Subsidiaries of Partnership

The provision for income taxes relating to corporate subsidiaries of the Partnership consists of the following income tax benefit (expense) for each of the years ended December 31:

(in thousands)	2013		2012			2011
Current	$	47	$	(255	)	$	(146	)
Deferred		260		(97	)		(90	)
Total	$	307	$	(352	)	$	(236	)

Reconciliation Between Federal Statutory Tax Rate and Partnership's Effective Tax Rate

A reconciliation between the federal statutory tax rate and the Partnership’s effective tax rate is as follows for each of the years ended December 31:

	2013			2012			2011
Statutory tax on income		34	%		34	%		34	%
Income (loss) in entities that pass-through pre-tax earnings to the partners		(37	%)		(39	%)		(31	%)
Effective income tax rate		(3	%)		(5	%)		3	%

Net Deferred Income Tax Assets

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

(in thousands)	2013		2012			2011
Current (included in prepaid expenses and other)	$	992	$	590		$	439
Non-current (included in other assets (other long-term liabilities))		9		(41	)		207
Total	$	1,001	$	549		$	646

Deferred Tax Assets

The deferred tax assets are comprised of the following:

(in thousands)	2013			2012		2011
Compensation-related accruals	$	370		$	353	$	628
Net operating loss carryforward		611			167		-
Depreciation		(8	)		4		54
Other		28			25		(36	)
Total	$	1,001		$	549	$	646

Unit Incentive Plan (Tables)

12 Months Ended

Dec. 31, 2013

Restricted Unit Activity

Restricted unit activity for the three years ended December 31, 2013 was as follows:

				Weighted Avg
				Grant Date
	Units			Fair Value ($)
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
Grants		26,350			42.85
Vested, net of units tendered back		(26,676	)		30.15
Tendered back to pay tax withholding		(5,826	)		28.60
Outstanding December 31, 2012		52,348			38.09
Grants		36,200			60.00
Vested, net of units tendered back		(12,409	)		31.95
Forfeited		(1,350	)		49.07
Tendered back to pay tax withholding		(4,031	)		34.98
Outstanding December 31, 2013		70,758			50.34

Stock Options

2012 or thereafter. The table below shows the option activity and balances through December 31, 2013.

				Weighted Avg
	Options			Exercise Price ($)
Outstanding and Vested December 31, 2010		47,874			14.85
Exercised		(39,982	)		13.81
Expired		-			-
Tendered back to pay exercise price and tax withholding		(2,392	)		12.26
Outstanding and Vested December 31, 2011		5,500			16.35
Exercised		(3,265	)		15.63
Tendered back to pay exercise price and tax withholding		(2,235	)		17.40
Outstanding and Vested December 31, 2012 and 2013		-			-

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2013

Changes in Environmental Liability

Changes in the environmental liability for the last three years are as follows:

in thousands
Balance, December 31, 2010	$	1,933
Additions to accrual		977
Expenditures for remediation		(707	)
Balance, December 31, 2011		2,203
Additions to accrual		12,500
Expenditures for remediation		(761	)
Balance, December 31, 2012		13,942
Additions to accrual		-
Expenditures for remediation		(701	)
Balance, December 31, 2013	$	13,241

Segment and Major Customer Information (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Partnership's Operations by Business Segment

Details of the Partnership’s operations by business segment for the years ended December 31 were as follows:

										Timberland
(in thousands)	Fee Timber									Management &			Real
2013	Partnership			Funds			Combined			Consulting			Estate			Other			Consolidated
Revenue internal	$	32,781		$	23,854		$	56,635		$	2,807		$	14,798		$	-		$	74,240
Eliminations		(600	)		-			(600	)		(2,807	)		(141	)		-			(3,548	)
Revenue external		32,181		$	23,854			56,035			-			14,657			-			70,692

Cost of sales		(13,554	)		(18,772	)		(32,326	)		-			(7,300	)		-			(39,626	)
Operating, general and
administrative expenses internal		(4,620	)		(5,746	)		(10,366	)		(2,557	)		(4,081	)		(4,678	)		(21,682	)
Eliminations		25			2,800			2,825			607						116			3,548
Operating, general and
administrative expenses external		(4,595	)		(2,946	)		(7,541	)		(1,950	)		(4,081	)		(4,562	)		(18,134	)
Income (loss) from operations
internal		14,607			(664	)		13,943			250			3,417			(4,678	)		12,932
Eliminations		(575	)		2,800			2,225			(2,200	)		(141	)		116			-
Income (loss) from operations
external	$	14,032		$	2,136		$	16,168		$	(1,950	)	$	3,276		$	(4,562	)	$	12,932

2012
Revenue internal	$	29,353		$	16,681		$	46,034		$	2,218		$	8,574		$	-		$	56,826
Eliminations		(495	)		-			(495	)		(2,211	)		(77	)		-			(2,783	)
Revenue external		28,858		$	16,681			45,539			7			8,497			-			54,043

