View Filing Data

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2016	Feb. 17, 2017	Jun. 30, 2016
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	FY
Trading Symbol	POPE
Entity Registrant Name	POPE RESOURCES LTD PARTNERSHIP
Entity Central Index Key	0000784011
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		4,367,595
Entity Public Float			$ 206,684,453

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Current assets
Partnership cash and cash equivalents	$ 1,871	$ 6,310
ORM Timber Funds cash and cash equivalents	1,066	3,396
Cash and cash equivalents	2,937	9,706
Accounts receivable, net	4,381	3,238
Land and timber held for sale	20,503	3,642
Prepaid expenses and other	4,385	810
Total current assets	32,206	17,396
Properties and equipment, at cost
Timber and roads, net of accumulated depletion (2016 - $110,533; 2015 - $103,378)	279,793	266,104
Timberland	54,369	53,879
Land held for development	24,390	25,653
Buildings and equipment, net of accumulated depreciation (2016 - $7,713; 2015 - $7,251)	5,628	6,024
Total properties and equipment, at cost	364,180	351,660
Other assets
Contracts receivable, net of current portion, and other assets	2,664	1,000
Total assets	399,050	370,056
Current liabilities
Accounts payable	2,620	1,384
Accrued liabilities	3,843	3,442
Current portion of long-term debt	5,119	114
Deferred revenue	418	278
Current portion of environmental remediation liability	8,650	11,200
Other current liabilities	398	322
Total current liabilities	21,048	16,740
Long-term debt, net of unamortized debt issuance costs and current portion	125,291	84,537
Environmental remediation and other long-term liabilities	4,247	5,713
Commitments and contingencies
Partners’ capital
General partners' capital (units issued and outstanding 2016 - 60; 2015 - 60)	934	1,009
Limited partners' capital (units issued and outstanding 2016 - 4,255; 2015 - 4,240)	58,199	63,539
Noncontrolling interests	189,331	198,518
Total partners’ capital and noncontrolling interests	248,464	263,066
Total liabilities, partners’ capital, and noncontrolling interests	$ 399,050	$ 370,056

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Timber and roads, accumulated depletion	$ 110,533	$ 103,378
Buildings and equipment, accumulated depreciation	$ 7,713	$ 7,251
General partners’ capital, units issued	60	60
General partners’ capital, units outstanding	60	60
Limited partners’ capital, units issued	4,255	4,240
Limited partners’ capital, units outstanding	4,255	4,240

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenue
Revenue	$ 80,428	$ 78,028	$ 87,470
Cost of sales
Cost of sales	(47,273)	(46,604)	(48,090)
Operating expenses
Operating expenses	(20,829)	(19,644)	(17,671)
Environmental remediation (Real Estate)	(7,700)	0	(10,000)
Operating expenses	(28,529)	(19,644)	(27,671)
Gain (loss) on sale of timberland (Fee Timber)	995	(1,103)	23,750
Operating income (loss)	5,621	10,677	35,459
Interest expense	(4,150)	(3,854)	(3,539)
Interest capitalized to development projects	733	860	910
Interest income	11	24	25
Total other expense	(3,406)	(2,970)	(2,604)
Income before income taxes	2,215	7,707	32,855
Income tax expense	(252)	(207)	(984)
Net and comprehensive income	1,963	7,500	31,871
Net and comprehensive (income) loss attributable to noncontrolling interests-ORM Timber Funds	3,979	3,443	(19,456)
Net and comprehensive income attributable to unitholders	5,942	10,943	12,415
Allocable to general partners	83	153	171
Allocable to limited partners	5,859	10,790	12,244
Net and comprehensive income attributable to unitholders	$ 5,942	$ 10,943	$ 12,415
Basic and diluted earnings per unit attributable to unitholders (in dollars per share)	$ 1.35	$ 2.51	$ 2.82
Distributions per unit (in dollars per share)	$ 2.80	$ 2.70	$ 2.50
Fee Timber
Revenue
Revenue	$ 57,304	$ 52,164	$ 65,204
Operating expenses
Operating expenses	(8,731)	(8,011)	(7,879)
Operating income (loss)	16,926	12,961	44,289
Timberland Investment Management
Revenue
Revenue	8	0	0
Operating expenses
Operating expenses	(2,628)	(2,625)	(2,329)
Operating income (loss)	(2,620)	(2,625)	(2,329)
Real Estate
Revenue
Revenue	23,116	25,864	22,266
Operating expenses
Operating expenses	(4,394)	(4,036)	(3,682)
Operating income (loss)	(3,609)	5,313	(2,720)
Operating Segments
Revenue
Revenue	84,201	80,749	91,503
Operating expenses
Operating expenses	(24,602)	(22,365)	(21,704)
Operating income (loss)		10,677	35,459
Operating Segments \| Fee Timber
Revenue
Revenue	57,507	52,507	65,815
Cost of sales
Cost of sales	(32,642)	(30,089)	(36,786)
Operating expenses
Operating expenses	(12,126)	(10,261)	(11,182)
Gain (loss) on sale of timberland (Fee Timber)	995	(1,103)	23,750
Operating income (loss)	13,734	11,054	41,597
Operating Segments \| Timberland Investment Management
Revenue
Revenue	3,275	2,235	3,303
Operating expenses
Operating expenses	(2,888)	(2,953)	(2,940)
Operating income (loss)	387	(718)	363
Operating Segments \| Real Estate
Revenue
Revenue	23,419	26,007	22,385
Cost of sales
Cost of sales	(14,631)	(16,515)	(11,304)
Operating expenses
Operating expenses	(4,441)	(4,056)	(3,682)
Environmental remediation (Real Estate)	(7,700)		(10,000)
Operating income (loss)	(3,353)	5,436	(2,601)
Other
Operating expenses
General & Administrative	(5,076)	(4,972)	(3,781)
Operating income (loss)	$ (5,076)	$ (4,972)	$ (3,781)

Consolidated Statements of Partners' Capital - USD ($)	Total	Noncontrolling Interests	General Partners	Limited Partners
Beginning balance at Dec. 31, 2013	$ 214,614,000	$ 145,169,000	$ 974,000	$ 68,471,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	31,871,000	19,456,000	171,000	12,244,000
Cash distributions	(67,094,000)	(56,057,000)	(152,000)	(10,885,000)
Capital call	125,000	125,000
Equity-based compensation	867,000		12,000	855,000
Excess tax benefit from equity-based compensation	85,000
Indirect repurchase of units for minimum tax withholding	(196,000)		(3,000)	(193,000)
Ending balance at Dec. 31, 2014	227,629,000	163,413,000	1,003,000	63,213,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	7,500,000	(3,443,000)	153,000	10,790,000
Cash distributions	(21,143,000)	(9,435,000)	(163,000)	(11,545,000)
Capital call	47,983,000	47,983,000
Equity-based compensation	864,000		12,000	852,000
Excess tax benefit from equity-based compensation	340,000		5,000	335,000
Indirect repurchase of units for minimum tax withholding	(107,000)		(1,000)	(106,000)
Ending balance at Dec. 31, 2015	263,066,000	198,518,000	1,009,000	63,539,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	1,963,000	(3,979,000)	83,000	5,859,000
Cash distributions	(17,385,000)	(5,208,000)	(170,000)	(12,007,000)
Equity-based compensation	919,000		13,000	906,000
Excess tax benefit from equity-based compensation	53,000		1,000	52,000
Indirect repurchase of units for minimum tax withholding	(152,000)		(2,000)	(150,000)
Ending balance at Dec. 31, 2016	$ 248,464,000	$ 189,331,000	$ 934,000	$ 58,199,000

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Cash received from customers	$ 79,428	$ 76,827	$ 86,765
Cash paid to suppliers and employees	(56,807)	(44,187)	(48,344)
Interest received	11	24	25
Interest paid, net of amounts capitalized	(3,216)	(3,097)	(2,523)
Capitalized development activities	(13,989)	(9,052)	(4,967)
Income taxes received (paid)	(281)	(345)	(161)
Net cash provided by operating activities	5,146	20,170	30,795
Cash flows from investing activities:
Purchase of short-term investments	0	0	(4,000)
Maturity of short-term investments	0	1,000	3,000
Capital expenditures	(1,973)	(2,549)	(2,335)
Proceeds from sale of fixed assets	25	0	37
Proceeds from sale of timberland	1,603	1,001	68,876
Net cash used in investing activities	(40,141)	(56,108)	(8,273)
Cash flows from financing activities:
Line of credit borrowings	23,326	0	0
Line of credit repayments	(15,326)	0	0
Repayment of long-term debt	(114)	(5,109)	(109)
Proceeds from issuance of long-term debt	38,000	0	14,400
Debt issuance costs	(176)	(20)	(22)
Unit repurchases	0	0	(7,363)
Payroll taxes paid on unit net settlements	(152)	(107)	(196)
Excess tax benefit from equity-based compensation	53	12	85
Cash distributions to unitholders	(12,177)	(11,708)	(11,037)
Cash distributions - ORM Timber Funds, net of distributions to Partnership	(5,208)	(9,435)	(56,057)
Capital call - ORM Timber Funds, net of Partnership contribution	0	47,983	54,720
Preferred stock issuance - ORM Timber Funds	0	0	125
Net cash provided by (used in) financing activities	28,226	21,616	(5,454)
Net increase (decrease) in cash and cash equivalents	(6,769)	(14,322)	17,068
Cash and cash equivalents:
Beginning of year	9,706	24,028	6,960
End of year	2,937	9,706	24,028
Partnership Interest
Cash flows from investing activities:
Acquisition of timberland	(39,796)	(5,004)	(1,826)
Funds
Cash flows from investing activities:
Acquisition of timberland	$ 0	$ (50,556)	$ (72,025)

Consolidated Statements of Cash Flows (Reconciliation of net income (loss) to net cash provide by operating activities) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of net income (loss) to net cash provided by operating activities:
Net income	$ 1,963	$ 7,500	$ 31,871
Depletion	12,621	9,900	12,192
Equity-based compensation	919	864	867
Excess tax benefit from equity-based compensation	(53)	(12)	(85)
Depreciation and amortization	755	736	727
(Gain) loss on sale of timberland	(995)	1,103	(23,750)
(Gain) loss on sale of property and equipment	(23)	0	(23)
Deferred taxes, net	67	(121)	643
Cost of land sold	12,439	14,057	9,160
Accounts receivable	(1,143)	(810)	(918)
Prepaid expenses and other current assets	(3,575)	1,462	(1,693)
Real estate project expenditures	(13,989)	(9,052)	(4,967)
Accounts payable and accrued liabilities	1,691	(241)	(1,710)
Deferred revenue	141	(390)	116
Other current liabilities	76	75	(17)
Environmental remediation	(3,991)	(4,890)	8,410
Other noncurrent assets and liabilities	(1,757)	(11)	(28)
Net cash provided by operating activities	$ 5,146	$ 20,170	$ 30,795

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

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 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). ORMLLC owned 1% of Fund I and owns 1% of Funds II and III and was the general partner of Fund I and is the manager of Funds II and III. Pope Resources owned 19% of Fund I and owns 19% of Fund II and 4% of 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 Investment Management, and Real Estate. Fee Timber represents the growing and harvesting of trees from properties owned by the Partnership and the Funds. Timberland Investment Management 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 (see Note 2).

