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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2018	Feb. 15, 2019	Jun. 30, 2018
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
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, Outstanding (in shares)		4,365,903
Entity Public Float			$ 241,737,040

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Current assets
Partnership cash	$ 1,784	$ 1,788
ORM Timber Funds cash	3,330	1,636
Cash	5,114	3,424
Restricted cash	943	1,860
Total cash and restricted cash	6,057	5,284
Accounts receivable, net	4,670	6,427
Contract assets	2,872	0
Land and timber held for sale	5,697	5,728
Prepaid expenses and other	1,070	591
Total current assets	20,366	18,030
Properties and equipment, at cost
Timber and roads	377,970	267,662
Timberland	74,267	55,056
Land held for development	20,891	19,311
Buildings and equipment, net of accumulated depreciation	5,500	5,306
Total properties and equipment, at cost	478,628	347,335
Other assets	9,255	15,308
Total assets	508,249	380,673
Current liabilities
Accounts payable	2,379	2,430
Accrued liabilities	5,191	4,451
Current portion of long-term debt - Partnership	128	123
Deferred revenue	336	197
Current portion of environmental remediation liability	1,082	2,160
Other current liabilities	865	401
Total current liabilities	9,981	9,762
Environmental remediation and other long-term liabilities	8,427	2,957
Commitments and contingencies
Partners’ capital
General partners' capital (units issued and outstanding 2018 - 60; 2017 - 60)	944	1,028
Limited partners' capital (units issued and outstanding 2018 - 4,253; 2017 - 4,251)	56,533	63,519
Noncontrolling interests	281,123	176,079
Total partners’ capital and noncontrolling interests	338,600	240,626
Total liabilities, partners’ capital, and noncontrolling interests	508,249	380,673
Partnership
Current liabilities
Current portion of long-term debt - Partnership	128	123
Long-term debt, less unamortized debt issuance costs and current portion - Partnership	93,928	70,037
Funds
Current liabilities
Current portion of long-term debt - Partnership	0	0
Long-term debt, less unamortized debt issuance costs and current portion - Partnership	$ 57,313	$ 57,291

Consolidated Balance Sheets (Parenthetical) - shares shares in Thousands	Dec. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
General partners’ capital, issued (in shares)	60	60
General partners’ capital, outstanding (in shares)	60	60
Limited partners’ capital, issued (in shares)	4,253	4,251
Limited partners’ capital, outstanding (in shares)	4,253	4,251

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenue
Revenue	$ 103,554	$ 99,823	$ 80,428
Cost of sales
Cost of sales	(58,087)	(57,984)	(47,273)
Operating expenses
Environmental remediation (Real Estate)	(5,600)	0	(7,700)
General & Administrative	(7,217)	(5,742)	(5,076)
Operating expenses	(32,831)	(24,334)	(28,529)
Gain on sale of timberland	0	12,547	995
Operating income (loss)
General & Administrative	(7,217)	(5,742)	(5,076)
Operating income (loss)	12,636	30,052	5,621
Interest expense, net	(4,895)	(4,471)	(3,406)
Income before income taxes	7,741	25,581	2,215
Income tax expense	(104)	(1,176)	(252)
Net and comprehensive income	7,637	24,405	1,963
Net and comprehensive income	7,637	24,405	1,963
Net and comprehensive income attributable to unitholders	6,821	17,891	5,942
Net and comprehensive income attributable to unitholders	6,821	17,891	5,942
Allocable to general partners	95	250	83
Allocable to limited partners	$ 6,726	$ 17,641	$ 5,859
Basic and diluted earnings per unit attributable to unitholders (in dollars per share)	$ 1.54	$ 4.10	$ 1.35
Distributions per unit (in dollars per share)	$ 3.2	$ 2.8	$ 2.8
Partnership Timber
Revenue
Revenue	$ 45,422	$ 39,672	$ 36,275
Revenue	45,422	39,672	36,275
Cost of sales
Cost of sales	(17,828)	(14,874)	(15,497)
Operating expenses
Operating expenses	(6,268)	(5,671)	(5,821)
Environmental remediation (Real Estate)	0		0
Gain on sale of timberland		0	769
Operating income (loss)
Operating income (loss)	21,326	19,127	15,726
Funds Timber
Revenue
Revenue	49,819	33,842	21,029
Cost of sales
Cost of sales	(36,732)	(26,910)	(17,145)
Operating expenses
Operating expenses	(4,672)	(3,893)	(2,707)
Environmental remediation (Real Estate)	0		0
Gain on sale of timberland		12,547	226
Operating income (loss)
Operating income (loss)	8,415	15,586	1,403
Timberland Investment Management
Revenue
Revenue	9	9	8
Cost of sales
Cost of sales	0	0	0
Operating expenses
Operating expenses	(4,495)	(3,520)	(2,831)
Environmental remediation (Real Estate)	0		0
Gain on sale of timberland		0	0
Operating income (loss)
Operating income (loss)	(4,486)	(3,511)	(2,823)
Real Estate
Revenue
Revenue	8,304	26,300	23,116
Cost of sales
Cost of sales	(3,527)	(16,200)	(14,631)
Operating expenses
Operating expenses	(4,579)	(5,508)	(4,394)
Environmental remediation (Real Estate)	(5,600)		(7,700)
Gain on sale of timberland		0	0
Operating income (loss)
Operating income (loss)	(5,402)	4,592	(3,609)
ORM Timber Funds
Operating income (loss)
Net and comprehensive (income) loss attributable to noncontrolling interests	(895)	(6,516)	3,979
Net and comprehensive (income) loss attributable to noncontrolling interests	(895)	(6,516)	3,979
Real Estate
Operating income (loss)
Net and comprehensive (income) loss attributable to noncontrolling interests	79	2	0
Net and comprehensive (income) loss attributable to noncontrolling interests	$ 79	$ 2	$ 0

Consolidated Statements of Partners' Capital - USD ($) shares in Thousands	Total	Noncontrolling Interests	General Partners	Limited Partners
Beginning Balance (in units) at Dec. 31, 2015	4,300
Beginning balance at Dec. 31, 2015	$ 263,066,000	$ 198,518,000	$ 1,009,000	$ 63,539,000
Increase (Decrease) in Partners' Capital [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 (in units)	16
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 (in units)	(1)
Indirect repurchase of units for minimum tax withholding	$ (152,000)		(2,000)	(150,000)
Beginning Balance (in units) at Dec. 31, 2016	4,315
Ending balance at Dec. 31, 2016	$ 248,464,000	189,331,000	934,000	58,199,000
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)	24,405,000	6,514,000	250,000	17,641,000
Cash distributions	(43,118,000)	(30,903,000)	(171,000)	(12,044,000)
Capital calls	$ 11,137,000	11,137,000
Equity-based compensation (in units)	15
Equity-based compensation	$ 1,128,000		16,000	1,112,000
Excess tax benefit from equity-based compensation	0
Unit issuances - distribution reinvestment plan	$ 9,000			9,000
Unit repurchases (in units)	(18)
Unit repurchases	$ (1,305,000)			(1,305,000)
Indirect repurchase of units for minimum tax withholding (in units)	(1)
Indirect repurchase of units for minimum tax withholding	$ (94,000)		(1,000)	(93,000)
Beginning Balance (in units) at Dec. 31, 2017	4,311
Ending balance at Dec. 31, 2017	$ 240,626,000	176,079,000	1,028,000	63,519,000
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)	7,637,000	816,000	95,000	6,726,000
Cash distributions	(29,450,000)	(15,507,000)	(194,000)	(13,749,000)
Capital calls	$ 119,735,000	119,735,000
Equity-based compensation (in units)	17
Equity-based compensation	$ 1,127,000		16,000	1,111,000
Excess tax benefit from equity-based compensation	$ 0
Unit issuances - distribution reinvestment plan (in units)	3
Unit issuances - distribution reinvestment plan	$ 215,000			215,000
Unit repurchases (in units)	(17)
Unit repurchases	$ (1,189,000)			(1,189,000)
Indirect repurchase of units for minimum tax withholding (in units)	(1)
Indirect repurchase of units for minimum tax withholding	$ (101,000)		(1,000)	(100,000)
Beginning Balance (in units) at Dec. 31, 2018	4,313
Ending balance at Dec. 31, 2018	$ 338,600,000	$ 281,123,000	$ 944,000	$ 56,533,000

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities:
Cash received from customers	$ 101,621	$ 97,665	$ 79,428
Cash paid to suppliers and employees	(51,551)	(45,307)	(45,116)
Environmental remediation payments	(1,496)	(7,791)	(11,691)
Interest received	126	3	11
Interest paid, net of amounts capitalized	(4,941)	(4,603)	(3,216)
Real Estate project expenditures	(3,210)	(7,588)	(13,989)
Income taxes paid	(771)	(399)	(281)
Net cash provided by operating activities	39,778	31,980	5,146
Cash flows from investing activities:
Capital expenditures	(4,101)	(2,500)	(1,973)
Proceeds from sale of fixed assets	42	30	25
Proceeds from sale of timberland	0	26,590	1,603
Investment in unconsolidated Real Estate joint venture	0	(5,790)	0
Deposit for acquisition of timberland - Funds	(1,005)	(5,688)	0
Acquisition of timberland - Partnership	(6,356)	(5,881)	(39,796)
Acquisition of timberland - Funds	(140,639)	0	0
Net cash provided by (used in) investing activities	(152,059)	6,761	(40,141)
Cash flows from financing activities:
Line of credit borrowings	32,475	28,000	23,326
Line of credit repayments	(12,275)	(25,800)	(15,326)
Repayment of long-term debt	(123)	(5,119)	(114)
Proceeds from issuance of long-term debt	4,000	0	38,000
Debt issuance costs	(233)	(104)	(176)
Proceeds from unit issuances - distribution reinvestment plan	215	9	0
Unit repurchases	(1,189)	(1,305)	0
Payroll taxes paid on unit net settlements	(101)	(94)	(152)
Excess tax benefit from equity-based compensation	0	0	53
Cash distributions to unitholders	(13,943)	(12,215)	(12,177)
Cash distributions - ORM Timber Funds, net of distributions to Partnership	(15,507)	(30,903)	(5,208)
Net cash provided by (used in) financing activities	113,054	(36,394)	28,226
Net increase (decrease) in cash and restricted cash	773	2,347	(6,769)
Cash and restricted cash:
Beginning of year	5,284	2,937	9,706
End of year	6,057	5,284	2,937
ORM Timber Funds
Cash flows from financing activities:
Capital call	119,735	5,237	0
Real Estate
Cash flows from financing activities:
Capital call	$ 0	$ 5,900	$ 0

Consolidated Statements of Cash Flows (Reconciliation of net income to net cash provide by operating activities) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of net income (loss) to net cash provided by operating activities:
Net income	$ 7,637	$ 24,405	$ 1,963
Depletion	27,121	19,187	12,621
Equity-based compensation	1,127	1,128	919
Excess tax benefit from equity-based compensation	0	0	(53)
Depreciation and amortization	604	534	755
Gain on sale of timberland	0	(12,547)	(995)
Gain on sale of property and equipment	(43)	(2)	(23)
Deferred taxes, net	(76)	288	67
Cost of land sold - Real Estate	1,674	13,862	12,439
Loss from unconsolidated real estate joint venture	4	5	0
Increase (decrease) in cash from changes in operating accounts:
Accounts receivable	1,757	(2,046)	(1,143)
Prepaid expenses, contract assets and other assets	(2,502)	2,336	(5,307)
Real estate project expenditures	(3,210)	(7,588)	(13,989)
Accounts payable and accrued liabilities	689	417	1,691
Deferred revenue	139	(222)	141
Environmental remediation accruals	5,600	0	7,700
Environmental remediation payments	(1,496)	(7,791)	(11,691)
Other current and noncurrent liabilities	753	14	51
Net cash provided by operating activities	$ 39,778	$ 31,980	$ 5,146

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of operations

Pope Resources, A Delaware Limited 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’ wholly-owned 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 and holds other real estate investments. These consolidated financial statements include ORM Timber Fund II, Inc. (Fund II), ORM Timber Fund III, Inc. (Fund III), and ORM Timber Fund IV LLC (Fund IV, and collectively with Fund II and Fund III, the Funds). ORMLLC is the manager of and owns 1% of Funds II, III and IV. Pope Resources owns 19% of Fund II, 4% of Fund III, and 14% of Fund IV. The purpose of all three Funds is to invest in timberlands. See Note 3 for additional information. These consolidated financial statements also include OPG Ferncliff Investors LLC (Ferncliff Investors). OPG Properties LLC, through wholly-owned subsidiary OPG Ferncliff Management LLC (Ferncliff Management) owns 33.33% of Ferncliff Investors, which in turn holds a 50% interest in an unconsolidated real estate joint venture entity, Bainbridge Landing LLC. Ferncliff Management is the manager of Ferncliff Investors. See Note 5 for additional information.

The Partnership operates in four business segments: Partnership Timber, Funds Timber, Timberland Investment Management, and Real Estate. The Partnership Timber and Funds Timber segments represent the growing and harvesting of trees from properties owned by the Partnership and the Funds, respectively. 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, entities controlled by the Partnership, and variable interest entities where the Partnership or entities it controls have the authority to direct the activities that most significantly impact their economic performance. Intercompany balances and transactions, including operations related to the Funds, have been eliminated in consolidation. The wholly-owned subsidiaries, Funds, and Ferncliff Investors are consolidated into Pope Resources’ financial statements (see Notes 3 and 5).

New accounting standards

Effective January 1, 2018, the Partnership adopted Topic 606, Revenue from Contracts with Customers. For delivered log sales from the Partnership Timber and Funds Timber segments, there were no changes to the timing or amount of revenue recognized because contracts are legally enforceable, the transaction price is fixed, and performance is completed and control transfers at a point in time, typically when risk of loss and title passes to the customer. Similarly, no changes were identified to the timing or amount of revenue recognized from certain components of other revenue in these segments, including commercial thinning, royalties from gravel mines and quarries, and land use permits. For timber deed sales, the timing of revenue recognition was accelerated under the new standard to the effective date of the contract, whereas under the previous revenue recognition guidance the revenue was generally recognized when the timber was harvested by the customer. Under Topic 606, revenue recognized from timber deed sales for the year ended December 31, 2018 was $7.4 million greater than it would have been under the previous revenue recognition accounting standards. For the Real Estate segment, this new standard may result in accelerating the recognition of revenue for performance obligations that are satisfied over time, which generally consist of construction and landscaping activity in common areas completed after transaction closing. The Partnership adopted this standard using the cumulative effect transition method applied to uncompleted contracts as of the date of adoption. The Partnership, however, had no uncompleted contracts at the date of adoption. Accordingly, the adoption of this standard did not have a cumulative effect on the Partnership’s consolidated financial statements.