Cost of sales		(13,115	)		(14,481	)		(27,596	)		-			(3,235	)		-			(30,831	)
Operating, general and
administrative expenses internal		(4,183	)		(4,166	)		(8,349	)		(2,070	)		(16,361	) *		(4,199	)		(30,979	)
Eliminations		48			2,211			2,259			495			-			29			2,783
Operating, general and
administrative expenses external		(4,135	)		(1,955	)		(6,090	)		(1,575	)		(16,361	) *		(4,170	)		(28,196	)
Income (loss) from operations
internal		12,055			(1,966	)		10,089			148			(11,022	)		(4,199	)		(4,984	)
Eliminations		(447	)		2,211			1,764			(1,716	)		(77	)		29			-
Income (loss) from operations
external	$	11,608		$	245		$	11,853		$	(1,568	)	$	(11,099	)	$	(4,170	)	$	(4,984	)
2011
Revenue internal	$	31,429		$	21,749		$	53,178		$	2,390		$	4,593		$	-		$	60,161
Eliminations		(449	)		-			(449	)		(2,390	)		(48	)		-			(2,887	)
Revenue external		30,980			21,749			52,729			-			4,545			-			57,274
Cost of sales		(13,042	)		(16,526	)		(29,568	)		-			(1,581	)		-			(31,149	)
Operating, general and
administrative expenses internal		(4,421	)		(4,282	)		(8,703	)		(1,961	)		(3,313	) **		(4,188	)		(18,165	)
Eliminations		51			2,390			2,441			446			-			-			2,887
Operating, general and
administrative expenses external		(4,370	)		(1,892	)		(6,262	)		(1,515	)		(3,313	) **		(4,188	)		(15,278	)
Income (loss) from operations
internal		13,966			941			14,907			429			(301	)		(4,188	)		10,847
Eliminations		(398	)		2,390			1,992			(1,944	)		(48	)		-			-
Income (loss) from operations
external	$	13,568		$	3,331		$	16,899		$	(1,515	)	$	(349	)	$	(4,188	)	$	10,847

*Includes $12.5 MM of environmental remediation expense
**Includes $977,000 of environmental remediation expense

(in thousands)	2013		2012		2011
Depreciation, Amortization and Depletion
Fee Timber-Partnership	$	2,999	$	3,348	$	3,460
Fee Timber-Funds		8,066		6,950		8,602
Fee Timber-Combined		11,065		10,298		12,062
Timberland Management & Consulting		2		4		8
Real Estate		733		854		405
G&A		108		95		134
Total	$	11,908	$	11,251	$	12,609
Assets
Fee Timber-Partnership	$	46,856	$	53,090	$	52,886
Fee Timber-Funds		213,614		177,474		139,389
Fee Timber-Combined		260,470		230,564		192,275
Timberland Management & Consulting		3		29		3
Real Estate		37,712		32,909		35,913
G&A		12,723		3,997		2,217
Total	$	310,908	$	267,499	$	230,408
Capital and Land Expenditures
Fee Timber-Partnership	$	985	$	927	$	998
Fee Timber-Funds		44,510		46,033		837
Fee Timber-Combined		45,495		46,960		1,835
Timberland Management & Consulting		4		3		3
Real Estate-development activities		10,801		2,478		4,104
Real Estate-other		101		35		168
G&A		43		136		63
Total	$	56,444	$	49,612	$	6,173
Revenue by product/service
Domestic forest products	$	34,001	$	33,577	$	27,227
Export forest products, indirect		22,034		11,962		25,502
Conservation easements and sales		7,259		1,235		2,435
Fees for service		-		7		-
Homes, lots, and undeveloped acreage		7,398		7,262		2,110
Total	$	70,692	$	54,043	$	57,274

Quarterly Financial Information (Tables)

12 Months Ended

Dec. 31, 2013

Quarterly Financial Information

(in thousands except per unit amounts)	Revenue		Income (loss) from operations			Net income (loss) attributable to unitholders			Basic and Diluted Earnings (loss) per partnership unit
2013
First quarter	$	16,718	$	3,758		$	3,484		$	0.76
Second quarter		23,197		6,859			6,128			1.34
Third quarter		11,724		(530	)		(75	)		(0.03	)
Fourth quarter		19,053		2,845			3,598			0.81

2012
First quarter	$	8,804	$	1,070		$	1,206		$	0.27
Second quarter		17,790		(9,150	)		(9,295	)		(2.14	)
Third quarter		14,595		3,412			3,675			0.81
Fourth quarter		12,854		(316	)		(295	)		(0.07	)