New accounting standards

On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective on January 1, 2018. Early application is not permitted. The Partnership will adopt this standard using the cumulative effect transition method applied to uncompleted contracts as of the date of adoption. Under this method, the cumulative effect of initially applying the standard is recorded as an adjustment to partners’ capital. This new standard may have the impact of delaying the recognition of a portion of revenue from those Real Estate sales for which we have post-closing obligations.

In February 2016, the FASB issued ASU 2016-02, Leases, which requires substantially all leases to be reflected on the balance sheet as a liability and a right-of-use asset. The ASU will replace existing lease accounting guidance in U.S. GAAP when it becomes effective on January 1, 2019 and the Partnership will adopt it at that time. The standard will be applied on a modified retrospective basis in which certain optional practical expedients may be applied. Due to the Partnership’s limited leasing activity, management does not expect the effect of this standard to be material to its ongoing financial reporting.

In March 2016, FASB issued ASU 2016-09, which simplifies several aspects of accounting for share-based payment transactions, including income tax consequences, award classification, cash flows reporting, and forfeiture rate application. Specifically, the update requires all excess tax benefits and tax deficiencies to be recognized as income tax expense or benefit in the income statement with a cumulative-effect adjustment to equity as of the beginning of the period of adoption. The update allows excess tax benefits to be classified along with other income tax cash flows as an operating activity on the statement of cash flows. When accruing compensation cost, an entity can make an entity-wide accounting policy election to either estimate the number of awards expected to vest or to account for forfeitures as they occur with a cumulative-effect adjustment to equity as of the beginning of the period of adoption. The update requires cash paid by an employer when directly withholding shares for tax-withholding purposes to be classified as a financing activity on the statement of cash flows, applied retrospectively. This guidance is effective for fiscal years beginning after December 15, 2016. We will adopt the standard effective January 1, 2017 and do not expect it to have a material impact on our consolidated financial statements.

The Partnership adopted ASU 2015-17, Balance Sheet Classification of Deferred Taxes, effective January 1, 2016. In accordance with this standard, all deferred tax assets and liabilities are classified as noncurrent on the Partnership’s condensed consolidated balance sheets. Our adoption of this ASU did not have a material impact on our consolidated financial statements and related disclosures.

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 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 and comprehensive income attributable to Partnership unitholders, the portion of the income attributable to these third-party investors is subtracted from net and comprehensive income or, in the case of a loss attributable to third-party investors, added back to net and comprehensive income.

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 how the tree farms are managed and 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 from the Funds’ tree farms is accounted for and depleted separately from timber harvested from the Partnership’s timberlands, which are considered one depletion pool. 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. For purposes of the depletion calculation, merchantable timber is defined as timber that is equal to or greater than 35 years of age for all of the tree farms except California, for which merchantable timber is defined as timber with a diameter at breast height (DBH) of 16 inches or greater. 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, roads, 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 (depletion expense), 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.

Like-kind exchanges

In order to acquire and sell assets, primarily timberland and other real property, in a tax efficient manner, we sometimes utilize Internal Revenue Code (IRC) Section 1031 like-kind exchange transactions. There are two main types of like-kind exchange transactions: forward transactions, in which property is sold and the proceeds are reinvested by acquiring similar property; and reverse transactions, in which property is acquired and similar property is subsequently sold. We use qualified intermediaries to facilitate such transactions and proceeds from forward transactions are held by the intermediaries. Both types of transactions must be completed within prescribed periods under IRC 1031, generally 180 days. Any unused funds held by intermediaries at the expiration of these time periods revert to the Partnership. To the extent we have identified potential replacement properties to acquire, funds held by intermediaries are classified as non-current in other assets on the consolidated balance sheets. To the extent funds held by qualified intermediaries exceed the value of identified potential properties to acquire, the funds are included in prepaid expenses and other current assets. At December 31, 2016, prepaid expenses and other current assets included $850,000 and other assets included $1.9 million held by like-kind exchange intermediaries. Also included in prepaid expenses and other current assets at December 31, 2016 were $2.3 million of funds held by intermediaries for completed forward exchanges that the Partnership received in January 2017. There were no amounts held by intermediaries at December 31, 2015.

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 real estate contracts. The Partnership’s allowance for doubtful accounts is $8,000 and $13,000 at December 31, 2016 and 2015, respectively.

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, 2016. 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, 2016 and 2015 where the Partnership’s tax position is not more likely than not to be sustained if challenged by the taxing authorities. The Partnership recognizes interest expense related to unrecognized tax benefits or underpayment of income taxes in interest expense and recognizes penalties in operating expenses.

Land and timber held for sale and Land held for development

Land and timber 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 and timber 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 the balance sheet as a current asset under “Land and timber held for sale”. The $20.5 million in Land and timber held for sale at December 31, 2016 reflects a 6,400-acre tree farm sold by Fund II in January 2017 and our expectation of sales in 2017 of parcels comprising 30 acres from the Harbor Hill project in Gig Harbor, Washington as well as a one-acre parcel in Kitsap County, Washington. Land held for sale of $3.6 million as of December 31, 2015 represented expected sales in 2016 of 48 acres 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 delayed intentionally.

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, 2016 and 2015 (in thousands):



Description	12/31/2016			12/31/2015
Buildings	$	9,439		$	9,302
Equipment	3,239			3,320
Furniture and fixtures	663			653
Total	$	13,341		$	13,275
Accumulated depreciation	(7,713		)	(7,251		)
Net buildings and equipment	$	5,628		$	6,024

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 or, in the case of land held for sale, fair market value less costs to sell. 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 $418,000 at December 31, 2016 reflects primarily deferred revenue associated with Real Estate sales recorded under the percentage of completion method and the unearned portion of rental payments received on cell tower leases. The deferred revenue balance of $278,000 at December 31, 2015 represents mostly advance deposits received on real estate sales contracts and the unearned portion of rental payments received on cell tower leases.

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, provided 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 2016, 2015, and 2014, the Partnership generated $2.1 million, $4.3 million, and $743,000, respectively, from conservation easement sales.

Environmental remediation liabilities

Environmental remediation liabilities have been evaluated using a combination of methods. The liability is estimated based on amounts included construction contracts and estimates for construction contingencies, project management and other professional fees. See Note 9 for further discussion of environmental remediation liabilities.

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 per partnership unit

Basic and diluted net earnings per unit are calculated by dividing net income attributable to unitholders, adjusted for non-forfeitable distributions paid out to unvested restricted unitholders and Fund II and Fund III preferred shareholders, by the weighted average units outstanding during the period.

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



	Year Ended December 31,
(in thousands, except per unit data)	2016			2015			2014
Net and comprehensive income attributable to unitholders	$	5,942		$	10,943		$	12,415
Less: Net and comprehensive income attributable to unvested restricted unitholders	(101		)	(103		)	(112		)
Less: Dividends paid to Funds preferred shareholders	(31		)	(31		)	(31		)
Net and comprehensive income attributable to unitholders	$	5,810		$	10,809		$	12,272
Basic and diluted weighted average units outstanding	4,313			4,289			4,353
Basic and diluted net earnings per unit	$	1.35		$	2.51		$	2.82

Fund II and Fund III Preferred Shares

Fund II and Fund III 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. 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 a liquidation, the Series A Preferred Stock will be settled in cash and is not convertible into any other class or series of shares or Partnership units. The timing of such a redemption is controlled by the Funds. The maximum amount that each of the consolidated subsidiaries could be required to pay to redeem the instruments upon liquidation is $125,000 plus accrued but unpaid dividends. The Series A Preferred Stock is recorded within noncontrolling interests on the consolidated balance sheets and are considered participating securities for purposes of calculating earnings 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), ORM TIMBER FUND III (REIT) INC. (FUND III), AND ORM TIMBER FUND IV (FUND IV) (COLLECTIVELY, “THE FUNDS”)

12 Months Ended

Dec. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORM TIMBER FUND I, LP (FUND I), ORM TIMBER FUND II, INC. (FUND II), ORM TIMBER FUND III (REIT) INC. (FUND III), AND ORM TIMBER FUND IV (FUND IV) (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. On December 30, 2016, ORM LLC secured commitments from investors totaling $381 million for a new timber fund, ORM Timber Fund IV (Fund IV), followed by an additional $7 million in January 2017, for total committed capital of $388 million. The Partnership’s share of this commitment is $58 million. Each Fund is organized to operate for a specified term from the end of its respective investment period; ten years for each of Fund II and Fund III, and fifteen years for Fund IV. Fund I sold all of its timberland holdings in 2014 and terminated in 2015. Fund II is scheduled to terminate in March 2021 and Fund III is scheduled to terminate in December 2025. Fund IV will terminate on the fifteenth anniversary of its drawdown period. Fund IV’s drawdown period will end on the earlier of placement of all committed capital or December 31, 2019, subject to certain extension provisions. Fund IV had no called capital or operations in any of the periods presented.

Pope Resources and ORMLLC together owned 20% of Fund I, own 20% of Fund II and 5% of Fund III and will own 15% of Fund IV. All Funds are consolidated into the Partnership’s financial statements. The Funds are considered variable interest entities because their organizational and governance structures are the functional equivalent of a limited partnership. As the general partner or managing member of the Funds, the Partnership is the primary beneficiary of the Funds as it has the authority to direct the activities that most significantly impact their economic performance, as well as the right to receive benefits and obligation to absorb losses that could potentially be significant to the Funds. Accordingly, the Funds are consolidated into the Partnership’s financial statements. Additionally, the obligations of each of the Funds do not have any recourse to the Partnership.

The consolidated financial statements exclude management fees paid by the Funds to ORMLLC as they are eliminated in consolidation. See note 11 for a breakdown of operating results before and after such eliminations. The portion of these fees, among other items of income and expense, attributed to third-party investors is reflected as an adjustment to income in the Partnership’s Consolidated Statement of Comprehensive Income under the caption “Net (income) loss attributable to noncontrolling interests - ORM Timber Funds.”

The table below outlines timberland acquisitions by the Funds for the years ended December 31, 2015 and 2014 (there were no timberland acquisitions by the Funds in 2016):



	2015		2014
Timing	Fourth Quarter		Fourth Quarter
Fund	Fund III		Fund III
Location	South Puget Sound WA		Northwestern OR
Acres	15,100		12,900
Purchase price allocation (in thousands)
Land	$	6,053	$	7,730
Timber and roads	44,503		64,295
Total purchase price	$	50,556	$	72,025

In September and October 2014, Fund I sold its two tree farms, located in western Washington, in two transactions for a combined $70.5 million and recognized a gain on the sales of $23.8 million. The combined carrying value of these tree farms consisted of $40.2 million for timber and roads and $5.0 million for the land. The Partnership’s share of the pretax profit generated by Fund I was $4.7 million in 2014, which includes the Partnership’s share of the gain on sale of the tree farms.

In December 2016, Fund II entered into an agreement to sell one of its tree farms, located in northwestern Oregon, for $26.5 million. The sale closed in January 2017. The carrying value of this tree farm, consisting of $11.1 million for timber and roads and $2.8 million for land, has been reclassified to land and timber held for sale on the consolidated balance sheet as of December 31, 2016. The Partnership’s share of the pretax profit or loss generated by this tree farm was a loss of $23,000 and $9,000 for the years ending December 31, 2016 and 2015, respectively, and a profit of $112,000 for the year ended December 31, 2014.

