POULSBO, Wash., Feb. 28,
2018 /PRNewswire/ -- Pope Resources (NASDAQ:POPE) reported net
income attributable to unitholders of $12.7
million, or $2.92 per
ownership unit, on revenue of $47.8
million for Q4 2017. This compares to net income
attributable to unitholders of $4.6
million, or $1.05 per
ownership unit, on revenue of $43.5
million for Q4 2016. The Q4 2016 results included a
$7.7 million increase in the
environmental remediation liability for Port Gamble Bay and the
former millsite. Excluding this charge, adjusted net income
attributable to unitholders for Q4 2016 was $12.3 million, or $2.82 per ownership unit.
Full-year 2017 net income attributable to unitholders totaled
$17.9 million, or $4.10 per ownership unit, on revenue of
$99.8 million. This compares to
full-year 2016 net income attributable to unitholders of
$5.9 million, or $1.35 per ownership unit, on revenue of
$80.4 million. Excluding the
$7.7 million environmental
remediation charge, adjusted net income attributable to unitholders
was $13.6 million, or $3.14 per ownership unit, for the year ended
December 31, 2016.
Cash provided by operations was $24.6
million for the current quarter, versus $14.1 million for the prior year quarter. These
results are net of cash outlays for previously accrued
environmental remediation expenses related to the clean-up of Port
Gamble Bay of $1.6 million in Q4 2017
and $6.4 million in Q4 2016.
Full-year 2017 cash provided by operations was $32.0 million, versus $5.1
million for the prior year. These results are net of
environmental remediation cash outlays of $7.8 million in 2017 and $11.7 million in 2016.
"We finished 2017 firing on all cylinders in each of our three
primary business segments," said Tom
Ringo, President and CEO. "Log prices crept up throughout
the year, closing at levels we have not realized for almost 25
years. Fund IV signed purchase and sale agreements to buy two
separate tree farms comprising nearly 37,000 acres. Both
transactions closed in January 2018
for a combined purchase price of $114
million. Over the last several years our Real Estate segment
has set the template for big year-end finishes, and Q4 2017 was no
exception as we closed on a $22
million suite of residential/commercial lot sales coupled
with two conservation-oriented sales. Heading into 2018, we are
buoyed by continued strength in our Pacific Northwest log markets,
encouraged by the ongoing vigor of the Puget Sound housing market,
and optimistic about new opportunities to place Fund IV's committed
capital."
Fee Timber
Fee Timber operating income
during Q4 2017 was $9.1 million,
versus $8.2 million in Q4 2016.
Shortened summer operations due to a late start from a wet spring
that were then followed by logging restrictions from wildfires
resulted in low log inventories at mills. This constrained supply
was coupled with strong demand in the domestic and export markets.
As a result, Q4 2017 average realized log prices increased 25% to
$734 per thousand board feet (MBF),
versus $588 per MBF in Q4 2016.
However, harvest volume, including timber deed sales, declined 20%
to 33.7 MMBF, versus 42.4 MMBF in Q4 2016. Our harvest volume in Q4
2016 included the recapture of significant volume that had been
deferred from earlier in the year, whereas our 2017 harvest volume
was more evenly distributed throughout the year.
Timberland Investment Management (TIM)
During Q4 2017, ORM Timber Fund IV agreed to purchase its first
two tree farms - one in southwest Oregon and another in western Washington - totaling 36,843 acres for
$113.9 million. Both tree farms
closed in January of 2018, resulting in a $17.0 million co-investment by the Partnership
due to its 15% ownership in Fund IV. The two investments will
generate $775,000 per year of third
party asset management fees.
Operating losses incurred by this segment for Q4 2017 and Q4
2016 totaled $783,000 and
$707,000, respectively, after
eliminating revenue earned from managing the Funds of $874,000 and $892,000 for Q4 2017 and Q4 2016, respectively.
The increase in operating loss is primarily attributable to
additional personnel costs to acquire timberland for Fund IV.
Real Estate
Real Estate operating income during Q4 2017 was $7.8 million, versus an operating loss of
$1.9 million in Q4 2016. In Q4 2017,
we closed on sales totaling $22.3
million, versus $18.7 million
in Q4 2016 when we also accrued $7.7
million in additional liability related to the clean-up of
Port Gamble Bay.
During Q4 2017, our Harbor Hill development project in
Gig Harbor, Washington had
closings of $12.3 million from the
sale of 78 residential lots and $3.5
million from the sale of an 11-acre business park. This
compares to Q4 2016 closings at Harbor Hill of $14.3 million from the sale of 127 residential
lots.