In February 2016, the FASB established Topic 842, Leases, which requires lessees to recognize leases on the balance sheet and disclose certain information about leasing arrangements. The new standard establishes a right-of-use (ROU) model that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as financing or operating, with classification affecting the pattern and classification of expense recognition in the income statement. For lessors, leases will be classified as a sales-type, direct financing, or operating lease. A lease is classified as a sales-type lease if any one of five criteria are met, each of which indicate that the lease, in effect, transfers control of the underlying asset to the lessee. If none of those five criteria are met, but two additional criteria are both met, indicating that the lessor has transferred substantially all the risks and benefits of the underlying asset to the lessee and a third party, the lease is a direct financing lease. All leases that are not sales-type or direct financing leases are operating leases.

The new standard is effective for us on January 1, 2019. We will adopt the new standard effective January 1, 2019 and use the effective date as our date of initial application. Consequently, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2019. The new standard provides a number of optional practical expedients in transition. We expect to elect all of the new standard’s available transition practical expedients.

Due to the Partnership’s limited leasing activity, we do not expect the effect of this standard to be material to the Partnership’s consolidated financial statements. As a lessee, we currently believe that the most significant effect relates to the recognition of new ROU assets and lease liabilities on our balance sheet for our leases, which consist principally of leases of office equipment and office space. We expect to elect the practical expedient to not separate lease and non-lease components for all leases. As a lessor, we currently believe that all of our leases, which consist of leases of real estate, will continue to be classified as operating leases under the new standard.

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. The Partnership has no directors. Instead, the board of directors of Pope MGP, Inc. serves in that capacity.

Noncontrolling interests

Noncontrolling interests represents the portion of net income and losses of the Funds and Ferncliff Investors attributable to third-party owners of these entities. Noncontrolling interests represent 80% of Fund II, 95% of Fund III, 85% of Fund IV, and 66.67% of Ferncliff Investors 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 salable. 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.

Restricted cash

Restricted cash comprises capital contributed by third-party owners of Ferncliff Investors that must be invested in an unconsolidated real estate joint venture entity or used to pay related management fees.

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 Section 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, 2018, there were no amounts held by like-kind exchange intermediaries. At December 31, 2017, other assets included $598,000 held by like-kind exchange intermediaries.

Concentration of credit risk

Financial instruments that potentially subject the Partnership to concentrations of credit risk consist principally of accounts and notes 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 had an allowance for doubtful accounts of $1,000 at December 31, 2017 and had no allowance for doubtful accounts at December 31, 2018.

Income taxes

The Partnership itself is not subject to income taxes, but its corporate subsidiaries, and those of the Funds, 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, 2018. 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, 2018 and 2017, 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. There have been no interest expense or penalties incurred for any of the periods presented.

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 cost, unless impaired. 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 current versus long-term assets 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 the 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 $5.7 million in land and timber held for sale at December 31, 2018, reflects our expectation of sales in 2019 of 65 single family residential lots from the Harbor Hill project in Gig Harbor, Washington. Land and timber held for sale of $5.7 million as of December 31, 2017, reflected expected sales in 2018 of a parcel comprising 19 acres from the Harbor Hill project, as well as three other parcels in Kitsap County, Washington.

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 and Funds capitalize 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, 2018 and 2017, (in thousands):



Description	12/31/2018			12/31/2017
Buildings	$	9,716		$	9,437
Equipment	3,343			3,039
Furniture and fixtures	664			663
Total	$	13,723		$	13,139
Accumulated depreciation	(8,223		)	(7,833		)
Net buildings and equipment	$	5,500		$	5,306

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 $336,000 and $197,000 at December 31, 2018, and 2017, respectively, reflects primarily the unearned portion of rental payments received on cell tower leases.

Environmental remediation liabilities

Environmental remediation liabilities have been evaluated using a combination of methods. The liability is estimated based on amounts included in construction contracts and estimates for construction contingencies, project management, and other professional fees. See Note 13 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)	2018			2017			2016
Net and comprehensive income attributable to unitholders	$	6,821		$	17,891		$	5,942
Less: Net and comprehensive income attributable to unvested restricted unitholders	(125		)	(133		)	(101		)
Less: Dividends paid to Funds preferred shareholders	(31		)	(31		)	(31		)
Net and comprehensive income attributable to unitholders for earnings per unit calculation	$	6,665		$	17,727		$	5,810
Basic and diluted weighted average units outstanding	4,317			4,323			4,313
Basic and diluted net earnings per unit	$	1.54		$	4.10		$	1.35

Fund II and Fund III preferred shares

Fund II and Fund III each have 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. Every 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 Fund 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.

REVENUE

12 Months Ended

Dec. 31, 2018

Revenue from Contract with Customer [Abstract]

REVENUE

Revenue is measured based on the consideration specified in a contract with a customer. The Partnership recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction that are collected by the Partnership from a customer are excluded from revenue. Shipping costs associated with delivering products to customers are included in cost of sales.

Included in “Accounts receivable, net” are $3.0 million and $4.4 million of receivables from contracts with customers as of December 31, 2018, and 2017, respectively.

Significant changes in the contract asset balance during the period were as follows, and there were no contract liabilities as of December 31, 2018, and 2017:



Contract assets, January 1, 2018	$	—
Revenue recognized from the satisfaction of performance obligations	11,381
Revenue recognized from changes in estimates of variable consideration	151
Transferred to receivables from contract assets	(7,703		)
Total contract assets, December 31, 2018	3,829
Less: noncurrent portion included in other assets	(957		)
Current portion of contract assets, December 31, 2018	$	2,872

The contract assets in the table above represent rights to consideration for timber deeds transferred to the customer and are related to the Partnership Timber and Funds Timber segments. These contracts provide the customer the legal right to harvest timber on the Partnership’s or Funds’ property. The value of a timber deed contract is determined based on the estimated timber volume by species multiplied by the contracted price. The contract consideration is considered variable because the timber volume is an estimate until the harvest is completed. The contract assets are transferred to receivables when the rights to consideration become due under the contract. Customers may harvest the timber at their discretion, within a time period and operational parameters stated in the contract.

The Partnership and Funds collect performance deposits from customers at the inception of the contract. These performance deposits are refunded to the customer at the conclusion of the contract or applied against final amounts owing from the customer, and are recorded in other current liabilities or environmental remediation and other long-term liabilities based on management’s estimate of the ultimate duration of each contract. Included in “Other current liabilities” and “Environmental remediation and other long-term liabilities” are $500,000 and $300,000, respectively, of such performance deposits at December 31, 2018. There were no performance deposits outstanding at December 31, 2017.

The following is a description of principal activities, separated by reportable segments, from which the Partnership generates its revenue.

Partnership Timber and Funds Timber

These two segments consist of the harvest and sale of timber from the Partnership’s 120,000 acres of timberland (Partnership Timber) in Washington and the Funds’ 134,000 acres of timberland (Funds Timber) in Washington, Oregon and California. Revenue in these two segments is earned primarily from the harvest and sale of logs from the Partnership’s and Funds’ timberland. Log sale revenue in these two segments is recognized when control is transferred, and title and risk of loss passes to the customer, which typically occurs when logs are delivered to the customer. Other revenue in these segments is generated from the sale of rights to harvest timber (timber deed sales), commercial thinning, ground leases for cellular communication towers, royalties from gravel mines and quarries, and land use permits. Timber deed sales are generally structured so that the customer pays a contracted price per volume, measured in thousands of board feet (MBF), and revenue is recognized when control is transferred to the customer, which generally occurs on the effective date of the contract. The value of a timber deed contract is determined based on the estimated timber volume by tree species multiplied by the contracted price. Commercial thinning consists of the selective cutting of timber stands that have not yet reached optimal harvest age. However, this timber does have some commercial value and revenue is based on the volume harvested. Royalty revenue from gravel mines and quarries is recognized monthly based on the quantity of material extracted.

The following table presents revenue for the years ended December 31, as follows:



(in thousands)	2018		2017		2016
Partnership Timber
Log sale revenue - domestic	$	34,789	$	28,126	$	26,710
Log sale revenue - export brokers (indirect)	8,249		8,967		7,113
Timber deed sale revenue	92		422		347
Other revenue	2,292		2,157		2,105
Total revenue	$	45,422	$	39,672	$	36,275

Funds Timber
Log sale revenue - domestic	$	27,981	$	15,490	$	16,229
Log sale revenue - export brokers (indirect)	9,281		15,457		2,936
Timber deed sale revenue	11,440		2,337		1,440
Other revenue	1,117		558		424
Total revenue	$	49,819	$	33,842	$	21,029

Timberland Investment Management (TIM)

The TIM segment provides investment management, disposition, and technical forestry services in connection with the 134,000 acres owned by the Funds. Fee revenue generated by the TIM segment for managing the Funds includes fixed components related to invested capital and acres under management, and a variable component related to harvest volume from the Funds’ tree farms. These fees, which represent an operating expense in the Funds Timber segment, are eliminated in consolidation. This elimination is illustrated in note 15. The TIM segment occasionally earns revenue from providing timberland management-related consulting services to third-parties and recognizes such revenue as the related services are provided.

Real Estate

The Real Estate segment’s activities consist of managing a portfolio of 2,000 acres in Washington and investing in and later selling improved properties, holding properties for later development and sale, and managing commercial properties. Revenue is generated primarily from sales of land, sales of development rights known as conservation easements (CE’s), sales of unimproved land from the Partnership’s timberland portfolio, and residential and commercial rents. The Partnership considers the sale of land and CE’s to be part of its normal operations and therefore recognizes revenue from such sales and cost of sales for the Partnership’s basis in the property sold. 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.

Revenue on real estate sales is recorded on the date the sale closes. When a real estate transaction is closed with obligations to complete infrastructure or other construction, the portion of the total contract allocated to the post-closing obligations may be recognized over time as that work is performed, provided the customer either simultaneously receives and consumes the benefits as we perform under the contract, our performance creates or enhances the asset controlled by the customer, or we do not create an asset with an alternative use to the customer and we have an enforceable right to payment for the performance completed. Otherwise, revenue is recognized once the post-closing obligations are completed. Progress towards the satisfaction of our performance obligations is generally measured based on costs incurred relative to the total cost expected to be incurred for the performance obligations.

The following table breaks down revenue for the Real Estate segment for the years ended December 31, as follows:



	2018		2017		2016

Conservation land sale	$	—	$	5,056	$	2,360
Conservation easements	3,730		—		2,080
Gig Harbor residential	—		14,157		15,247
Gig Harbor commercial	—		3,500		—
Bremerton residential	1,375		—		—
Other residential	751		2,255		—
Other commercial	400		—		—
Unimproved land	205		—		1,784
Total land sales	6,461		24,968		21,471
Rentals and other	1,843		1,332		1,645
Total revenue	$	8,304	$	26,300	$	23,116

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

12 Months Ended

Dec. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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

ORM TIMBER FUND II, INC. (FUND II), ORM TIMBER FUND III (REIT) INC. (FUND III), AND ORM TIMBER FUND IV LLC. (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. 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 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 the end of its drawdown period. Fund IV’s drawdown period will end on the earlier of the placement of all committed capital or December 31, 2019, subject to certain extension provisions.

Together, Pope Resources and ORMLLC own 20% of Fund II, 5% of Fund III, and 15% of Fund IV. The Funds are considered variable interest entities because their organizational and governance structures are the functional equivalent of a limited partnership. As the 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 15 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.”

In January 2017, Fund II closed on the sale of one of its tree farms, located in northwestern Oregon, for $26.5 million. The Partnership’s share of the pretax profit or loss generated by this tree farm was a gain of $12.5 million and a loss of $23,000 for the years ended December 31, 2017, and 2016, respectively.

In January 2018, Fund IV closed on the acquisition of two tree farms, one in southwestern Oregon and one in south Puget Sound, Washington, for $33.6 million and $80.4 million, respectively. The partnership’s share of the combined purchase price was $17.1 million. At December 31, 2017, Fund IV had paid deposits of $5.7 million for these acquisitions, which are included in other assets. The combined purchase price was allocated $100.7 million to timber and roads, and $13.3 million to the underlying land.

In October 2018, Fund IV closed on the acquisition of a tree farm in south Puget Sound, Washington for $32.3 million, of which the Partnership’s share was $4.8 million. The purchase price was allocated $27.1 million to timber and roads, and $5.2 million to the underlying land. In January 2019, Fund IV closed on the acquisition of 7,100 acres of timberland in south central Washington for $20.3 million, of which the Partnership’s share was $3.0 million. At December 31, 2018, Fund IV had paid deposits of $1.0 million, which is included in other assets.

The Partnership’s consolidated balance sheets include Fund II, Fund III, and Fund IV assets and liabilities at December 31, 2018, and 2017, which were as follows:



(in thousands)	2018		2017
Cash	$	3,330	$	1,636
Other current assets	4,931		2,481
Total current assets	8,261		4,117
Properties and equipment, net of accumulated depreciation	360,163		235,046
Other long-term assets	1,962		5,683
Total assets	$	370,386	$	244,846

Current liabilities	$	3,237	$	2,862
Long-term debt	57,313		57,291
Other long-term liabilities	300		—
Funds’ equity	309,536		184,693
Total liabilities and equity	$	370,386	$	244,846

The table above includes management fees and other expenses payable to the Partnership of $1.0 million and $657,000 as of December 31, 2018 and 2017, respectively. These amounts are eliminated in the Partnership’s consolidated balance sheets.