The Partnership’s consolidated balance sheets include Fund II and Fund III assets and liabilities at December 31, 2016 and 2015, which were as follows (Fund IV had no assets or liabilities for either period):



(in thousands)	2016		2015
Cash	$	1,066	$	3,396
Land and timber held for sale	13,941		—
Other current assets	2,195		602
Total current assets	17,202		3,998
Properties and equipment (net of accumulated depletion
and depreciation in 2016 and 2015 of $38,306 and $34,757)	249,197		271,850
Total assets	$	266,399	$	275,848

Current liabilities	$	2,256	$	1,723
Long-term debt	57,268		57,246
Funds’ equity	206,875		216,879
Total liabilities and equity	$	266,399	$	275,848

The table above includes management fees and other expenses payable to the Partnership of $691,000 and $630,000 as of December 31, 2016 and 2015, respectively. These amounts are eliminated in the Partnership’s consolidated balance sheets.

Partnership timberland acquisitions	12 Months Ended
Partnership timberland acquisitions	Dec. 31, 2016
Business Combinations [Abstract]
Partnership timberland acquisitions	Partnership timberland acquisitions In July 2016, the Partnership closed on the acquisition of a 7,324-acre tree farm in western Washington for $32.0 million. It consists of 6,746 owned acres and a timber deed on 578 acres that expires in 2051. The purchase price was allocated $2.7 million to timberland and $29.3 million to timber and roads. In October 2016, the Partnership closed on two timberland acquisitions for a combined $6.7 million comprising 1,967 acres. The combined purchase price was allocated $719,000 to timberland and $6.0 million to roads and timber. The acquired sets of timberland are adjacent to the Partnership’s existing Washington State timberland holdings in Jefferson and Skamania counties.

LONG-TERM DEBT

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

LONG-TERM DEBT



	At December 31,
(in thousands)	2016			2015
Partnership debt:
$20.0 million operating line of credit with NorthWest Farm Credit Services (NWFCS), variable interest based on LIBOR plus margin of 1.50% (2.15% at December 31, 2016) with quarterly interest-only payments and collateralized by timberlands (matures April 2020)	$	8,000		—
Mortgage payable to NWFCS, collateralized by Poulsbo headquarters:
Interest at 3.80%, monthly principal and interest payments (matures January 2023)	2,578			2,692
Mortgage payable to NWFCS, collateralized by Partnership timberlands, as follows:
Seven-year tranche, interest at 4.85% with quarterly interest payments (matures July 2017)	5,000			5,000
Ten-year tranche, interest at 6.40% with monthly interest payments (matures September 2019)	9,800			9,800
Fifteen-year tranche, interest at 6.05% with quarterly interest payments (matures July 2025)	10,000			10,000
Mortgage payable to NWFCS, collateralized by timberlands, as follows:
Seven-year tranche, variable interest based on LIBOR plus margin of 2.20% (2.85% at December 31, 2016) with quarterly interest-only payments (matures July 2023)	10,000			—
Ten-year tranche, interest at 3.89% with quarterly interest-only payments (matures July 2026)	11,000			—
12-year tranche, interest at 4.13% with quarterly interest-only payments (matures July 2028)	11,000			—
Mortgage payable to NWFCS, collateralized by timberlands. $21.0 million available to borrow through March 31, 2017. Outstanding at December 31 as follows:
11-year tranche, variable interest based on LIBOR plus margin of 1.85% (2.5% at December 31, 2016), with quarterly interest payments (matures July 2027)	6,000			—
Total Partnership debt	73,378			27,492
ORM Timber Funds debt:
Fund II 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			14,000
Fund III mortgages payable to NWFCS, collateralized by Fund III timberlands with quarterly interest payments, as follows:
5.10% interest rate tranche (matures December 2023)	17,980			17,980
4.45% interest rate tranche (matures October 2024)	14,400			14,400
Total ORM Timber Funds debt	57,380			57,380
Consolidated principal amount	130,758			84,872
Less unamortized debt issuance costs	(348		)	(221		)
Less current portion	(5,119		)	(114		)
Consolidated long-term debt, less unamortized debt issuance costs and current portion	$	125,291		$	84,537

The Partnership’s debt agreements have covenants which are measured either quarterly or annually. Among the covenants measured is an interest coverage ratio and 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 these covenants as of December 31, 2016.

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, 2016.

Fund III’s debt agreement contains a requirement to maintain a minimum debt coverage ratio and a loan-to-value ratio of less than 50%, with the denominator defined as fair market value. Fund III is in compliance with this covenant as of December 31, 2016.

At December 31, 2016, principal payments on long-term debt for the next five years and thereafter are due as follows (in thousands):



	Partnership		Funds		Consolidated
2017	$	5,119	$	—	$	5,119
2018	123		—		123
2019	9,928		—		9,928
2020	8,133		25,000		33,133
2021	138		—		138
Thereafter	49,937		32,380		82,317
Total	$	73,378	$	57,380	$	130,758

The debt arrangements between NWFCS and the Partnership and Fund III include an annual rebate of interest expense (patronage). Interest expense was reduced by $810,000, $478,000 and $395,000 in 2016, 2015 and 2014, respectively, which reflects estimated patronage to be refunded in the following year with the related receivable reflected in accounts receivable.

Accrued interest relating to all debt instruments was $1.3 million and $941,000 at December 31, 2016 and 2015, respectively, and is included in accrued liabilities.

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS	Dec. 31, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE OF FINANCIAL INSTRUMENTS The Partnership’s consolidated financial instruments include cash 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 also approximate fair value given the current market interest rates. The fair value of the Partnership’s and Funds’ combined fixed-rate debt, having a carrying value of $106.8 million and $84.9 million as of December 31, 2016 and 2015, respectively, has been estimated based on current interest rates for similar financial instruments, Level 2 inputs in the Fair Value Hierarchy, to be approximately $111.0 million and $89.8 million, respectively.

- Definition

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

+ References + Details

INCOME TAXES

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

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 and Funds’ 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)	2016		2015		2014
Income before income taxes	$	2,215	$	7,707	$	32,855
Income in entities that pass-through pre-tax earnings to the partners	1,500		7,203		30,169
Income subject to income taxes	$	715	$	504	$	2,686

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



(in thousands)	2016			2015			2014
Current	$	(185	)	$	(328	)	$	(341	)
Deferred	(67		)	121			(643		)
Total	$	(252	)	$	(207	)	$	(984	)

Included in the deferred income tax expense for 2016 and 2014 are $115,000 and $274,000 related to the utilization of net operating loss carryforwards. Included in the deferred tax benefit for 2015 was a benefit of $71,000 related to net operating losses. The Partnership also recorded excess tax benefits from equity-based compensation of $53,000, $340,000, and $85,000 for the years ended December 31, 2016, 2015 and 2014, respectively, to partners’ capital.

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:



	2016		2015		2014
Statutory tax on income	34	%	34	%	34	%
Income from entities that pass-through pre-tax earnings to the partners	(23	)%	(31	)%	(31	)%
Effective income tax rate	11	%	3	%	3	%

The net deferred tax assets are included in other assets on the consolidated balance sheets and are comprised of the following:



(in thousands)	2016			2015			2014
Compensation-related accruals	$	456		$	421		$	17
Net operating loss carryforwards	284			399			337
Depreciation	16			(16		)	(23		)
Other	(3		)	16			27
Total	$	753		$	820		$	358

The federal net operating loss carryforwards in the table above expire in 2033 through 2035.

UNIT INCENTIVE PLAN

12 Months Ended

Dec. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

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 equity component vest 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, the 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, 2016, total compensation expense not yet recognized related to non-vested awards was $673,000 with a weighted average 19 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 Partnership’s projected cash payout for future performance cycles to be re-measured quarterly based upon the Partnership’s relative TSR ranking, using a Monte Carlo simulation model.

Starting in 2016, directors may elect to receive all or a portion of their quarterly board compensation in the form of unrestricted units rather than cash. Such units are included in equity compensation expense. During 2016, 1,794

unrestricted units were granted to directors in payment of their board compensation.

Total equity compensation expense was $919,000, $864,000 and $867,000 for 2016, 2015 and 2014, respectively. As of December 31, 2016, we recorded in accrued liabilities $1.5 million relating to the 2010 Incentive Compensation Program, with $425,000 of that total attributable to the cash component of the PRU and the balance of $1.0 million attributable to the LTIP. This compares with December 31, 2015 when we recorded in accrued liabilities $1.2 million, with $230,000 related to the cash-payout component of the PRU and the balance of $949,000 attributable to the LTIP.

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 the vesting of restricted units, grantees have the choice of tendering back units to pay for their minimum tax withholdings. A total of 1,105,815 units have been authorized for issuance under the 2005 Plan of which there are 892,865 units authorized but unissued as of December 31, 2016.

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.

Restricted unit activity for the three years ended December 31, 2016 was as follows:



	Units		Weighted Avg Grant Date Fair Value ($)
Outstanding December 31, 2013	70,758		50.34
Grants	12,966		65.50
Vested	(21,070	)	46.04
Forfeited	(18,261	)	55.49
Tendered back to pay tax withholding	(2,966	)	47.30
Outstanding December 31, 2014	41,427		55.23
Grants	12,050		62.14
Vested	(15,729	)	49.39
Tendered back to pay tax withholding	(1,701	)	50.33
Outstanding December 31, 2015	36,047		59.96
Grants	15,016		64.67
Vested	(12,789	)	55.97
Forfeited	(436	)	62.49
Tendered back to pay tax withholding	(2,345	)	57.41
Outstanding December 31, 2016	35,493		63.53

- Definition

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

+ References + Details

EMPLOYEE BENEFITS	12 Months Ended
EMPLOYEE BENEFITS	Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract]
EMPLOYEE BENEFITS	EMPLOYEE BENEFITS As of December 31, 2016 all employees of the Partnership and its subsidiaries are eligible to receive benefits under a defined contribution plan. During the years 2014 through 2016 the Partnership matched 50% of employees’ contributions up to 8% of an individual’s compensation. The Partnership’s contributions to the plan amounted to $182,000, $191,000, and $176,000 for the years ended December 31, 2016, 2015, and 2014, respectively.

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Environmental remediation

The Partnership has an accrual for estimated environmental remediation costs of $12.8 million and $16.8 million as of December 31, 2016 and 2015, 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.

In December of 2013, a consent decree (CD) and Clean-up Action Plan (CAP) related to Port Gamble were finalized with the Washington State Department of Ecology (DOE) and filed with Kitsap County Superior Court. Pursuant to the CD and CAP, an engineering design report (EDR) was submitted to DOE in November 2014, followed by other supplemental materials establishing our proposed means for complying with the CAP. Discussions between management and DOE to finalize the remediation project design and further sampling and investigation conducted in 2014 yielded new information that indicated certain areas of the project would be significantly more expensive than estimated when the CD and CAP were filed. As a result, the Partnership recorded a $10.0 million increase in its liability at December 31, 2014. The increase in costs came from four primary categories; piling removal and disposal, dredging and disposal, the application of sand cover, and eelgrass mitigation.

