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UNIT INCENTIVE PLAN (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Restricted unit activity for the three years ended December 31, 2019 was as follows:



	Units		Weighted Avg Grant Date Fair Value ($)
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
Grants	16,678		69.84
Vested	(17,090	)	66.33
Forfeited	(272	)	69.50
Tendered back to pay tax withholding	(1,143	)	69.75
Outstanding December 31, 2019	37,375		68.29

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Current assets
Partnership cash	$ 2,030	$ 1,784
ORM Timber Funds cash	6,197	3,330
Cash	8,227	5,114
Restricted cash	810	943
Total cash and restricted cash	9,037	6,057
Accounts receivable	3,824	4,670
Contract assets	2,765	2,872
Land held for sale	0	5,697
Prepaid expenses and other current assets	1,385	1,070
Total current assets	17,011	20,366
Properties and equipment, at cost
Timber and roads	367,305	377,970
Timberland	77,035	74,267
Land held for development	20,223	20,891
Buildings and equipment, net of accumulated depreciation	5,340	5,500
Total properties and equipment, at cost	469,903	478,628
Other assets	6,635	9,255
Total assets	493,549	508,249
Current liabilities
Accounts payable	1,700	2,379
Accrued liabilities	7,165	5,191
Deferred revenue	223	336
Current portion of environmental remediation liability	1,104	1,082
Other current liabilities	1,399	865
Total current liabilities	36,714	9,981
Environmental remediation and other long-term liabilities	9,091	8,427
Commitments and contingencies
Partners’ capital
General partners' capital (units issued and outstanding 2019 - 60; 2018 - 60)	751	944
Limited partners' capital (units issued and outstanding 2019 - 4,258; 2018 - 4,253)	42,010	56,533
Noncontrolling interests	276,232	281,123
Total partners’ capital and noncontrolling interests	318,993	338,600
Total liabilities, partners’ capital, and noncontrolling interests	493,549	508,249
Partnership
Current liabilities
Current portion of long-term debt - Partnership	133	128
Long-term debt, less unamortized debt issuance costs and current portion - Partnership	96,406	93,928
Funds
Current liabilities
Current portion of long-term debt - Partnership	24,990	0
Long-term debt, less unamortized debt issuance costs and current portion - Partnership	$ 32,345	$ 57,313

CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL - USD ($) shares in Thousands, $ in Thousands	Total	Noncontrolling Interests	General Partners	Limited Partners
Beginning Balance (in units) at Dec. 31, 2016	4,315
Beginning balance at Dec. 31, 2016	$ 248,464	$ 189,331	$ 934	$ 58,199
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)	24,405	6,514	250	17,641
Cash distributions	(43,118)	(30,903)	(171)	(12,044)
Capital calls	$ 11,137	11,137
Equity-based compensation (in units)	15
Equity-based compensation	$ 1,128		16	1,112
Unit issuances - distribution reinvestment plan	$ 9			9
Unit repurchases (in units)	(18)
Unit repurchases	$ (1,305)			(1,305)
Indirect repurchase of units for minimum tax withholding (in units)	(1)
Indirect repurchase of units for minimum tax withholding	$ (94)		(1)	(93)
Beginning Balance (in units) at Dec. 31, 2017	4,311
Ending balance at Dec. 31, 2017	$ 240,626	176,079	1,028	63,519
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)	7,637	816	95	6,726
Cash distributions	(29,450)	(15,507)	(194)	(13,749)
Capital calls	$ 119,735	119,735
Equity-based compensation (in units)	17
Equity-based compensation	$ 1,127		16	1,111
Unit issuances - distribution reinvestment plan (in units)	3
Unit issuances - distribution reinvestment plan	$ 215			215
Unit repurchases (in units)	(17)
Unit repurchases	$ (1,189)			(1,189)
Indirect repurchase of units for minimum tax withholding (in units)	(1)
Indirect repurchase of units for minimum tax withholding	$ (101)		(1)	(100)
Beginning Balance (in units) at Dec. 31, 2018	4,313
Ending balance at Dec. 31, 2018	$ 338,600	281,123	944	56,533
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)	(9,954)	(12,389)	34	2,401
Cash distributions	(27,321)	(9,886)	(242)	(17,193)
Capital calls	17,259	17,259
Preferred stock issuance	$ 125	125
Equity-based compensation (in units)	18
Equity-based compensation	$ 1,185		16	1,169
Unit issuances - distribution reinvestment plan (in units)	1
Unit issuances - distribution reinvestment plan	$ 42			42
Unit repurchases (in units)	(13)
Unit repurchases	$ (863)			(863)
Indirect repurchase of units for minimum tax withholding (in units)	(1)
Indirect repurchase of units for minimum tax withholding	$ (80)		(1)	(79)
Beginning Balance (in units) at Dec. 31, 2019	4,318
Ending balance at Dec. 31, 2019	$ 318,993	$ 276,232	$ 751	$ 42,010

LEASES Operating Lease Income Maturity (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Leases [Abstract]
2020	$ 792
2021	683
2022	649
2023	594
2024	550
Thereafter	3,586
Total	$ 6,854

COMMITMENTS AND CONTINGENCIES (Changes in Environmental Liability) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019	Jun. 30, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accrual for Environmental Loss Contingencies [Roll Forward]
Balances at the Beginning of the Period				$ 9,083	$ 4,979	$ 12,770
Additions to Accrual	$ 2,700	$ 1,600	$ 2,900	1,576	5,600	0
Expenditures for Remediation				649	1,496	7,791
Balance at Period-end	$ 9,083	$ 10,010		$ 10,010	$ 9,083	$ 4,979

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2019

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 4 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 6 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 properties 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, 2019 was $3.2 million less than it would have been under the previous revenue recognition standards. For the year ended December 31, 2018, revenue recognized from timber deed sales 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. Topic 842 was subsequently amended by ASU No. 2018-01, Land Easement Practical Expedient for Transition to Topic 842; ASU No. 2018-10, Codification Improvements to Topic 842, Leases; and ASU No. 2018-11, Targeted Improvements. 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 are classified as financing or operating, with classification affecting the pattern and classification of expense recognition in the income statement. For lessors, leases are classified as a sales-type, direct financing, or operating lease.

The Partnership adopted this new standard effective January 1, 2019 and utilized the effective date as the date of initial application. Consequently, financial information was not updated, and the disclosures required under the new standard are not provided for dates and periods prior to January 1, 2019. The new standard provides a number of optional practical expedients in transition. The Partnership elected the ‘package of practical expedients’, which permits us to not reassess under the new standard our prior conclusions about lease identification, lease classification, and initial direct costs. We did not elect the use-of-hindsight or the practical expedient pertaining to land easements, the latter not being applicable to us.

The Partnership recognized a ROU asset and lease liability of $294,000 as of January 1, 2019 in connection with the adoption of this standard and all of its leases continue to be classified as operating leases. Accordingly, the adoption of this standard did not have a cumulative effect, or material effect, on the Partnership’s consolidated financial statements.

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 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 thousand board feet (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. There were no amounts held by like-kind exchange intermediaries at December 31, 2019 or 2018.

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 no allowance for doubtful accounts at December 31, 2019 or 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, 2019. 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, 2019 and 2018, 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 Partnership had no land and timber held for sale at December 31, 2019. Land and timber held for sale of $5.7 million as of December 31, 2018, reflected expected sales in 2019 of a parcel comprising 20 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, 2019 and 2018, (in thousands):



Description	12/31/2019			12/31/2018
Buildings	$	9,375		$	9,716
Equipment	3,514			3,343
Furniture and fixtures	665			664
Total	$	13,554		$	13,723
Accumulated depreciation	(8,214		)	(8,223		)
Net buildings and equipment	$	5,340		$	5,500

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 $223,000 and $336,000 at December 31, 2019, and 2018, 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 14 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, Fund III, and Fund IV 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)	2019			2018			2017
Net and comprehensive income attributable to unitholders	$	2,435		$	6,821		$	17,891
Less: Net and comprehensive income attributable to unvested restricted unitholders	(152		)	(125		)	(133		)
Less: Dividends paid to Funds preferred shareholders	(46		)	(31		)	(31		)
Net and comprehensive income attributable to unitholders for earnings per unit calculation	$	2,237		$	6,665		$	17,727
Basic and diluted weighted average units outstanding	4,321			4,317			4,323
Basic and diluted net earnings per unit	$	0.52		$	1.54		$	4.10

Fund II, Fund III, and Fund IV preferred shares

Fund II, Fund III, and Fund IV each have issued 125 par $0.01 shares of 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, for Funds II and III, and 12.0% for Fund IV. 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 (see note 9 for further fair value information):


•	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.

INCOME TAXES (Deferred Tax Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Compensation-related accruals	$ 490	$ 454	$ 359
Net operating loss carryforwards	8	87	123
Depreciation	(23)	(16)
Depreciation			15
Other	(6)		(32)
Other		14
Total	$ 469	$ 539	$ 465

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Schedule of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 28,938	$ 27,948	$ 27,975	$ 25,042	$ 22,647	$ 28,008	$ 27,912	$ 24,987
Income (loss) from operations	(4,546)	(2,017)	189	2,376	(2,545)	4,172	3,809	6,957	$ (3,998)	$ 12,636	$ 30,052
Net and comprehensive income (loss) attributable to unitholders	$ (2,502)	$ (579)	$ 2,205	$ 3,311	$ (1,778)	$ 2,644	$ 199	$ 5,718	$ 2,435	$ 6,821	$ 17,891
Basic and diluted earnings (loss) per unit (in dollars per share)	$ (0.59)	$ (0.15)	$ 0.50	$ 0.75	$ (0.41)	$ 0.60	$ 0.04	$ 1.31	$ 0.52	$ 1.54	$ 4.10

- Definition

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

+ References + Details

LEASES Lease Cost and Other Lease Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Leases [Abstract]
Operating lease cost	$ 188
Variable lease cost	8
Total lease cost	196
Cash paid for amounts included in the measurement of lease liabilities	196
Right-of-use asset obtained in exchange for new leases	$ 17
Weighted-average remaining lease term (in years)	1 year 10 months 2 days
Weighted average discount rate (in percent)	4.20%

INTEREST, NET

12 Months Ended

Dec. 31, 2019

Other Income and Expenses [Abstract]

INTEREST, NET

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



(in thousands)	2019			2018			2017

Interest income - Partnership	$	3		$	132		$	3
Interest expense - Partnership	(3,717		)	(3,075		)	(2,644		)
Interest expense - Funds	(2,247		)	(2,247		)	(2,321		)
Capitalized interest - Partnership	164			295			491
Interest expense, net	$	(5,797	)	$	(4,895	)	$	(4,471	)

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, $1.4 million and $1.0 million in 2019, 2018, and 2017, 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 $1.6 million and $1.8 million at December 31, 2019 and 2018, respectively, and is included in accrued liabilities.

INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Deferred income tax expense	$ (79)	$ (67)	$ (109)
Decrease in deferred tax assets			$ 264
Increase in effective tax rate	0.00%	0.00%	1.00%

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”) (Narrative) (Details) $ in Thousands	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, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Oct. 31, 2018 USD ($)
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Pretax profit (loss)					$ (9,795)	$ 7,741	$ 25,581
Deposit for acquisitions					0	1,005	5,688
Management fees payable					$ 1,100	1,000
South Puget Sound WA
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total purchase price								$ 4,800
South Central WA
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total purchase price	$ 20,300
Timber and Roads \| South Central WA
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total purchase price	17,500
Land \| South Central WA
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total purchase price	2,800
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	$ 26,500
Fund II \| Productive Land
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Pretax profit (loss)				$ 12,500			$ 12,500
Fund IV
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Operating term for Fund					15 years
Total purchase price		$ 17,100
Deposit for acquisitions						$ 1,000
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
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						32,300
Fund IV \| South Central WA
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total purchase price	$ 3,000
Land acquired (in acres) \| a	7,100
Fund IV \| Timber and Roads
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total purchase price		100,700
Fund IV \| Timber and Roads \| South Puget Sound WA
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total purchase price								27,100
Fund IV \| Land
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total purchase price		$ 13,300
Fund IV \| Land \| South Puget Sound WA
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total purchase price								$ 5,200
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%

UNIT INCENTIVE PLAN (Restricted Unit Activity) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
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)	39,202	39,214	35,493
Grants (in shares)	16,678	16,605	20,893
Vested (in shares)	(17,090)	(15,151)	(14,190)
Forfeited (in shares)	(272)		(1,550)
Tendered back to pay tax withholding (in units)	(1,143)	(1,466)	(1,432)
Outstanding Ending Balance (in shares)	37,375	39,202	39,214
Weighted Average Grant Date Fair Value
Outstanding Beginning Balance (in USD per share)	$ 66.72	$ 64.62	$ 59.96
Grants (in USD per share)	69.84	69.98	66.10
Vested (in USD per share)	66.33	65.03	66.48
Forfeited (in USD per share)	69.50		65.02
Tendered back to pay tax withholding (in USD per share)	69.75	64.59	65.65
Outstanding Ending Balance (in USD per share)	$ 68.29	$ 66.72	$ 64.62

SUBSEQUENT EVENTS (Notes)	12 Months Ended
SUBSEQUENT EVENTS (Notes)	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENT On January 14, 2020, Pope Resources, entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Rayonier, Inc., (“Rayonier”) and certain of its subsidiaries. Upon consummation of the transaction, holders of limited partner units of the Partnership (including the depositary receipts therefor, the “Partnership Units”), will be entitled to receive, for each Partnership Unit, merger consideration consisting of (i) 3.929 common shares of Rayonier, (ii) 3.929 units of Rayonier Operating Partnership LP, or (iii) $125 in cash. Elections will be subject to proration to ensure that the aggregate amount of cash, on the one hand, and Rayonier common stock and Rayonier operating partnership units, on the other hand, that are issued in the merger would be equal to the amounts issued as if every Partnership Unit received $37.50 in cash and 2.751 Rayonier common shares or Rayonier operating partnership units. If elections for the Rayonier common shares and Rayonier operating partnership units are oversubscribed, then to reduce the effect of such proration Rayonier can, in its discretion, add additional equity (and decrease the amount of cash) payable to the Partnership unitholders making such election. Completion of the Merger is subject to the satisfaction (or waiver, if permissible under applicable law) of customary closing conditions, including the approval of the holders of a majority of the Partnership Units. The Merger Agreement contains certain termination rights for the Partnership and Rayonier, including, among others, the right of (i) the Partnership to terminate the Merger Agreement in order to enter into a definitive agreement for an acquisition proposal that constitutes a Superior Proposal and (ii) Rayonier to terminate the Merger Agreement as a result of the Board changing its recommendation with respect to the Merger Agreement and the Mergers. The Merger Agreement provides that under specified circumstances, including those described above, the Partnership will be required to pay Rayonier a termination fee of $20 million.

REVENUE (Log Sale and Other Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Revenue	$ 28,938	$ 27,948	$ 27,975	$ 25,042	$ 22,647	$ 28,008	$ 27,912	$ 24,987
Partnership Timber
Disaggregation of Revenue [Line Items]
Revenue									$ 39,987	$ 45,422	$ 39,672
Funds Timber
Disaggregation of Revenue [Line Items]
Revenue									48,646	49,819	33,842
Timber deed sale revenue \| Partnership Timber
Disaggregation of Revenue [Line Items]
Revenue									25	92	422
Timber deed sale revenue \| Funds Timber
Disaggregation of Revenue [Line Items]
Revenue									2,378	11,440	2,337
Other revenue \| Partnership Timber
Disaggregation of Revenue [Line Items]
Revenue									2,357	2,292	2,157
Other revenue \| Funds Timber
Disaggregation of Revenue [Line Items]
Revenue									1,839	1,117	558
UNITED STATES \| Log sale revenue - domestic \| Partnership Timber
Disaggregation of Revenue [Line Items]
Revenue									30,732	34,789	28,126
UNITED STATES \| Log sale revenue - domestic \| Funds Timber
Disaggregation of Revenue [Line Items]
Revenue									36,949	27,981	15,490
Indirect \| Log sale revenue - domestic \| Partnership Timber
Disaggregation of Revenue [Line Items]
Revenue									6,873	8,249	8,967
Indirect \| Log sale revenue - domestic \| Funds Timber
Disaggregation of Revenue [Line Items]
Revenue									$ 7,480	$ 9,281	$ 15,457

INCOME TAXES (Reconciliation Between Federal Statutory Tax Rate and Partnership's Effective Tax Rate) (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Statutory tax on income (loss)	(21.00%)	21.00%	34.00%
(Income) loss from entities that pass-through pre-tax earnings to the partners	23.00%	(20.00%)	(30.00%)
Effect on deferred tax assets of change in income tax rate	0.00%	0.00%	1.00%
Effective income tax rate	2.00%	1.00%	5.00%

SEGMENT AND MAJOR CUSTOMER INFORMATION

12 Months Ended

Dec. 31, 2019

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.

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, 2019, the Partnership had two customers that each represented 11% of consolidated revenue. For the year ended December 31, 2018, the Partnership had one customer that represented 13% and another that represented 11% of consolidated revenue. In 2017, the Partnership had one customer that represented 12% and another that represented 11% 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)
2019	Partnership Timber			Funds Timber			TIM			Real Estate			Other			Consolidated
Revenue internal		$40,785			$48,646			$5,760			$21,746			$—			$116,937
Eliminations	(798		)	—			(5,742		)	(494		)				(7,034		)
Revenue external	39,987			48,646			18			21,252			—			109,903

Cost of sales	(19,605		)	(48,142		)	—			(11,437		)	—			(79,184		)
Operating, general and administrative expenses - internal	(6,266		)	(11,322		)	(5,173		)	(5,258		)	(12,243		)	(40,262		)
Eliminations	978			5,532			280			140			104			7,034
Operating, general and administrative expenses - external	(5,288		)	(5,790		)	(4,893		)	(5,118		)	(12,139		)	(33,228		)
Environmental remediation	—			—			—			(1,576		)	—			(1,576		)
Gain (loss) on sale of timberland	87			—			—			—			—			87
Income (loss) from operations - internal	15,001			(10,818		)	587			3,475			(12,243		)	(3,998		)
Eliminations	180			5,532			(5,462		)	(354		)	104			—
Income (loss) from operations - external		$15,181			($5,286	)		($4,875	)		$3,121			($12,139	)		($3,998	)



(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



(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



(in thousands)	2019		2018		2017
Depletion, depreciation, and amortization
Partnership Timber	$	4,791	$	4,228	$	4,121
Funds Timber	26,656		23,009		15,170
Timberland Investment Management	92		72		32
Real Estate	261		270		279
G&A	49		72		55
	31,849		27,651		19,657
Amortization of debt issuance costs	94		74		64
Total	$	31,943	$	27,725	$	19,721



Assets	2019		2018		2017
Partnership Timber	$	90,508	$	94,353	$	91,206
Funds Timber	366,551		370,386		244,846
Timberland Investment Management	215		211		83
Real Estate	31,267		36,382		39,420
G&A	5,008		6,917		5,118
Total	$	493,549	$	508,249	$	380,673



Capital and Land Expenditures	2019		2018		2017
Partnership Timber	$	2,207	$	8,186	$	7,168
Funds Timber	20,984		143,445		6,808
Timberland Investment Management	140		192		32
Real Estate project expenditures	2,772		3,210		7,588
Real Estate-other	37		213		2
G&A	69		65		58
Total	$	26,209	$	155,311	$	21,656

LEASES Leases Operating Lease Maturity (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Leases [Abstract]
2020	$ 103
2021	50
2022	14
Unamortized discount	(8)
Total lease liability at December 31, 2019	$ 161

PARTNERSHIP TIMBERLAND ACQUISITIONS (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) a	Dec. 31, 2018 USD ($) 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	322	1,342
Assets acquired	$ 751	$ 7,200
Western Washington \| Land
Business Acquisition [Line Items]
Assets acquired	98	869
Western Washington \| Timber and Roads
Business Acquisition [Line Items]
Assets acquired	$ 653	$ 6,300

OTHER ASSETS (Summary of Other Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred tax assets, net	$ 469	$ 540
Right of use assets	161
Contract assets, noncurrent	0	957
Deposits for acquisitions of timberland	0	1,005
Investment in Real Estate joint venture entity	4,954	5,891
Advances to Real Estate joint venture entity	1,000	804
Notes receivable	50	57
Other	1	1
Total	$ 6,635	$ 9,255

LEASES (Narrative) (Details) $ in Thousands	12 Months Ended
LEASES (Narrative) (Details) $ in Thousands	Dec. 31, 2019 USD ($) renewal_option	Dec. 31, 2018 USD ($)
Leases [Abstract]
Basis spread on discount rate	1.60%
Lessor, Lease, Description [Line Items]
Property plant and equipment	$ 13,554	$ 13,723
Accumulated depreciation	$ 8,214	$ 8,223
Land
Lessor, Lease, Description [Line Items]
Lessor, operating lease, term of contract	5 years
Lessor, operating lease, renewal term	5 years
Assets Leased to Others
Lessor, Lease, Description [Line Items]
Property plant and equipment	$ 2,100
Accumulated depreciation	$ 1,200
Minimum \| Land
Lessor, Lease, Description [Line Items]
Lessor, operating lease, number of renewal options \| renewal_option	2
Maximum \| Land
Lessor, Lease, Description [Line Items]
Lessor, operating lease, number of renewal options \| renewal_option	5

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Fixed-Rate Debt - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt outstanding carrying value	$ 125.4	$ 125.5
Fair Value, Inputs, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt outstanding fair value	$ 162.1	$ 126.3

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended			12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Site Contingency [Line Items]
Accrual for estimated environmental remediation costs	$ 9,083	$ 10,010	$ 9,083		$ 10,010	$ 9,083	$ 4,979	$ 12,770
Environmental liability, next 12 month		1,100			1,100
Environmental liability thereafter		8,900			8,900
Environmental remediation		1,600	2,700	$ 2,900	1,576	5,600	0
Additions to accrual	2,700	1,600		$ 2,900	1,576	5,600	$ 0
Performance bonds outstanding	$ 7,500	$ 4,200	$ 7,500		$ 4,200	$ 7,500
Minimum
Site Contingency [Line Items]
Remediation period					2 years
Remediation activity monitoring period					10 years
Maximum
Site Contingency [Line Items]
Remediation period					3 years
Remediation activity monitoring period					15 years

UNIT INCENTIVE PLAN

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [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, 2019, total compensation expense not yet recognized related to non-vested awards was $1.6 million with a weighted average 36 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 2019, 2018 and 2017, the Partnership granted 1,574, 1,637, and 2,213 unrestricted units, respectively, to directors in payment of their board compensation.