PARTNERSHIP TIMBERLAND ACQUISITIONS	12 Months Ended
PARTNERSHIP TIMBERLAND ACQUISITIONS	Dec. 31, 2018
Business Combinations [Abstract]
PARTNERSHIP TIMBERLAND ACQUISITIONS	PARTNERSHIP TIMBERLAND ACQUISITIONS During 2018, the Partnership closed on several acquisitions in western Washingon totaling 1,342 acres for $7.2 million. The aggregate purchase price was allocated $6.3 million to timber and roads and $869,000 to the underlying land. The Partnership utilized $598,000 of funds held by like-kind exchange intermediaries to fund a portion of these acquisitions. Part of the consideration paid for one of these transactions involved the conveyance by the Partnership of 365 acres of non-strategic timberland to the seller, valued at $214,000, with the remainder paid in cash During 2017, the Partnership closed on several acquisitions of timberland in western Washington totaling 1,810 acres for $5.9 million. The aggregate purchase price was allocated $5.1 million to timber and roads and $847,000 to the underlying land.

OTHER ASSETS

12 Months Ended

Dec. 31, 2018

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

OTHER ASSETS

Other assets consisted of the following at December 31:



	2018		2017
Deferred tax assets, net	$	540	$	465
Cash held by like-kind exchange intermediaries	—		598
Contract assets, noncurrent	957		—
Deposits for acquisitions of timberland	1,005		5,688
Investment in Real Estate joint venture entity	5,891		5,895
Advances to Real Estate joint venture entity	804		—
Notes receivable	57		2,625
Other	1		37
Total	$	9,255	$	15,308

The long-term portion of contract assets represents the portion of timber deed sales expected to be received after December 31, 2019. See note 2 for further information on these timber deed sales.

In 2017, the Partnership formed Ferncliff Management and Ferncliff Investors for the purpose of raising capital from third parties to invest in an unconsolidated real estate joint venture entity, Bainbridge Landing LLC, that is developing a 5-acre parcel on Bainbridge Island, Washington into a multi-family community containing apartments and townhomes. Sales of the townhomes and leasing of apartments is expected to commence in 2019. As described in Note 1, Ferncliff Management is the manager and 33.33% owner of Ferncliff Investors, with the remaining ownership interest held by third-party investors. Ferncliff Investors holds a 50% interest in Bainbridge Landing LLC that owns and is developing the property.

Ferncliff Investors is considered a variable interest entity because its organizational and governance structure is the functional equivalent of a limited partnership. As the managing member of Ferncliff Investors, the Partnership, through Ferncliff Management, is the primary beneficiary of Ferncliff Investors as it has the authority to direct the activities that most significantly impact its economic performance, as well as the right to receive benefits and obligation to absorb losses that could potentially be significant to Ferncliff Investors. Accordingly, Ferncliff Investors is consolidated into the Partnership’s financial statements. Additionally, the obligations of Ferncliff Investors do not have any recourse to the Partnership.

Bainbridge Landing LLC is considered a voting interests entity. Ferncliff Investors accounts for its interest in the joint venture entity under the equity method because neither it nor the other member can exercise control over Bainbridge Landing LLC. Under the equity method, Ferncliff Investors records its 50% share of the net income or loss of Bainbridge Landing LLC. Accordingly, the “Investment in real estate joint venture entity” item in the table above represents the combination of Ferncliff Investors’ total cash investment in the joint venture entity plus its cumulative 50% share of net income or loss. To date, this activity has been a loss and is included in operating expenses in the Real Estate segment. The portion of this loss 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 loss attributable to noncontrolling interests - Real Estate.”

Advances to Real Estate joint venture entity represents advances made by Ferncliff Investors Bainbridge Landing LLC to fund a portion of the construction costs associated with the project. The advances will be repaid with proceeds from the sale of townhomes, which is expected to occur in 2020.

The notes receivable included in other assets resulted from the sale in 2017 of an 11-acre parcel from the Partnership’s Harbor Hill project to the City of Gig Harbor for $3.5 million, and the sale in 2018 of an undeveloped parcel for $80,000. The City of Gig Harbor paid $875,000 at closing and issued a promissory note for the remaining $2.6 million, which it repaid early in December 2018. The buyer of the undeveloped parcel paid $20,000 at closing and issued a promissory note for the remaining $60,000. The note is collateralized by the property, bears interest at 6.00%, and is due in monthly installments with a balloon payment in December 2022.

LONG-TERM DEBT

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

LONG-TERM DEBT



	At December 31,
(in thousands)	2018			2017
Partnership debt:
$30.0 million revolving line of credit with Northwest Farm Credit Services (NWFCS), variable interest based on LIBOR plus margin of 1.60% (3.95% at December 31, 2018) with quarterly interest-only payments and collateralized by timberlands (matures October 2023)	$	16,400		16,200
Mortgage payable to NWFCS, collateralized by Poulsbo headquarters:
Interest at 3.80% with monthly principal and interest payments, (matures January 2023)	2,337			2,460
$71.8 million credit facility payable to NWFCS with quarterly interest-only payments, collateralized by Partnership timberlands, with the following tranches:
Interest at 6.40% (matures September 2019)	9,800			9,800
Interest at LIBOR plus 1.60% (3.95% at December 31, 2018) (matures October 2024)	6,000			—
Interest at 6.05% (matures July 2025)	10,000			10,000
Interest at LIBOR plus margin of 2.20% (refinanced in October 2018)	—			10,000
Interest at 3.89% (matures July 2026)	11,000			11,000
Interest at 4.13% (matures July 2028)	11,000			11,000
Interest at 5.34% (matures October 2034)	8,000			—
Interest at 5.34% (matures October 2035)	8,000			—
Interest at 5.42% (matures October 2036)	8,000			—
$40.0 million delayed-draw facility, quarterly interest-only payments with ultimate maturity of October 2028, collateralized by Partnership timberlands, with the following tranche:
Interest based on LIBOR plus margin of 1.60% (3.95% at December 31, 2018)	4,000			—
Total Partnership debt	94,537			70,460
Less unamortized debt issuance costs	(481		)	(300	)
Less current portion	(128		)	(123	)
Long-term debt, less unamortized debt issuance costs and current portion - Partnership	93,928			70,037

As described in note 7, Partnership’s and Fund III’s debt arrangements with NWFCS includes an annual rebate of interest expense (patronage).

In October 2018, the Partnership amended its timberland mortgage credit facilities (Credit Agreement) with NWFCS to increase its borrowing capacity. Under the $71.8 million facility, variable-rate loan segments may be converted to fixed-rate loan segments with maturities from 1 - 10, 12, 15, or 18 years, not to exceed the ultimate maturity dates above. Any such fixed-rate loan segment will bear interest, paid quarterly, at the lender’s pricing index at the time of conversion plus margins of 1.60%, for maturities up to five years, and 1.65% for maturities greater than five years.

The Partnership may borrow at any time under the $40.0 million delayed-draw facility through October 2023, subject to certain conditions in the Credit Agreement. Borrowings may bear interest, paid quarterly, at variable or fixed rates at the election of the Partnership. Variable-rate segments bear interest at LIBOR plus a margin of 1.60%. Fixed-rate segments bear interest at the lenders pricing index at the time of borrowing plus a margin of 1.60%, for maturities up to five years, and 1.65% for maturities greater than five years. Variable-rate segments may be converted to fixed-rate segments at the election of the Partnership. Fixed-rate loan segments must be for a minimum of $5.0 million, and no more than five such fixed-rate loan segments may be outstanding at any time. Fixed-rate loan segment maturities may be from one through ten years at the election of the Partnership, not to exceed the ultimate maturity of October 2028.

The Credit Agreement also includes an accordion feature that the Partnership may exercise in the future, subject to lender approval, to increase borrowing capacity by up to $50.0 million under either the $40.0 million facility or the $71.8 million facility. Any draws on the accordion feature must be in $15.0 million minimum increments with no more than three such draws.

The Partnership may use borrowing capacity under these facilities to repay the $9.8 million fixed-rate loan segment that matures in September 2019. Accordingly, this loan segment is reflected in long-term debt.

The amended credit facilities eliminated the 3:1 interest coverage ratio covenant that had previously applied to the loans. Instead, the interest coverage ratio will be calculated quarterly, and the interest margins will be adjusted if the interest coverage ratio is below 3:1. The maximum interest margin is 2.20%, for variable-rate loan segments and prospective fixed-rate loan segments with maturities up to five years, and 2.50% for prospective fixed-rate loan segments with maturities greater than five years. The lender may reset the interest margin in October 2023, for the $40.0 million delayed-draw facility, and in October 2023, 2028, and 2033, for the $71.8 million facility.

The amended credit facilities retain the requirements that the Partnership 1) not exceed a maximum debt-to-capitalization ratio of 30%, with total capitalization calculated using fair market (rather than carrying) value of all Partnership timberland, roads and timber, and 2) not exceed a maximum loan-to-appraised value of collateral of 50%. The Partnership is in compliance with these covenants as of December 31, 2018.



(in thousands)	At December 31,
ORM Timber Funds debt:	2018			2017
Fund II Mortgages payable to MetLife, collateralized by Fund II timberlands with quarterly interest payments (matures September 2020), as follows:
Interest at 4.85%	$	11,000		$	11,000
Interest at 3.84%	14,000			14,000
Fund III mortgages payable to NWFCS, collateralized by Fund III timberlands with quarterly interest payments, as follows:
Interest at 5.10% (matures December 2023)	17,980			17,980
Interest at 4.45% (matures October 2024)	14,400			14,400
Total ORM Timber Funds debt	57,380			57,380
Less unamortized debt issuance costs	(67		)	(89		)
Less current portion	—			—
Long-term debt, less unamortized debt issuance costs and current portion - Funds	$	57,313		$	57,291

Fund II’s debt agreement contains a requirement to maintain a loan-to-value ratio of less than 50%, with the denominator defined as fair market value of the timberland pledged as collateral. Fund II is in compliance with this covenant as of December 31, 2018.

Fund III’s debt agreement contains a requirement to maintain a minimum interest coverage ratio, a minimum level of working capital, and a loan-to-value ratio of less than 50%, with the denominator defined as fair market value. Fund III is in compliance with these covenants as of December 31, 2018.

At December 31, 2018, principal payments on long-term debt for the next five years and thereafter are due as follows (in thousands):



	Partnership		Funds
2019	128		—
2020	133		25,000
2021	138		—
2022	143		—
2023	18,195		17,980
Thereafter	75,800		14,400
Total	$	94,537	$	57,380

INTEREST, NET

12 Months Ended

Dec. 31, 2018

Other Income and Expenses [Abstract]

INTEREST, NET

Interest expense, net comprised the following for the years ended December 31:



(in thousands)	2018			2017			2016

Interest income - Partnership	$	132		$	3		$	11
Interest expense - Partnership	(3,075		)	(2,644		)	(1,895		)
Interest expense - Funds	(2,247		)	(2,321		)	(2,255		)
Capitalized interest - Partnership	295			491			733
Interest expense, net	$	(4,895	)	$	(4,471	)	$	(3,406	)

Each of the Partnership’s and Fund III’s debt arrangements with NWFCS includes an annual rebate of interest expense (patronage). Interest expense was reduced by $1.4 million, $1.0 million and $810,000 in 2018, 2017, and 2016, 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 $1.8 million and $1.3 million at December 31, 2018 and 2017, respectively, and is included in accrued liabilities.

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS	Dec. 31, 2018
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 their short-term nature. Carrying amounts of notes 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 $125.5 million and $101.6 million as of December 31, 2018 and 2017, respectively, has been estimated based on current interest rates for similar financial instruments, Level 2 inputs in the Fair Value Hierarchy, to be approximately $126.3 million and $104.6 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, 2018

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 income (loss) is reconciled to income (loss) before income taxes in corporate subsidiaries for the years ended December 31 as follows:



(in thousands)	2018		2017		2016
Income before income taxes	$	7,741	$	25,581	$	2,215
Income in entities that pass-through pre-tax earnings to the partners	7,273		23,089		1,500
Income subject to income taxes	$	468	$	2,492	$	715

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)	2018			2017			2016
Current	$	(180	)	$	(888	)	$	(185	)
Deferred	76			(288		)	(67		)
Total	$	(104	)	$	(1,176	)	$	(252	)

Included in the deferred income tax expense for 2018, 2017, and 2016 are $67,000, $109,000, $115,000 related to the utilization of net operating loss carryforwards. The Partnership also recorded an excess tax benefit from equity-based compensation of $53,000 for the year ended December 31, 2016, to partners’ capital. There was no excess tax benefit recorded for 2018 or 2017 as a result of the adoption of ASU 2016-09.

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:



	2018		2017		2016
Statutory tax on income	21	%	34	%	34	%
Income from entities that pass-through pre-tax earnings to the partners	(20	)%	(30	)%	(23	)%
Effect on deferred tax assets of change in income tax rate	—	%	1	%	—	%
Effective income tax rate	1	%	5	%	11	%

The Tax Cuts and Jobs Act passed by Congress in December 2017 reduced the corporate income tax rate to 21% from 34%. This had the impact of decreasing deferred tax assets by $264,000 and increasing the 2017 effective income tax rate by 1%.

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



(in thousands)	2018			2017			2016
Compensation-related accruals	$	454		$	359		$	456
Net operating loss carryforwards	87			123			284
Depreciation	(16		)	15			16
Other	14			(32		)	(3		)
Total	$	539		$	465		$	753

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

UNIT INCENTIVE PLAN

12 Months Ended

Dec. 31, 2018

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 is recognized over a 4-year future service period. 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, 2018, total compensation expense not yet recognized related to non-vested awards was $1.6 million with a weighted average 20 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 projected relative TSR ranking, using a Monte Carlo simulation model.

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 2018, 2017 and 2016, the Partnership granted 1,637, 2,213, and 1,794 unrestricted units, respectively, to directors in payment of their board compensation.

Total equity compensation expense was $1.1 million, $1.1 million and $919,000 for 2018, 2017 and 2016, respectively. As of December 31, 2018, accrued liabilities included $1.9 million relating to the 2010 Incentive Compensation Program, with $597,000 of that total attributable to the cash component of the PRU and the balance of $1.3 million attributable to the LTIP. This compares with December 31, 2017, when accrued liabilities included $1.3 million, with $426,000 related to the cash-payout component of the PRU and the balance of $908,000 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 858,267 units authorized but unissued as of December 31, 2018.