The EDR was finalized in the summer of 2015 and, in the third quarter of 2015, the Partnership selected a contractor to complete the remediation work. Construction activity commenced in late September 2015. The required in-water construction activity was completed in January 2017 and will be followed by cleanup activity on the millsite and by a monitoring period.

In the fourth quarter of 2016, areas were encountered that contained a greater number of pilings and a higher volume of wood waste than was anticipated, requiring additional cleanup activity. In early 2017, management decided to use property owned by the Partnership a short distance from the town of Port Gamble as the primary permanent storage location for the dredged sediments rather than leaving them on the millsite as planned previously. Management also reassessed its estimates of long-term monitoring costs, taking in to account the higher volume of material and the new expected storage location for the sediments. Finally, management updated its estimates for consulting and professional fees to address the natural resource damages claim associated with the project. The combination of these factors resulted in the Partnership recording a $7.7 million increase in its liability at December 31, 2016.

The environmental liability at December 31, 2016 is comprised of $8.7 million that the Partnership expects to expend in the next 12 months and $4.1 million thereafter.

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



(in thousands)	Balances at the Beginning of the Period		Additions to Accrual		Expenditures for Remediation		Balance at Period-end
Year ended December 31, 2014	$	13,241	$	10,000	$	1,590	$	21,651
Year ended December 31, 2015	21,651		—		4,890		16,761
Year ended December 31, 2016	$	16,761	$	7,700	$	11,691	$	12,770

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 $10.4 million and $10.5 million outstanding at December 31, 2016 and 2015, 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 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 recorded balance of the projected liability was $126,000 and $151,000 as of December 31, 2016 and 2015, 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, 2016
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	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

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

SEGMENT AND MAJOR CUSTOMER INFORMATION

The Partnership’s operations are classified into three segments: Fee Timber, Timberland Investment Management (TIM), and Real Estate. The Fee Timber segment consists of the harvest and sale of timber from both the Partnership’s 118,000 acres of fee timberland in Washington and the Funds’ 94,000 acres in Washington, Oregon, and California.

The TIM segment provides investment management, disposition, and technical forestry services in connection with 24,000 acres for Fund I, which were sold in 2014, 37,000 acres for Fund II, and 57,000 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 2,200 acres of higher-and-better-use properties as of December 31, 2016. All of the Partnership’s real estate activities are presently in the state of Washington.

For the year ended December 31, 2016, the partnership had one customer that represented 17% of consolidated revenue. For the years ended December 31, 2015 and 2014, the Partnership had no customers that represented over 10% of consolidated revenue.

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 are as follows:



(in thousands)	Fee Timber												Real
2016	Partnership			Funds			Combined			TIM			Estate			Other			Consolidated
Revenue internal	$	36,478		$	21,029		$	57,507		$	3,275		$	23,419		$	—		$	84,201
Eliminations	(203		)	—			(203		)	(3,267		)	(303		)	—			(3,773		)
Revenue external	36,275			21,029			57,304			8			23,116			—			80,428

Cost of sales	(15,497		)	(17,145		)	(32,642		)	—			(14,631		)	—			(47,273		)
Operating, general and administrative expenses internal	(6,152		)	(5,974		)	(12,126		)	(2,888		)	(4,441		)	(5,147		)	(24,602		)
Eliminations	128			3,267			3,395			260			47			71			3,773
Operating, general and administrative expenses external	(6,024		)	(2,707		)	(8,731		)	(2,628		)	(4,394		)	(5,076		)	(20,829		)
Environmental remediation	—			—			—			—			(7,700		)	—			(7,700		)
Gain (loss) on sale of timberland	769			226			995			—			—			—			995
Income (loss) from operations internal	15,598			(1,864		)	13,734			387			(3,353		)	(5,147		)	5,621
Eliminations	(75		)	3,267			3,192			(3,007		)	(256		)	71			—
Income (loss) from operations external	$	15,523		$	1,403		$	16,926		$	(2,620	)	$	(3,609	)	$	(5,076	)	$	5,621

2015
Revenue internal	$	29,257		$	23,250		$	52,507		$	2,235		$	26,007		$	—		$	80,749
Eliminations	(343		)	—			(343		)	(2,235		)	(143		)	—			(2,721		)
Revenue external	28,914			23,250			52,164			—			25,864			—			78,028

Cost of sales	(11,875		)	(18,214		)	(30,089		)	—			(16,515		)	—			(46,604		)
Operating, general and administrative expenses internal	(5,387		)	(4,874		)	(10,261		)	(2,953		)	(4,056		)	(5,095		)	(22,365		)
Eliminations	20			2,230			2,250			328			20			123			2,721
Operating, general and administrative expenses external	(5,367		)	(2,644		)	(8,011		)	(2,625		)	(4,036		)	(4,972		)	(19,644		)



Gain (loss) on sale of timberland	—			(1,103		)	(1,103		)	—			—			—			(1,103		)
Income (loss) from operations internal	11,995			(941		)	11,054			(718		)	5,436			(5,095		)	10,677
Eliminations	(323		)	2,230			1,907			(1,907		)	(123		)	123			—
Income (loss) from operations external	$	11,672		$	1,289		$	12,961		$	(2,625	)	$	5,313		$	(4,972	)	$	10,677

2014
Revenue internal	$	34,459		$	31,356		$	65,815		$	3,303		$	22,385		$	—		$	91,503
Eliminations	(611		)	—			(611		)	(3,303		)	(119		)	—			(4,033		)
Revenue external	33,848			31,356			65,204			—			22,266			—			87,470

Cost of sales	(14,397		)	(22,389		)	(36,786		)	—			(11,304		)	—			(48,090		)
Operating, general and administrative expenses internal	(5,101		)	(6,081		)	(11,182		)	(2,940		)	(3,682		)	(3,900		)	(21,704		)
Eliminations	—			3,303			3,303			611			—			119			4,033
Operating, general and administrative expenses external	(5,101		)	(2,778		)	(7,879		)	(2,329		)	(3,682		)	(3,781		)	(17,671		)
Environmental remediation	—			—			—			—			(10,000		)	—			(10,000		)
Gain (loss) on sale of timberland	—			23,750			23,750			—			—			—			23,750
Income (loss) from operations internal	14,961			26,636			41,597			363			(2,601		)	(3,900		)	35,459
Eliminations	(611		)	3,303			2,692			(2,692		)	(119		)	119			—
Income (loss) from operations external	$	14,350		$	29,939		$	44,289		$	(2,329	)	$	(2,720	)	$	(3,781	)	$	35,459



(in thousands)	2016		2015		2014
Depreciation, Amortization and Depletion
Fee Timber-Partnership	$	9,095	$	8,044	$	2,570
Fee Timber-Funds	3,771		2,174		9,969
Fee Timber-Combined	12,866		10,218		12,539
Timberland Investment Management	33		18		2
Real Estate	388		299		394
G&A	89		101		88
Total	$	13,376	$	10,636	$	13,023
Assets
Fee Timber-Partnership	$	266,401	$	49,499	$	46,453
Fee Timber-Funds	87,419		275,786		240,754
Fee Timber-Combined	353,820		325,285		287,207
Timberland Investment Management	325		182		52
Real Estate	38,988		33,983		37,673
G&A	5,917		10,606		19,894
Total	$	399,050	$	370,056	$	344,826
Capital and Land Expenditures
Fee Timber-Partnership	$	40,745	$	5,877	$	2,536
Fee Timber-Funds	859		51,854		73,359
Fee Timber-Combined	41,604		57,731		75,895
Timberland Investment Management	13		69		38
Real Estate-development activities	13,993		9,631		4,967
Real Estate-other	128		225		198
G&A	20		79		55
Total	$	55,758	$	67,735	$	81,153
Revenue by product/service
Domestic forest products	$	47,255	$	41,636	$	42,896
Export forest products, indirect	10,049		10,528		22,308
Conservation easements and land sales	4,440		6,815		7,703
Fees for service	8		—		37
Homes, lots, and undeveloped acreage	18,676		19,049		14,526
Total	$	80,428	$	78,028	$	87,470

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=68060357&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=68060357&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=68060357&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=68060357&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=68060357&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=68060357&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=68060357&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=68060357&loc=d3e8906-108599

+ Details

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)



(in thousands, except per unit amounts)	Revenue		Income (loss) from operations			Net and comprehensive income (loss) attributable to unitholders			Basic and diluted earnings (loss) per unit
2016
First quarter	$	11,069	$	(822	)	$	(1,034	)	$	(0.25	)
Second quarter	12,713		142			436			0.09
Third quarter	13,178		1,985			1,970			0.45
Fourth quarter	43,468		4,316			4,571			1.05
2015
First quarter	$	26,908	$	8,073		$	7,809		$	1.80
Second quarter	13,904		180			289			0.06
Third quarter	15,208		(873		)	615			0.13
Fourth quarter	22,008		3,297			2,230			0.51

Quarterly fluctuations in data result from the addition and/or deferral of harvest volumes as well as the timing of real estate sales and 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 for the $7.7 million and $10.0 million environmental remediation charges recorded in the fourth quarters of 2016 and 2014, respectively, and the sales of Fund I’s two tree farms, one in the third quarter of 2014 and one in the fourth quarter of 2014.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Nature of operations

Principles of consolidation

The Funds are consolidated into Pope Resources’ financial statements (see Note 2).

New accounting standards

General partner

Noncontrolling interests

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

Cash and cash equivalents

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

Like-kind exchanges

Concentration of credit risk

Income taxes

Land and timer held for sale and Land held for development

Land and timber held for sale and Land held for development

Timberland, timber and roads

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.

Impairment of long-lived assets

Deferred revenue

Deferred revenue represents the unearned portion of cash collected.