Total equity compensation expense was $1.2 million, $1.1 million and $1.1 million for 2019, 2018 and 2017, respectively. As of December 31, 2019, accrued liabilities included $2.5 million relating to the 2010 Incentive Compensation Program, with $662,000 of that total attributable to the cash component of the PRU and the balance of $1.8 million attributable to the LTIP. This compares with December 31, 2018, when accrued liabilities included $1.9 million relating to the 2010 Incentive Compensation Program, with $597,000 related to the cash-payout component of the PRU and the balance of $1.3 million 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 841,861 units authorized but unissued as of December 31, 2019.

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, 2019 was as follows:



	Units		Weighted Avg Grant Date Fair Value ($)
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
Grants	16,678		69.84
Vested	(17,090	)	66.33
Forfeited	(272	)	69.50
Tendered back to pay tax withholding	(1,143	)	69.75
Outstanding December 31, 2019	37,375		68.29

LEASES Balance Sheet Classification of Operating Lease Assets and Liabilities (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Leases [Abstract]
Right of use assets	$ 161
Lease liability - current	98
Lease liability - long-term	$ 63

OTHER ASSETS

12 Months Ended

Dec. 31, 2019

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

OTHER ASSETS

Other assets consisted of the following at December 31:



	2019		2018
Deferred tax assets, net	$	469	$	540
Right of use asset	161		—
Contract assets, noncurrent	—		957
Deposits for acquisitions of timberland	—		1,005
Investment in Real Estate joint venture entity	4,954		5,891
Advances to Real Estate joint venture entity	1,000		804
Notes receivable	50		57
Other	1		1
Total	$	6,635	$	9,255

The long-term portion of contract assets represented 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 commenced 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 (Loss) under the caption “Net loss attributable to noncontrolling interests - Real Estate.”

Advances to Real Estate joint venture entity represents advances made by Ferncliff Investors to 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.

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Environmental remediation

The Partnership has an accrual for estimated environmental remediation costs of $10.0 million and $9.1 million as of December 31, 2019 and 2018, 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, 2019 is comprised of $1.1 million that the Partnership expects to expend in the next 12 months and $8.9 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 $1.6 million and $5.6 million in 2019 and 2018, respectively. Following is a summary of each of these adjustments and the next steps for the project:

2018 Adjustments

During 2018, the Partnership worked with the Washington State Department of Ecology (DOE) to formulate the design of the millsite cleanup. As a result of this design work, we were informed by DOE during the second quarter that we needed to excavate, cap, and monitor a greater amount of soil contamination at the millsite than we had previously anticipated. These changes led to an increase in the accrual of $2.9 million in the second quarter of 2018.

In early 2019, the Partnership submitted the final remedial investigation/feasibility study (RI/FS) and draft Cleanup Action Plan (CAP) to DOE that reflected the new scope of the millsite cleanup. We also made progress on the Natural Resource Damages (NRD) component of the project during the second half of 2018.

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 progressed to the point where management could identify a short list of restoration projects that it believed would resolve the Trustees’ NRD claims.

Management re-evaluated the liability to incorporate the information included in the RI/FS submission for the millsite and the 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, brought the total adjustment to the liability to $5.6 million for 2018.

2019 Adjustment and next steps

The 2019 increase to the liability was necessary to address continuing developments in the NRD negotiations and an expansion of long-term monitoring obligations. Ongoing negotiations with the NRD Trustees required us to expand on the scope of the restoration projects we had proposed earlier. In addition, results from the landfill monitoring performed in 2018 and 2019 caused the Kitsap Public Health District (KPHD) to require bi-annual monitoring through 2021, rather than the annual monitoring that we had previously anticipated. The scope expansion for the NRD restoration projects and more frequent landfill monitoring activity required by KPHD resulted in a combined $1.6 million increase to our liability in the fourth quarter of 2019.

The CAP and consent decree for the millsite are expected to be finalized during mid-year 2020, following a public review period. For the NRD component of the project, we are continuing to discuss settlement with the Trustees and remain hopeful that we will also have a settlement agreement in place by mid-year 2020. In both cases, it is reasonably possible that our cost estimates could change as a result of changes to either the millsite cleanup or the NRD restoration components of the liability, or both. We currently expect 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 10 to 15 more 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.

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, 2017	$	12,770	$	—	$	7,791	$	4,979
Year ended December 31, 2018	4,979		5,600		1,496		9,083
Year ended December 31, 2019	9,083		1,576		649		10,010

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 $4.2 million and $7.5 million at December 31, 2019 and 2018, respectively. The bonds relate primarily to development activity in connection with pending and completed sales from our Harbor Hill project in Gig Harbor.

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.

LONG-TERM DEBT

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

LONG-TERM DEBT



(in thousands)	At December 31,
Partnership debt:	2019			2018
$30.0 million revolving line of credit with Northwest Farm Credit Services (NWFCS), variable interest based on LIBOR plus margin of 1.60% (3.30% at December 31, 2019) with quarterly interest-only payments and collateralized by timberlands (matures October 2023)	$	16,000		16,400
Mortgage payable to NWFCS, collateralized by Poulsbo headquarters:
Interest at 3.80% with monthly principal and interest payments, (matures January 2023)	2,209			2,337
$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% (refinanced April 2019)	—			9,800
Interest at LIBOR plus 1.60% (3.30% at December 31, 2019) (matures October 2024)	6,000			6,000
Interest at 6.05% (matures July 2025)	10,000			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			8,000
Interest at 5.34% (matures October 2035)	8,000			8,000
Interest at 5.42% (matures October 2036)	8,000			8,000
Interest at 4.35% (matures May 2031)	3,000			—
Interest at 4.49% (matures May 2031)	3,000			—
Interest at 4.60% (matures May 2031)	3,800			—
$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% (3.30% at December 31, 2019)	7,000			4,000
Total Partnership debt	97,009			94,537
Less unamortized debt issuance costs	(470		)	(481		)
Less current portion	(133		)	(128		)
Long-term debt, less unamortized debt issuance costs and current portion - Partnership	$	96,406		$	93,928

As described in note 8, 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.

In April 2019, the Partnership refinanced a $9.8 million debt tranche with Northwest Farm Credit Services that was originally due in September 2019. As refinanced, this debt has an ultimate maturity of May 2031. The $9.8 million refinancing was divided into three tranches with fixed rates, gross of patronage rebates, for specific periods, as follows:

•$3.0 million at 4.35% through April 2027

•$3.0 million at 4.49% through April 2029

•$3.8 million at 4.60% through April 2031

On the expiration of the fixed-rate periods, the tranches can be repaid or refinanced without penalty, or revert to a floating rate or be fixed at then-current rates for periods not to exceed the ultimate maturity of April 2031. The Partnership paid a make-whole premium of $61,000 in connection with this refinancing.

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, 2019.



(in thousands)	At December 31,
ORM Timber Funds debt:	2019			2018
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	(45		)	(67		)
Less current portion	(24,990		)	—
Long-term debt, less unamortized debt issuance costs and current portion - Funds	$	32,345		$	57,313

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, 2019.

Fund III’s debt agreement contains a requirement to maintain a minimum interest coverage ratio of 1.5:1, maintain working capital of $500,000, 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, 2019.

At December 31, 2019, principal payments on long-term debt for the next five years and thereafter are due as follows (in thousands):



	Partnership		Funds
2020	$	133	$	25,000
2021	138		—
2022	143		—
2023	17,795		17,980
2024	6,000		14,400
Thereafter	72,800		—
Total	$	97,009	$	57,380