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, 2018 was as follows:



	Units		Weighted Avg Grant Date Fair Value ($)
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		59.96
Grants	20,893		66.10
Vested	(14,190	)	66.48
Forfeited	(1,550	)	65.02
Tendered back to pay tax withholding	(1,432	)	65.65
Outstanding December 31, 2017	39,214		64.62
Grants	16,605		69.98
Vested	(15,151	)	65.03
Tendered back to pay tax withholding	(1,466	)	64.59
Outstanding December 31, 2018	39,202		66.72

UNIT REPURCHASE PLAN AND DISTRIBUTION REINVESTMENT PLAN	12 Months Ended
UNIT REPURCHASE PLAN AND DISTRIBUTION REINVESTMENT PLAN	Dec. 31, 2018
Equity [Abstract]
UNIT REPURCHASE PLAN AND DISTRIBUTION REINVESTMENT PLAN	UNIT REPURCHASE PLAN AND DISTRIBUTION REINVESTMENT PLAN In May 2017, the Partnership adopted a unit repurchase plan under Rule 10b5-1 of the Securities Exchange Act of 1934 and extended and expanded the plan on December 7, 2017. The plan allowed for the repurchase of units with an aggregate value of up to $2.5 million through December 7, 2018. The Partnership repurchased 18,101 units with an aggregate value of $1.3 million during 2017 and 16,542 units with an aggregate value of $1.2 million during 2018. In June 2017, the Partnership adopted a Distribution Reinvestment Plan (DRP) under which unitholders may elect to reinvest their cash distributions to acquire newly issued units. The Partnership has registered 225,000 units for issuance under the DRP. The Partnership issued 122 units under the DRP during 2017 and 3,069 during 2018.

EMPLOYEE BENEFITS	12 Months Ended
EMPLOYEE BENEFITS	Dec. 31, 2018
Retirement Benefits [Abstract]
EMPLOYEE BENEFITS	EMPLOYEE BENEFITS As of December 31, 2018, all employees of the Partnership and its subsidiaries are eligible to receive benefits under a defined contribution plan. During the years 2016 through 2018 the Partnership matched 50% of employees’ contributions up to 8% of an individual’s compensation. The Partnership’s contributions to the plan amounted to $222,000, $195,000, and $182,000 for the years ended December 31, 2018, 2017, and 2016, respectively.

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Environmental remediation

The Partnership has an accrual for estimated environmental remediation costs of $9.1 million and $5.0 million as of December 31, 2018 and 2017, respectively. The environmental remediation liability represents management’s best estimate of payments to be made to remedy and monitor certain areas in and around the millsite of Port Gamble and Port Gamble Bay. The liability at December 31, 2018 is comprised of $1.1 million that the Partnership expects to expend in the next 12 months and $8.0 million thereafter.

In December of 2013, a consent decree (CD) and a Clean-up Action Plan (CAP) related to Port Gamble Bay were finalized with the Washington State Department of Ecology (DOE) and filed with Kitsap County Superior Court. Construction activity commenced in late September 2015. The required in-water construction activity was completed in January 2017. By the end of the third quarter of 2017, the sediments dredged from the Bay were moved to their permanent storage location on property owned by the Partnership a short distance from the town of Port Gamble. This effectively concluded the component of the project related to the in-water cleanup of Port Gamble Bay.

Management has adjusted the liability from time to time based on evolving circumstances, including increases to the liability of $5.6 million and $7.7 million in 2018 and 2016, respectively. Following is a summary of each of these adjustments and the next steps for the project:

2018 Adjustments and next steps

During 2018, the Partnership has been working with the Washington State Department of Ecology (DOE) to formulate the design of the millsite cleanup. It was discovered during the second quarter that a greater volume of soil will need to be removed from the millsite than had been previously anticipated. The discovery of a higher volume of material to excavate, related capping, and updated estimates of long-term monitoring costs, led to an increase in the accrual of $2.9 million in the second quarter of 2018.

During the second half of 2018, refinement of the design of the millsite cleanup continued and a draft remedial investigation and feasibility study (RI/FS) was submitted to DOE in January 2019 that contains the proposed scope of the millsite cleanup.

As disclosed previously, certain environmental laws allow state, federal, and tribal trustees (collectively, the Trustees) to bring suit against property owners to recover damages for injuries to natural resources. Like the liability that attaches to current property owners in the cleanup context, liability for natural resource damages (NRD) can attach to a property owner simply because an injury to natural resources resulted from releases of hazardous substances on that owner’s property, regardless of culpability for the release. In the case of Port Gamble, the Trustees are alleging that the Partnership has NRD liability because of releases that occurred on its property. The Partnership has been in discussions with the Trustees regarding their claims and the alleged conditions in Port Gamble Bay, and has also been discussing restoration alternatives that might address the damages the Trustees allege. These discussions have progressed to the point where management believes it can now identify a short list of restoration projects that will resolve the Trustees’ NRD claims.

Management has re-evaluated the liability to incorporate the information included in the RI/FS submission for the millsite and the current status of the discussions with the NRD trustees, and recorded an additional $2.7 million increase to the liability in December 2018. This, along with the second quarter adjustment described above, brings the total adjustment to the liability to $5.6 million for 2018.

The RI/FS for the millsite will be reviewed by DOE prior to being finalized. This will be followed by the development of a CAP that will outline the specific cleanup plan for the millsite and will be codified in a consent decree. For the NRD component of the project, discussions with the Trustees will continue, and management expects those discussions will ultimately result in a settlement agreement. At present, management expects the CAP and consent decree for the millsite and the NRD settlement agreement to be finalized in 2019. In both cases, it is reasonably possible that cost estimates could change as a result of changes to either the millsite cleanup or the NRD restoration components of the liability, or both. Management currently expects the millsite cleanup and NRD restoration projects to occur over the next two to three years.

Finally, there will be a monitoring period of approximately 15 years during which the Partnership will monitor conditions in the Bay, on the millsite, and at the storage location of the dredged and excavated sediments. During this monitoring phase, conditions may arise that require corrective action, and monitoring protocols may change over time. In addition, extreme weather events could cause damage to the sediment caps that would need to be repaired. These factors could result in additional costs.

2016 Adjustment

In the fourth quarter of 2016, areas in the bay 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 into 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 NRD 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.

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, 2016	$	16,761	$	7,700	$	11,691	$	12,770
Year ended December 31, 2017	12,770		—		7,791		4,979
Year ended December 31, 2018	4,979		5,600		1,496		9,083

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 outstanding performance bonds of $7.5 million and $14.6 million at December 31, 2018 and 2017, 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 $136,000 as of December 31, 2018 and 2017, 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, 2018
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, 2018

Segment Reporting [Abstract]

SEGMENT AND MAJOR CUSTOMER INFORMATION

The Partnership’s operations are classified into four segments: Partnership Timber, Funds Timber, Timberland Investment Management (TIM), and Real Estate. See Note 2 for a description of the primary activities of each of these segments.

Beginning with the first quarter of 2018, we measure segment performance based on Adjusted EBITDDA in addition to operating income. We define Adjusted EBITDDA as earnings, on an internal basis, before interest, taxes, depletion, depreciation, amortization, gain or loss on sales of timberland, and environmental remediation expense. The following tables reconcile internally reported operating income (loss) from operations to Adjusted EBITTDA.

In addition, we changed our internal reporting and our segment reporting to segregate our former “Fee Timber” segment into two segments: “Partnership Timber” includes the operating results of the Partnership’s 100%-owned timberland, while “Funds Timber” includes the operating results of its three private equity timber funds. Our chief operating decision maker reviews internal financial reporting information at the Partnership Timber and Funds Timber level to allocate resources and evaluate the results of the business. Prior period segment disclosures have been revised to reflect our current segment structure.

In 2018, we changed our method of reporting costs incurred by our Partnership Timber segment on behalf of the TIM segment. We reclassified $332,000 and $203,000 of operating expenses in 2017 and 2016, respectively, from the Partnership Timber segment to the TIM segment to conform to the current year presentation.

In the presentation of the Partnership’s revenue and operating income (loss) by segment, all inter-segment revenue and expense is eliminated to determine operating income (loss) reported externally. The following tables reconcile internally reported income (loss) from operations to externally reported income (loss) from operations by business segment.

For the year ended December 31, 2018, the Partnership had one customer that represented 13% and another that represented 11% of consolidated revenue. For the year ended December 31, 2017 the Partnership had one customer that represented 12% and another that represented 11% of consolidated revenue. In 2016, the Partnership had one customers that represented 17% 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.

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



(in thousands)
2018	Partnership Timber			Funds Timber			TIM			Real Estate			Other			Consolidated
Revenue internal		$45,916			$49,819			$4,576			$8,807			$—			$109,118
Eliminations	(494		)	—			(4,567		)	(503		)				(5,564		)
Revenue external	45,422			49,819			9			8,304			—			103,554

Cost of sales	(17,828		)	(36,732		)	—			(3,527		)	—			(58,087		)
Operating, general and administrative expenses - internal	(6,943		)	(9,239		)	(4,566		)	(4,723		)	(7,324		)	(32,795		)
Eliminations	675			4,567			71			144			107			5,564
Operating, general and administrative expenses - external	(6,268		)	(4,672		)	(4,495		)	(4,579		)	(7,217		)	(27,231		)
Environmental remediation	—			—			—			(5,600		)	—			(5,600		)
Income (loss) from operations - internal	21,145			3,848			10			(5,043		)	(7,324		)	12,636
Eliminations	181			4,567			(4,496		)	(359		)	107			—
Income (loss) from operations - external		$21,326			$8,415			($4,486	)		($5,402	)		($7,217	)		$12,636

Income (loss) from operations - internal		$21,145			$3,848			$10			($5,043	)		($7,324	)		$12,636
Depletion, depreciation, and amortization	4,228			23,009			72			270			72			27,651
Environmental remediation	—			—			—			5,600			—			5,600
Adjusted EBITDDA		$25,373			$26,857			$82			$827			($7,252	)		$45,887



(in thousands)
2017	Partnership Timber			Funds Timber			TIM			Real Estate			Other			Consolidated
Revenue internal		$40,004			$33,842			$3,377			$26,737			$—			$103,960
Eliminations	(332		)	—			(3,368		)	(437		)	—			(4,137		)
Revenue external	39,672			33,842			9			26,300			—			99,823

Cost of sales	(14,874		)	(26,910		)	—			(16,200		)	—			(57,984		)
Operating, general and administrative expenses - internal	(6,177		)	(7,261		)	(3,593		)	(5,594		)	(5,846		)	(28,471		)
Eliminations	506			3,368			73			86			104			4,137
Operating, general and administrative expenses - external	(5,671		)	(3,893		)	(3,520		)	(5,508		)	(5,742		)	(24,334		)
Gain (loss) on sale of timberland	—			12,547			—			—			—			12,547
Income (loss) from operations - internal	18,953			12,218			(216		)	4,943			(5,846		)	30,052
Eliminations	174			3,368			(3,295		)	(351		)	104			—
Income (loss) from operations - external		$19,127			$15,586			($3,511	)		$4,592			($5,742	)		$30,052

Income (loss) from operations - internal		$18,953			$12,218			($216	)		$4,943			($5,846	)		$30,052
Depletion, depreciation, and amortization	4,121			15,170			32			279			55			19,657
Gain on sale of timberland	—			(12,547		)	—			—			—			(12,547		)
Adjusted EBITDDA		$23,074			$14,841			($184	)		$5,222			($5,791	)		$37,162



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

Cost of sales	(15,497		)	(17,145		)	—			(14,631		)	—			(47,273		)
Operating, general and administrative expenses - internal	(6,152		)	(5,974		)	(2,888		)	(4,441		)	(5,147		)	(24,602		)
Eliminations	331			3,267			57			47			71			3,773
Operating, general and administrative expenses - external	(5,821		)	(2,707		)	(2,831		)	(4,394		)	(5,076		)	(20,829		)
Environmental remediation	—			—			—			(7,700		)	—			(7,700		)
Gain (loss) on sale of timberland	769			226			—			—			—			995
Income (loss) from operations - internal	15,598			(1,864		)	387			(3,353		)	(5,147		)	5,621
Eliminations	128			3,267			(3,210		)	(256		)	71			—
Income (loss) from operations - external		$15,726			$1,403			($2,823	)		($3,609	)		($5,076	)		$5,621

Income (loss) from operations - internal		$15,598			($1,864	)		$387			($3,353	)		($5,147	)		$5,621
Depletion, depreciation, and amortization	3,771			9,073			32			387			65			13,328
Environmental remediation	—			—			—			7,700			—			7,700
Gain on sale of timberland	(769		)	(226		)	—			—			—			(995		)
Adjusted EBITDDA		$18,600			$6,983			$419			$4,734			($5,082	)		$25,654



(in thousands)	2018		2017		2016
Depletion, depreciation, and amortization
Partnership Timber	$	4,228	$	4,121	$	3,771
Funds Timber	23,009		15,170		9,073
Timberland Investment Management	72		32		32
Real Estate	270		279		387
G&A	72		55		65
	27,651		19,657		13,328
Amortization of debt issuance costs	74		64		48
Total	$	27,725	$	19,721	$	13,376



Assets	2018		2017		2016
Partnership Timber	$	94,353	$	91,206	$	87,419
Funds Timber	370,386		244,846		266,401
Timberland Investment Management	211		83		325
Real Estate	36,382		39,420		38,988
G&A	6,917		5,118		5,917
Total	$	508,249	$	380,673	$	399,050



Capital and Land Expenditures	2018		2017		2016
Partnership Timber	$	8,186	$	7,168	$	40,745
Funds Timber	143,445		6,808		859
Timberland Investment Management	192		32		13
Real Estate project expenditures	3,210		7,588		13,993
Real Estate-other	213		2		128
G&A	65		58		20
Total	$	155,311	$	21,656	$	55,758

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

12 Months Ended

Dec. 31, 2018

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
2018
First quarter	$	24,987	$	6,957		$	5,718		$	1.31
Second quarter	27,912		3,809			199			0.04
Third quarter	28,008		4,172			2,644			0.60
Fourth quarter	22,647		(2,545		)	(1,778		)	(0.41		)
2017
First quarter	$	17,345	$	12,684		$	3,370		$	0.77
Second quarter	15,891		993			158			0.03
Third quarter	18,803		1,805			1,658			0.38
Fourth quarter	47,784		14,570			12,705			2.92

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 environmental remediation charges of $7.7 million, $2.9 million, and $2.7 million in the fourth quarter of 2016, second quarter of 2018, and fourth quarter of 2018, respectively, and the sale of one of Fund II’s tree farms for $26.5 million, with a resulting gain of $12.5 million, in the first quarter of 2017.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Nature of operations