On the conservation front, during Q4 2017 the Partnership sold
1,504 acres from our holdings south of the Port Gamble townsite to Kitsap County for $4.0
million. The relatively low per acre value is due to our
retention of a 25-year timber deed on over 1,300 acres of the sale.
In Jefferson County, the
Partnership sold 216 acres of non-strategic timberland to the
Washington State Department of
Natural Resources for $1.5 million.
In Q4 2016, the Partnership closed on two separate conservation
sales covering a combined 2,853 acres for $5.3 million.
Five other residential lots at two separate projects in
Kitsap County were sold for a
total of $1.0 million in Q4 2017.
General & Administrative (G&A)
G&A expenses during Q4 2017 totaled $1.5 million, versus $1.3
million during Q4 2016, with the increase in expenses due to
higher incentive compensation and professional fees.
Capital Allocation, Liquidity
During the quarter, the Partnership invested $1.5 million into its joint venture apartment and
townhome project on Bainbridge
Island.
In addition, the Partnership purchased 162 acres of timberland
in Grays Harbor County for
$928,000, which will be integrated
into our Hood Canal tree farm. The Partnership contributed
$775,000 to Fund IV representing our
15% share of earnest money deposits due on the two January 2018 acquisitions.
Also during the quarter, the Partnership repurchased 9,186 units
for $657,000 at an average price of
$71.49 per unit under our unit
repurchase plan. This activity concluded our $1.2 million authorization from June 2017 and included the first repurchases
under our new December 2017
authorization of $1.3 million. As of
the end of Q4 2017, we have $1.2
million remaining on the current authorization that runs
through December 2018.
The Partnership closed the quarter with cash of $1.8 million and debt of $70.2 million after paying off $12.8 million on our revolving credit facilities
during the quarter. The Funds closed the quarter with cash of
$1.6 million and debt of $57.3 million.
Outlook
We expect our total 2018 harvest volume to be 59 MMBF for the
Partnership, and 76 MMBF for the Funds, including timber deed
sales. The 59 MMBF for the Partnership includes 7 MMBF of volume
from timber located on real estate properties that is not factored
into our long-term, sustainable harvest plan. We plan to
opportunistically harvest this volume in the coming year given the
current strength in log markets.
We will continue to monitor log markets and adjust our harvest
levels accordingly as the year progresses.
The Puget Sound housing market seems poised to remain strong,
and we anticipate additional residential lot sales from our Harbor
Hill project towards the end of 2018, as well as sales from other
projects in Kitsap County. We
expect to close on more conservation-related sales during 2018 as
well.
The financial schedules accompanying this earnings release
provide detail on individual segment results and operating
statistics. In the next few days, we will also post an
updated investor presentation to the Investor Relations section of
our web site at www.poperesources.com.
About Pope Resources
Pope Resources, a publicly traded limited partnership, and its
subsidiaries Olympic Resource Management and Olympic Property
Group, own and manage 118,000 acres of timberland and 2,000 acres
of development property in Washington. In addition, Pope Resources
co-invests in and consolidates three private equity timber funds
that own 125,000 acres of timberland in Washington, Oregon, and California. The Partnership and its
predecessor companies have owned and managed timberlands and
development properties for over 160 years. Additional information
on the company can be found at www.poperesources.com. The contents
of our website are not incorporated into this release or into our
filings with the Securities and Exchange Commission.