SEGMENT AND MAJOR CUSTOMER INFORMATION (Reconciliation) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	$ 28,938	$ 27,948	$ 27,975	$ 25,042	$ 22,647	$ 28,008	$ 27,912	$ 24,987
Revenue									$ 109,903	$ 103,554	$ 99,823
Cost of sales									(79,184)	(58,087)	(57,984)
Operating, general and administrative expenses									(33,228)	(27,231)	(24,334)
Selling, General and Administrative Expense									12,139	7,217	5,742
Environmental remediation	(1,600)				(2,700)		(2,900)		(1,576)	(5,600)	0
Gain (loss) on sale of timberland									(87)	0	(12,547)
Income (loss) from operations	(4,546)	$ (2,017)	$ 189	$ 2,376	(2,545)	$ 4,172	$ 3,809	$ 6,957	(3,998)	12,636	30,052
Depreciation, depletion and amortization, excluding amortization of debt issuance costs									31,849	27,651	19,657
Amortization of debt issuance costs									94	74	64
Total									31,943	27,725	19,721
Assets	493,549				508,249				493,549	508,249	380,673
Capital and Land Expenditures	26,209				155,311				26,209	155,311	21,656
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue									116,937	109,118	103,960
Operating, general and administrative expenses									(40,262)	(32,795)	(28,471)
Income (loss) from operations									(3,998)	12,636	30,052
Eliminations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue									(7,034)	(5,564)	(4,137)
Operating, general and administrative expenses									7,034	5,564	4,137
Income (loss) from operations									0	0	0
Corporate, Non-Segment, Before Intersegment Eliminations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue									0	0	0
Operating, general and administrative expenses									(12,243)	(7,324)	(5,846)
Income (loss) from operations									(12,243)	(7,324)	(5,846)
Corporate, Non-Segment, Intersegment Eliminations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue											0
Operating, general and administrative expenses									104	107	104
Income (loss) from operations									104	107	104
Corporate, Non-Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue									0	0	0
Cost of sales									0	0	0
Operating, general and administrative expenses									(12,139)
Environmental remediation									0	0
Gain (loss) on sale of timberland									0		0
Income (loss) from operations									(12,139)	(7,217)	(5,742)
G&A
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Depreciation, depletion and amortization, excluding amortization of debt issuance costs									49	72	55
Assets	5,008				6,917				5,008	6,917	5,118
Capital and Land Expenditures	69				65				69	65	58
Partnership Timber
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue									39,987	45,422	39,672
Cost of sales									(19,605)	(17,828)	(14,874)
Operating, general and administrative expenses									(5,288)	(6,268)	(5,671)
Environmental remediation									0	0
Gain (loss) on sale of timberland									(87)		0
Income (loss) from operations									15,181	21,326	19,127
Depreciation, depletion and amortization, excluding amortization of debt issuance costs									4,791	4,228	4,121
Partnership Timber \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue									40,785	45,916	40,004
Operating, general and administrative expenses									(6,266)	(6,943)	(6,177)
Income (loss) from operations									15,001	21,145	18,953
Assets	90,508				94,353				90,508	94,353	91,206
Capital and Land Expenditures	2,207				8,186				2,207	8,186	7,168
Partnership Timber \| Eliminations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue									(798)	(494)	(332)
Operating, general and administrative expenses									978	675	506
Income (loss) from operations									180	181	174
Funds Timber
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue									48,646	49,819	33,842
Cost of sales									(48,142)	(36,732)	(26,910)
Operating, general and administrative expenses									(5,790)	(4,672)	(3,893)
Environmental remediation									0	0
Gain (loss) on sale of timberland									0		(12,547)
Income (loss) from operations									(5,286)	8,415	15,586
Depreciation, depletion and amortization, excluding amortization of debt issuance costs									26,656	23,009	15,170
Assets	366,551				370,386				366,551	370,386
Funds Timber \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue									48,646	49,819	33,842
Operating, general and administrative expenses									(11,322)	(9,239)	(7,261)
Income (loss) from operations									(10,818)	3,848	12,218
Assets	366,551				370,386				366,551	370,386	244,846
Capital and Land Expenditures	20,984				143,445				20,984	143,445	6,808
Funds Timber \| Eliminations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue									0	0	0
Operating, general and administrative expenses									5,532	4,567	3,368
Income (loss) from operations									5,532	4,567	3,368
TIM
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue									18	9	9
Cost of sales									0	0	0
Operating, general and administrative expenses									(4,893)	(4,495)	(3,520)
Environmental remediation									0	0
Gain (loss) on sale of timberland									0		0
Income (loss) from operations									(4,875)	(4,486)	(3,511)
Depreciation, depletion and amortization, excluding amortization of debt issuance costs									92	72	32
TIM \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue									5,760	4,576	3,377
Operating, general and administrative expenses									(5,173)	(4,566)	(3,593)
Income (loss) from operations									587	10	(216)
Assets	215				211				215	211	83
Capital and Land Expenditures	140				192				140	192	32
TIM \| Eliminations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue									(5,742)	(4,567)	(3,368)
Operating, general and administrative expenses									280	71	73
Income (loss) from operations									(5,462)	(4,496)	(3,295)
Real Estate
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue									21,252	8,304	26,300
Cost of sales									(11,437)	(3,527)	(16,200)
Operating, general and administrative expenses									(5,118)	(4,579)	(5,508)
Environmental remediation									(1,576)	(5,600)
Gain (loss) on sale of timberland									0		0
Income (loss) from operations									3,121	(5,402)	4,592
Depreciation, depletion and amortization, excluding amortization of debt issuance costs									261	270	279
Real Estate \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue									21,746	8,807	26,737
Operating, general and administrative expenses									(5,258)	(4,723)	(5,594)
Income (loss) from operations									3,475	(5,043)	4,943
Assets	31,267				36,382				31,267	36,382	39,420
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	2,772				3,210				2,772	3,210	7,588
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	$ 37				$ 213				37	213	2
Real Estate \| Eliminations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue									(494)	(503)	(437)
Operating, general and administrative expenses									140	144	86
Income (loss) from operations									$ (354)	$ (359)	$ (351)

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, 2019	Dec. 31, 2018	Dec. 31, 2017
Condensed Financial Statements, Captions [Line Items]
Cash	$ 6,197	$ 3,330
Total current assets	17,011	20,366
Properties and equipment, net of accumulated depreciation	469,903	478,628
Other long-term assets	6,635	9,255
Total assets	493,549	508,249	$ 380,673
Current liabilities	36,714	9,981
Total liabilities, partners’ capital, and noncontrolling interests	493,549	508,249
Funds Timber
Condensed Financial Statements, Captions [Line Items]
Cash	6,197	3,330
Other current assets	5,192	4,931
Total current assets	11,389	8,261
Properties and equipment, net of accumulated depreciation	355,162	360,163
Other long-term assets	0	1,962
Total assets	366,551	370,386
Current liabilities	28,737	3,237
Long-term debt	32,345	57,313
Other long-term liabilities	0	300
Funds’ equity	305,469	309,536
Total liabilities, partners’ capital, and noncontrolling interests	$ 366,551	$ 370,386

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details)	3 Months Ended								12 Months Ended
	Dec. 31, 2019 USD ($) Partner $ / shares shares	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($) a shares	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2019 USD ($) fund Partner Segment $ / shares shares	Dec. 31, 2018 USD ($) a parcel_of_land shares	Dec. 31, 2017 USD ($)	Jan. 01, 2019 USD ($)
Significant Accounting Policies [Line Items]
Number of private equity timber funds \| fund									3
Number of segments \| Segment									4
Revenue	$ 28,938,000	$ 27,948,000	$ 27,975,000	$ 25,042,000	$ 22,647,000	$ 28,008,000	$ 27,912,000	$ 24,987,000
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	$ 6,635,000				$ 9,255,000				$ 6,635,000	$ 9,255,000
Allowance for doubtful accounts on accounts receivable	0				0				0	0
Deferred tax assets, valuation allowance	0								0
Interest expense and penalties on taxes									0	$ 0	$ 0
Number of parcels of land held-for-sale \| parcel_of_land										3
Deferred revenue	223,000				336,000				223,000	$ 336,000
Operating lease, right-of-use asset	161,000								$ 161,000
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	0				$ 5,700,000				$ 0	$ 5,700,000
Area of land for sale (in acres) \| a					20					20
Like-Kind Intermediaries
Significant Accounting Policies [Line Items]
Other assets	$ 0				$ 0				$ 0	$ 0
General Partners
Significant Accounting Policies [Line Items]
Number of partnership units owned by general partners (in shares) \| shares	60,000								60,000
Fund II, III, and IV \| 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
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
Fund IV \| Series A Preferred Stock
Significant Accounting Policies [Line Items]
Preferred stock rate of interest									12.00%
Fund II and Fund III \| Series A Preferred Stock
Significant Accounting Policies [Line Items]
Preferred stock rate of interest									12.50%
Maximum amount required to pay on redemption upon settlement	$ 125,000								$ 125,000
Accounting Standards Update 2016-02 [Member]
Significant Accounting Policies [Line Items]
Operating lease, right-of-use asset												$ 294,000
Operating lease liability												$ 294,000
Topic 606 \| Difference due to Topic 606 \| Timber deed sale revenue
Significant Accounting Policies [Line Items]
Revenue									$ (3,200,000)	$ 7,400,000
Ferncliff Investors ownership
Significant Accounting Policies [Line Items]
Percentage of interests owned by third parties in non controlling interests	66.67%								66.67%
Fund II, III, and IV \| Olympic Resource Management Llc
Significant Accounting Policies [Line Items]
Ownership interest									1.00%
Fund II
Significant Accounting Policies [Line Items]
Percentage of interests owned by third parties in non controlling interests	80.00%								80.00%
Fund II \| Partnership Timber
Significant Accounting Policies [Line Items]
Ownership interest									19.00%
Fund III
Significant Accounting Policies [Line Items]
Percentage of interests owned by third parties in non controlling interests	95.00%								95.00%
Fund III \| Partnership Timber
Significant Accounting Policies [Line Items]
Ownership interest									4.00%
Fund IV
Significant Accounting Policies [Line Items]
Percentage of interests owned by third parties in non controlling interests	85.00%								85.00%
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%

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

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)	2019			2018		2017
Income (loss) before income taxes	$	(9,795	)	$	7,741	$	25,581
Income (loss) in entities that pass-through pre-tax earnings to the partners	(10,740		)	7,273		23,089
Income subject to income taxes	$	945		$	468	$	2,492

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)	2019			2018			2017
Current	$	(87	)	$	(180	)	$	(888	)
Deferred	(72		)	76			(288		)
Total	$	(159	)	$	(104	)	$	(1,176	)

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:



	2019		2018		2017
Statutory tax on income (loss)	(21	)%	21	%	34	%
(Income) loss from entities that pass-through pre-tax earnings to the partners	23	%	(20	)%	(30	)%
Effect on deferred tax assets of change in income tax rate	—	%	—	%	1	%
Effective income tax rate	2	%	1	%	5	%

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)	2019			2018			2017
Compensation-related accruals	$	490		$	454		$	359
Net operating loss carryforwards	8			87			123
Depreciation	(23		)	(16		)	15
Other	(6		)	14			(32		)
Total	$	469		$	539		$	465

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, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share [Abstract]
Net and comprehensive income attributable to unitholders	$ (2,502)	$ (579)	$ 2,205	$ 3,311	$ (1,778)	$ 2,644	$ 199	$ 5,718	$ 2,435	$ 6,821	$ 17,891
Less: Net and comprehensive income attributable to unvested restricted unitholders									(152)	(125)	(133)
Less: Dividends paid to Funds preferred shareholders									(46)	(31)	(31)
Net and comprehensive income attributable to unitholders for earnings per unit calculation									$ 2,237	$ 6,665	$ 17,727
Basic and diluted weighted average units outstanding (in shares)									4,321	4,317	4,323
Basic and diluted net earnings per unit (in dollars per share)	$ (0.59)	$ (0.15)	$ 0.50	$ 0.75	$ (0.41)	$ 0.60	$ 0.04	$ 1.31	$ 0.52	$ 1.54	$ 4.10

- Definition

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

+ References + Details

DOCUMENT AND ENTITY INFORMATION - USD ($)	12 Months Ended
DOCUMENT AND ENTITY INFORMATION - USD ($)	Dec. 31, 2019	Feb. 14, 2020	Jun. 30, 2019
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, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
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)		4,367,215
Entity Public Float			$ 225,812,479

OTHER ASSETS (Tables)

12 Months Ended

Dec. 31, 2019

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

Schedule of Other Assets

Other assets consisted of the following at December 31:



	2019		2018
Deferred tax assets, net	$	469	$	540
Right of use asset	161		—
Contract assets, noncurrent	—		957
Deposits for acquisitions of timberland	—		1,005
Investment in Real Estate joint venture entity	4,954		5,891
Advances to Real Estate joint venture entity	1,000		804
Notes receivable	50		57
Other	1		1
Total	$	6,635	$	9,255

EMPLOYEE BENEFITS	12 Months Ended
EMPLOYEE BENEFITS	Dec. 31, 2019
Retirement Benefits [Abstract]
EMPLOYEE BENEFITS	EMPLOYEE BENEFITS As of December 31, 2019, all employees of the Partnership and its subsidiaries are eligible to receive benefits under a defined contribution plan. During the years 2017 through 2019 the Partnership matched 50% of employees’ contributions up to 8% of an individual’s compensation. The Partnership’s contributions to the plan amounted to $234,000, $222,000, and $195,000 for the years ended December 31, 2019, 2018, and 2017, respectively.