Revenue recognition

Land and development rights or conservation easement (CE) sales

Environmental remediation liabilities

Equity-based compensation

Income per partnership unit

Fund II and Fund III 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 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.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Buildings and Equipment

Buildings and equipment are recorded at cost and consisted of the following as of December 31, 2016 and 2015 (in thousands):



Description	12/31/2016			12/31/2015
Buildings	$	9,439		$	9,302
Equipment	3,239			3,320
Furniture and fixtures	663			653
Total	$	13,341		$	13,275
Accumulated depreciation	(7,713		)	(7,251		)
Net buildings and equipment	$	5,628		$	6,024

Basic and Diluted Earnings (Loss) per Unit

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



	Year Ended December 31,
(in thousands, except per unit data)	2016			2015			2014
Net and comprehensive income attributable to unitholders	$	5,942		$	10,943		$	12,415
Less: Net and comprehensive income attributable to unvested restricted unitholders	(101		)	(103		)	(112		)
Less: Dividends paid to Funds preferred shareholders	(31		)	(31		)	(31		)
Net and comprehensive income attributable to unitholders	$	5,810		$	10,809		$	12,272
Basic and diluted weighted average units outstanding	4,313			4,289			4,353
Basic and diluted net earnings per unit	$	1.35		$	2.51		$	2.82

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

12 Months Ended

Dec. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Timberland Acquisitions

The table below outlines timberland acquisitions by the Funds for the years ended December 31, 2015 and 2014 (there were no timberland acquisitions by the Funds in 2016):



	2015		2014
Timing	Fourth Quarter		Fourth Quarter
Fund	Fund III		Fund III
Location	South Puget Sound WA		Northwestern OR
Acres	15,100		12,900
Purchase price allocation (in thousands)
Land	$	6,053	$	7,730
Timber and roads	44,503		64,295
Total purchase price	$	50,556	$	72,025

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



(in thousands)	2016		2015
Cash	$	1,066	$	3,396
Land and timber held for sale	13,941		—
Other current assets	2,195		602
Total current assets	17,202		3,998
Properties and equipment (net of accumulated depletion
and depreciation in 2016 and 2015 of $38,306 and $34,757)	249,197		271,850
Total assets	$	266,399	$	275,848

Current liabilities	$	2,256	$	1,723
Long-term debt	57,268		57,246
Funds’ equity	206,875		216,879
Total liabilities and equity	$	266,399	$	275,848

LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Long-Term Debt



	At December 31,
(in thousands)	2016			2015
Partnership debt:
$20.0 million operating line of credit with NorthWest Farm Credit Services (NWFCS), variable interest based on LIBOR plus margin of 1.50% (2.15% at December 31, 2016) with quarterly interest-only payments and collateralized by timberlands (matures April 2020)	$	8,000		—
Mortgage payable to NWFCS, collateralized by Poulsbo headquarters:
Interest at 3.80%, monthly principal and interest payments (matures January 2023)	2,578			2,692
Mortgage payable to NWFCS, collateralized by Partnership timberlands, as follows:
Seven-year tranche, interest at 4.85% with quarterly interest payments (matures July 2017)	5,000			5,000
Ten-year tranche, interest at 6.40% with monthly interest payments (matures September 2019)	9,800			9,800
Fifteen-year tranche, interest at 6.05% with quarterly interest payments (matures July 2025)	10,000			10,000
Mortgage payable to NWFCS, collateralized by timberlands, as follows:
Seven-year tranche, variable interest based on LIBOR plus margin of 2.20% (2.85% at December 31, 2016) with quarterly interest-only payments (matures July 2023)	10,000			—
Ten-year tranche, interest at 3.89% with quarterly interest-only payments (matures July 2026)	11,000			—
12-year tranche, interest at 4.13% with quarterly interest-only payments (matures July 2028)	11,000			—
Mortgage payable to NWFCS, collateralized by timberlands. $21.0 million available to borrow through March 31, 2017. Outstanding at December 31 as follows:
11-year tranche, variable interest based on LIBOR plus margin of 1.85% (2.5% at December 31, 2016), with quarterly interest payments (matures July 2027)	6,000			—
Total Partnership debt	73,378			27,492
ORM Timber Funds debt:
Fund II 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			14,000
Fund III mortgages payable to NWFCS, collateralized by Fund III timberlands with quarterly interest payments, as follows:
5.10% interest rate tranche (matures December 2023)	17,980			17,980
4.45% interest rate tranche (matures October 2024)	14,400			14,400
Total ORM Timber Funds debt	57,380			57,380
Consolidated principal amount	130,758			84,872
Less unamortized debt issuance costs	(348		)	(221		)
Less current portion	(5,119		)	(114		)
Consolidated long-term debt, less unamortized debt issuance costs and current portion	$	125,291		$	84,537

Principal Payments on Long-Term Debt

At December 31, 2016, principal payments on long-term debt for the next five years and thereafter are due as follows (in thousands):



	Partnership		Funds		Consolidated
2017	$	5,119	$	—	$	5,119
2018	123		—		123
2019	9,928		—		9,928
2020	8,133		25,000		33,133
2021	138		—		138
Thereafter	49,937		32,380		82,317
Total	$	73,378	$	57,380	$	130,758

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Consolidated Partnership Income (Loss) Before Income Taxes

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)	2016		2015		2014
Income before income taxes	$	2,215	$	7,707	$	32,855
Income in entities that pass-through pre-tax earnings to the partners	1,500		7,203		30,169
Income subject to income taxes	$	715	$	504	$	2,686

Provision for Income Taxes Relating to Corporate Subsidiaries of Partnership

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



(in thousands)	2016			2015			2014
Current	$	(185	)	$	(328	)	$	(341	)
Deferred	(67		)	121			(643		)
Total	$	(252	)	$	(207	)	$	(984	)

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:



	2016		2015		2014
Statutory tax on income	34	%	34	%	34	%
Income from entities that pass-through pre-tax earnings to the partners	(23	)%	(31	)%	(31	)%
Effective income tax rate	11	%	3	%	3	%

Schedule of Net Deferred income Tax Assets and Deferred Tax Assets

The net deferred tax assets are included in other assets on the consolidated balance sheets and are comprised of the following:



(in thousands)	2016			2015			2014
Compensation-related accruals	$	456		$	421		$	17
Net operating loss carryforwards	284			399			337
Depreciation	16			(16		)	(23		)
Other	(3		)	16			27
Total	$	753		$	820		$	358

UNIT INCENTIVE PLAN (Tables)

12 Months Ended

Dec. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Restricted Unit Activity

Restricted unit activity for the three years ended December 31, 2016 was as follows:



	Units		Weighted Avg Grant Date Fair Value ($)
Outstanding December 31, 2013	70,758		50.34
Grants	12,966		65.50
Vested	(21,070	)	46.04
Forfeited	(18,261	)	55.49
Tendered back to pay tax withholding	(2,966	)	47.30
Outstanding December 31, 2014	41,427		55.23
Grants	12,050		62.14
Vested	(15,729	)	49.39
Tendered back to pay tax withholding	(1,701	)	50.33
Outstanding December 31, 2015	36,047		59.96
Grants	15,016		64.67
Vested	(12,789	)	55.97
Forfeited	(436	)	62.49
Tendered back to pay tax withholding	(2,345	)	57.41
Outstanding December 31, 2016	35,493		63.53

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Changes in Environmental Liability

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



(in thousands)	Balances at the Beginning of the Period		Additions to Accrual		Expenditures for Remediation		Balance at Period-end
Year ended December 31, 2014	$	13,241	$	10,000	$	1,590	$	21,651
Year ended December 31, 2015	21,651		—		4,890		16,761
Year ended December 31, 2016	$	16,761	$	7,700	$	11,691	$	12,770

SEGMENT AND MAJOR CUSTOMER INFORMATION (Tables)

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

Schedule of Partnership's Operations by Business Segment

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



(in thousands)	Fee Timber												Real
2016	Partnership			Funds			Combined			TIM			Estate			Other			Consolidated
Revenue internal	$	36,478		$	21,029		$	57,507		$	3,275		$	23,419		$	—		$	84,201
Eliminations	(203		)	—			(203		)	(3,267		)	(303		)	—			(3,773		)
Revenue external	36,275			21,029			57,304			8			23,116			—			80,428

Cost of sales	(15,497		)	(17,145		)	(32,642		)	—			(14,631		)	—			(47,273		)
Operating, general and administrative expenses internal	(6,152		)	(5,974		)	(12,126		)	(2,888		)	(4,441		)	(5,147		)	(24,602		)
Eliminations	128			3,267			3,395			260			47			71			3,773
Operating, general and administrative expenses external	(6,024		)	(2,707		)	(8,731		)	(2,628		)	(4,394		)	(5,076		)	(20,829		)
Environmental remediation	—			—			—			—			(7,700		)	—			(7,700		)
Gain (loss) on sale of timberland	769			226			995			—			—			—			995
Income (loss) from operations internal	15,598			(1,864		)	13,734			387			(3,353		)	(5,147		)	5,621
Eliminations	(75		)	3,267			3,192			(3,007		)	(256		)	71			—
Income (loss) from operations external	$	15,523		$	1,403		$	16,926		$	(2,620	)	$	(3,609	)	$	(5,076	)	$	5,621

2015
Revenue internal	$	29,257		$	23,250		$	52,507		$	2,235		$	26,007		$	—		$	80,749
Eliminations	(343		)	—			(343		)	(2,235		)	(143		)	—			(2,721		)
Revenue external	28,914			23,250			52,164			—			25,864			—			78,028

Cost of sales	(11,875		)	(18,214		)	(30,089		)	—			(16,515		)	—			(46,604		)
Operating, general and administrative expenses internal	(5,387		)	(4,874		)	(10,261		)	(2,953		)	(4,056		)	(5,095		)	(22,365		)
Eliminations	20			2,230			2,250			328			20			123			2,721
Operating, general and administrative expenses external	(5,367		)	(2,644		)	(8,011		)	(2,625		)	(4,036		)	(4,972		)	(19,644		)



Gain (loss) on sale of timberland	—			(1,103		)	(1,103		)	—			—			—			(1,103		)
Income (loss) from operations internal	11,995			(941		)	11,054			(718		)	5,436			(5,095		)	10,677
Eliminations	(323		)	2,230			1,907			(1,907		)	(123		)	123			—
Income (loss) from operations external	$	11,672		$	1,289		$	12,961		$	(2,625	)	$	5,313		$	(4,972	)	$	10,677

2014
Revenue internal	$	34,459		$	31,356		$	65,815		$	3,303		$	22,385		$	—		$	91,503
Eliminations	(611		)	—			(611		)	(3,303		)	(119		)	—			(4,033		)
Revenue external	33,848			31,356			65,204			—			22,266			—			87,470

Cost of sales	(14,397		)	(22,389		)	(36,786		)	—			(11,304		)	—			(48,090		)
Operating, general and administrative expenses internal	(5,101		)	(6,081		)	(11,182		)	(2,940		)	(3,682		)	(3,900		)	(21,704		)
Eliminations	—			3,303			3,303			611			—			119			4,033
Operating, general and administrative expenses external	(5,101		)	(2,778		)	(7,879		)	(2,329		)	(3,682		)	(3,781		)	(17,671		)
Environmental remediation	—			—			—			—			(10,000		)	—			(10,000		)
Gain (loss) on sale of timberland	—			23,750			23,750			—			—			—			23,750
Income (loss) from operations internal	14,961			26,636			41,597			363			(2,601		)	(3,900		)	35,459
Eliminations	(611		)	3,303			2,692			(2,692		)	(119		)	119			—
Income (loss) from operations external	$	14,350		$	29,939		$	44,289		$	(2,329	)	$	(2,720	)	$	(3,781	)	$	35,459



(in thousands)	2016		2015		2014
Depreciation, Amortization and Depletion
Fee Timber-Partnership	$	9,095	$	8,044	$	2,570
Fee Timber-Funds	3,771		2,174		9,969
Fee Timber-Combined	12,866		10,218		12,539
Timberland Investment Management	33		18		2
Real Estate	388		299		394
G&A	89		101		88
Total	$	13,376	$	10,636	$	13,023
Assets
Fee Timber-Partnership	$	266,401	$	49,499	$	46,453
Fee Timber-Funds	87,419		275,786		240,754
Fee Timber-Combined	353,820		325,285		287,207
Timberland Investment Management	325		182		52
Real Estate	38,988		33,983		37,673
G&A	5,917		10,606		19,894
Total	$	399,050	$	370,056	$	344,826
Capital and Land Expenditures
Fee Timber-Partnership	$	40,745	$	5,877	$	2,536
Fee Timber-Funds	859		51,854		73,359
Fee Timber-Combined	41,604		57,731		75,895
Timberland Investment Management	13		69		38
Real Estate-development activities	13,993		9,631		4,967
Real Estate-other	128		225		198
G&A	20		79		55
Total	$	55,758	$	67,735	$	81,153
Revenue by product/service
Domestic forest products	$	47,255	$	41,636	$	42,896
Export forest products, indirect	10,049		10,528		22,308
Conservation easements and land sales	4,440		6,815		7,703
Fees for service	8		—		37
Homes, lots, and undeveloped acreage	18,676		19,049		14,526
Total	$	80,428	$	78,028	$	87,470