Summary of Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2013 USD ($) a PartnershipUnit Segment Contract $ / shares shares	Dec. 31, 2012 USD ($) a Contract shares	Dec. 31, 2011 USD ($) $ / shares shares
Significant Accounting Policies [Line Items]
Number of business segments \| Segment	3
Number of partnership units owned by two general partners \| shares	60,000	60,000
Allowance for doubtful accounts on accounts receivable	$ 19,492	$ 58,509
Interest rate, minimum	7.00%
Interest rate, maximum	8.75%
Number of contract \| Contract	3	3
Contract repayment term	15 years
Loan amortization period	20 years
Deferred tax assets, valuation allowance	$ 0
Deferred Revenue	$ 599,000.0	$ 2,100,000
Options outstanding at end of period \| shares	0	0	5,500
Options to purchase at prices, lower limit \| $ / shares			$ 10.75
Options to purchase at prices, upper limit \| $ / shares			$ 17.40
Funds I and II
Significant Accounting Policies [Line Items]
Percentage of interests owned by third parties in non controlling interests	80.00%	80.00%	80.00%
Fund III
Significant Accounting Policies [Line Items]
Percentage of interests owned by third parties in non controlling interests	95.00%	95.00%	95.00%
Land
Significant Accounting Policies [Line Items]
Asset held for sale	$ 10,300,000
Area Land for sale \| a	61
Land \| Single Family
Significant Accounting Policies [Line Items]
Area Land for sale \| a		11
Land \| Multi Family
Significant Accounting Policies [Line Items]
Area Land for sale \| a		12
Land \| Fee Timber
Significant Accounting Policies [Line Items]
Area Land for sale \| a	535
Conservation easements and sales
Significant Accounting Policies [Line Items]
Sale	$ 0	$ 1,200,000	$ 2,000,000
Timberland Management & Consulting
Significant Accounting Policies [Line Items]
Depletion Disclosure	Depletion rate Accumulated cost of timber and capitalized road expenditures/ Estimated volume of merchantable timber
Minimum
Significant Accounting Policies [Line Items]
Contract, cash down payment	20.00%
Contract repayment term	5 years
Estimated useful life of properties and equipment	3 years
Maximum
Significant Accounting Policies [Line Items]
Cash and cash equivalents original maturities	3 months
Contract, cash down payment	25.00%
Contract repayment term	7 years
Estimated useful life of properties and equipment	39 years
Series A Preferred Stock \| Fund II
Significant Accounting Policies [Line Items]
Preferred stock issued \| shares	125
Preferred stock issued at par value \| $ / shares	$ 0.01
Series A preferred stock \| $ / shares	$ 1,000
Preferred stock rate of interest	12.50%
Series A preferred stock, proceeds	$ 125,000
Maximum amount required to pay on redemption upon settlement	$ 125,000
Restricted Units
Significant Accounting Policies [Line Items]
Vesting period of restricted stock unit award	4 years
Pope MGP
Significant Accounting Policies [Line Items]
Number of partnership units owned by two general partners \| shares	60,000
Number of general partner \| PartnershipUnit	2
Olympic Resource Management Llc \| Funds I and II
Significant Accounting Policies [Line Items]
Percentage of ownership interest in Funds	1.00%
Olympic Resource Management Llc \| Fund III
Significant Accounting Policies [Line Items]
Percentage of ownership interest in Funds	1.00%
Pope Resources Timber \| Funds I and II
Significant Accounting Policies [Line Items]
Percentage of ownership interest in Funds	19.00%
Partnership Interest \| Fund III
Significant Accounting Policies [Line Items]
Percentage of co-investment amount in committed capital of the partnership	4.00%

Future Minimum Principal Payments on Contracts Receivable (Detail) $ in Thousands	Dec. 31, 2013 USD ($)
Contracts Receivable [Line Items]
2014	$ 98
2015	9
2016	10
2017	10
2018	11
Thereafter	88
Total	$ 226

Buildings and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	$ 12,642	$ 12,166
Accumulated depreciation	(6,437)	(6,012)
Net buildings and equipment	6,205	6,154
Building
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	8,890	8,512
Equipment
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	3,118	3,029
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	$ 634	$ 625

Basic and Diluted Earnings (Loss) per Unit (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Earnings Per Share Disclosure [Line Items]
Net income (loss) attributable to Pope Resources' unitholders	$ 3,598	$ (75)	$ 6,128	$ 3,484	$ (295)	$ 3,675	$ (9,295)	$ 1,206	$ 13,135	$ (4,709)	$ 8,754
Net income attributable to unvested restricted unitholders									(195)	(88)	(341)
Dividends paid to Fund II preferred shareholders									(16)	(16)	(16)
Net income (loss) attributable to outstanding unitholders									$ 12,924	$ (4,813)	$ 8,397
Weighted average units outstanding:
Basic									4,369	4,351	4,323
Dilutive effect of unit equivalents											2
Diluted									4,369	4,351	4,325
Net earnings (loss) per unit: Basic									$ 2.96	$ (1.11)	$ 1.94
Net earnings (loss) per unit: Diluted									$ 2.96	$ (1.11)	$ 1.94