SUBSEQUENT EVENTS (Details) - Pope Resources And Rayonier, Inc. Merger Agreement - Subsequent Event $ / shares in Units, $ in Millions	Jan. 14, 2020 USD ($) $ / shares shares
Subsequent Event [Line Items]
Merger termination fee \| $	$ 20
Rayonier, Inc.
Subsequent Event [Line Items]
Merger consideration (in shares)	3.929
Merger consideration (in dollars per share) \| $ / shares	$ 125
Merger consideration, prorated (in dollars per share) \| $ / shares	$ 37.50
Merger consideration, prorated (in shares)	2.751
Rayonier Operating Partnership LP
Subsequent Event [Line Items]
Merger consideration (in shares)	3.929
Merger consideration, prorated (in shares)	2.751

CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - shares shares in Thousands	Dec. 31, 2019	Dec. 31, 2018
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)	4,258	4,253
Limited partners’ capital, outstanding (in shares)	4,258	4,253

SCHEDULE TO CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of net income (loss) to net cash provided by operating activities:
Net income	$ (9,954)	$ 7,637	$ 24,405
Depletion	31,178	27,121	19,187
Equity-based compensation	1,185	1,127	1,128
Depreciation and amortization	765	604	534
Loss on early extinguishment of debt	64	0	0
Gain on sale of timberland	(87)	0	(12,547)
Gain on sale of property and equipment	(108)	(43)	(2)
Deferred taxes, net	72	(76)	288
Cost of land sold - Real Estate	9,281	1,674	13,862
Loss from unconsolidated real estate joint venture	801	4	5
Increase (decrease) in cash from changes in operating accounts:
Accounts receivable	847	1,757	(2,046)
Prepaid expenses, contract assets and other assets	395	(2,502)	2,336
Real estate project expenditures	(2,772)	(3,210)	(7,588)
Accounts payable and accrued liabilities	1,445	689	417
Deferred revenue	(113)	139	(222)
Environmental remediation accruals	1,576	5,600	0
Environmental remediation payments	(649)	(1,496)	(7,791)
Other current and noncurrent liabilities	295	753	14
Net cash provided by operating activities	$ 34,221	$ 39,778	$ 31,980

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2019

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
2019
First quarter	$	25,042	$	2,376		$	3,311		$	0.75
Second quarter	27,975		189			2,205			0.50
Third quarter	27,948		(2,017		)	(579		)	(0.15		)
Fourth quarter	28,938		(4,546		)	(2,502		)	(0.59		)
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		)

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

12 Months Ended

Dec. 31, 2019

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
2019
First quarter	$	25,042	$	2,376		$	3,311		$	0.75
Second quarter	27,975		189			2,205			0.50
Third quarter	27,948		(2,017		)	(579		)	(0.15		)
Fourth quarter	28,938		(4,546		)	(2,502		)	(0.59		)
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		)

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 $2.9 million, $2.7 million, and $1.6 million in the second quarter of 2018, fourth quarter of 2018, and fourth quarter of 2019, 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.

INTEREST, NET (Tables)

12 Months Ended

Dec. 31, 2019

Other Income and Expenses [Abstract]

Schedule of interest expense, net

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



(in thousands)	2019			2018			2017

Interest income - Partnership	$	3		$	132		$	3
Interest expense - Partnership	(3,717		)	(3,075		)	(2,644		)
Interest expense - Funds	(2,247		)	(2,247		)	(2,321		)
Capitalized interest - Partnership	164			295			491
Interest expense, net	$	(5,797	)	$	(4,895	)	$	(4,471	)

INCOME TAXES

12 Months Ended

Dec. 31, 2019

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)	2019			2018		2017
Income (loss) before income taxes	$	(9,795	)	$	7,741	$	25,581
Income (loss) in entities that pass-through pre-tax earnings to the partners	(10,740		)	7,273		23,089
Income subject to income taxes	$	945		$	468	$	2,492

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)	2019			2018			2017
Current	$	(87	)	$	(180	)	$	(888	)
Deferred	(72		)	76			(288		)
Total	$	(159	)	$	(104	)	$	(1,176	)

Included in the deferred income tax expense for 2019, 2018, and 2017 are $79,000, $67,000, $109,000 related to the utilization of net operating loss carryforwards.

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:



	2019		2018		2017
Statutory tax on income (loss)	(21	)%	21	%	34	%
(Income) loss from entities that pass-through pre-tax earnings to the partners	23	%	(20	)%	(30	)%
Effect on deferred tax assets of change in income tax rate	—	%	—	%	1	%
Effective income tax rate	2	%	1	%	5	%

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)	2019			2018			2017
Compensation-related accruals	$	490		$	454		$	359
Net operating loss carryforwards	8			87			123
Depreciation	(23		)	(16		)	15
Other	(6		)	14			(32		)
Total	$	469		$	539		$	465

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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Nature of operations

Principles of consolidation

New accounting standards

General partner

Noncontrolling interests

Significant estimates 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

Fund II, Fund III, and Fund IV 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 (see note 9 for further fair value information):


•	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.

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS	Dec. 31, 2019
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 $125.4 million and $125.5 million as of December 31, 2019 and 2018, respectively, has been estimated based on current interest rates for similar financial instruments, Level 2 inputs in the Fair Value Hierarchy, to be approximately $162.1 million and $126.3 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

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 31, 2019
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. In connection with the Partnership’s strategic evaluation project, and with it’s entry into the agreement and plan of merger with Rayonier, Inc. as discussed in note 17, in 2019 the Partnership incurred legal and financial advisory fees totaling $786,000 for advisors to the shareholders of its general partners.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenue
Revenue	$ 109,903	$ 103,554	$ 99,823
Cost of sales
Cost of sales	(79,184)	(58,087)	(57,984)
Operating expenses
Environmental remediation (Real Estate)	(1,576)	(5,600)	0
General & Administrative	(12,139)	(7,217)	(5,742)
Operating expenses	(34,804)	(32,831)	(24,334)
Gain on sale of timberland	87	0	12,547
Operating income (loss)
General & Administrative	(12,139)	(7,217)	(5,742)
Operating income (loss)	(3,998)	12,636	30,052
Interest expense, net	(5,797)	(4,895)	(4,471)
Income (loss) before income taxes	(9,795)	7,741	25,581
Income tax expense	(159)	(104)	(1,176)
Net and comprehensive income (loss)	(9,954)	7,637	24,405
Net and comprehensive income (loss)	(9,954)	7,637	24,405
Net and comprehensive income attributable to unitholders	2,435	6,821	17,891
Net and comprehensive income attributable to unitholders	2,435	6,821	17,891
Allocable to general partners	34	95	250
Allocable to limited partners	$ 2,401	$ 6,726	$ 17,641
Basic and diluted earnings per unit attributable to unitholders (in dollars per share)	$ 0.52	$ 1.54	$ 4.10
Distributions per unit (in dollars per share)	$ 4	$ 3.20	$ 2.8
Partnership Timber
Revenue
Revenue	$ 39,987	$ 45,422	$ 39,672
Cost of sales
Cost of sales	(19,605)	(17,828)	(14,874)
Operating expenses
Operating expenses	(5,288)	(6,268)	(5,671)
Environmental remediation (Real Estate)	0	0
Gain on sale of timberland	87		0
Operating income (loss)
Operating income (loss)	15,181	21,326	19,127
Funds Timber
Revenue
Revenue	48,646	49,819	33,842
Cost of sales
Cost of sales	(48,142)	(36,732)	(26,910)
Operating expenses
Operating expenses	(5,790)	(4,672)	(3,893)
Environmental remediation (Real Estate)	0	0
Gain on sale of timberland	0		12,547
Operating income (loss)
Operating income (loss)	(5,286)	8,415	15,586
Timberland Investment Management
Revenue
Revenue	18	9	9
Cost of sales
Cost of sales	0	0	0
Operating expenses
Operating expenses	(4,893)	(4,495)	(3,520)
Environmental remediation (Real Estate)	0	0
Gain on sale of timberland	0		0
Operating income (loss)
Operating income (loss)	(4,875)	(4,486)	(3,511)
Real Estate
Revenue
Revenue	21,252	8,304	26,300
Cost of sales
Cost of sales	(11,437)	(3,527)	(16,200)
Operating expenses
Operating expenses	(5,118)	(4,579)	(5,508)
Environmental remediation (Real Estate)	(1,576)	(5,600)
Gain on sale of timberland	0		0
Operating income (loss)
Operating income (loss)	3,121	(5,402)	4,592
ORM Timber Funds
Operating income (loss)
Net and comprehensive (income) loss attributable to noncontrolling interests	11,813	(895)	(6,516)
Net and comprehensive (income) loss attributable to noncontrolling interests	11,813	(895)	(6,516)
Real Estate
Operating income (loss)
Net and comprehensive (income) loss attributable to noncontrolling interests	576	79	2
Net and comprehensive (income) loss attributable to noncontrolling interests	$ 576	$ 79	$ 2

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, 2019	Dec. 31, 2018
Interest at 4.35% (matures May 2031)
Debt Instrument [Line Items]
Long-term debt, gross		$ 3,000,000	$ 0
Interest at 4.49% (matures May 2031)
Debt Instrument [Line Items]
Long-term debt, gross		3,000,000	0
Interest at 4.60% (matures May 2031)
Debt Instrument [Line Items]
Long-term debt, gross		3,800,000	0
Partnership
Debt Instrument [Line Items]
Long-term debt, gross		97,009,000	94,537,000
Less unamortized debt issuance costs		(470,000)	(481,000)
Less current portion		(133,000)	(128,000)
Long-term debt, less unamortized debt issuance costs and current portion - Partnership		96,406,000	93,928,000
Partnership \| Line of Credit \| Interest at 6.40% (refinanced April 2019)
Debt Instrument [Line Items]
Long-term debt, gross		$ 0	9,800,000
Fixed interest rate		6.40%
Partnership \| Line of Credit \| Interest at LIBOR plus 1.60% (3.30% at December 31, 2019) (matures October 2024)
Debt Instrument [Line Items]
Long-term debt, gross		$ 6,000,000	6,000,000
Effective interest rate		3.30%
Partnership \| Line of Credit \| Interest at LIBOR plus 1.60% (3.30% at December 31, 2019) (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 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	8,000,000
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	8,000,000
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	8,000,000
Fixed interest rate		5.42%
Partnership \| Line of Credit \| Interest at 4.35% (matures May 2031)
Debt Instrument [Line Items]
Fixed interest rate		4.35%
Partnership \| Line of Credit \| Interest at 4.49% (matures May 2031)
Debt Instrument [Line Items]
Fixed interest rate		4.49%
Partnership \| Line of Credit \| Interest at 4.60% (matures May 2031)
Debt Instrument [Line Items]
Fixed interest rate		4.60%
Partnership \| Mortgages payable \| Interest at 3.80% with monthly principal and interest payments, (matures January 2023)
Debt Instrument [Line Items]
Long-term debt, gross		$ 2,209,000	2,337,000
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% (3.30% at December 31, 2019) with quarterly interest-only payments and collateralized by timberlands (matures October 2023)
Debt Instrument [Line Items]
Long-term debt, gross		$ 16,000,000	16,400,000
Maximum borrowing capacity		$ 30,000,000
Effective interest rate		3.30%
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% (3.30% at December 31, 2019) 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		$ 7,000,000	4,000,000
Maximum borrowing capacity	$ 40,000,000
Effective interest rate		3.30%
Delayed-Draw Facility \| Partnership \| Line of Credit \| Credit Agreement \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.60%
Funds
Debt Instrument [Line Items]
Long-term debt, gross		$ 57,380,000	57,380,000
Less unamortized debt issuance costs		(45,000)	(67,000)
Less current portion		(24,990,000)	0
Long-term debt, less unamortized debt issuance costs and current portion - Partnership		32,345,000	57,313,000
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%