Principles of consolidation

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

Cost of sales and Deferred revenue

Cost of sales

Deferred revenue

Restricted cash

Like-kind exchanges

Concentration of credit risk

Income taxes

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

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, 2018

Accounting Policies [Abstract]

Buildings and Equipment

Buildings and equipment are recorded at cost and consisted of the following as of December 31, 2018 and 2017, (in thousands):



Description	12/31/2018			12/31/2017
Buildings	$	9,716		$	9,437
Equipment	3,343			3,039
Furniture and fixtures	664			663
Total	$	13,723		$	13,139
Accumulated depreciation	(8,223		)	(7,833		)
Net buildings and equipment	$	5,500		$	5,306

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)	2018			2017			2016
Net and comprehensive income attributable to unitholders	$	6,821		$	17,891		$	5,942
Less: Net and comprehensive income attributable to unvested restricted unitholders	(125		)	(133		)	(101		)
Less: Dividends paid to Funds preferred shareholders	(31		)	(31		)	(31		)
Net and comprehensive income attributable to unitholders for earnings per unit calculation	$	6,665		$	17,727		$	5,810
Basic and diluted weighted average units outstanding	4,317			4,323			4,313
Basic and diluted net earnings per unit	$	1.54		$	4.10		$	1.35

Revenue (Tables)

12 Months Ended

Dec. 31, 2018

Revenue from Contract with Customer [Abstract]

Summary of Contract Assets

Significant changes in the contract asset balance during the period were as follows, and there were no contract liabilities as of December 31, 2018, and 2017:



Contract assets, January 1, 2018	$	—
Revenue recognized from the satisfaction of performance obligations	11,381
Revenue recognized from changes in estimates of variable consideration	151
Transferred to receivables from contract assets	(7,703		)
Total contract assets, December 31, 2018	3,829
Less: noncurrent portion included in other assets	(957		)
Current portion of contract assets, December 31, 2018	$	2,872

Disaggregation of Revenue

The following table breaks down revenue for the Real Estate segment for the years ended December 31, as follows:



	2018		2017		2016

Conservation land sale	$	—	$	5,056	$	2,360
Conservation easements	3,730		—		2,080
Gig Harbor residential	—		14,157		15,247
Gig Harbor commercial	—		3,500		—
Bremerton residential	1,375		—		—
Other residential	751		2,255		—
Other commercial	400		—		—
Unimproved land	205		—		1,784
Total land sales	6,461		24,968		21,471
Rentals and other	1,843		1,332		1,645
Total revenue	$	8,304	$	26,300	$	23,116

The following table presents revenue for the years ended December 31, as follows:



(in thousands)	2018		2017		2016
Partnership Timber
Log sale revenue - domestic	$	34,789	$	28,126	$	26,710
Log sale revenue - export brokers (indirect)	8,249		8,967		7,113
Timber deed sale revenue	92		422		347
Other revenue	2,292		2,157		2,105
Total revenue	$	45,422	$	39,672	$	36,275

Funds Timber
Log sale revenue - domestic	$	27,981	$	15,490	$	16,229
Log sale revenue - export brokers (indirect)	9,281		15,457		2,936
Timber deed sale revenue	11,440		2,337		1,440
Other revenue	1,117		558		424
Total revenue	$	49,819	$	33,842	$	21,029

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

12 Months Ended

Dec. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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

The Partnership’s consolidated balance sheets include Fund II, Fund III, and Fund IV assets and liabilities at December 31, 2018, and 2017, which were as follows:



(in thousands)	2018		2017
Cash	$	3,330	$	1,636
Other current assets	4,931		2,481
Total current assets	8,261		4,117
Properties and equipment, net of accumulated depreciation	360,163		235,046
Other long-term assets	1,962		5,683
Total assets	$	370,386	$	244,846

Current liabilities	$	3,237	$	2,862
Long-term debt	57,313		57,291
Other long-term liabilities	300		—
Funds’ equity	309,536		184,693
Total liabilities and equity	$	370,386	$	244,846

OTHER ASSETS (Tables)

12 Months Ended

Dec. 31, 2018

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Assets

Other assets consisted of the following at December 31:



	2018		2017
Deferred tax assets, net	$	540	$	465
Cash held by like-kind exchange intermediaries	—		598
Contract assets, noncurrent	957		—
Deposits for acquisitions of timberland	1,005		5,688
Investment in Real Estate joint venture entity	5,891		5,895
Advances to Real Estate joint venture entity	804		—
Notes receivable	57		2,625
Other	1		37
Total	$	9,255	$	15,308

LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Long-Term Debt



	At December 31,
(in thousands)	2018			2017
Partnership debt:
$30.0 million revolving line of credit with Northwest Farm Credit Services (NWFCS), variable interest based on LIBOR plus margin of 1.60% (3.95% at December 31, 2018) with quarterly interest-only payments and collateralized by timberlands (matures October 2023)	$	16,400		16,200
Mortgage payable to NWFCS, collateralized by Poulsbo headquarters:
Interest at 3.80% with monthly principal and interest payments, (matures January 2023)	2,337			2,460
$71.8 million credit facility payable to NWFCS with quarterly interest-only payments, collateralized by Partnership timberlands, with the following tranches:
Interest at 6.40% (matures September 2019)	9,800			9,800
Interest at LIBOR plus 1.60% (3.95% at December 31, 2018) (matures October 2024)	6,000			—
Interest at 6.05% (matures July 2025)	10,000			10,000
Interest at LIBOR plus margin of 2.20% (refinanced in October 2018)	—			10,000
Interest at 3.89% (matures July 2026)	11,000			11,000
Interest at 4.13% (matures July 2028)	11,000			11,000
Interest at 5.34% (matures October 2034)	8,000			—
Interest at 5.34% (matures October 2035)	8,000			—
Interest at 5.42% (matures October 2036)	8,000			—
$40.0 million delayed-draw facility, quarterly interest-only payments with ultimate maturity of October 2028, collateralized by Partnership timberlands, with the following tranche:
Interest based on LIBOR plus margin of 1.60% (3.95% at December 31, 2018)	4,000			—
Total Partnership debt	94,537			70,460
Less unamortized debt issuance costs	(481		)	(300	)
Less current portion	(128		)	(123	)
Long-term debt, less unamortized debt issuance costs and current portion - Partnership	93,928			70,037



(in thousands)	At December 31,
ORM Timber Funds debt:	2018			2017
Fund II Mortgages payable to MetLife, collateralized by Fund II timberlands with quarterly interest payments (matures September 2020), as follows:
Interest at 4.85%	$	11,000		$	11,000
Interest at 3.84%	14,000			14,000
Fund III mortgages payable to NWFCS, collateralized by Fund III timberlands with quarterly interest payments, as follows:
Interest at 5.10% (matures December 2023)	17,980			17,980
Interest at 4.45% (matures October 2024)	14,400			14,400
Total ORM Timber Funds debt	57,380			57,380
Less unamortized debt issuance costs	(67		)	(89		)
Less current portion	—			—
Long-term debt, less unamortized debt issuance costs and current portion - Funds	$	57,313		$	57,291

Principal Payments on Long-Term Debt

At December 31, 2018, principal payments on long-term debt for the next five years and thereafter are due as follows (in thousands):



	Partnership		Funds
2019	128		—
2020	133		25,000
2021	138		—
2022	143		—
2023	18,195		17,980
Thereafter	75,800		14,400
Total	$	94,537	$	57,380

INTEREST, NET (Tables)

12 Months Ended

Dec. 31, 2018

Other Income and Expenses [Abstract]

Schedule of interest expense, net

Interest expense, net comprised the following for the years ended December 31:



(in thousands)	2018			2017			2016

Interest income - Partnership	$	132		$	3		$	11
Interest expense - Partnership	(3,075		)	(2,644		)	(1,895		)
Interest expense - Funds	(2,247		)	(2,321		)	(2,255		)
Capitalized interest - Partnership	295			491			733
Interest expense, net	$	(4,895	)	$	(4,471	)	$	(3,406	)

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Consolidated Partnership Income (Loss) Before Income Taxes

Consolidated income (loss) is reconciled to income (loss) before income taxes in corporate subsidiaries for the years ended December 31 as follows:



(in thousands)	2018		2017		2016
Income before income taxes	$	7,741	$	25,581	$	2,215
Income in entities that pass-through pre-tax earnings to the partners	7,273		23,089		1,500
Income subject to income taxes	$	468	$	2,492	$	715

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)	2018			2017			2016
Current	$	(180	)	$	(888	)	$	(185	)
Deferred	76			(288		)	(67		)
Total	$	(104	)	$	(1,176	)	$	(252	)

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:



	2018		2017		2016
Statutory tax on income	21	%	34	%	34	%
Income from entities that pass-through pre-tax earnings to the partners	(20	)%	(30	)%	(23	)%
Effect on deferred tax assets of change in income tax rate	—	%	1	%	—	%
Effective income tax rate	1	%	5	%	11	%

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)	2018			2017			2016
Compensation-related accruals	$	454		$	359		$	456
Net operating loss carryforwards	87			123			284
Depreciation	(16		)	15			16
Other	14			(32		)	(3		)
Total	$	539		$	465		$	753

UNIT INCENTIVE PLAN (Tables)

12 Months Ended

Dec. 31, 2018

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

Restricted Unit Activity

Restricted unit activity for the three years ended December 31, 2018 was as follows:



	Units		Weighted Avg Grant Date Fair Value ($)
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		59.96
Grants	20,893		66.10
Vested	(14,190	)	66.48
Forfeited	(1,550	)	65.02
Tendered back to pay tax withholding	(1,432	)	65.65
Outstanding December 31, 2017	39,214		64.62
Grants	16,605		69.98
Vested	(15,151	)	65.03
Tendered back to pay tax withholding	(1,466	)	64.59
Outstanding December 31, 2018	39,202		66.72

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2018

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, 2016	$	16,761	$	7,700	$	11,691	$	12,770
Year ended December 31, 2017	12,770		—		7,791		4,979
Year ended December 31, 2018	4,979		5,600		1,496		9,083

SEGMENT AND MAJOR CUSTOMER INFORMATION (Tables)

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

Reconciliation of Internally Reported Income (Loss) from Operations to Externally Reported Income (Loss) from Operations by Business Segment

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



(in thousands)
2018	Partnership Timber			Funds Timber			TIM			Real Estate			Other			Consolidated
Revenue internal		$45,916			$49,819			$4,576			$8,807			$—			$109,118
Eliminations	(494		)	—			(4,567		)	(503		)				(5,564		)
Revenue external	45,422			49,819			9			8,304			—			103,554

Cost of sales	(17,828		)	(36,732		)	—			(3,527		)	—			(58,087		)
Operating, general and administrative expenses - internal	(6,943		)	(9,239		)	(4,566		)	(4,723		)	(7,324		)	(32,795		)
Eliminations	675			4,567			71			144			107			5,564
Operating, general and administrative expenses - external	(6,268		)	(4,672		)	(4,495		)	(4,579		)	(7,217		)	(27,231		)
Environmental remediation	—			—			—			(5,600		)	—			(5,600		)
Income (loss) from operations - internal	21,145			3,848			10			(5,043		)	(7,324		)	12,636
Eliminations	181			4,567			(4,496		)	(359		)	107			—
Income (loss) from operations - external		$21,326			$8,415			($4,486	)		($5,402	)		($7,217	)		$12,636

Income (loss) from operations - internal		$21,145			$3,848			$10			($5,043	)		($7,324	)		$12,636
Depletion, depreciation, and amortization	4,228			23,009			72			270			72			27,651
Environmental remediation	—			—			—			5,600			—			5,600
Adjusted EBITDDA		$25,373			$26,857			$82			$827			($7,252	)		$45,887



(in thousands)
2017	Partnership Timber			Funds Timber			TIM			Real Estate			Other			Consolidated
Revenue internal		$40,004			$33,842			$3,377			$26,737			$—			$103,960
Eliminations	(332		)	—			(3,368		)	(437		)	—			(4,137		)
Revenue external	39,672			33,842			9			26,300			—			99,823

Cost of sales	(14,874		)	(26,910		)	—			(16,200		)	—			(57,984		)
Operating, general and administrative expenses - internal	(6,177		)	(7,261		)	(3,593		)	(5,594		)	(5,846		)	(28,471		)
Eliminations	506			3,368			73			86			104			4,137
Operating, general and administrative expenses - external	(5,671		)	(3,893		)	(3,520		)	(5,508		)	(5,742		)	(24,334		)
Gain (loss) on sale of timberland	—			12,547			—			—			—			12,547
Income (loss) from operations - internal	18,953			12,218			(216		)	4,943			(5,846		)	30,052
Eliminations	174			3,368			(3,295		)	(351		)	104			—
Income (loss) from operations - external		$19,127			$15,586			($3,511	)		$4,592			($5,742	)		$30,052

Income (loss) from operations - internal		$18,953			$12,218			($216	)		$4,943			($5,846	)		$30,052
Depletion, depreciation, and amortization	4,121			15,170			32			279			55			19,657
Gain on sale of timberland	—			(12,547		)	—			—			—			(12,547		)
Adjusted EBITDDA		$23,074			$14,841			($184	)		$5,222			($5,791	)		$37,162



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

Cost of sales	(15,497		)	(17,145		)	—			(14,631		)	—			(47,273		)
Operating, general and administrative expenses - internal	(6,152		)	(5,974		)	(2,888		)	(4,441		)	(5,147		)	(24,602		)
Eliminations	331			3,267			57			47			71			3,773
Operating, general and administrative expenses - external	(5,821		)	(2,707		)	(2,831		)	(4,394		)	(5,076		)	(20,829		)
Environmental remediation	—			—			—			(7,700		)	—			(7,700		)
Gain (loss) on sale of timberland	769			226			—			—			—			995
Income (loss) from operations - internal	15,598			(1,864		)	387			(3,353		)	(5,147		)	5,621
Eliminations	128			3,267			(3,210		)	(256		)	71			—
Income (loss) from operations - external		$15,726			$1,403			($2,823	)		($3,609	)		($5,076	)		$5,621