Forward Looking Statements
This press release contains a number of projections and
statements about our expected financial condition, operating
results, business plans and objectives, and about management's
plans for future operations and strategies. These statements
reflect management's estimates based on current goals and its
expectations about future developments. Because these statements
describe our goals, objectives, and anticipated performance, they
are inherently uncertain, and some or all of these statements may
not come to pass. Accordingly, they should not be interpreted as
promises of future management actions or financial performance. Our
future actions and actual performance will vary from current
expectations and under various circumstances the results of these
variations may be material and adverse. Among those
forward-looking statements contained in this report are statements
about management's expectations for future log prices, harvest
volumes and markets, and statements about our expectations for
future sales in our Real Estate segment. Readers, however,
should note that all statements other than expressions of
historical fact are forward-looking in nature. Some of the factors
that may cause actual operating results and financial condition to
fall short of expectations, or that may cause us to deviate from
our current plans, include our ability to accurately predict
fluctuations in log markets domestically and internationally, and
to adjust our harvest volumes in a timely and appropriate manner;
political sensitivities and events, including the reactions of
foreign governments and international treaty organizations and
similar bodies, that may affect the cost of competing products and
demand for our products; our ability to anticipate and manage
interest rate risk as it affects our borrowing costs; fluctuations
in interest rates that affect the U.S. housing market and related
demand for our products from that market; our ability to estimate
the cost of ongoing and changing environmental remediation
obligations, including our ability to anticipate and address the
political and regulatory climate that impacts these obligations;
increasing reliance on engineered, recycled, and other alternative
products as a competitive factor for our products; our ability to
consummate various pending and anticipated real estate transactions
on the terms management expects; housing market conditions that
affect demand for both our forest products and our real estate
offerings; our ability to manage our timber funds and their assets
in a manner that our investors consider acceptable, and to raise
additional capital or establish new funds on terms that are
advantageous to the Partnership; conditions in the housing
construction and wood-products markets, both domestically and
globally, that affect demand for our products; the effects of
competition, particularly by larger and better-financed
competitors; fluctuations in foreign currency exchange rates that
affect both competition for sales of our products and our
customers' demand for them; conditions affecting credit markets as
they affect the availability of capital and costs of borrowing for
us, and the related impacts on purchasers of forest products and
development properties; labor, equipment and transportation costs
that affect our net income; our ability to anticipate and mitigate
potential impacts of our operations on adjacent properties; the
impacts of natural disasters on our timberlands and on surrounding
areas; and our ability to discover and to accurately estimate other
liabilities associated with our assets. Other factors are set forth
in that part of our Quarterly Report on Form 10-Q entitled "Risk
Factors," and in our other filings with the Securities and Exchange
Commission from time to time.
Forward-looking statements in this release are made only as of
the date shown above, and we cannot undertake to update these
statements.
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
(all amounts in
$000's, except per unit amounts)
|
|
|
|
|
|
|
|
|
|
Quarter ended
December 31,
|
|
Year ended December
31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
Revenue
|
$
|
47,784
|
|
|
$
|
43,468
|
|
|
$
|
99,823
|
|
|
$
|
80,428
|
|
Cost of
sales
|
(26,416)
|
|
|
(26,451)
|
|
|
(57,984)
|
|
|
(47,273)
|
|
Operating
expenses
|
(6,798)
|
|
|
(5,770)
|
|
|
(24,334)
|
|
|
(20,829)
|
|
Environmental
remediation
|
—
|
|
|
(7,700)
|
|
|
—
|
|
|
(7,700)
|
|
Gain on sale of
timberland
|
—
|
|
|
769
|
|
|
12,547
|
|
|
995
|
|
Operating
income
|
14,570
|
|
|
4,316
|
|
|
30,052
|
|
|
5,621
|
|
Interest expense,
net
|
(1,165)
|
|
|
(1,048)
|
|
|
(4,471)
|
|
|
(3,406)
|
|
Income before income
taxes
|
13,405
|
|
|
3,268
|
|
|
25,581
|
|
|
2,215
|
|
Income tax
expense
|
(1,071)
|
|
|