SEGMENT AND MAJOR CUSTOMER INFORMATION (Narrative) (Details) - Segment	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Concentration Risk [Line Items]
Number of segments	4
Two Customers \| Sales Revenue, Net \| Customer Concentration Risk
Concentration Risk [Line Items]
Major customer percentage of consolidated revenue	11.00%
Customer one \| Sales Revenue, Net \| Customer Concentration Risk
Concentration Risk [Line Items]
Major customer percentage of consolidated revenue		13.00%	12.00%
Customer two \| Sales Revenue, Net \| Customer Concentration Risk
Concentration Risk [Line Items]
Major customer percentage of consolidated revenue		11.00%	11.00%

UNIT REPURCHASE PLAN AND DISTRIBUTION REINVESTMENT PLAN (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Mar. 31, 2019	Jun. 30, 2017	May 31, 2017
Class of Stock [Line Items]
Issued under the Distribution Reinvestment Plan (in units)	1,000	3,000
Partnership Units
Class of Stock [Line Items]
Maximum authorized for repurchase				$ 2,000,000.0		$ 2,500,000.0
Repurchased (in shares)	12,578	16,542	18,101
Aggregate value repurchased	$ 863,000	$ 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)	611	3,069	122

UNIT REPURCHASE PLAN AND DISTRIBUTION REINVESTMENT PLAN	12 Months Ended
UNIT REPURCHASE PLAN AND DISTRIBUTION REINVESTMENT PLAN	Dec. 31, 2019
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 authorization under Rule 10b5-1 of the Securities Exchange Act of 1934 (1934 Act) 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 March 2019, the Partnership adopted a new unit repurchase authorization under Rule 10b5-1 of the 1934 Act that allowed for the repurchase of units with an aggregate value of $2.0 million through March 7, 2020. During 2019, the Partnership repurchased 12,578 units with an aggregate value of $863,000. 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 registered 225,000 units for issuance under the DRP. The Partnership issued 122 units, 3,069 units, and 611 units under the DRP during 2017, 2018, and 2019, respectively. The DRP was suspended on November 15, 2019.

LONG-TERM DEBT (Debt Maturities) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Partnership
Debt Instrument [Line Items]
2020	$ 133
2021	138
2022	143
2023	17,795
2024	6,000
Thereafter	72,800
Long-term debt, gross	97,009	$ 94,537
Funds
Debt Instrument [Line Items]
2020	25,000
2021	0
2022	0
2023	17,980
2024	14,400
Thereafter	0
Long-term debt, gross	$ 57,380	$ 57,380

REVENUE (Tables)

12 Months Ended

Dec. 31, 2019

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, 2019, and 2018:



	2019			2018

Contract assets, beginning of year	$	3,829		$	—
Revenue recognized from the satisfaction of performance obligations	2,488			11,381
Revenue recognized from changes in estimates of variable consideration	(85		)	151
Transferred to receivables from contract assets	(3,467		)	(7,703		)
Total contract assets, end of year	2,765			3,829
Less: noncurrent portion included in other assets	—			(957		)
Current portion of contract assets, end of year	$	2,765		$	2,872

Disaggregation of Revenue

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



(in thousands)	2019		2018		2017
Partnership Timber
Log sale revenue - domestic	$	30,732	$	34,789	$	28,126
Log sale revenue - export brokers (indirect)	6,873		8,249		8,967
Timber deed sale revenue	25		92		422
Other revenue	2,357		2,292		2,157
Total revenue	$	39,987	$	45,422	$	39,672

Funds Timber
Log sale revenue - domestic	$	36,949	$	27,981	$	15,490
Log sale revenue - export brokers (indirect)	7,480		9,281		15,457
Timber deed sale revenue	2,378		11,440		2,337
Other revenue	1,839		1,117		558
Total revenue	$	48,646	$	49,819	$	33,842

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



	2019		2018		2017

Conservation land sale	$	—	$	—	$	5,056
Conservation easements	2,610		3,730		—
Gig Harbor residential	12,025		—		14,157
Gig Harbor commercial	—		—		3,500
Bremerton residential	—		1,375		—
Other residential	770		751		2,255
Other commercial	—		400		—
Unimproved land	4,383		205		—
Total land sales	19,788		6,461		24,968
Rentals and other	1,464		1,843		1,332
Total revenue	$	21,252	$	8,304	$	26,300

REVENUE

12 Months Ended

Dec. 31, 2019

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” are $2.2 million and $3.0 million of receivables from contracts with customers as of December 31, 2019, and 2018, respectively.

Significant changes in the contract asset balance during the period were as follows, and there were no contract liabilities as of December 31, 2019, and 2018:



	2019			2018

Contract assets, beginning of year	$	3,829		$	—
Revenue recognized from the satisfaction of performance obligations	2,488			11,381
Revenue recognized from changes in estimates of variable consideration	(85		)	151
Transferred to receivables from contract assets	(3,467		)	(7,703		)
Total contract assets, end of year	2,765			3,829
Less: noncurrent portion included in other assets	—			(957		)
Current portion of contract assets, end of year	$	2,765		$	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 $905,000 and $0, respectively, of such performance deposits at December 31, 2019. There are $500,000 and $300,000, respectively, of such performance deposits at December 31, 2018.

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 119,000 acres of timberland and 3,500 acres of timber deeds (Partnership Timber) in Washington and the Funds’ 141,000 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)	2019		2018		2017
Partnership Timber
Log sale revenue - domestic	$	30,732	$	34,789	$	28,126
Log sale revenue - export brokers (indirect)	6,873		8,249		8,967
Timber deed sale revenue	25		92		422
Other revenue	2,357		2,292		2,157
Total revenue	$	39,987	$	45,422	$	39,672

Funds Timber
Log sale revenue - domestic	$	36,949	$	27,981	$	15,490
Log sale revenue - export brokers (indirect)	7,480		9,281		15,457
Timber deed sale revenue	2,378		11,440		2,337
Other revenue	1,839		1,117		558
Total revenue	$	48,646	$	49,819	$	33,842

Timberland Investment Management (TIM)

The TIM segment provides investment management, disposition, and technical forestry services in connection with the 141,000 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 16. 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 1,500 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:



	2019		2018		2017

Conservation land sale	$	—	$	—	$	5,056
Conservation easements	2,610		3,730		—
Gig Harbor residential	12,025		—		14,157
Gig Harbor commercial	—		—		3,500
Bremerton residential	—		1,375		—
Other residential	770		751		2,255
Other commercial	—		400		—
Unimproved land	4,383		205		—
Total land sales	19,788		6,461		24,968
Rentals and other	1,464		1,843		1,332
Total revenue	$	21,252	$	8,304	$	26,300

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, 2019

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, Fund III is scheduled to terminate in December 2025, and Fund IV is scheduled to terminate in December 2034.

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 16 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 (Loss) 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 for the year ended December 31, 2017.

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. 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. The purchase price was allocated $17.5 million to timber and roads, and $2.8 million to the underlying land. 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, 2019, and 2018, which were as follows:



(in thousands)	2019		2018
Cash	$	6,197	$	3,330
Other current assets	5,192		4,931
Total current assets	11,389		8,261
Properties and equipment, net of accumulated depreciation	355,162		360,163
Other long-term assets	—		1,962
Total assets	$	366,551	$	370,386

Current liabilities	$	28,737	$	3,237
Long-term debt	32,345		57,313
Other long-term liabilities	—		300
Funds’ equity	305,469		309,536
Total liabilities and equity	$	366,551	$	370,386

The table above includes management fees and other expenses payable to the Partnership of $1.1 million and $1.0 million as of December 31, 2019 and 2018, respectively. These amounts are eliminated in the Partnership’s consolidated balance sheets.

LONG-TERM DEBT (Narrative) (Details)	1 Months Ended		12 Months Ended
LONG-TERM DEBT (Narrative) (Details)	Apr. 30, 2019 USD ($)	Oct. 31, 2018 USD ($) increase loan_segment	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
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%
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
Debt Instrument [Line Items]
Long-term debt, gross			$ 97,009,000	$ 94,537,000
Partnership \| Line of Credit \| Credit Agreement Due May 2031
Debt Instrument [Line Items]
Debt refinanced	$ 9,800,000
Payment for debt extinguishment or debt prepayment cost	61,000
Partnership \| Line of Credit \| Credit Agreement Due September 2019
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 71,800,000.0
Partnership \| Line of Credit \| Credit Agreement, Tranche 1, Due April 2027
Debt Instrument [Line Items]
Long-term debt, gross	$ 3,000,000
Debt instrument, interest rate, stated percentage	4.35%
Partnership \| Line of Credit \| Credit Agreement, Tranche 2, Due April 2029
Debt Instrument [Line Items]
Long-term debt, gross	$ 3,000,000
Debt instrument, interest rate, stated percentage	4.49%
Partnership \| Line of Credit \| Credit Agreement, Tranche 3, Due April 2031
Debt Instrument [Line Items]
Long-term debt, gross	$ 3,800,000
Debt instrument, interest rate, stated percentage	4.60%
Partnership \| Line of Credit \| Delayed-Draw Facility \| Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 40,000,000
Long-term debt, gross			7,000,000	4,000,000
Partnership \| Line of Credit \| LIBOR \| Delayed-Draw Facility \| Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate		1.60%
Funds
Debt Instrument [Line Items]
Long-term debt, gross			$ 57,380,000	$ 57,380,000
Funds \| Fund III \| Mortgages payable \| Mortgages Payable To Northwest Farm Credit Services
Debt Instrument [Line Items]
Interest coverage ratio covenant			150.00%
Working capital covenant			$ 500,000
Loan to value ratio, less than			50.00%
Funds \| Fund II \| Mortgages payable \| Mortgage Payable To MetLife
Debt Instrument [Line Items]
Loan to value ratio, less than			50.00%