Balance Sheet of Partnership Co-Investments - Additional Information (Detail)	3 Months Ended								12 Months Ended
	Dec. 31, 2013 USD ($) a	Sep. 30, 2013 USD ($)	Jun. 30, 2013 USD ($)	Mar. 31, 2013 USD ($)	Dec. 31, 2012 USD ($) a	Sep. 30, 2012 USD ($)	Jun. 30, 2012 USD ($)	Mar. 31, 2012 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Payment to acquire timberland									$ 43,413,000	$ 45,155,000	$ 159,000
Funds' income (losses) from operation	$ 2,845,000	$ (530,000)	$ 6,859,000	$ 3,758,000	$ (316,000)	$ 3,412,000	$ (9,150,000)	$ 1,070,000	12,932,000	(4,984,000)	10,847,000
Management fees payable	$ 557,000				$ 490,000				$ 557,000	490,000
Fund I
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Operating term for Fund									10 years
Termination agreement date	2017-08								2017-08
Pope Resources and ORMLLC combined ownership percentage									20.00%
Fund II
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Operating term for Fund									10 years
Termination agreement date	2021-03								2021-03
Pope Resources and ORMLLC combined ownership percentage									20.00%
Fund III
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Operating term for Fund									10 years
Termination agreement description									Fund III terminating on the tenth anniversary of the completion of its drawdown period. Fund III's drawdown period will end at the earlier of placement of all committed capital or July 31, 2015.
Pope Resources and ORMLLC combined ownership percentage									5.00%
Fund III \| Northern California
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Area of timberland acquired \| a					19,000
Payment to acquire timberland					$ 45,100,000
Deployment of committed capital, percentage					25.00%
Fund III \| Northern California \| Land
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Payment to acquire timberland					$ 7,500,000
Fund III \| Northern California \| Roads and Timber
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Payment to acquire timberland					$ 37,600,000
Fund III \| Southwest Washington
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Area of timberland acquired \| a	11,000
Payment to acquire timberland	$ 43,400,000
Proceeds from loan	18,000,000
Fund III \| Southwest Washington \| Land
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Payment to acquire timberland	4,300,000
Fund III \| Southwest Washington \| Roads and Timber
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Payment to acquire timberland	$ 39,100,000
ORM Timber Funds
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Funds' income (losses) from operation									$ 664,000	2,000,000	941,000
Management fees paid to ORMLLC									$ 2,800,000	$ 2,200,000	$ 2,400,000

Partnership's Consolidated Balance Sheet included Assets and Liabilities of Funds (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Condensed Financial Statements, Captions [Line Items]
Total current assets	$ 20,379	$ 7,254
Properties and equipment (net of accumulated depletion and depreciation in 2013 and 2012 of $28,713 and 20,664)	290,137	259,681
Other long-term assets	392	564
Total assets	310,908	267,499	$ 230,408
Current liabilities	966	993
Current portion of long-term debt	109	125
Total current liabilities	7,979	7,722
Long-term debt	75,581	43,710
Total liabilities and equity	310,908	267,499
ORM Timber Funds
Condensed Financial Statements, Captions [Line Items]
Cash	1,256	1,262
Other current assets	362	691
Total current assets	1,618	1,953
Properties and equipment (net of accumulated depletion and depreciation in 2013 and 2012 of $28,713 and 20,664)	211,871	175,410
Other long-term assets	125	111
Total assets	213,614	177,474
Current liabilities	1,747	1,413
Current portion of long-term debt	3	34
Total current liabilities	1,750	1,447
Long-term debt	42,980	11,002
Funds' equity	168,884	165,025
Total liabilities and equity	$ 213,614	$ 177,474

Partnership's Consolidated Balance Sheet included Assets and Liabilities of Funds (Parenthetical) (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Condensed Financial Statements, Captions [Line Items]
Properties and equipment, accumulated depletion and depreciation	$ 92,971	$ 82,094
ORM Timber Funds
Condensed Financial Statements, Captions [Line Items]
Properties and equipment, accumulated depletion and depreciation	$ 28,713	$ 20,664

Long-Term Debt (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Debt Instrument [Line Items]
Long-term debt	$ 75,690	$ 43,835
Less current portion	(109)	(125)
Consolidated long-term debt, less current portion	75,581	43,710
Pope Resources Poulsbo Headquarters \| Mortgages payable to NWFCS \| Ten-year tranche, interest at 3.80% with monthly principal and interest payments (matures in January 2023)
Debt Instrument [Line Items]
Long-term debt	2,908	3,000
Pope Resources Timber \| Mortgages payable to NWFCS
Debt Instrument [Line Items]
Long-term debt	32,707	32,799
Pope Resources Timber \| Mortgages payable to NWFCS \| Five-year tranche, interest at 4.10% with monthly interest-only payments (matures in July 2015)
Debt Instrument [Line Items]
Long-term debt	4,999	4,999
Pope Resources Timber \| Mortgages payable to NWFCS \| Seven-year tranche, interest at 4.85% with monthly interest-only payments (matures in July 2017)
Debt Instrument [Line Items]
Long-term debt	5,000	5,000
Pope Resources Timber \| Mortgages payable to NWFCS \| Ten-year tranche, interest at 6.40%, collateralized by timberlands with monthly interest-only payments (matures September 2019)
Debt Instrument [Line Items]
Long-term debt	9,800	9,800
Pope Resources Timber \| Mortgages payable to NWFCS \| Fifteen-year tranche, interest at 6.05% with monthly interest-only payments. (matures in July 2025)
Debt Instrument [Line Items]
Long-term debt	10,000	10,000
ORM Timber Funds
Debt Instrument [Line Items]
Long-term debt	42,983	11,036
ORM Timber Funds \| Fund I note payable to the City of Tacoma, with interest at 4.5%, with monthly principal and interest payments (matures January 2014)
Debt Instrument [Line Items]
Long-term debt, including current portion	3	36
ORM Timber Funds \| Mortgages payable to MetLife, collateralized by Fund II timberlands with quarterly interest payments (matures September 2020) \| 4.85% interest rate tranche
Debt Instrument [Line Items]
Long-term debt	11,000	$ 11,000
ORM Timber Funds \| Mortgages payable to MetLife, collateralized by Fund II timberlands with quarterly interest payments (matures September 2020) \| 3.84% interest rate tranche
Debt Instrument [Line Items]
Long-term debt	14,000
ORM Timber Funds \| Fund III mortgage payable to NWFCS, interest at 5.1%, collateralized by Fund III timberlands with quarterly interest payments (matures December 2023)
Debt Instrument [Line Items]
Long-term debt	$ 17,980