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information



(in thousands, except per unit amounts)	Revenue		Income (loss) from operations			Net and comprehensive income (loss) attributable to unitholders			Basic and diluted earnings (loss) per unit
2016
First quarter	$	11,069	$	(822	)	$	(1,034	)	$	(0.25	)
Second quarter	12,713		142			436			0.09
Third quarter	13,178		1,985			1,970			0.45
Fourth quarter	43,468		4,316			4,571			1.05
2015
First quarter	$	26,908	$	8,073		$	7,809		$	1.80
Second quarter	13,904		180			289			0.06
Third quarter	15,208		(873		)	615			0.13
Fourth quarter	22,008		3,297			2,230			0.51

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Detail)	12 Months Ended
	Dec. 31, 2016 USD ($) a Partner Segment $ / shares shares	Dec. 31, 2015 USD ($) a shares	Dec. 31, 2014 USD ($)
Significant Accounting Policies [Line Items]
Number of business segments \| Segment	3
Number of partnership units owned by general partners \| shares	60,000	60,000
Prepaid expenses and other	$ 4,385,000	$ 810,000
Allowance for doubtful accounts on accounts receivable	8,000	13,000
Deferred tax assets, valuation allowance	0
Land and timber held for sale	20,503,000	3,642,000
Deferred revenue	$ 418,000	$ 278,000
Restricted Units
Significant Accounting Policies [Line Items]
Vesting period of restricted stock unit award	4 years
Land
Significant Accounting Policies [Line Items]
Land held for sale	$ 20,500,000
Area of land for sale \| a	6,400	48
Conservation easements and land sales
Significant Accounting Policies [Line Items]
Conservation easement sales	$ 2,100,000	$ 4,300,000	$ 743,000
Gig Harbor, Washington \| Land
Significant Accounting Policies [Line Items]
Area of land for sale \| a	30
Kitsap County, Washington \| Land
Significant Accounting Policies [Line Items]
Area of land for sale \| a	1
Like-Kind Intermediaries
Significant Accounting Policies [Line Items]
Prepaid expenses and other	$ 850,000	0
Other assets	1,900,000	$ 0
Like-Kind Intermediaries \| Forward Contracts
Significant Accounting Policies [Line Items]
Prepaid expenses and other	$ 2,300,000
General Partners
Significant Accounting Policies [Line Items]
Number of general partners \| Partner	2
Number of partnership units owned by general partners \| shares	60,000
Fund I \| Olympic Resource Management Llc
Significant Accounting Policies [Line Items]
Percentage of ownership interest in Funds	1.00%
Fund I \| Pope Resources Timber
Significant Accounting Policies [Line Items]
Percentage of ownership interest in Funds	19.00%
Funds I and II
Significant Accounting Policies [Line Items]
Percentage of interests owned by third parties in non controlling interests	80.00%
Fund III
Significant Accounting Policies [Line Items]
Percentage of interests owned by third parties in non controlling interests	95.00%
Fund III \| Series A Preferred Stock
Significant Accounting Policies [Line Items]
Preferred stock issued (in shares) \| shares	125
Preferred stock issued at par value (in dollars per share) \| $ / shares	$ 0.01
Series A preferred stock (in dollars per share) \| $ / shares	1,000
Preferred stock, liquidation preference (in dollars per share) \| $ / shares	$ 1,000
Preferred stock rate of interest	12.50%
Maximum amount required to pay on redemption upon settlement	$ 125,000
Fund III \| Pope Resources Timber
Significant Accounting Policies [Line Items]
Percentage of ownership interest in Funds	4.00%
Fund II \| Series A Preferred Stock
Significant Accounting Policies [Line Items]
Preferred stock issued (in shares) \| shares	125
Preferred stock issued at par value (in dollars per share) \| $ / shares	$ 0.01
Series A preferred stock (in dollars per share) \| $ / shares	1,000
Preferred stock, liquidation preference (in dollars per share) \| $ / shares	$ 1,000
Series A preferred stock, proceeds	$ 125,000
Preferred stock rate of interest	12.50%
Maximum amount required to pay on redemption upon settlement	$ 125,000
Fund II \| Pope Resources Timber
Significant Accounting Policies [Line Items]
Percentage of ownership interest in Funds	19.00%
Fund I, II and III \| Olympic Resource Management Llc
Significant Accounting Policies [Line Items]
Percentage of ownership interest in Funds	1.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Buildings and Equipment) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	$ 13,341	$ 13,275
Accumulated depreciation	(7,713)	(7,251)
Net buildings and equipment	$ 5,628	6,024
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life of properties and equipment	39 years
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life of properties and equipment	3 years
Buildings
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	$ 9,439	9,302
Equipment
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	3,239	3,320
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	$ 663	$ 653

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Basic and Diluted Income (Loss) per Unit) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share [Abstract]
Net and comprehensive income attributable to unitholders	$ 4,571	$ 1,970	$ 436	$ (1,034)	$ 2,230	$ 615	$ 289	$ 7,809	$ 5,942	$ 10,943	$ 12,415
Less: Net and comprehensive income attributable to unvested restricted unitholders									(101)	(103)	(112)
Less: Dividends paid to Funds preferred shareholders									(31)	(31)	(31)
Net and comprehensive income attributable to unitholders									$ 5,810	$ 10,809	$ 12,272
Basic and diluted weighted average units outstanding (in shares)									4,313	4,289	4,353
Basic and diluted net earnings per unit (in dollars per share)	$ 1.05	$ 0.45	$ 0.09	$ (0.25)	$ 0.51	$ 0.13	$ 0.06	$ 1.80	$ 1.35	$ 2.51	$ 2.82

ORM TIMBER FUND I, LP (FUND I), ORM TIMBER FUND II, INC. (FUND II), ORM TIMBER FUND III (REIT) INC. (FUND III), AND ORM TIMBER FUND IV (FUND IV) (COLLECTIVELY, “THE FUNDS”) (Narrative) (Detail) $ in Thousands		1 Months Ended			2 Months Ended	3 Months Ended			12 Months Ended
	Dec. 30, 2016 USD ($)	Jan. 31, 2017 USD ($)	Jan. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Oct. 31, 2014 USD ($) Property	Dec. 31, 2016 USD ($) Property	Dec. 31, 2014 Property	Sep. 30, 2014 USD ($) Property	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($) Property
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Timberland				$ 54,369		$ 54,369			$ 54,369	$ 53,879
Gain (loss) on sale of timberland (Fee Timber)									995	(1,103)	$ 23,750
Land and timber held for sale				20,503		20,503			20,503	3,642
Pretax profit (loss)									2,215	7,707	$ 32,855
Management fees payable				691		$ 691			$ 691	630
Fund I
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Pope Resources and ORMLLC combined ownership percentage									20.00%
Number of tree farms sold \| Property					2		1	1			2
Proceeds from sale of tree farms					$ 70,500
Gain (loss) on sale of timberland (Fee Timber)					$ 23,800
Pretax profit (loss)											$ 4,700
Fund I \| Timber and Roads
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Land and timber held for sale								$ 40,200
Fund I \| Land
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Land and timber held for sale								$ 5,000
Fund II
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Timberland	$ 58,000
Pope Resources and ORMLLC combined ownership percentage									20.00%
Number of tree farms sold \| Property						1
Proceeds from sale of tree farms				$ 26,500
Fund II \| Land
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Pretax profit (loss)									$ (23)	$ (9)	$ 112
Fund II \| Subsequent Event \| Timber and Roads
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Land and timber held for sale		$ 11,100	$ 11,100
Fund II \| Subsequent Event \| Land
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Land and timber held for sale		2,800	2,800
Fund II and III
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Operating term for Fund									10 years
Fund III
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Pope Resources and ORMLLC combined ownership percentage									5.00%
Fund IV
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Payment to acquire timberland	$ 381,000
Operating term for Fund									15 years
Pope Resources and ORMLLC combined ownership percentage									15.00%
Fund IV \| Subsequent Event
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Payment to acquire timberland		$ 388,000	$ 7,000

ORM TIMBER FUND I, LP (FUND I), ORM TIMBER FUND II, INC. (FUND II), ORM TIMBER FUND III (REIT) INC. (FUND III), AND ORM TIMBER FUND IV (FUND IV) (COLLECTIVELY, “THE FUNDS”) (Partnership's Consolidated Balance Sheet of Timberland Acquisitions) (Details) a in Thousands, $ in Thousands	3 Months Ended
	Dec. 31, 2016 USD ($) a	Dec. 31, 2015 USD ($) a	Oct. 31, 2016 USD ($)	Jul. 31, 2016 USD ($)
Condensed Financial Statements, Captions [Line Items]
Total purchase price			$ 6,700	$ 32,000
Fund III \| South Puget Sound WA
Condensed Financial Statements, Captions [Line Items]
Area of timberland acquired (in acre) \| a	15,100
Land	$ 6,053
Timber and roads	44,503
Total purchase price	$ 50,556
Fund III \| Northwestern OR
Condensed Financial Statements, Captions [Line Items]
Area of timberland acquired (in acre) \| a		12,900
Land		$ 7,730
Timber and roads		64,295
Total purchase price		$ 72,025

ORM TIMBER FUND I, LP (FUND I), ORM TIMBER FUND II, INC. (FUND II), ORM TIMBER FUND III (REIT) INC. (FUND III), AND ORM TIMBER FUND IV (FUND IV) (COLLECTIVELY, “THE FUNDS”) (Partnership's Consolidated Balance Sheet included Assets and Liabilities of Funds) (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Condensed Financial Statements, Captions [Line Items]
Cash	$ 1,066	$ 3,396
Land and timber held for sale	20,503	3,642
Other current assets	4,385	810
Total current assets	32,206	17,396
Properties and equipment (net of accumulated depletion and depreciation in 2016 and 2015 of $38,306 and $34,757)	364,180	351,660
Total assets	399,050	370,056	$ 344,826
Current liabilities	21,048	16,740
Long-term debt	125,291	84,537
Total liabilities, partners’ capital, and noncontrolling interests	399,050	370,056
Properties and equipment, accumulated depletion and depreciation	110,533	103,378
ORM Timber Funds
Condensed Financial Statements, Captions [Line Items]
Cash	1,066	3,396
Land and timber held for sale	13,941	0
Other current assets	2,195	602
Total current assets	17,202	3,998
Properties and equipment (net of accumulated depletion and depreciation in 2016 and 2015 of $38,306 and $34,757)	249,197	271,850
Total assets	266,399	275,848
Current liabilities	2,256	1,723
Long-term debt	57,268	57,246
Funds’ equity	206,875	216,879
Total liabilities, partners’ capital, and noncontrolling interests	266,399	275,848
Properties and equipment, accumulated depletion and depreciation	$ 38,306	$ 34,757