(86)
|
|
|
(1,176)
|
|
|
(252)
|
|
Net income
|
12,334
|
|
|
3,182
|
|
|
24,405
|
|
|
1,963
|
|
Net (income) loss
attributable to noncontrolling interests - ORM Timber
Funds
|
369
|
|
|
1,389
|
|
|
(6,516)
|
|
|
3,979
|
|
Net loss attributable
to noncontrolling interests - Real Estate
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
Net income
attributable to unitholders
|
$
|
12,705
|
|
|
$
|
4,571
|
|
|
$
|
17,891
|
|
|
$
|
5,942
|
|
|
|
|
|
|
|
|
|
Basic and diluted
weighted average units outstanding
|
4,315
|
|
|
4,314
|
|
|
4,323
|
|
|
4,313
|
|
|
|
|
|
|
|
|
|
Basic and diluted
earnings per unit
|
$
|
2.92
|
|
|
$
|
1.05
|
|
|
$
|
4.10
|
|
|
$
|
1.35
|
|
CONDENSED
CONSOLIDATING BALANCE SHEETS
|
(all amounts in
$000's)
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2017
|
|
December 31,
2016
|
Assets:
|
Pope
|
|
ORM Timber
Funds
|
|
Consolidating
Entries
|
|
Consolidated
|
|
|
Cash
|
$
|
1,788
|
|
|
$
|
1,636
|
|
|
$
|
—
|
|
|
$
|
3,424
|
|
|
$
|
2,937
|
|
Restricted
cash
|
1,860
|
|
|
—
|
|
|
—
|
|
|
1,860
|
|
|
—
|
|
Land and timber held
for sale
|
5,728
|
|
|
—
|
|
|
—
|
|
|
5,728
|
|
|
20,503
|
|
Other current
assets
|
5,194
|
|
|
2,481
|
|
|
(657)
|
|
|
7,018
|
|
|
8,766
|
|
Total current
assets
|
14,570
|
|
|
4,117
|
|
|
(657)
|
|
|
18,030
|
|
|
32,206
|
|
Timber and roads,
net
|
68,733
|
|
|
198,929
|
|
|
—
|
|
|
267,662
|
|
|
279,793
|
|
Timberland
|
18,951
|
|
|
36,105
|
|
|
—
|
|
|
55,056
|
|
|
54,369
|
|
Land held for
development
|
19,311
|
|
|
—
|
|
|
—
|
|
|
19,311
|
|
|
24,390
|
|
Buildings and
equipment, net
|
5,294
|
|
|
12
|
|
|
—
|
|
|
5,306
|
|
|
5,628
|
|
Investment in ORM
Timber Funds
|
14,512
|
|
|
—
|
|
|
(14,512)
|
|
|
—
|
|
|
—
|
|
Other
assets
|
9,625
|
|
|
5,683
|
|
|
—
|
|
|
15,308
|
|
|
2,664
|
|
Total assets
|
$
|
150,996
|
|
|
$
|
244,846
|
|
|
$
|
(15,169)
|
|
|
$
|
380,673
|
|
|
$
|
399,050
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
equity:
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
$
|
5,274
|
|
|
$
|
2,862
|
|
|
$
|
(657)
|
|
|
$
|
7,479
|
|
|
$
|
7,279
|
|
Current portion of
long-term debt
|
123
|
|
|
—
|
|
|
—
|
|
|
123
|
|
|
5,119
|
|
Current portion of
environmental remediation
|
2,160
|
|
|
—
|
|
|
—
|
|
|
2,160
|
|
|
8,650
|
|
Total current
liabilities
|
7,557
|
|
|
2,862
|
|
|
(657)
|
|
|
9,762
|
|
|
21,048
|
|
Long-term debt, net
of unamortized debt issuance
costs
|
70,037
|
|
|
57,291
|
|
|
—
|
|
|
127,328
|
|
|
125,291
|
|
Environmental
remediation and other long-term liabilities
|
2,957
|
|
|
—
|
|
|
—
|
|
|
2,957
|
|
|
4,247
|
|
Total
liabilities
|
80,551
|
|
|
60,153
|
|
|
(657)
|
|
|
140,047
|
|
|
150,586
|
|
Partners'
capital
|
64,547
|
|
|
184,693
|
|
|
(184,693)
|
|
|
64,547
|
|
|
59,133
|
|
Noncontrolling
interests
|
5,898
|
|
|
—
|
|
|
170,181
|
|
|
176,079
|
|
|
189,331
|
|
Total liabilities and equity
|
$
|
150,996
|
|
|
$
|
244,846
|
|
|
$
|
(15,169)
|
|
|
$
|
380,673
|
|
|
$
|
399,050
|
|
RECONCILIATION
BETWEEN NET INCOME ATTRIBUTABLE TO UNITHOLDERS AND
|
ADJUSTED NET INCOME
(LOSS) ATTRIBUTABLE TO UNITHOLDERS, INCLUDING PER UNIT
AMOUNTS
|
(all amounts in
$000's)
|
|
|
|
|
|
|
|
|
|
Quarter ended
December 31,
|
|
Year ended December
31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
GAAP net income
attributable to unitholders
|
$
|
12,705
|
|
|
$
|
4,571
|
|
|
$
|
17,891
|
|
|
$
|
5,942
|
|
Add back:
Environmental remediation
|
—
|
|
|
7,700
|
|
|
—
|
|
|
7,700
|
|
Adjusted net income
attributable to unitholders*
|
$
|
12,705
|
|
|
$
|
12,271
|
|
|
$
|
17,891
|
|
|
$
|
13,642
|
|
|
|
|
|
|
|
|
|
Per unit
amounts:
|
|
|
|
|
|
|
|
GAAP basic and
diluted earnings per unit
|
$
|
2.92
|
|
|
$
|
1.05
|
|
|
$
|
4.10
|
|
|
$
|
1.35
|
|
Add back:
environmental remediation
|
—
|
|
|
1.77
|
|
|
—
|
|
|
1.79
|
|
Adjusted basic and
diluted earnings per unit*
|
$
|
2.92
|
|
|
$
|
2.82
|
|
|
$
|
4.10
|
|
|
$
|
3.14
|
|
|
*Pursuant to
Regulation G, we are providing disclosure of the reconciliation of
reported non-GAAP financial measures to their most directly
comparable financial measures reported on a GAAP basis. We
believe that consideration of these non-GAAP financial measures may
be important to investors to understand operating results excluding
environmental charges. As disclosed in our Form 10-K, our
environmental remediation project at Port Gamble is the result of
operations conducted by the former owner of the site. As such, it
does not result from our continuing operations and will not impact
our operating results once the project is completed. Moreover, this
item represents our only non-core operating activity and is a
matter over which management has limited control. We believe that
eliminating this expense from our per unit metrics provides
management (and thus investors) with insight into results from our
core operating activities.