Long-Term Debt (Parenthetical) (Detail)	12 Months Ended
Long-Term Debt (Parenthetical) (Detail)	Dec. 31, 2013	Dec. 31, 2012
Pope Resources Poulsbo Headquarters \| Ten-year tranche, interest at 3.80% with monthly principal and interest payments (matures in January 2023) \| Mortgages payable to NWFCS
Debt Instrument [Line Items]
Long-term debt term	10 years	10 years
Long-term debt interest rate	3.80%	3.80%
Debt Maturity Date	2023-01	2023-01
Pope Resources Timber \| Five-year tranche, interest at 4.10% with monthly interest-only payments (matures in July 2015) \| Mortgages payable to NWFCS
Debt Instrument [Line Items]
Long-term debt term	5 years	5 years
Long-term debt interest rate	4.10%	4.10%
Debt Maturity Date	2015-07	2015-07
Pope Resources Timber \| Seven-year tranche, interest at 4.85% with monthly interest-only payments (matures in July 2017) \| Mortgages payable to NWFCS
Debt Instrument [Line Items]
Long-term debt term	7 years	7 years
Long-term debt interest rate	4.85%	4.85%
Debt Maturity Date	2017-07	2017-07
Pope Resources Timber \| Ten-year tranche, interest at 6.40%, collateralized by timberlands with monthly interest-only payments (matures September 2019) \| Mortgages payable to NWFCS
Debt Instrument [Line Items]
Long-term debt term	10 years	10 years
Long-term debt interest rate	6.40%	6.40%
Debt Maturity Date	2019-09	2019-09
Pope Resources Timber \| Fifteen-year tranche, interest at 6.05% with monthly interest-only payments. (matures in July 2025) \| Mortgages payable to NWFCS
Debt Instrument [Line Items]
Long-term debt term	15 years	15 years
Long-term debt interest rate	6.05%	6.05%
Debt Maturity Date	2025-07	2025-07
ORM Timber Funds \| Fund I note payable to the City of Tacoma, with interest at 4.5%, with monthly principal and interest payments (matures January 2014)
Debt Instrument [Line Items]
Long-term debt interest rate	4.50%	4.50%
Debt Maturity Date	2014-01	2014-01
ORM Timber Funds \| Mortgages payable to MetLife, collateralized by Fund II timberlands with quarterly interest payments (matures September 2020)
Debt Instrument [Line Items]
Debt Maturity Date	2020-09	2020-09
ORM Timber Funds \| Mortgages payable to MetLife, collateralized by Fund II timberlands with quarterly interest payments (matures September 2020) \| 4.85% interest rate tranche
Debt Instrument [Line Items]
Long-term debt interest rate	4.85%	4.85%
ORM Timber Funds \| Mortgages payable to MetLife, collateralized by Fund II timberlands with quarterly interest payments (matures September 2020) \| 3.84% interest rate tranche
Debt Instrument [Line Items]
Long-term debt interest rate	3.84%	3.84%
ORM Timber Funds \| Fund III mortgage payable to NWFCS, interest at 5.1%, collateralized by Fund III timberlands with quarterly interest payments (matures December 2023)
Debt Instrument [Line Items]
Long-term debt interest rate	5.10%
Debt Maturity Date	2023-12

Long Term Debt - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Debt Instrument [Line Items]
Capitalization Rate	30.00%
Accrued Interest on Debt Instruments	$ 671,000	$ 463,000
Line of credit
Debt Instrument [Line Items]
Line Of Credit maximum Borrowing Limit	$ 20,000,000
Line Of Credit Maturity Term	2015-08	2015-08
Line of Credit Drawn	$ 0	$ 0
Spread above the benchmark rate	1.95%
Decrease in interest Expense	$ 249,000
Line of credit \| Maximum
Debt Instrument [Line Items]
Spread above the benchmark rate	2.75%
Line of credit \| Minimum
Debt Instrument [Line Items]
Spread above the benchmark rate	1.75%
Fund II \| Maximum
Debt Instrument [Line Items]
Loan to Value Ratio	40.00%

Principal Payments on Long-Term Debt (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Debt Instrument [Line Items]
2014	$ 109
2015	5,109
2016	114
2017	5,119
2018	123
Thereafter	65,116
Total	$ 75,690	$ 43,835