REVENUE (Real Estate Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Revenue	$ 28,938	$ 27,948	$ 27,975	$ 25,042	$ 22,647	$ 28,008	$ 27,912	$ 24,987
Revenue									$ 109,903	$ 103,554	$ 99,823
Real Estate
Disaggregation of Revenue [Line Items]
Revenue									21,252	8,304	26,300
Real Estate \| Total land sales
Disaggregation of Revenue [Line Items]
Revenue									19,788	6,461	24,968
Real Estate \| Conservation land sale
Disaggregation of Revenue [Line Items]
Revenue									0	0	5,056
Real Estate \| Conservation easements
Disaggregation of Revenue [Line Items]
Revenue									2,610	3,730	0
Real Estate \| Gig Harbor residential
Disaggregation of Revenue [Line Items]
Revenue									12,025	0	14,157
Real Estate \| Gig Harbor commercial
Disaggregation of Revenue [Line Items]
Revenue									0	0	3,500
Real Estate \| Bremerton residential
Disaggregation of Revenue [Line Items]
Revenue									0	1,375	0
Real Estate \| Other residential
Disaggregation of Revenue [Line Items]
Revenue									770	751	2,255
Real Estate \| Other commercial
Disaggregation of Revenue [Line Items]
Revenue									0	400	0
Real Estate \| Unimproved land
Disaggregation of Revenue [Line Items]
Revenue									4,383	205	0
Real Estate \| Rentals and other
Disaggregation of Revenue [Line Items]
Revenue									$ 1,464	$ 1,843	$ 1,332

LEASES (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Assets And Liabilities, Lessee, Operating Leases

The following table presents the balances of our right-of-use assets and lease liabilities and the balance sheet captions in which they are reported (in thousands):



	December 31, 2019		Balance Sheet caption

Right of use assets	$	161	Other assets
Lease liability - current	$	98	Other current liabilities
Lease liability - long-term	$	63	Environmental remediation and other long-term liabilities

Lease, Cost

The following table presents the components of lease costs and other lease information for the year ended December 31, 2019:



In thousands, except weighted-average information
	2019
Lease cost
Operating lease cost	$	188
Variable lease cost	8
Total lease cost	$	196

Other lease information
Cash paid for amounts included in the measurement of lease liabilities	$	196
Right-of-use asset obtained in exchange for new leases	$	17
Weighted-average remaining lease term in years	1.84
Weighted average discount rate	4.2		%

Lessee, Operating Lease, Liability, Maturity

Payments due under lease contracts for the next five years and thereafter are as follows (in thousands):



2020	$	103
2021	50
2022	14
Unamortized discount	(8		)
Total lease liability at December 31, 2019	$	161

Operating Lease, Lease Income

The following table presents the components of lease income for the year ended December 31, 2019 (in thousands):



	2019

Lease Income
Operating lease income	$	1,710
Variable lease income	55
Total lease income	$	1,765

Lessor, Operating Lease, Payments to be Received, Maturity

Lease income at December 31, 2019, based on payments due by period under the lease contracts, are presented in the following table (in thousands):



2020	$	792
2021	683
2022	649
2023	594
2024	550
Thereafter	3,586
Total	$	6,854

OTHER ASSETS (Narrative) (Details)	12 Months Ended
OTHER ASSETS (Narrative) (Details)	Dec. 31, 2019 a
Bainbridge Island, Washington
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of land (in acres)	5
Ferncliff Management \| Ferncliff Investors
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership interest	33.33%
Bainbridge Landing \| Ferncliff Investors
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of ownership interest	50.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Buildings and Equipment

Buildings and equipment are recorded at cost and consisted of the following as of December 31, 2019 and 2018, (in thousands):



Description	12/31/2019			12/31/2018
Buildings	$	9,375		$	9,716
Equipment	3,514			3,343
Furniture and fixtures	665			664
Total	$	13,554		$	13,723
Accumulated depreciation	(8,214		)	(8,223		)
Net buildings and equipment	$	5,340		$	5,500

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)	2019			2018			2017
Net and comprehensive income attributable to unitholders	$	2,435		$	6,821		$	17,891
Less: Net and comprehensive income attributable to unvested restricted unitholders	(152		)	(125		)	(133		)
Less: Dividends paid to Funds preferred shareholders	(46		)	(31		)	(31		)
Net and comprehensive income attributable to unitholders for earnings per unit calculation	$	2,237		$	6,665		$	17,727
Basic and diluted weighted average units outstanding	4,321			4,317			4,323
Basic and diluted net earnings per unit	$	0.52		$	1.54		$	4.10

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities:
Cash received from customers	$ 111,707	$ 101,621	$ 97,665
Cash paid to suppliers and employees	(67,840)	(51,551)	(45,307)
Environmental remediation payments	(649)	(1,496)	(7,791)
Interest received	3	126	3
Interest paid, net of amounts capitalized	(6,021)	(4,941)	(4,603)
Real Estate project expenditures	(2,772)	(3,210)	(7,588)
Income taxes paid	(207)	(771)	(399)
Net cash provided by operating activities	34,221	39,778	31,980
Cash flows from investing activities:
Capital expenditures	(3,358)	(4,101)	(2,500)
Proceeds from sale of fixed assets	142	42	30
Proceeds from sale of timberland	90	0	26,590
Proceeds from insurance recovery	365	0	0
Investment in unconsolidated Real Estate joint venture	0	0	(5,790)
Deposit for acquisition of timberland - Funds	0	(1,005)	(5,688)
Acquisition of timberland - Partnership	(812)	(6,356)	(5,881)
Acquisition of timberland - Funds	(19,313)	(140,639)	0
Net cash provided by (used in) investing activities	(22,886)	(152,059)	6,761
Cash flows from financing activities:
Line of credit borrowings	24,886	32,475	28,000
Line of credit repayments	(25,286)	(12,275)	(25,800)
Repayment of long-term debt	(128)	(123)	(5,119)
Proceeds from issuance of long-term debt	3,000	4,000	0
Payment of debt issuance costs and prepayment penalty	(125)	(233)	(104)
Proceeds from unit issuances - distribution reinvestment plan	42	215	9
Unit repurchases	(863)	(1,189)	(1,305)
Payroll taxes paid on unit net settlements	(80)	(101)	(94)
Cash distributions to unitholders	(17,435)	(13,943)	(12,215)
Cash distributions from Real Estate joint venture	136	0	0
Cash distributions - ORM Timber Funds, net of distributions to Partnership	(9,886)	(15,507)	(30,903)
Preferred stock issuance - ORM Timber Funds	125	0	0
Net cash provided by (used in) financing activities	(8,355)	113,054	(36,394)
Net increase (decrease) in cash and restricted cash	2,980	773	2,347
Cash and restricted cash:
Beginning of year	6,057	5,284	2,937
End of year	9,037	6,057	5,284
ORM Timber Funds
Cash flows from financing activities:
Capital call	17,259	119,735	5,237
Real Estate
Cash flows from financing activities:
Capital call	$ 0	$ 0	$ 5,900

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Buildings and Equipment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	$ 13,554	$ 13,723
Accumulated depreciation	(8,214)	(8,223)
Net buildings and equipment	$ 5,340	5,500
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	$ 9,375	9,716
Equipment
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	3,514	3,343
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	$ 665	$ 664

LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Long-Term Debt



(in thousands)	At December 31,
ORM Timber Funds debt:	2019			2018
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	(45		)	(67		)
Less current portion	(24,990		)	—
Long-term debt, less unamortized debt issuance costs and current portion - Funds	$	32,345		$	57,313



(in thousands)	At December 31,
Partnership debt:	2019			2018
$30.0 million revolving line of credit with Northwest Farm Credit Services (NWFCS), variable interest based on LIBOR plus margin of 1.60% (3.30% at December 31, 2019) with quarterly interest-only payments and collateralized by timberlands (matures October 2023)	$	16,000		16,400
Mortgage payable to NWFCS, collateralized by Poulsbo headquarters:
Interest at 3.80% with monthly principal and interest payments, (matures January 2023)	2,209			2,337
$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% (refinanced April 2019)	—			9,800
Interest at LIBOR plus 1.60% (3.30% at December 31, 2019) (matures October 2024)	6,000			6,000
Interest at 6.05% (matures July 2025)	10,000			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			8,000
Interest at 5.34% (matures October 2035)	8,000			8,000
Interest at 5.42% (matures October 2036)	8,000			8,000
Interest at 4.35% (matures May 2031)	3,000			—
Interest at 4.49% (matures May 2031)	3,000			—
Interest at 4.60% (matures May 2031)	3,800			—
$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% (3.30% at December 31, 2019)	7,000			4,000
Total Partnership debt	97,009			94,537
Less unamortized debt issuance costs	(470		)	(481		)
Less current portion	(133		)	(128		)
Long-term debt, less unamortized debt issuance costs and current portion - Partnership	$	96,406		$	93,928

Principal Payments on Long-Term Debt

At December 31, 2019, principal payments on long-term debt for the next five years and thereafter are due as follows (in thousands):



	Partnership		Funds
2020	$	133	$	25,000
2021	138		—
2022	143		—
2023	17,795		17,980
2024	6,000		14,400
Thereafter	72,800		—
Total	$	97,009	$	57,380

REVENUE (Narrative) (Details)	Dec. 31, 2019 USD ($) a	Dec. 31, 2018 USD ($)
Disaggregation of Revenue [Line Items]
Accounts receivable	$ 3,824,000	$ 4,670,000
Contract liabilities	0	0
Receivables from contracts with customers
Disaggregation of Revenue [Line Items]
Accounts receivable	2,200,000	3,000,000
Other Current Liabilities
Disaggregation of Revenue [Line Items]
Performance deposits	905,000	500,000
Environmental Remediation and Other Long Term Liabilities
Disaggregation of Revenue [Line Items]
Performance deposits	$ 0	$ 300,000
Funds Timber
Disaggregation of Revenue [Line Items]
Area of land (in acres) \| a	141,000
Real Estate
Disaggregation of Revenue [Line Items]
Area of land (in acres) \| a	1,500
Timber Properties \| Partnership Timber
Disaggregation of Revenue [Line Items]
Area of land (in acres) \| a	119,000
Timber Deeds \| Partnership Timber
Disaggregation of Revenue [Line Items]
Area of land (in acres) \| a	3,500

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Narrative) (Details) $ in Thousands	1 Months Ended	3 Months Ended				12 Months Ended
	Jan. 31, 2017 USD ($) Property	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2017 USD ($) Property	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Quarterly Financial Information [Line Items]
Environmental remediation		$ 1,600	$ 2,700	$ 2,900		$ 1,576	$ 5,600	$ 0
Pretax profit (loss)						$ (9,795)	$ 7,741	25,581
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

INCOME TAXES (Provision for Income Taxes Relating to Corporate Subsidiaries of Partnership) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Current	$ (87)	$ (180)	$ (888)
Deferred	(72)	76	(288)
Total	$ (159)	$ (104)	$ (1,176)

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2019

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, 2017	$	12,770	$	—	$	7,791	$	4,979
Year ended December 31, 2018	4,979		5,600		1,496		9,083
Year ended December 31, 2019	9,083		1,576		649		10,010

LEASES Lease Income (Details) $ in Thousands	12 Months Ended
LEASES Lease Income (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Leases [Abstract]
Operating lease income	$ 1,710
Variable lease income	55
Total lease income	$ 1,765

INTEREST, NET (Details) - USD ($) $ in Thousands	12 Months Ended
INTEREST, NET (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Interest expense, net	$ (5,797)	$ (4,895)	$ (4,471)
Decrease in interest expense	1,400	1,400	1,000
Accrued interest on debt instruments	1,600	1,800
Partnership
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Interest income - Partnership	3	132	3
Interest Expense	(3,717)	(3,075)	(2,644)
Capitalized interest - Partnership	164	295	491
Funds
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Interest Expense	$ (2,247)	$ (2,247)	$ (2,321)

LEASES

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases

LEASES

The Partnership is both a lessee and a lessor. A contract is determined to contain a lease if there is an identified asset to which the lessee has the right to substantially all of the economic benefits and has control over how the asset is used throughout the contract period. Upon adoption of ASC 842, Leases, the Partnership elected the practical expedients to not separate lease and non-lease components for all of its leases.