Income (loss) from operations - internal		$15,598			($1,864	)		$387			($3,353	)		($5,147	)		$5,621
Depletion, depreciation, and amortization	3,771			9,073			32			387			65			13,328
Environmental remediation	—			—			—			7,700			—			7,700
Gain on sale of timberland	(769		)	(226		)	—			—			—			(995		)
Adjusted EBITDDA		$18,600			$6,983			$419			$4,734			($5,082	)		$25,654

Schedule of Segment Reporting Information, by Segment



(in thousands)	2018		2017		2016
Depletion, depreciation, and amortization
Partnership Timber	$	4,228	$	4,121	$	3,771
Funds Timber	23,009		15,170		9,073
Timberland Investment Management	72		32		32
Real Estate	270		279		387
G&A	72		55		65
	27,651		19,657		13,328
Amortization of debt issuance costs	74		64		48
Total	$	27,725	$	19,721	$	13,376



Assets	2018		2017		2016
Partnership Timber	$	94,353	$	91,206	$	87,419
Funds Timber	370,386		244,846		266,401
Timberland Investment Management	211		83		325
Real Estate	36,382		39,420		38,988
G&A	6,917		5,118		5,917
Total	$	508,249	$	380,673	$	399,050



Capital and Land Expenditures	2018		2017		2016
Partnership Timber	$	8,186	$	7,168	$	40,745
Funds Timber	143,445		6,808		859
Timberland Investment Management	192		32		13
Real Estate project expenditures	3,210		7,588		13,993
Real Estate-other	213		2		128
G&A	65		58		20
Total	$	155,311	$	21,656	$	55,758

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2018

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
2018
First quarter	$	24,987	$	6,957		$	5,718		$	1.31
Second quarter	27,912		3,809			199			0.04
Third quarter	28,008		4,172			2,644			0.60
Fourth quarter	22,647		(2,545		)	(1,778		)	(0.41		)
2017
First quarter	$	17,345	$	12,684		$	3,370		$	0.77
Second quarter	15,891		993			158			0.03
Third quarter	18,803		1,805			1,658			0.38
Fourth quarter	47,784		14,570			12,705			2.92

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details)	3 Months Ended								12 Months Ended
	Dec. 31, 2018 USD ($) a Partner $ / shares shares	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2017 USD ($) shares	Sep. 30, 2017 USD ($)	Jun. 30, 2017 USD ($)	Mar. 31, 2017 USD ($)	Dec. 31, 2018 USD ($) a fund Partner Residential_Lot Segment $ / shares shares	Dec. 31, 2017 USD ($) parcel_of_land shares	Dec. 31, 2016 USD ($)
Significant Accounting Policies [Line Items]
Number of private equity timber funds \| fund									3
Number of business segments \| Segment									4
Conservation easement sales	$ 22,647,000	$ 28,008,000	$ 27,912,000	$ 24,987,000	$ 47,784,000	$ 18,803,000	$ 15,891,000	$ 17,345,000
Number of general partners \| Partner	2								2
Number of partnership units owned by general partners (in shares) \| shares	60,000				60,000				60,000	60,000
Other assets	$ 9,255,000				$ 15,308,000				$ 9,255,000	$ 15,308,000
Allowance for doubtful accounts on accounts receivable	0				1,000				0	1,000
Deferred tax assets, valuation allowance	0								0
Interest expense and penalties on taxes									$ 0	$ 0	$ 0
Number of residential lots held-for-sale \| Residential_Lot									65
Number of parcels of land held-for-sale \| parcel_of_land										3
Land and timber held for sale	5,697,000				5,728,000				$ 5,697,000	$ 5,728,000
Deferred revenue	336,000				197,000				$ 336,000	197,000
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	$ 5,700,000								$ 5,700,000
Area of land for sale (in acres) \| a	19								19
Like-Kind Intermediaries
Significant Accounting Policies [Line Items]
Other assets	$ 0				$ 598,000				$ 0	$ 598,000
General Partners
Significant Accounting Policies [Line Items]
Number of partnership units owned by general partners (in shares) \| shares	60,000								60,000
Fund III
Significant Accounting Policies [Line Items]
Percentage of interests owned by third parties in non controlling interests	95.00%								95.00%
Fund II
Significant Accounting Policies [Line Items]
Percentage of interests owned by third parties in non controlling interests	80.00%								80.00%
Ferncliff Investors
Significant Accounting Policies [Line Items]
Percentage of interests owned by third parties in non controlling interests	66.67%								66.67%
Fund IV
Significant Accounting Policies [Line Items]
Percentage of interests owned by third parties in non controlling interests	85.00%								85.00%
Fund II and Fund III \| Series A Preferred Stock
Significant Accounting Policies [Line Items]
Preferred stock issued (in shares) \| shares	125								125
Preferred stock issued at par value (in dollars per share) \| $ / shares	$ 0.01								$ 0.01
Preferred stock rate of interest									12.50%
Series A preferred stock (in dollars per share) \| $ / shares	1,000								$ 1,000
Preferred stock, liquidation preference (in dollars per share) \| $ / shares	$ 1,000								$ 1,000
Maximum amount required to pay on redemption upon settlement	$ 125,000								$ 125,000
Topic 606 \| Difference due to Topic 606 \| Timber deed sale revenue
Significant Accounting Policies [Line Items]
Conservation easement sales									$ 7,400,000
ORM Timber Funds \| Olympic Resource Management Llc
Significant Accounting Policies [Line Items]
Ownership interest									1.00%
Fund II \| Partnership Timber
Significant Accounting Policies [Line Items]
Ownership interest									19.00%
Fund III \| Partnership Timber
Significant Accounting Policies [Line Items]
Ownership interest									4.00%
Fund IV \| Partnership Timber
Significant Accounting Policies [Line Items]
Ownership interest									14.00%
Ferncliff Investors \| Ferncliff Management
Significant Accounting Policies [Line Items]
Ownership interest									33.33%
Bainbridge Landing \| Ferncliff Investors
Significant Accounting Policies [Line Items]
Percentage of ownership interest in Funds	50.00%								50.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Buildings and Equipment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	$ 13,723	$ 13,139
Accumulated depreciation	(8,223)	(7,833)
Net buildings and equipment	$ 5,500	5,306
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life of properties and equipment	3 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life of properties and equipment	39 years
Buildings
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	$ 9,716	9,437
Equipment
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	3,343	3,039
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	$ 664	$ 663

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Basic and Diluted Income (Loss) per Unit) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Earnings Per Share [Abstract]
Net and comprehensive income attributable to unitholders	$ (1,778)	$ 2,644	$ 199	$ 5,718	$ 12,705	$ 1,658	$ 158	$ 3,370	$ 6,821	$ 17,891	$ 5,942
Less: Net and comprehensive income attributable to unvested restricted unitholders									(125)	(133)	(101)
Less: Dividends paid to Funds preferred shareholders									(31)	(31)	(31)
Net and comprehensive income attributable to unitholders for earnings per unit calculation									$ 6,665	$ 17,727	$ 5,810
Basic and diluted weighted average units outstanding (in shares)									4,317	4,323	4,313
Basic and diluted net earnings per unit (in dollars per share)	$ (0.41)	$ 0.60	$ 0.04	$ 1.31	$ 2.92	$ 0.38	$ 0.03	$ 0.77	$ 1.54	$ 4.10	$ 1.35

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Revenue (Narrative) (Details)	Dec. 31, 2018 USD ($) a	Sep. 30, 2018 USD ($)	Dec. 31, 2017 USD ($)
Disaggregation of Revenue [Line Items]
Accounts receivable, net	$ 4,670,000		$ 6,427,000
Contract liabilities		$ 0	0
Performance deposits			0
Receivables from contracts with customers
Disaggregation of Revenue [Line Items]
Accounts receivable, net	3,000,000		$ 4,400,000
Other Current Liabilities
Disaggregation of Revenue [Line Items]
Performance deposits	500,000
Environmental Remediation and Other Long Term Liabilities
Disaggregation of Revenue [Line Items]
Performance deposits	$ 300,000
Partnership Timber
Disaggregation of Revenue [Line Items]
Area of land (in acres) \| a	120,000
Funds Timber
Disaggregation of Revenue [Line Items]
Area of land (in acres) \| a	134,000
Real Estate
Disaggregation of Revenue [Line Items]
Area of land (in acres) \| a	2,000

Revenue (Contract Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Contract With Customer, Asset And Liability [Roll Forward]
Contract assets, January 1, 2018	$ 0
Revenue recognized from the satisfaction of performance obligations	11,381
Revenue recognized from changes in estimates of variable consideration	151
Transferred to receivables from contract assets	(7,703)
Total contract assets, December 31, 2018	3,829
Less: noncurrent portion included in other assets	(957)	$ 0
Current portion of contract assets, December 31, 2018	$ 2,872

Revenue (Log Sale and Other Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disaggregation of Revenue [Line Items]
Revenue	$ 22,647	$ 28,008	$ 27,912	$ 24,987	$ 47,784	$ 18,803	$ 15,891	$ 17,345
Partnership Timber
Disaggregation of Revenue [Line Items]
Revenue									$ 45,422	$ 39,672	$ 36,275
Funds Timber
Disaggregation of Revenue [Line Items]
Revenue									49,819	33,842	21,029
Timber deed sale revenue \| Partnership Timber
Disaggregation of Revenue [Line Items]
Revenue									92	422	347
Timber deed sale revenue \| Funds Timber
Disaggregation of Revenue [Line Items]
Revenue									11,440	2,337	1,440
Other revenue \| Partnership Timber
Disaggregation of Revenue [Line Items]
Revenue									2,292	2,157	2,105
Other revenue \| Funds Timber
Disaggregation of Revenue [Line Items]
Revenue									1,117	558	424
UNITED STATES \| Log sale revenue - domestic \| Partnership Timber
Disaggregation of Revenue [Line Items]
Revenue									34,789	28,126	26,710
UNITED STATES \| Log sale revenue - domestic \| Funds Timber
Disaggregation of Revenue [Line Items]
Revenue									27,981	15,490	16,229
Indirect \| Log sale revenue - domestic \| Partnership Timber
Disaggregation of Revenue [Line Items]
Revenue									8,249	8,967	7,113
Indirect \| Log sale revenue - domestic \| Funds Timber
Disaggregation of Revenue [Line Items]
Revenue									$ 9,281	$ 15,457	$ 2,936

Revenue (Real Estate Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disaggregation of Revenue [Line Items]
Revenue	$ 22,647	$ 28,008	$ 27,912	$ 24,987	$ 47,784	$ 18,803	$ 15,891	$ 17,345
Revenues									$ 103,554	$ 99,823	$ 80,428
Real Estate
Disaggregation of Revenue [Line Items]
Revenues									8,304	26,300	23,116
Real Estate \| Total land sales
Disaggregation of Revenue [Line Items]
Revenue									6,461	24,968	21,471
Real Estate \| Conservation land sale
Disaggregation of Revenue [Line Items]
Revenue									0	5,056	2,360
Real Estate \| Conservation easements
Disaggregation of Revenue [Line Items]
Revenue									3,730	0	2,080
Real Estate \| Gig Harbor residential
Disaggregation of Revenue [Line Items]
Revenue									0	14,157	15,247
Real Estate \| Gig Harbor commercial
Disaggregation of Revenue [Line Items]
Revenue									0	3,500	0
Real Estate \| Bremerton residential
Disaggregation of Revenue [Line Items]
Revenue									1,375	0	0
Real Estate \| Other residential
Disaggregation of Revenue [Line Items]
Revenue									751	2,255	0
Real Estate \| Other commercial
Disaggregation of Revenue [Line Items]
Revenue									400	0	0
Real Estate \| Unimproved land
Disaggregation of Revenue [Line Items]
Revenue									205	0	1,784
Real Estate \| Rentals and other
Disaggregation of Revenue [Line Items]
Revenues									$ 1,843	$ 1,332	$ 1,645

ORM TIMBER FUND II, INC. (FUND II), ORM TIMBER FUND III (REIT) INC. (FUND III), AND ORM TIMBER FUND IV (REIT) LLC. (FUND IV) (COLLECTIVELY, “THE FUNDS”) (Narrative) (Details)	1 Months Ended			3 Months Ended	12 Months Ended
	Jan. 31, 2019 USD ($) a	Jan. 31, 2018 USD ($) Property	Jan. 31, 2017 USD ($) Property	Mar. 31, 2017 USD ($) Property	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Oct. 31, 2018 USD ($)
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Pretax profit (loss)					$ 7,741,000	$ 25,581,000	$ 2,215,000
Deposit for acquisitions					1,005,000	5,688,000	0
Management fees payable					$ 952,000	657,000
South Puget Sound WA
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total purchase price								$ 4,800,000
Fund II and Fund III
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Operating term for Fund					10 years
Fund II
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Number of tree farms sold \| Property			1	1
Proceeds from sale of tree farms			$ 26,500,000	$ 26,500,000
Fund II \| Productive Land
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Pretax profit (loss)				$ 12,500,000		12,500,000	$ (23,000)
Fund IV
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Operating term for Fund					15 years
Total purchase price		$ 17,100,000
Deposit for acquisitions					$ 1,000,000	$ 5,700,000
Purchase price allocated to timber and roads		100,700,000
Purchase price allocated to underlying land		$ 13,300,000
Fund IV \| Southwestern Oregon and South Puget Sound Washington
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Number of acquisitions \| Property		2
Fund IV \| Southwestern OR
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Number of acquisitions \| Property		1
Total purchase price		$ 33,600,000
Fund IV \| South Puget Sound WA
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Number of acquisitions \| Property		1
Total purchase price		$ 80,400,000						32,300,000
Fund IV \| Timber and Roads \| South Puget Sound WA
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total purchase price								27,100,000
Fund IV \| Land \| South Puget Sound WA
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total purchase price								$ 5,200,000
Subsequent Event [Member] \| South Central WA
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total purchase price	$ 20,300,000
Subsequent Event [Member] \| Fund IV \| South Central WA
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total purchase price	$ 3,000,000
Land acquired (in acres) \| a	7,100
Fund IV \| Pope Resources And Olympic Resource Management LLC
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ownership interest					15.00%
Fund III \| Pope Resources And Olympic Resource Management LLC
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ownership interest					5.00%
Fund II \| Pope Resources And Olympic Resource Management LLC
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ownership interest					20.00%