Fair Value of Financial Instruments - Additional Information (Detail) - Fair Value, Inputs, Level 2 - Fixed-Rate Debt - USD ($) $ in Millions	Dec. 31, 2013	Dec. 31, 2012
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt outstanding carrying value	$ 75.7	$ 43.8
Debt outstanding fair value	$ 77.5	$ 50.1

Consolidated Partnership Income (loss) before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Tax [Line Items]
Income (loss) before income taxes	$ 11,404	$ (6,444)	$ 9,163
Income (loss) in entities that pass-through pre-tax earnings to the partners	11,632	(6,578)	8,427
Income (loss) subject to income taxes	$ (228)	$ 134	$ 736

Provision for Income Taxes Relating to Corporate Subsidiaries of Partnership (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Taxes [Line Items]
Current	$ 47	$ (255)	$ (146)
Deferred	260	(97)	(90)
Total	$ 307	$ (352)	$ (236)

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Tax [Line Items]
Excess tax benefit	$ 0	$ 220	$ 96
Net operating loss carryforwards expiration year	2033	2032

Reconciliation between Federal Statutory Tax Rate and Partnership's Effective Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Reconciliation of Statutory Federal Tax Rate [Line Items]
Statutory tax on income	34.00%	34.00%	34.00%
Income (loss) in entities that pass-through pre-tax earnings to the partners	(37.00%)	(39.00%)	(31.00%)
Effective income tax rate	(3.00%)	(5.00%)	3.00%

Net Deferred Income Tax Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Schedule of Deferred Income Tax Assets and Liabilities [Line Items]
Current (included in prepaid expenses and other)	$ 992	$ 590	$ 439
Non-current (included in other assets (other long-term liabilities)	9	(41)	207
Total	$ 1,001	$ 549	$ 646

Deferred Tax Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Schedule of Deferred Income Tax Assets and Liabilities [Line Items]
Compensation-related accruals	$ 370	$ 353	$ 628
Net operating loss carryforward	611	167
Depreciation	(8)	4	54
Other	28	25	(36)
Total	$ 1,001	$ 549	$ 646

Unit Incentive Plan - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2005
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity Compensation Expense	$ 1,200,000	$ 740,000	$ 900,000
Accrued liabilities relating to incentive compensation program	2,000,000	2,000,000
Unvested Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Compensation expense related to non-vested awards not yet recognized	$ 1,900,000
Weighted average remaining period to vest	22 months
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense vesting period	4 years
PRU plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense vested per year	25.00%
Compensation expense vesting period	4 years
Performance Period	3 years
Portion of accrued liabilities paid in cash	$ 197,000	275,000
LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Portion of accrued liabilities paid in cash	$ 1,800,000	$ 1,700,000
Nonqualified Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense vesting period				4 years
Life of option granted				10 years
Nonqualified Stock Options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of fair value				100.00%
2005 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock reserved for issuance	1,105,815
Shares authorized but unissued	915,994

Restricted Unit Activity (Detail) - Restricted Stock and Restricted Stock Units - $ / shares	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Number of Shares
Outstanding Beginning Balance	52,348	58,500	64,673
Grants	36,200	26,350	26,500
Vested, net of units tendered back	(12,409)	(26,676)	(26,431)
Forfeited	(1,350)
Tendered back to pay tax withholding	(4,031)	(5,826)	(6,242)
Outstanding Ending Balance	70,758	52,348	58,500
Weighted Average Grant Date Fair Value
Outstanding Beginning Balance	$ 38.09	$ 31.54	$ 29.01
Grants	60.00	42.85	38.64
Vested, net of units tendered back	31.95	30.15	32.38
Forfeited	49.07
Tendered back to pay tax withholding	34.98	28.60	31.91
Outstanding Ending Balance	$ 50.34	$ 38.09	$ 31.54

Option Outstanding and Vested (Detail) - Unit Options - $ / shares	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Options
Outstanding and Vested Beginning Balance	5,500	47,874
Exercised	(3,265)	(39,982)
Expired
Tendered back to pay exercise price and tax withholding	(2,235)	(2,392)
Outstanding and Vested Ending Balance		5,500
Weighted Avg Exercise Price
Outstanding and Vested Beginning Balance	$ 16.35	$ 14.85
Exercised	15.63	13.81
Expired
Tendered back to pay exercise price and tax withholding	$ 17.40	12.26
Outstanding and Vested Ending Balance		$ 16.35

Employee Benefits - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Defined Benefit Plan Disclosure [Line Items]
Employer matching contribution to a defined contribution plan	50.00%	50.00%	50.00%
Maximum percentage of compensation contribution by company to a defined contribution plan	8.00%	8.00%	8.00%
Amount of contribution by company to a defined contribution plan	$ 147,000	$ 141,000	$ 128,000