Lessee lease information

As a lessee, the Partnership’s leases consist of office equipment and office space and are classified as operating leases. Leases for some printers have a variable payment for printing in excess of a page allowance set in the lease contract. The discount rate for leases was determined based on Northwest Farm Credit Services’ (NWFCS), the Partnership’s lender, cost of funds for the lease period plus a margin of 1.60%, as provided for in the Partnership’s credit agreement with NWFCS.

The following table presents the balances of our right-of-use assets and lease liabilities and the balance sheet captions in which they are reported (in thousands):



	December 31, 2019		Balance Sheet caption

Right of use assets	$	161	Other assets
Lease liability - current	$	98	Other current liabilities
Lease liability - long-term	$	63	Environmental remediation and other long-term liabilities

The following table presents the components of lease costs and other lease information for the year ended December 31, 2019:



In thousands, except weighted-average information
	2019
Lease cost
Operating lease cost	$	188
Variable lease cost	8
Total lease cost	$	196

Other lease information
Cash paid for amounts included in the measurement of lease liabilities	$	196
Right-of-use asset obtained in exchange for new leases	$	17
Weighted-average remaining lease term in years	1.84
Weighted average discount rate	4.2		%

Payments due under lease contracts for the next five years and thereafter are as follows (in thousands):



2020	$	103
2021	50
2022	14
Unamortized discount	(8		)
Total lease liability at December 31, 2019	$	161

Lessor lease information

As a lessor, the Partnership’s leases consist of leases of commercial and residential real estate, reported in the Real Estate segment under “rentals and other”, and land leases on the Partnership’s and Funds’ timberland for cellular communication towers (Tower Leases), reported in the Partnership Timber and Funds Timber segments under “other revenue”. All these leases are classified as operating leases. Tower Leases have a variable payment component for revenue sharing from subleases of space on the tower. Tower Leases typically have a five-year term and two to five automatic five-year extensions.

Commercial real estate leases have non-lease components of taxes, insurance and common area maintenance. Tower Leases have non-lease components for real property taxes related to tenant improvements.

The following table presents the components of lease income for the year ended December 31, 2019 (in thousands):



	2019

Lease Income
Operating lease income	$	1,710
Variable lease income	55
Total lease income	$	1,765

Buildings subject to operating leases had a cost of $2.1 million and accumulated depreciation of $1.2 million at December 31, 2019.

Lease income at December 31, 2019, based on payments due by period under the lease contracts, are presented in the following table (in thousands):



2020	$	792
2021	683
2022	649
2023	594
2024	550
Thereafter	3,586
Total	$	6,854

Leases

LEASES

Lessee lease information

The following table presents the balances of our right-of-use assets and lease liabilities and the balance sheet captions in which they are reported (in thousands):



	December 31, 2019		Balance Sheet caption

Right of use assets	$	161	Other assets
Lease liability - current	$	98	Other current liabilities
Lease liability - long-term	$	63	Environmental remediation and other long-term liabilities

The following table presents the components of lease costs and other lease information for the year ended December 31, 2019:



In thousands, except weighted-average information
	2019
Lease cost
Operating lease cost	$	188
Variable lease cost	8
Total lease cost	$	196

Other lease information
Cash paid for amounts included in the measurement of lease liabilities	$	196
Right-of-use asset obtained in exchange for new leases	$	17
Weighted-average remaining lease term in years	1.84
Weighted average discount rate	4.2		%

Payments due under lease contracts for the next five years and thereafter are as follows (in thousands):



2020	$	103
2021	50
2022	14
Unamortized discount	(8		)
Total lease liability at December 31, 2019	$	161

Lessor lease information

Commercial real estate leases have non-lease components of taxes, insurance and common area maintenance. Tower Leases have non-lease components for real property taxes related to tenant improvements.

The following table presents the components of lease income for the year ended December 31, 2019 (in thousands):



	2019

Lease Income
Operating lease income	$	1,710
Variable lease income	55
Total lease income	$	1,765

Buildings subject to operating leases had a cost of $2.1 million and accumulated depreciation of $1.2 million at December 31, 2019.

Lease income at December 31, 2019, based on payments due by period under the lease contracts, are presented in the following table (in thousands):



2020	$	792
2021	683
2022	649
2023	594
2024	550
Thereafter	3,586
Total	$	6,854

SEGMENT AND MAJOR CUSTOMER INFORMATION (Tables)

12 Months Ended

Dec. 31, 2019

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)
2019	Partnership Timber			Funds Timber			TIM			Real Estate			Other			Consolidated
Revenue internal		$40,785			$48,646			$5,760			$21,746			$—			$116,937
Eliminations	(798		)	—			(5,742		)	(494		)				(7,034		)
Revenue external	39,987			48,646			18			21,252			—			109,903

Cost of sales	(19,605		)	(48,142		)	—			(11,437		)	—			(79,184		)
Operating, general and administrative expenses - internal	(6,266		)	(11,322		)	(5,173		)	(5,258		)	(12,243		)	(40,262		)
Eliminations	978			5,532			280			140			104			7,034
Operating, general and administrative expenses - external	(5,288		)	(5,790		)	(4,893		)	(5,118		)	(12,139		)	(33,228		)
Environmental remediation	—			—			—			(1,576		)	—			(1,576		)
Gain (loss) on sale of timberland	87			—			—			—			—			87
Income (loss) from operations - internal	15,001			(10,818		)	587			3,475			(12,243		)	(3,998		)
Eliminations	180			5,532			(5,462		)	(354		)	104			—
Income (loss) from operations - external		$15,181			($5,286	)		($4,875	)		$3,121			($12,139	)		($3,998	)



(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



(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

Schedule of Segment Reporting Information, by Segment



(in thousands)	2019		2018		2017
Depletion, depreciation, and amortization
Partnership Timber	$	4,791	$	4,228	$	4,121
Funds Timber	26,656		23,009		15,170
Timberland Investment Management	92		72		32
Real Estate	261		270		279
G&A	49		72		55
	31,849		27,651		19,657
Amortization of debt issuance costs	94		74		64
Total	$	31,943	$	27,725	$	19,721



Assets	2019		2018		2017
Partnership Timber	$	90,508	$	94,353	$	91,206
Funds Timber	366,551		370,386		244,846
Timberland Investment Management	215		211		83
Real Estate	31,267		36,382		39,420
G&A	5,008		6,917		5,118
Total	$	493,549	$	508,249	$	380,673



Capital and Land Expenditures	2019		2018		2017
Partnership Timber	$	2,207	$	8,186	$	7,168
Funds Timber	20,984		143,445		6,808
Timberland Investment Management	140		192		32
Real Estate project expenditures	2,772		3,210		7,588
Real Estate-other	37		213		2
G&A	69		65		58
Total	$	26,209	$	155,311	$	21,656

UNIT INCENTIVE PLAN (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity compensation expense	$ 1,185	$ 1,127	$ 1,128
Accrued liabilities relating to incentive compensation program	$ 2,500	1,900
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	$ 662	$ 597
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)	1,574	1,637	2,213
LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	3 years
Portion of accrued liabilities paid in cash	$ 1,800	$ 1,300
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)	841,861
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	36 months

INCOME TAXES (Consolidated Partnership Income (Loss) Before Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income (loss) before income taxes	$ (9,795)	$ 7,741	$ 25,581
Income (loss) in entities that pass-through pre-tax earnings to the partners	(10,740)	7,273	23,089
Income subject to income taxes	$ 945	$ 468	$ 2,492

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, 2019

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, 2019, and 2018, which were as follows:



(in thousands)	2019		2018
Cash	$	6,197	$	3,330
Other current assets	5,192		4,931
Total current assets	11,389		8,261
Properties and equipment, net of accumulated depreciation	355,162		360,163
Other long-term assets	—		1,962
Total assets	$	366,551	$	370,386

Current liabilities	$	28,737	$	3,237
Long-term debt	32,345		57,313
Other long-term liabilities	—		300
Funds’ equity	305,469		309,536
Total liabilities and equity	$	366,551	$	370,386

PARTNERSHIP TIMBERLAND ACQUISITIONS	12 Months Ended
PARTNERSHIP TIMBERLAND ACQUISITIONS	Dec. 31, 2019
Business Combinations [Abstract]
PARTNERSHIP TIMBERLAND ACQUISITIONS	PARTNERSHIP TIMBERLAND ACQUISITIONS During 2018, the Partnership closed on several acquisitions in western Washington 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 2019, the Partnership closed on several acquisitions of timberland in western Washington totaling 322 acres for $751,000. The aggregate purchase price was allocated $653,000 to timber and roads and $98,000 to the underlying land.

REVENUE (Contract Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Contract With Customer, Asset And Liability [Roll Forward]
Contract assets, beginning of year	$ 3,829	$ 0
Revenue recognized from the satisfaction of performance obligations	2,488	11,381
Revenue recognized from changes in estimates of variable consideration	(85)	151
Transferred to receivables from contract assets	(3,467)	(7,703)
Total contract assets, end of year	2,765	3,829
Less: noncurrent portion included in other assets	0	(957)
Current portion of contract assets, end of year	$ 2,765	$ 2,872

RELATED PARTY TRANSACTIONS (Details)	12 Months Ended
RELATED PARTY TRANSACTIONS (Details)	Dec. 31, 2019 USD ($)
General Partners
Related Party Transaction [Line Items]
Management fees paid	$ 150,000
Pope Resources And Rayonier, Inc. Merger Agreement \| Affiliated Entity
Related Party Transaction [Line Items]
Legal and financial advisory fees	$ 786,000

EMPLOYEE BENEFITS (Details) - USD ($) $ in Thousands	12 Months Ended
EMPLOYEE BENEFITS (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
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	$ 234	$ 222	$ 195