ORM TIMBER FUND II, INC. (FUND II), ORM TIMBER FUND III (REIT) INC. (FUND III), AND ORM TIMBER FUND IV (REIT) LLC. (FUND IV) (COLLECTIVELY, “THE FUNDS”) (Partnership's Consolidated Balance Sheet included Assets and Liabilities of Funds) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Condensed Financial Statements, Captions [Line Items]
Cash	$ 3,330	$ 1,636
Total current assets	20,366	18,030
Properties and equipment, net of accumulated depreciation	478,628	347,335
Other long-term assets	9,255	15,308
Total assets	508,249	380,673	$ 399,050
Current liabilities	9,981	9,762
Total liabilities, partners’ capital, and noncontrolling interests	508,249	380,673
Funds Timber
Condensed Financial Statements, Captions [Line Items]
Cash	3,330	1,636
Other current assets	4,931	2,481
Total current assets	8,261	4,117
Properties and equipment, net of accumulated depreciation	360,163	235,046
Other long-term assets	1,962	5,683
Total assets	370,386	244,846
Current liabilities	3,237	2,862
Long-term debt	57,313	57,291
Other long-term liabilities	300	0
Funds’ equity	309,536	184,693
Total liabilities, partners’ capital, and noncontrolling interests	$ 370,386	$ 244,846

PARTNERSHIP TIMBERLAND ACQUISITIONS (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($) a	Dec. 31, 2017 USD ($) a
Business Acquisition [Line Items]
Funds held by like-kind exchange intermediaries	$ 598
Productive Land
Business Acquisition [Line Items]
Transfer of non-strategic timberland to seller (in acres) \| a	365
Transfer of non-strategic timberland to seller, value	$ 214
Western Washington
Business Acquisition [Line Items]
Land acquired (in acres) \| a	1,342	1,810
Assets acquired	$ 7,200	$ 5,900
Western Washington \| Land
Business Acquisition [Line Items]
Assets acquired	869	847
Western Washington \| Timber and Roads
Business Acquisition [Line Items]
Assets acquired	$ 6,300	$ 5,100

OTHER ASSETS (Summary of Other Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred tax assets, net	$ 540	$ 465
Cash held by like-kind exchange intermediaries	0	598
Contract assets, noncurrent	957	0
Deposits for acquisitions of timberland	1,005	5,688
Investment in Real Estate joint venture entity	5,891	5,895
Advances to Real Estate joint venture entity	804	0
Notes receivable	57	2,625
Other	1	37
Total	$ 9,255	$ 15,308

OTHER ASSETS (Narrative) (Details) $ in Thousands	12 Months Ended
OTHER ASSETS (Narrative) (Details) $ in Thousands	Dec. 31, 2018 USD ($) a	Dec. 31, 2017 USD ($) a	Dec. 31, 2016 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds from sale of land	$ 0	$ 26,590	$ 1,603
Promissory note from sale of land	$ 57	2,625
Bainbridge Island, Washington
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of land (in acres) \| a	5
Ferncliff Investors \| Bainbridge Landing
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of ownership interest	50.00%
Partnership's Harbor Hill
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration for sale of land		3,500
Cash proceeds from sale of land		$ 875
Partnership's Harbor Hill \| Gig Harbor, Washington
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of land (in acres) \| a		11
Partnership's Harbor Hill \| Note receivable
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Promissory note from sale of land		$ 2,600
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration for sale of land	$ 80
Cash proceeds from sale of land	20
Promissory note from sale of land	$ 60
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Note receivable
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Promissory note, stated interest rate	6.00%
Ferncliff Management \| Ferncliff Investors
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership interest	33.33%

LONG-TERM DEBT (Schedule of Debt) (Details) - USD ($)	1 Months Ended	12 Months Ended
LONG-TERM DEBT (Schedule of Debt) (Details) - USD ($)	Oct. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Less current portion		$ (128,000)	$ (123,000)
Partnership
Debt Instrument [Line Items]
Long-term debt, gross		94,537,000	70,460,000
Less unamortized debt issuance costs		(481,000)	(300,000)
Less current portion		(128,000)	(123,000)
Long-term debt, less unamortized debt issuance costs and current portion - Partnership		93,928,000	70,037,000
Partnership \| Line of Credit \| Interest at 6.40% (matures September 2019)
Debt Instrument [Line Items]
Long-term debt, gross		$ 9,800,000	9,800,000
Maximum borrowing capacity	$ 71,800,000.0
Fixed interest rate		6.40%
Partnership \| Line of Credit \| Interest at LIBOR plus 1.60% (3.95% at December 31, 2018) (matures October 2024)
Debt Instrument [Line Items]
Long-term debt, gross		$ 6,000,000	0
Effective interest rate		3.95%
Partnership \| Line of Credit \| Interest at LIBOR plus 1.60% (3.95% at December 31, 2018) (matures October 2024) \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.60%
Partnership \| Line of Credit \| Interest at 6.05% (matures July 2025)
Debt Instrument [Line Items]
Long-term debt, gross		$ 10,000,000	10,000,000
Fixed interest rate		6.05%
Partnership \| Line of Credit \| Interest at LIBOR plus margin of 2.20% (refinanced in October 2018)
Debt Instrument [Line Items]
Long-term debt, gross		$ 0	10,000,000
Partnership \| Line of Credit \| Interest at LIBOR plus margin of 2.20% (refinanced in October 2018) \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.20%
Partnership \| Line of Credit \| Interest at 3.89% (matures July 2026)
Debt Instrument [Line Items]
Long-term debt, gross		$ 11,000,000	11,000,000
Fixed interest rate		3.89%
Partnership \| Line of Credit \| Interest at 4.13% (matures July 2028)
Debt Instrument [Line Items]
Long-term debt, gross		$ 11,000,000	11,000,000
Fixed interest rate		4.13%
Partnership \| Line of Credit \| Interest at 5.34% (matures October 2034)
Debt Instrument [Line Items]
Long-term debt, gross		$ 8,000,000	0
Fixed interest rate		5.34%
Partnership \| Line of Credit \| Interest at 5.34% (matures October 2035)
Debt Instrument [Line Items]
Long-term debt, gross		$ 8,000,000	0
Fixed interest rate		5.34%
Partnership \| Line of Credit \| Interest at 5.42% (matures October 2036)
Debt Instrument [Line Items]
Long-term debt, gross		$ 8,000,000	0
Fixed interest rate		5.42%
Partnership \| Mortgages payable \| Interest at 3.80% with monthly principal and interest payments, (matures January 2023)
Debt Instrument [Line Items]
Long-term debt, gross		$ 2,337,000	2,460,000
Stated interest rate		3.80%
Revolving Credit Facility \| Partnership \| Line of Credit \| $30.0 million revolving line of credit with Northwest Farm Credit Services (NWFCS), variable interest based on LIBOR plus margin of 1.60% (3.95% at December 31, 2018) with quarterly interest-only payments and collateralized by timberlands (matures October 2023)
Debt Instrument [Line Items]
Long-term debt, gross		$ 16,400,000	16,200,000
Maximum borrowing capacity		$ 30,000,000
Effective interest rate		3.95%
Revolving Credit Facility \| Partnership \| Line of Credit \| $30.0 million revolving line of credit with Northwest Farm Credit Services (NWFCS), variable interest based on LIBOR plus margin of 1.60% (3.95% at December 31, 2018) with quarterly interest-only payments and collateralized by timberlands (matures October 2023) \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.60%
Delayed-Draw Facility \| Partnership \| Line of Credit \| Credit Agreement
Debt Instrument [Line Items]
Long-term debt, gross		$ 4,000,000	0
Maximum borrowing capacity	$ 40,000,000
Effective interest rate		3.95%
Delayed-Draw Facility \| Partnership \| Line of Credit \| Credit Agreement \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.60%
Debt, Maturities Term Tranche Five \| Line of Credit \| Interest at LIBOR plus margin of 2.20% (refinanced in October 2018) \| LIBOR
Debt Instrument [Line Items]
Maximum interest margin		2.20%
Funds
Debt Instrument [Line Items]
Long-term debt, gross		$ 57,380,000	57,380,000
Less unamortized debt issuance costs		(67,000)	(89,000)
Less current portion		0	0
Long-term debt, less unamortized debt issuance costs and current portion - Partnership		57,313,000	57,291,000
Funds \| Fund II \| Mortgages payable \| Interest at 4.85%
Debt Instrument [Line Items]
Long-term debt, gross		$ 11,000,000	11,000,000
Stated interest rate		4.85%
Funds \| Fund II \| Mortgages payable \| Interest at 3.84%
Debt Instrument [Line Items]
Long-term debt, gross		$ 14,000,000	14,000,000
Stated interest rate		3.84%
Funds \| Fund III \| Mortgages payable \| Interest at 5.10% (matures December 2023)
Debt Instrument [Line Items]
Long-term debt, gross		$ 17,980,000	17,980,000
Stated interest rate		5.10%
Funds \| Fund III \| Mortgages payable \| Interest at 4.45% (matures October 2024)
Debt Instrument [Line Items]
Long-term debt, gross		$ 14,400,000	$ 14,400,000
Stated interest rate		4.45%

LONG-TERM DEBT (Narrative) (Details)	1 Months Ended	12 Months Ended
LONG-TERM DEBT (Narrative) (Details)	Oct. 31, 2018 USD ($) increase loan_segment	Dec. 31, 2018
Fund II
Debt Instrument [Line Items]
Loan to value ratio, less than		50.00%
Fund III
Debt Instrument [Line Items]
Loan to value ratio, less than		50.00%
Credit Agreement
Debt Instrument [Line Items]
Accordion feature to increase borrowing capacity	$ 50,000,000
Minimum increase in borrowing capacity	$ 15,000,000
Maximum number of increases \| increase	3
Interest coverage ratio covenant	300.00%
Maximum debt-to-capitalization coverage ratio covenant	30.00%
Maximum debt-to-appraised value of collateral covenant	50.00%
Credit Agreement Due September 2019
Debt Instrument [Line Items]
Fixed-rate loan segments	$ 9,800,000.0
Delayed-Draw Facility \| Credit Agreement
Debt Instrument [Line Items]
Fixed-rate loan segment, minimum	$ 5,000,000
Maximum number of fixed rate loan segments outstanding \| loan_segment	5
Minimum \| Delayed-Draw Facility \| Credit Agreement
Debt Instrument [Line Items]
Debt term	1 year
Maximum \| Delayed-Draw Facility \| Credit Agreement
Debt Instrument [Line Items]
Debt term	10 years
Debt, Maturities Term Tranche One \| Minimum \| Variable Rate Loan Segment
Debt Instrument [Line Items]
Debt term	1 year
Debt, Maturities Term Tranche One \| Maximum \| Variable Rate Loan Segment
Debt Instrument [Line Items]
Debt term	10 years
Debt, Maturities Term Tranche Two \| Variable Rate Loan Segment
Debt Instrument [Line Items]
Debt term	12 years
Debt, Maturities Term Tranche Three \| Variable Rate Loan Segment
Debt Instrument [Line Items]
Debt term	15 years
Debt, Maturities Term Tranche Four \| Variable Rate Loan Segment
Debt Instrument [Line Items]
Debt term	18 years
Debt, Maturities Term Tranche Six \| Credit Agreement
Debt Instrument [Line Items]
Maximum interest margin	2.50%
Lender's Rate Pricing Index \| Debt, Maturities Term Tranche Five \| Fixed Rate Loan Segment
Debt Instrument [Line Items]
Basis spread on variable rate	1.60%
Lender's Rate Pricing Index \| Debt, Maturities Term Tranche Five \| Delayed-Draw Facility \| Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate	1.60%
Lender's Rate Pricing Index \| Debt, Maturities Term Tranche Six \| Fixed Rate Loan Segment
Debt Instrument [Line Items]
Basis spread on variable rate	1.65%
Lender's Rate Pricing Index \| Debt, Maturities Term Tranche Six \| Delayed-Draw Facility \| Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate	1.65%
Line of Credit \| LIBOR \| Debt, Maturities Term Tranche Five \| Credit Agreement Refinanced October 2018
Debt Instrument [Line Items]
Maximum interest margin		2.20%
Partnership \| Line of Credit \| Credit Agreement Due September 2019
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 71,800,000.0
Partnership \| Line of Credit \| Delayed-Draw Facility \| Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 40,000,000
Partnership \| Line of Credit \| LIBOR \| Credit Agreement Refinanced October 2018
Debt Instrument [Line Items]
Basis spread on variable rate	2.20%
Partnership \| Line of Credit \| LIBOR \| Delayed-Draw Facility \| Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate	1.60%

LONG-TERM DEBT (Debt Maturities) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Partnership
Debt Instrument [Line Items]
2019	$ 128
2020	133
2021	138
2022	143
2023	18,195
Thereafter	75,800
Long-term debt, gross	94,537	$ 70,460
Funds
Debt Instrument [Line Items]
2019	0
2020	25,000
2021	0
2022	0
2023	17,980
Thereafter	14,400
Long-term debt, gross	$ 57,380	$ 57,380

INTEREST, NET (Details) - USD ($) $ in Thousands	12 Months Ended
INTEREST, NET (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Interest expense, net	$ (4,895)	$ (4,471)	$ (3,406)
Decrease in interest expense	1,400	1,000	810
Accrued interest on debt instruments	1,800	1,300
Partnership
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Interest income - Partnership	132	3	11
Interest Expense	(3,075)	(2,644)	(1,895)
Capitalized interest - Partnership	295	491	733
Funds
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Interest Expense	$ (2,247)	$ (2,321)	$ (2,255)

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Fixed-Rate Debt - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt outstanding carrying value	$ 125.5	$ 101.6
Fair Value, Inputs, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt outstanding fair value	$ 126.3	$ 104.6

INCOME TAXES (Consolidated Partnership Income (Loss) Before Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income before income taxes	$ 7,741	$ 25,581	$ 2,215
Income in entities that pass-through pre-tax earnings to the partners	7,273	23,089	1,500
Income subject to income taxes	$ 468	$ 2,492	$ 715

INCOME TAXES (Provision for Income Taxes Relating to Corporate Subsidiaries of Partnership) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Current	$ (180)	$ (888)	$ (185)
Deferred	76	(288)	(67)
Total	$ (104)	$ (1,176)	$ (252)