Commitments and Contingencies - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Sep. 30, 2013	Dec. 31, 2010
Commitments and Contingencies [Line Items]
Accrual for estimated environmental remediation costs	$ 13,241,000	$ 13,942,000	$ 2,203,000		$ 1,933,000
Expense for additional environmental liabilities		12,500,000	$ 977,000
Accrued liability	4,109,000	2,866,000
Performance bonds outstanding	$ 15,500,000	6,100,000
Percent of salary as retirement income	70.00%
Payment of fixed retirement benefits	$ 25,013
Retirement benefit accrual	25,000	19,000
Projected liability under retirement plan	192,000	$ 191,000
Other Current Liabilities
Commitments and Contingencies [Line Items]
Environmental liability, next 12 month	700,000
Other Long-Term Liabilities
Commitments and Contingencies [Line Items]
Environmental liability thereafter	12,500,000
Port Gamble
Commitments and Contingencies [Line Items]
Accrual for estimated environmental remediation costs	13,100,000
Port Ludlow
Commitments and Contingencies [Line Items]
Accrual for estimated environmental remediation costs	100,000
Minimum
Commitments and Contingencies [Line Items]
Estimated environmental clean up costs	11,400,000
Maximum
Commitments and Contingencies [Line Items]
Estimated environmental clean up costs	15,300,000
Environmental Clean Up Costs
Commitments and Contingencies [Line Items]
Accrued liability	$ 13,100,000			$ 100,000

Changes in Environmental Liability (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Commitments And Contingent Liabilities [Line Items]
Beginning balance	$ 13,942	$ 2,203	$ 1,933
Additions to accrual		12,500	977
Expenditures for remediation	(701)	(761)	(707)
Ending balance	$ 13,241	$ 13,942	$ 2,203

Related Party Transactions - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2013 USD ($)
Pope MGP
Related Party Transaction [Line Items]
Management fees paid	$ 150,000

Segment and Major Customer Information - Additional Information (Detail) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2013 USD ($) a	Sep. 30, 2013 USD ($)	Jun. 30, 2013 USD ($)	Mar. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)	Sep. 30, 2012 USD ($)	Jun. 30, 2012 USD ($)	Mar. 31, 2012 USD ($)	Dec. 31, 2013 USD ($) a Customer Segment	Dec. 31, 2012 USD ($) Customer	Dec. 31, 2011 USD ($) Customer
Segment Reporting Information [Line Items]
Number of segment \| Segment									3
Consolidated Revenue \| $	$ 19,053	$ 11,724	$ 23,197	$ 16,718	$ 12,854	$ 14,595	$ 17,790	$ 8,804	$ 70,692	$ 54,043	$ 57,274
Number of major customer \| Customer									2	1	1
Customer One
Segment Reporting Information [Line Items]
Consolidated Revenue \| $									$ 9,900	$ 10,600	$ 16,200
Customer Two
Segment Reporting Information [Line Items]
Consolidated Revenue \| $									$ 8,600
Sales \| Customer One
Segment Reporting Information [Line Items]
Percent of Consolidated Revenue									14.00%	20.00%	28.00%
Sales \| Customer Two
Segment Reporting Information [Line Items]
Percent of Consolidated Revenue									12.00%
Fee Timber
Segment Reporting Information [Line Items]
Area of land	110,000								110,000
Consolidated Revenue \| $									$ 56,035	$ 45,539	$ 52,729
ORM Timber Funds
Segment Reporting Information [Line Items]
Area of land	91,000								91,000
Real Estate
Segment Reporting Information [Line Items]
Area of land	2,900								2,900
Consolidated Revenue \| $									$ 14,657	$ 8,497	$ 4,545
Fund I
Segment Reporting Information [Line Items]
Area of land	24,000								24,000
Fund II
Segment Reporting Information [Line Items]
Area of land	37,000								37,000
Fund III
Segment Reporting Information [Line Items]
Area of land	30,000								30,000

Reconcile Internally Reported Income (Loss) from Operations to Externally Reported Income (Loss) from Operations by Business Segment (Detail) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

$ 19,053

$ 11,724

$ 23,197

$ 16,718

$ 12,854

$ 14,595

$ 17,790

$ 8,804

$ 70,692

$ 54,043

$ 57,274

(39,626)

(30,831)

(31,149)

(18,134)

(28,196)

(15,278)

2,845

$ (530)

$ 6,859

$ 3,758

(316)

$ 3,412

$ (9,150)

$ 1,070

12,932

(4,984)

10,847

11,908

11,251

12,609

310,908

267,499

310,908

267,499

230,408

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

56,444

49,612

56,444

49,612

6,173

Domestic forest products

Export forest products, indirect

34,001

33,577

27,227

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Conservation easements and sales

22,034

11,962

25,502

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

7,259

1,235

2,435

Professional Fee

Homes, lots, and undeveloped acreage

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

7,398

7,262

2,110

ORM Timber Funds

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

213,614

177,474

213,614

177,474

Fee Timber

56,035

45,539

52,729

(32,326)

(27,596)

(29,568)

(7,541)

(6,090)

(6,262)

16,168

11,853

16,899

11,065

10,298

12,062

260,470

230,564

260,470

230,564

192,275

Fee Timber | Pope Resources Timber

45,495

46,960

45,495

46,960

1,835

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

32,181

28,858

30,980

(13,554)