Partnership timberland acquisitions (Details) $ in Thousands	1 Months Ended
	Oct. 31, 2016 USD ($) Property a	Jul. 31, 2016 USD ($) a
Business Acquisition [Line Items]
Acres of land acquired \| a		7,324
Assets acquired \| $	$ 6,700	$ 32,000
Number of acquisitions \| Property	2
Owned land
Business Acquisition [Line Items]
Acres of land acquired \| a	1,967	6,746
Assets acquired \| $	$ 719	$ 2,700
Timber deed
Business Acquisition [Line Items]
Acres of land acquired \| a		578
Assets acquired \| $	$ 6,000	$ 29,300

LONG-TERM DEBT (Schedule of Debt) (Detail) - USD ($)	12 Months Ended
LONG-TERM DEBT (Schedule of Debt) (Detail) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Debt outstanding carrying value	$ 130,758,000	$ 84,872,000
Less unamortized debt issuance costs	(348,000)	(221,000)
Less current portion	(5,119,000)	(114,000)
Consolidated long-term debt, less unamortized debt issuance costs and current portion	125,291,000	84,537,000
Partnership Interest \| $20.0 million operating line of credit with NorthWest Farm Credit Services (NWFCS), variable interest based on LIBOR plus margin of 1.50% (2.15% at December 31, 2016) with quarterly interest-only payments and collateralized by timberlands (matures April 2020)
Debt Instrument [Line Items]
Debt outstanding carrying value	8,000,000	0
Debt, face amount	$ 20,000,000.0
Effective interest rate	2.15%
Partnership Interest \| $20.0 million operating line of credit with NorthWest Farm Credit Services (NWFCS), variable interest based on LIBOR plus margin of 1.50% (2.15% at December 31, 2016) with quarterly interest-only payments and collateralized by timberlands (matures April 2020) \| LIBOR
Debt Instrument [Line Items]
Spread above the benchmark rate	1.50%
Partnership Interest \| Mortgages payable
Debt Instrument [Line Items]
Debt outstanding carrying value	$ 73,378,000	27,492,000
Partnership Interest \| Mortgages payable \| Interest at 3.80%, monthly principal and interest payments (matures January 2023)
Debt Instrument [Line Items]
Debt outstanding carrying value	$ 2,578,000	2,692,000
Long-term debt stated interest rate	3.80%
Partnership Interest \| Mortgages payable \| Seven-year tranche, interest at 4.85% with quarterly interest payments (matures July 2017)
Debt Instrument [Line Items]
Debt outstanding carrying value	$ 5,000,000	5,000,000
Long-term debt term	7 years
Long-term debt stated interest rate	4.85%
Partnership Interest \| Mortgages payable \| Ten-year tranche, interest at 6.40% with monthly interest payments (matures September 2019)
Debt Instrument [Line Items]
Debt outstanding carrying value	$ 9,800,000	9,800,000
Long-term debt term	10 years
Long-term debt stated interest rate	6.40%
Partnership Interest \| Mortgages payable \| Fifteen-year tranche, interest at 6.05% with quarterly interest payments (matures July 2025)
Debt Instrument [Line Items]
Debt outstanding carrying value	$ 10,000,000	10,000,000
Long-term debt term	15 years
Long-term debt stated interest rate	6.05%
Partnership Interest \| Mortgages payable \| Seven-year tranche, variable interest based on LIBOR plus margin of 2.20% (2.85% at December 31, 2016) with quarterly interest-only payments (matures July 2023)
Debt Instrument [Line Items]
Debt outstanding carrying value	$ 10,000,000	0
Long-term debt term	7 years
Effective interest rate	2.85%
Partnership Interest \| Mortgages payable \| Seven-year tranche, variable interest based on LIBOR plus margin of 2.20% (2.85% at December 31, 2016) with quarterly interest-only payments (matures July 2023) \| LIBOR
Debt Instrument [Line Items]
Spread above the benchmark rate	2.20%
Partnership Interest \| Mortgages payable \| Ten-year tranche, interest at 3.89% with quarterly interest-only payments (matures July 2026)
Debt Instrument [Line Items]
Debt outstanding carrying value	$ 11,000,000	0
Long-term debt term	10 years
Long-term debt stated interest rate	3.89%
Partnership Interest \| Mortgages payable \| 12-year tranche, interest at 4.13% with quarterly interest-only payments (matures July 2028)
Debt Instrument [Line Items]
Debt outstanding carrying value	$ 11,000,000	0
Long-term debt term	12 years
Long-term debt stated interest rate	4.13%
Partnership Interest \| Mortgages payable \| 11-year tranche, variable interest based on LIBOR plus margin of 1.85% (2.5% at December 31, 2016), with quarterly interest payments (matures July 2027)
Debt Instrument [Line Items]
Debt outstanding carrying value	$ 6,000,000	0
Long-term debt term	11 years
Debt, face amount	$ 21,000,000.0
Effective interest rate	2.50%
Partnership Interest \| Mortgages payable \| 11-year tranche, variable interest based on LIBOR plus margin of 1.85% (2.5% at December 31, 2016), with quarterly interest payments (matures July 2027) \| LIBOR
Debt Instrument [Line Items]
Spread above the benchmark rate	1.85%
Funds
Debt Instrument [Line Items]
Debt outstanding carrying value	$ 57,380,000	57,380,000
Funds \| Fund II \| Mortgages payable \| 4.85% interest rate tranche
Debt Instrument [Line Items]
Debt outstanding carrying value	$ 11,000,000	11,000,000
Long-term debt stated interest rate	4.85%
Funds \| Fund II \| Mortgages payable \| 3.84% interest rate tranche
Debt Instrument [Line Items]
Debt outstanding carrying value	$ 14,000,000	14,000,000
Long-term debt stated interest rate	3.84%
Funds \| Fund III \| Mortgages payable \| 5.10% interest rate tranche (matures December 2023)
Debt Instrument [Line Items]
Debt outstanding carrying value	$ 17,980,000	17,980,000
Long-term debt stated interest rate	5.10%
Funds \| Fund III \| Mortgages payable \| 4.45% interest rate tranche (matures October 2024)
Debt Instrument [Line Items]
Debt outstanding carrying value	$ 14,400,000	$ 14,400,000
Long-term debt stated interest rate	4.45%

LONG-TERM DEBT (Narrative) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Capitalization rate	30.00%
Accrued interest on debt instruments	$ 1,300	$ 941
Partnership and Fund III
Debt Instrument [Line Items]
Decrease in interest expense	$ 810	$ 478	$ 395
Fund II
Debt Instrument [Line Items]
Loan to value ratio	40.00%
Fund III
Debt Instrument [Line Items]
Loan to value ratio	50.00%

LONG-TERM DEBT (Debt Maturities) (Detail) $ in Thousands	Dec. 31, 2016 USD ($)
Debt Instrument [Line Items]
2017	$ 5,119
2018	123
2019	9,928
2020	33,133
2021	138
Thereafter	82,317
Total	130,758
Partnership Interest
Debt Instrument [Line Items]
2017	5,119
2018	123
2019	9,928
2020	8,133
2021	138
Thereafter	49,937
Total	73,378
Funds
Debt Instrument [Line Items]
2017	0
2018	0
2019	0
2020	25,000
2021	0
Thereafter	32,380
Total	$ 57,380

FAIR VALUE OF FINANCIAL INSTRUMENTS (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt outstanding carrying value	$ 130,758	$ 84,872
Fixed-Rate Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt outstanding carrying value	106,800	84,900
Fixed-Rate Debt \| Fair Value, Inputs, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt outstanding fair value	$ 111,000	$ 89,800

INCOME TAXES (Consolidated Partnership Income (Loss) Before Income Taxes) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Income before income taxes	$ 2,215	$ 7,707	$ 32,855
Income in entities that pass-through pre-tax earnings to the partners	1,500	7,203	30,169
Income subject to income taxes	$ 715	$ 504	$ 2,686

INCOME TAXES (Provision for Income Taxes Relating to Corporate Subsidiaries of Partnership) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Current	$ (185)	$ (328)	$ (341)
Deferred	(67)	121	(643)
Total	$ (252)	$ (207)	$ (984)

INCOME TAXES (Reconciliation Between Federal Statutory Tax Rate and Partnership's Effective Tax Rate) (Detail)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Statutory tax on income	34.00%	34.00%	34.00%
Income from entities that pass-through pre-tax earnings to the partners	(23.00%)	(31.00%)	(31.00%)
Effective income tax rate	11.00%	3.00%	3.00%

INCOME TAXES (Deferred Tax Assets) (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Compensation-related accruals	$ 456	$ 421	$ 17
Net operating loss carryforwards	284	399	337
Depreciation	16
Depreciation		(16)	(23)
Other	(3)
Other		16	27
Total	$ 753	$ 820	$ 358

INCOME TAXES (Narrative) (Detail) - USD ($)	12 Months Ended
INCOME TAXES (Narrative) (Detail) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Contingency [Line Items]
Deferred income tax benefit (expense)	$ (67,000)	$ 121,000	$ (643,000)
Excess tax benefit from equity-based compensation	53,000	340,000	85,000
Operating Loss Carryforwards
Income Tax Contingency [Line Items]
Deferred income tax benefit (expense)	$ (115,000)	$ 71,000	$ (274,000)

UNIT INCENTIVE PLAN (Narrative) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity compensation expense	$ 919	$ 864	$ 867
Accrued liabilities relating to incentive compensation program	$ 1,500	1,200
Performance based, RSU's
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense vesting period	4 years
Portion of accrued liabilities paid in cash	$ 425	230
Restricted Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense vesting period	4 years
Restricted Units \| Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants (in units)	1,794
LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	3 years
Portion of accrued liabilities paid in cash	$ 1,000	$ 949
2005 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock authorized for issuance (in shares)	1,105,815
Shares authorized but unissued (in shares)	892,865
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	$ 673
Weighted average remaining period to vest	19 months

UNIT INCENTIVE PLAN (Restricted Unit Activity) (Detail) - Restricted Stock and Restricted Stock Units - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Number of Shares
Outstanding Beginning Balance (in units)	36,047	41,427	70,758
Grants (in units)	15,016	12,050	12,966
Vested, net of units tendered back (in units)	(12,789)	(15,729)	(21,070)
Forfeited (in units)	(436)		(18,261)
Tendered back to pay tax withholding (in units)	(2,345)	(1,701)	(2,966)
Outstanding Ending Balance (in units)	35,493	36,047	41,427
Weighted Average Grant Date Fair Value
Outstanding Beginning Balance (in USD per share)	$ 59.96	$ 55.23	$ 50.34
Grants (in USD per share)	64.67	62.14	65.50
Vested, net of units tendered back (in USD per share)	55.97	49.39	46.04
Forfeited (in USD per share)	62.49		55.49
Tendered back to pay tax withholding (in USD per share)	57.41	50.33	47.30
Outstanding Ending Balance (in USD per share)	$ 63.53	$ 59.96	$ 55.23