INCOME TAXES (Narrative) (Details) - USD ($)	12 Months Ended
INCOME TAXES (Narrative) (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Deferred income tax expense	$ (67,000)	$ (109,000)	$ (115,000)
Excess tax benefit from equity-based compensation	$ 0	0	$ 53,000
Decrease in deferred tax assets		$ 264,000
Increase in effective tax rate	0.00%	1.00%	0.00%

INCOME TAXES (Reconciliation Between Federal Statutory Tax Rate and Partnership's Effective Tax Rate) (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Statutory tax on income	21.00%	34.00%	34.00%
Income from entities that pass-through pre-tax earnings to the partners	(20.00%)	(30.00%)	(23.00%)
Effect on deferred tax assets of change in income tax rate	0.00%	1.00%	0.00%
Effective income tax rate	1.00%	5.00%	11.00%

INCOME TAXES (Deferred Tax Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Compensation-related accruals	$ 454	$ 359	$ 456
Net operating loss carryforwards	87	123	284
Depreciation	(16)
Depreciation		15	16
Other	14
Other		(32)	(3)
Total	$ 539	$ 465	$ 753

UNIT INCENTIVE PLAN (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity compensation expense	$ 1,127	$ 1,128	$ 919
Accrued liabilities relating to incentive compensation program	$ 1,900	1,300
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	$ 597	$ 426
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]
Granted to directors in payment of board compensation (in shares)	1,637	2,213	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	$ 1,300	$ 908
2005 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized for issuance (in shares)	1,105,815
Authorized but unissued (in shares)	858,267
Unvested Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation expense related to non-vested awards not yet recognized	$ 1,600
Weighted average remaining period to vest	20 months

UNIT INCENTIVE PLAN (Restricted Unit Activity) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Number of Shares
Tendered back to pay tax withholding (in units)	(1,000)	(1,000)	(1,000)
Restricted Stock and Restricted Stock Units
Number of Shares
Outstanding Beginning Balance (in shares)	39,214	35,493	36,047
Grants (in shares)	16,605	20,893	15,016
Vested (in shares)	(15,151)	(14,190)	(12,789)
Forfeited (in shares)		(1,550)	(436)
Tendered back to pay tax withholding (in units)	(1,466)	(1,432)	(2,345)
Outstanding Ending Balance (in shares)	39,202	39,214	35,493
Weighted Average Grant Date Fair Value
Outstanding Beginning Balance (in USD per share)	$ 64.62	$ 59.96	$ 59.96
Grants (in USD per share)	69.98	66.10	64.67
Vested (in USD per share)	65.03	66.48	55.97
Forfeited (in USD per share)		65.02	62.49
Tendered back to pay tax withholding (in USD per share)	64.59	65.65	57.41
Outstanding Ending Balance (in USD per share)	$ 66.72	$ 64.62	$ 59.96

UNIT REPURCHASE PLAN AND DISTRIBUTION REINVESTMENT PLAN (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	May 31, 2017
Class of Stock [Line Items]
Issued under the Distribution Reinvestment Plan (in units)	3,000
Partnership Units
Class of Stock [Line Items]
Maximum authorized for repurchase			$ 2,500,000.0
Repurchased (in shares)	16,542	18,101
Aggregate value repurchased	$ 1,200,000	$ 1,300,000
Registered for issuance under the Distribution Reinvestment Plan (in shares)	225,000
Issued under the Distribution Reinvestment Plan (in units)	3,069	122

EMPLOYEE BENEFITS (Details) - USD ($) $ in Thousands	12 Months Ended
EMPLOYEE BENEFITS (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Retirement Benefits [Abstract]
Employer matching contribution to defined contribution plan	50.00%	50.00%	50.00%
Maximum percentage of compensation contribution by company to defined contribution plan	8.00%	8.00%	8.00%
Amount of contribution by company to defined contribution plan	$ 222	$ 195	$ 182

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($)	1 Months Ended	3 Months Ended			12 Months Ended
	Dec. 31, 2018	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Site Contingency [Line Items]
Accrual for estimated environmental remediation costs	$ 9,083,000	$ 9,083,000		$ 12,770,000	$ 9,083,000	$ 4,979,000	$ 12,770,000	$ 16,761,000
Environmental liability, next 12 month	1,100,000	1,100,000			1,100,000
Environmental liability thereafter	8,000,000	8,000,000			8,000,000
Environmental remediation		2,700,000	$ 2,900,000	$ 7,700,000	5,600,000	0	7,700,000
Additions to accrual	2,700,000		$ 2,900,000		$ 5,600,000		$ 7,700,000
Remediation activity monitoring period					15 years
Performance bonds outstanding	$ 7,500,000	$ 7,500,000			$ 7,500,000	14,600,000
Percent of salary as retirement income	70.00%	70.00%			70.00%
Payment of fixed retirement benefits					$ 25,013
Projected liability under retirement plan	$ 126,000	$ 126,000			$ 126,000	$ 136,000
Minimum
Site Contingency [Line Items]
Remediation period					2 years
Maximum
Site Contingency [Line Items]
Remediation period					3 years

COMMITMENTS AND CONTINGENCIES (Changes in Environmental Liability) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accrual for Environmental Loss Contingencies [Roll Forward]
Balances at the Beginning of the Period			$ 4,979	$ 12,770	$ 16,761
Additions to Accrual	$ 2,700	$ 2,900	5,600		7,700
Expenditures for Remediation			1,496	7,791	11,691
Balance at Period-end	$ 9,083		$ 9,083	$ 4,979	$ 12,770

RELATED PARTY TRANSACTIONS (Details)	12 Months Ended
RELATED PARTY TRANSACTIONS (Details)	Dec. 31, 2018 USD ($)
General Partners
Related Party Transaction [Line Items]
Management fees paid	$ 150,000

SEGMENT AND MAJOR CUSTOMER INFORMATION (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($) fund	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Segment Reporting Information [Line Items]
Number of private equity timber funds \| fund	3
Operating expenses reclassified	$ 32,831	$ 24,334	$ 28,529
Customer one \| Sales Revenue, Net \| Customer Concentration Risk
Segment Reporting Information [Line Items]
Major customer percentage of consolidated revenue	13.00%	12.00%	17.00%
Customer two \| Sales Revenue, Net \| Customer Concentration Risk
Segment Reporting Information [Line Items]
Major customer percentage of consolidated revenue	11.00%	11.00%
Costs Incurred By Segments \| Partnership Timber
Segment Reporting Information [Line Items]
Operating expenses reclassified		$ (332,000)	$ (203,000)
Costs Incurred By Segments \| TIM
Segment Reporting Information [Line Items]
Operating expenses reclassified		$ 203,000	$ 332,000

SEGMENT AND MAJOR CUSTOMER INFORMATION (Reconciliation) (Details) - USD ($) $ in Thousands	3 Months Ended									12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues										$ 103,554	$ 99,823	$ 80,428
Cost of sales										(58,087)	(57,984)	(47,273)
Operating, general and administrative expenses										(32,831)	(24,334)	(28,529)
Operating, general and administrative expenses										(27,231)	(24,334)	(20,829)
Environmental remediation	$ 2,700		$ 2,900						$ 7,700	5,600	0	7,700
Gain (loss) on sale of timberland										0	(12,547)	(995)
Income (loss) from operations	(2,545)	$ 4,172	$ 3,809	$ 6,957	$ 14,570	$ 1,805	$ 993	$ 12,684		12,636	30,052	5,621
Depreciation, depletion and amortization, excluding amortization of debt issuance costs										27,651	19,657	13,328
Adjusted EBITDDA										45,887	37,162	25,654
Amortization of debt issuance costs										74	64	48
Total										27,725	19,721	13,376
Assets	508,249				380,673				399,050	508,249	380,673	399,050
Capital and Land Expenditures	155,311				21,656				55,758	155,311	21,656	55,758
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues										109,118	103,960	84,201
Operating, general and administrative expenses										(32,795)	(28,471)	(24,602)
Income (loss) from operations										12,636	30,052	5,621
Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues										0	0	0
Operating, general and administrative expenses										(7,324)	(5,846)	(5,147)
Income (loss) from operations										(7,324)	(5,846)	(5,147)
Eliminations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues										(5,564)	(4,137)	(3,773)
Operating, general and administrative expenses										5,564	4,137	3,773
Income (loss) from operations										0	0	0
Other, Eliminations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues											0	0
Operating, general and administrative expenses										107	104	71
Income (loss) from operations										107	104	71
Other, External
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues										0	0	0
Cost of sales										0	0	0
Operating, general and administrative expenses										(7,217)
Environmental remediation										0		0
Gain (loss) on sale of timberland											0	0
Income (loss) from operations										(7,217)	(5,742)	(5,076)
Depreciation, depletion and amortization, excluding amortization of debt issuance costs										72	55	65
Adjusted EBITDDA										(7,252)	(5,791)	(5,082)
G&A
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Assets	6,917				5,118				5,917	6,917	5,118	5,917
Capital and Land Expenditures	65				58				20	65	58	20
Partnership Timber
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues										45,422	39,672	36,275
Cost of sales										(17,828)	(14,874)	(15,497)
Operating expenses										(6,268)	(5,671)	(5,821)
Environmental remediation										0		0
Gain (loss) on sale of timberland											0	(769)
Income (loss) from operations										21,326	19,127	15,726
Depreciation, depletion and amortization, excluding amortization of debt issuance costs										4,228	4,121	3,771
Adjusted EBITDDA										25,373	23,074	18,600
Partnership Timber \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues										45,916	40,004	36,478
Operating expenses										(6,943)	(6,177)	(6,152)
Income (loss) from operations										21,145	18,953	15,598
Assets	94,353				91,206				87,419	94,353	91,206	87,419
Capital and Land Expenditures	8,186				7,168				40,745	8,186	7,168	40,745
Partnership Timber \| Eliminations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues										(494)	(332)	(203)
Operating expenses										675	506	331
Income (loss) from operations										181	174	128
Funds Timber
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues										49,819	33,842	21,029
Cost of sales										(36,732)	(26,910)	(17,145)
Operating expenses										(4,672)	(3,893)	(2,707)
Environmental remediation										0		0
Gain (loss) on sale of timberland											(12,547)	(226)
Income (loss) from operations										8,415	15,586	1,403
Depreciation, depletion and amortization, excluding amortization of debt issuance costs										23,009	15,170	9,073
Adjusted EBITDDA										26,857	14,841	6,983
Assets	370,386				244,846					370,386	244,846
Funds Timber \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues										49,819	33,842	21,029
Operating expenses										(9,239)	(7,261)	(5,974)
Income (loss) from operations										3,848	12,218	(1,864)
Assets	370,386				244,846				266,401	370,386	244,846	266,401
Capital and Land Expenditures	143,445				6,808				859	143,445	6,808	859
Funds Timber \| Eliminations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues										0	0	0
Operating expenses										4,567	3,368	3,267
Income (loss) from operations										4,567	3,368	3,267
TIM
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues										9	9	8
Cost of sales										0	0	0
Operating expenses										(4,495)	(3,520)	(2,831)
Environmental remediation										0		0
Gain (loss) on sale of timberland											0	0
Income (loss) from operations										(4,486)	(3,511)	(2,823)
Depreciation, depletion and amortization, excluding amortization of debt issuance costs										72	32	32
Adjusted EBITDDA										82	(184)	419
TIM \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues										4,576	3,377	3,275
Operating expenses										(4,566)	(3,593)	(2,888)
Income (loss) from operations										10	(216)	387
Assets	211				83				325	211	83	325
Capital and Land Expenditures	192				32				13	192	32	13
TIM \| Eliminations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues										(4,567)	(3,368)	(3,267)
Operating expenses										71	73	57
Income (loss) from operations										(4,496)	(3,295)	(3,210)
Real Estate
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues										8,304	26,300	23,116
Cost of sales										(3,527)	(16,200)	(14,631)
Operating expenses										(4,579)	(5,508)	(4,394)
Environmental remediation										5,600		7,700
Gain (loss) on sale of timberland											0	0
Income (loss) from operations										(5,402)	4,592	(3,609)
Depreciation, depletion and amortization, excluding amortization of debt issuance costs										270	279	387
Adjusted EBITDDA										827	5,222	4,734
Real Estate \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues										8,807	26,737	23,419
Operating expenses										(4,723)	(5,594)	(4,441)
Income (loss) from operations										(5,043)	4,943	(3,353)
Assets	36,382				39,420				38,988	36,382	39,420	38,988
Real Estate \| Operating Segments \| Real Estate project expenditures
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Capital and Land Expenditures	3,210				7,588				13,993	3,210	7,588	13,993
Real Estate \| Operating Segments \| Real Estate-other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Capital and Land Expenditures	$ 213				$ 2				$ 128	213	2	128
Real Estate \| Eliminations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues										(503)	(437)	(303)
Operating expenses										144	86	47
Income (loss) from operations										$ (359)	$ (351)	$ (256)

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Schedule of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 22,647	$ 28,008	$ 27,912	$ 24,987	$ 47,784	$ 18,803	$ 15,891	$ 17,345
Income (loss) from operations	(2,545)	4,172	3,809	6,957	14,570	1,805	993	12,684	$ 12,636	$ 30,052	$ 5,621
Net and comprehensive income (loss) attributable to unitholders	$ (1,778)	$ 2,644	$ 199	$ 5,718	$ 12,705	$ 1,658	$ 158	$ 3,370	$ 6,821	$ 17,891	$ 5,942
Basic and diluted earnings (loss) per unit (in dollars per share)	$ (0.41)	$ 0.60	$ 0.04	$ 1.31	$ 2.92	$ 0.38	$ 0.03	$ 0.77	$ 1.54	$ 4.10	$ 1.35

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Narrative) (Details) $ in Thousands	1 Months Ended	3 Months Ended				12 Months Ended
	Jan. 31, 2017 USD ($) Property	Dec. 31, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2017 USD ($) Property	Dec. 31, 2016 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Quarterly Financial Information [Line Items]
Environmental remediation		$ 2,700	$ 2,900		$ 7,700	$ 5,600	$ 0	$ 7,700
Pretax profit (loss)						$ 7,741	25,581	2,215
Fund II
Quarterly Financial Information [Line Items]
Number of tree farms sold \| Property	1			1
Proceeds from sale of tree farms	$ 26,500			$ 26,500
Productive Land \| Fund II
Quarterly Financial Information [Line Items]
Pretax profit (loss)				$ 12,500			$ 12,500	$ (23)