(13,115)

(13,042)

(4,595)

(4,135)

(4,370)

14,032

11,608

13,568

2,999

3,348

3,460

46,856

53,090

46,856

53,090

52,886

Fee Timber | ORM Timber Funds

985

927

985

927

998

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

23,854

16,681

21,749

(18,772)

(14,481)

(16,526)

(2,946)

(1,955)

(1,892)

2,136

245

3,331

8,066

6,950

8,602

213,614

177,474

213,614

177,474

139,389

Timberland Management & Consulting

44,510

46,033

44,510

46,033

837

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

(1,950)

(1,575)

(1,515)

(1,950)

(1,568)

(1,515)

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Real Estate

14,657

8,497

4,545

(7,300)

(3,235)

(1,581)

(4,081)

(16,361)

^[1]

(3,313)

^[2]

3,276

(11,099)

(349)

733

854

405

Real Estate | Development Activities

37,712

32,909

37,712

32,909

35,913

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

10,801

2,478

10,801

2,478

4,104

Real Estate | Other

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

101

168

Other

(4,562)

(4,170)

(4,188)

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

(4,562)

(4,170)

(4,188)

Internal

74,240

56,826

60,161

(21,682)

(30,979)

(18,165)

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

12,932

(4,984)

10,847

Internal | Fee Timber

56,635

46,034

53,178

(10,366)

(8,349)

(8,703)

Internal | Fee Timber | Pope Resources Timber

13,943

10,089

14,907

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

32,781

29,353

31,429

(4,620)

(4,183)

(4,421)

Internal | Fee Timber | ORM Timber Funds

14,607

12,055

13,966

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

23,854

16,681

21,749

(5,746)

(4,166)

(4,282)

Internal | Timberland Management & Consulting

(664)

(1,966)

941

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

2,807

2,218

2,390

(2,557)

(2,070)

(1,961)

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

250

148

429

Internal | Real Estate

14,798

8,574

4,593

(4,081)

(16,361)

^[1]

(3,313)

^[2]

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

3,417

(11,022)

(301)

Internal | Other

(4,678)

(4,199)

(4,188)

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

(4,678)

(4,199)

(4,188)

Eliminations

(3,548)

(2,783)

(2,887)

Eliminations | Fee Timber

3,548

2,783

2,887

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

(600)

(495)

(449)

2,825

2,259

2,441

Eliminations | Fee Timber | Pope Resources Timber

2,225

1,764

1,992

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

(600)

(495)

(449)

Eliminations | Fee Timber | ORM Timber Funds

(575)

(447)

(398)

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

2,800

2,211

2,390

Eliminations | Timberland Management & Consulting

2,800

2,211

2,390

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

(2,807)

(2,211)

(2,390)

607

495

446

Eliminations | Real Estate

(2,200)

(1,716)

(1,944)

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

(141)

(77)

(48)

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

(141)

(77)

(48)

Eliminations | Other

116

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

116

General & Administrative

(4,562)

(4,170)

(4,188)

108

134

12,723

3,997

12,723

3,997

2,217

$ 43

$ 136

$ 43

$ 136

$ 63

[1]	*Includes $12.5 MM of environmental remediation expense
[2]	**Includes $977,000 of environmental remediation expense

Reconcile Internally Reported Income (Loss) from Operations to Externally Reported Income (Loss) from Operations by Business Segment (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Environmental remediation expense	$ 12,500	$ 977

Subsequent Events - Additional Information (Detail)	1 Months Ended
Subsequent Events - Additional Information (Detail)	Feb. 28, 2014 USD ($) a	Jan. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Subsequent Event [Line Items]
Land held for sale			$ 10,258,000	$ 1,179,000
Timberland \| Discontinued operation
Subsequent Event [Line Items]
Land held for sale			391,000
Single Family \| Discontinued operation
Subsequent Event [Line Items]
Land held for sale			$ 2,500,000
Subsequent Event \| Timberland \| Discontinued operation
Subsequent Event [Line Items]
Sale of business	$ 4,600,000
Area of land \| a	535
Subsequent Event \| Single Family \| Discontinued operation
Subsequent Event [Line Items]
Sale of business		$ 3,600,000

Schedule of Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Quarterly Financial Information [Line Items]
Revenue	$ 19,053	$ 11,724	$ 23,197	$ 16,718	$ 12,854	$ 14,595	$ 17,790	$ 8,804	$ 70,692	$ 54,043	$ 57,274
Income (loss) from operations	2,845	(530)	6,859	3,758	(316)	3,412	(9,150)	1,070	12,932	(4,984)	10,847
Net income (loss) attributable to unitholders	$ 3,598	$ (75)	$ 6,128	$ 3,484	$ (295)	$ 3,675	$ (9,295)	$ 1,206	$ 13,135	$ (4,709)	$ 8,754
Basic and Diluted Earnings (loss) per partnership unit	$ 0.81	$ (0.03)	$ 1.34	$ 0.76	$ (0.07)	$ 0.81	$ (2.14)	$ 0.27	$ 2.96	$ (1.11)	$ 1.94