EMPLOYEE BENEFITS (Narrative) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]
Employer matching contribution to a defined contribution plan	50.00%
Maximum percentage of compensation contribution by company to a defined contribution plan	8.00%
Amount of contribution by company to a defined contribution plan	$ 182	$ 191	$ 176

COMMITMENTS AND CONTINGENCIES (Narrative) (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2013
Commitments and Contingencies Disclosure [Abstract]
Accrual for estimated environmental remediation costs	$ 12,770,000	$ 21,651,000	$ 16,761,000	$ 13,241,000
Additions to Accrual	7,700,000	$ 10,000,000
Environmental liability, next 12 month	8,700,000
Environmental liability thereafter	4,100,000
Performance bonds outstanding	$ 10,400,000		10,500,000
Percent of salary as retirement income	70.00%
Payment of fixed retirement benefits	$ 25,013
Projected liability under retirement plan	$ 126,000		$ 151,000

COMMITMENTS AND CONTINGENCIES (Changes in Environmental Liability) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accrual for Environmental Loss Contingencies [Roll Forward]
Balances at the Beginning of the Period	$ 16,761	$ 21,651	$ 13,241
Additions to Accrual	7,700		10,000
Expenditures for Remediation	11,691	4,890	1,590
Balance at Period-end	$ 12,770	$ 16,761	$ 21,651

RELATED PARTY TRANSACTIONS (Detail)	12 Months Ended
RELATED PARTY TRANSACTIONS (Detail)	Dec. 31, 2016 USD ($)
General Partners
Related Party Transaction [Line Items]
Management fees paid	$ 150,000

SEGMENT AND MAJOR CUSTOMER INFORMATION (Narrative) (Detail)	12 Months Ended
	Dec. 31, 2016 a Segment	Dec. 31, 2014 a
Segment Reporting Information [Line Items]
Number of segment \| Segment	3
Timberland Investment Management \| Fund I
Segment Reporting Information [Line Items]
Area of land (in acres)		24,000
Timberland Investment Management \| Fund II
Segment Reporting Information [Line Items]
Area of land (in acres)	37,000
Timberland Investment Management \| Fund III
Segment Reporting Information [Line Items]
Area of land (in acres)	57,000
Real Estate
Segment Reporting Information [Line Items]
Area of land (in acres)	2,200
Partnership Interest \| Fee Timber
Segment Reporting Information [Line Items]
Area of land (in acres)	118,000
Funds \| Fee Timber
Segment Reporting Information [Line Items]
Area of land (in acres)	94,000
Largest Customer \| Sales Revenue, Net \| Customer Concentration Risk
Segment Reporting Information [Line Items]
Major customer percentage of consolidated revenue	17.00%

SEGMENT AND MAJOR CUSTOMER INFORMATION (Reconciliation) (Detail) - USD ($) $ in Thousands	3 Months Ended									12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	$ 43,468	$ 13,178	$ 12,713	$ 11,069	$ 22,008	$ 15,208	$ 13,904	$ 26,908		$ 80,428	$ 78,028	$ 87,470
Cost of sales										(47,273)	(46,604)	(48,090)
Operating expenses, excluding environmental remediation										(20,829)	(19,644)	(17,671)
Operating, general and administrative expenses external										(28,529)	(19,644)	(27,671)
Environmental remediation expense	(7,700)								$ (10,000)	(7,700)	0	(10,000)
Gain (loss) on sale of timberland										995	(1,103)	23,750
Income (loss) from operations	4,316	$ 1,985	$ 142	$ (822)	3,297	$ (873)	$ 180	$ 8,073		5,621	10,677	35,459
Depreciation, Amortization and Depletion										13,376	10,636	13,023
Assets	399,050				370,056				344,826	399,050	370,056	344,826
Capital and Land Expenditures	55,758				67,735				81,153	55,758	67,735	81,153
Domestic forest products
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue										47,255	41,636	42,896
Export forest products, indirect
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue										10,049	10,528	22,308
Conservation easements and land sales
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue										4,440	6,815	7,703
Fees for service
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue										8		37
Homes, lots, and undeveloped acreage
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue										18,676	19,049	14,526
Internal
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue										84,201	80,749	91,503
Operating expenses, excluding environmental remediation										(24,602)	(22,365)	(21,704)
Income (loss) from operations											10,677	35,459
Eliminations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue										(3,773)	(2,721)	(4,033)
Operating expenses, excluding environmental remediation										3,773	2,721	4,033
Income (loss) from operations										0
Corporate, Non-Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating expenses, excluding environmental remediation										(5,147)	(5,095)	(3,900)
Income (loss) from operations										(5,147)	(5,095)	(3,900)
Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating expenses, excluding environmental remediation										71	123	119
Income (loss) from operations										71	123	119
Depreciation, Amortization and Depletion										89	101	88
Assets	5,917				10,606				19,894	5,917	10,606	19,894
Capital and Land Expenditures	20				79				55	20	79	55
Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
General and administrative expense										5,076	4,972	3,781
Income (loss) from operations										(5,076)	(4,972)	(3,781)
Fee Timber
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue										57,304	52,164	65,204
Operating expenses, excluding environmental remediation										(8,731)	(8,011)	(7,879)
Income (loss) from operations										16,926	12,961	44,289
Fee Timber \| Partnership Interest
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue										36,275	28,914	33,848
Operating expenses, excluding environmental remediation										(6,024)	(5,367)	(5,101)
Income (loss) from operations										15,523	11,672	14,350
Fee Timber \| Funds
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue										21,029	23,250	31,356
Operating expenses, excluding environmental remediation										(2,707)	(2,644)	(2,778)
Income (loss) from operations										1,403	1,289	29,939
Fee Timber \| Internal
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue										57,507	52,507	65,815
Cost of sales										(32,642)	(30,089)	(36,786)
Operating expenses, excluding environmental remediation										(12,126)	(10,261)	(11,182)
Gain (loss) on sale of timberland										995	(1,103)	23,750
Income (loss) from operations										13,734	11,054	41,597
Depreciation, Amortization and Depletion										12,866	10,218	12,539
Assets	353,820				325,285				287,207	353,820	325,285	287,207
Capital and Land Expenditures	41,604				57,731				75,895	41,604	57,731	75,895
Fee Timber \| Internal \| Partnership Interest
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue										36,478	29,257	34,459
Cost of sales										(15,497)	(11,875)	(14,397)
Operating expenses, excluding environmental remediation										(6,152)	(5,387)	(5,101)
Gain (loss) on sale of timberland										769		0
Income (loss) from operations										15,598	11,995	14,961
Depreciation, Amortization and Depletion										9,095	8,044	2,570
Assets	266,401				49,499				46,453	266,401	49,499	46,453
Capital and Land Expenditures	40,745				5,877				2,536	40,745	5,877	2,536
Fee Timber \| Internal \| Funds
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue										21,029	23,250	31,356
Cost of sales										(17,145)	(18,214)	(22,389)
Operating expenses, excluding environmental remediation										(5,974)	(4,874)	(6,081)
Gain (loss) on sale of timberland										226	(1,103)	23,750
Income (loss) from operations										(1,864)	(941)	26,636
Depreciation, Amortization and Depletion										3,771	2,174	9,969
Assets	87,419				275,786				240,754	87,419	275,786	240,754
Capital and Land Expenditures	859				51,854				73,359	859	51,854	73,359
Fee Timber \| Eliminations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue										(203)	(343)	(611)
Operating expenses, excluding environmental remediation										3,395	2,250	3,303
Income (loss) from operations										3,192	1,907	2,692
Fee Timber \| Eliminations \| Partnership Interest
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue										(203)	(343)	(611)
Operating expenses, excluding environmental remediation										128	20	0
Income (loss) from operations										(75)	(323)	(611)
Fee Timber \| Eliminations \| Funds
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating expenses, excluding environmental remediation										3,267	2,230	3,303
Income (loss) from operations										3,267	2,230	3,303
Timberland Investment Management
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue										8	0	0
Operating expenses, excluding environmental remediation										(2,628)	(2,625)	(2,329)
Income (loss) from operations										(2,620)	(2,625)	(2,329)
Timberland Investment Management \| Internal
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue										3,275	2,235	3,303
Operating expenses, excluding environmental remediation										(2,888)	(2,953)	(2,940)
Income (loss) from operations										387	(718)	363
Depreciation, Amortization and Depletion										33	18	2
Assets	325				182				52	325	182	52
Capital and Land Expenditures	13				69				38	13	69	38
Timberland Investment Management \| Eliminations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue										(3,267)	(2,235)	(3,303)
Operating expenses, excluding environmental remediation										260	328	611
Income (loss) from operations										(3,007)	(1,907)	(2,692)
Real Estate
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue										23,116	25,864	22,266
Operating expenses, excluding environmental remediation										(4,394)	(4,036)	(3,682)
Income (loss) from operations										(3,609)	5,313	(2,720)
Real Estate \| Internal
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue										23,419	26,007	22,385
Cost of sales										(14,631)	(16,515)	(11,304)
Operating expenses, excluding environmental remediation										(4,441)	(4,056)	(3,682)
Environmental remediation expense										(7,700)		(10,000)
Income (loss) from operations										(3,353)	5,436	(2,601)
Depreciation, Amortization and Depletion										388	299	394
Assets	38,988				33,983				37,673	38,988	33,983	37,673
Real Estate \| Internal \| Development activities
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Capital and Land Expenditures	13,993				9,631				4,967	13,993	9,631	4,967
Real Estate \| Internal \| Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Capital and Land Expenditures	$ 128				$ 225				$ 198	128	225	198
Real Estate \| Eliminations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue										(303)	(143)	(119)
Operating expenses, excluding environmental remediation										47	20	0
Income (loss) from operations										$ (256)	$ (123)	$ (119)

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Schedule of Quarterly Financial Information) (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 43,468	$ 13,178	$ 12,713	$ 11,069	$ 22,008	$ 15,208	$ 13,904	$ 26,908	$ 80,428	$ 78,028	$ 87,470
Income (loss) from operations	4,316	1,985	142	(822)	3,297	(873)	180	8,073	5,621	10,677	35,459
Net and comprehensive income (loss) attributable to unitholders	$ 4,571	$ 1,970	$ 436	$ (1,034)	$ 2,230	$ 615	$ 289	$ 7,809	$ 5,942	$ 10,943	$ 12,415
Basic and diluted earnings (loss) per unit (in dollars per share)	$ 1.05	$ 0.45	$ 0.09	$ (0.25)	$ 0.51	$ 0.13	$ 0.06	$ 1.80	$ 1.35	$ 2.51	$ 2.82

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Narrative) (Detail) $ in Thousands	2 Months Ended	3 Months Ended			12 Months Ended
	Oct. 31, 2014 Property	Dec. 31, 2016 USD ($)	Dec. 31, 2014 USD ($) Property	Sep. 30, 2014 Property	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($) Property
Quarterly Financial Information [Line Items]
Environmental remediation expense \| $		$ 7,700	$ 10,000		$ 7,700	$ 0	$ 10,000
Fund I
Quarterly Financial Information [Line Items]
Number of tree farms sold \| Property	2		1	1			2