|
RECONCILIATION
BETWEEN NET INCOME AND CASH FLOWS FROM OPERATIONS
|
(all amounts in
$000's)
|
|
|
|
|
|
|
|
|
|
Quarter ended
December 31,
|
|
Year ended December
31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
Net income
|
$
|
12,334
|
|
|
$
|
3,182
|
|
|
$
|
24,405
|
|
|
$
|
1,963
|
|
Add back
(deduct):
|
|
|
|
|
|
|
|
Depletion
|
6,450
|
|
|
6,520
|
|
|
19,187
|
|
|
12,621
|
|
Equity-based
compensation
|
178
|
|
|
163
|
|
|
1,128
|
|
|
919
|
|
Excess tax benefit of
equity-based compensation
|
—
|
|
|
(53)
|
|
|
—
|
|
|
(53)
|
|
Real estate project
expenditures
|
(1,092)
|
|
|
(3,391)
|
|
|
(7,588)
|
|
|
(13,989)
|
|
Depreciation and
amortization
|
141
|
|
|
201
|
|
|
534
|
|
|
755
|
|
Deferred
taxes
|
278
|
|
|
18
|
|
|
288
|
|
|
67
|
|
Cost of land
sold
|
11,892
|
|
|
11,300
|
|
|
13,862
|
|
|
12,439
|
|
Gain on sale of
timberland
|
—
|
|
|
(769)
|
|
|
(12,547)
|
|
|
(995)
|
|
(Gain) loss on
disposal of property and equipment
|
6
|
|
|
1
|
|
|
3
|
|
|
(23)
|
|
Change in
environmental remediation liability
|
(1,609)
|
|
|
1,289
|
|
|
(7,791)
|
|
|
(3,991)
|
|
Change in other
operating accounts
|
(4,006)
|
|
|
(4,358)
|
|
|
499
|
|
|
(4,567)
|
|
Cash provided by
operations
|
$
|
24,572
|
|
|
$
|
14,103
|
|
|
$
|
31,980
|
|
|
$
|
5,146
|
|
SEGMENT
INFORMATION
|
(all amounts in
$000's)
|
|
|
|
|
|
|
|
|
|
Quarter ended
December 31,
|
|
Year ended December
31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
Partnership Fee
Timber
|
$
|
13,499
|
|
|
$
|
15,917
|
|
|
$
|
39,672
|
|
|
$
|
36,275
|
|
Funds Fee
Timber
|
11,781
|
|
|
8,300
|
|
|
33,842
|
|
|
21,029
|
|
Total Fee Timber
|
25,280
|
|
|
24,217
|
|
|
73,514
|
|
|
57,304
|
|
Timberland Investment
Management
|
9
|
|
|
—
|
|
|
9
|
|
|
8
|
|
Real
Estate
|
22,495
|
|
|
19,251
|
|
|
26,300
|
|
|
23,116
|
|
Total
|
$
|
47,784
|
|
|
$
|
43,468
|
|
|
$
|
99,823
|
|
|
$
|
80,428
|
|
Operating income
(loss):
|
|
|
|
|
|
|
|
Fee Timber
|
$
|
9,059
|
|
|
$
|
8,156
|
|
|
$
|
34,381
|
|
|
$
|
16,926
|
|
Timberland Investment
Management
|
(783)
|
|
|
(707)
|
|
|
(3,179)
|
|
|
(2,620)
|
|
Real
Estate
|
7,796
|
|
|
(1,871)
|
|
|
4,592
|
|
|
(3,609)
|
|
General &
Administrative
|
(1,502)
|
|
|
(1,262)
|
|
|
(5,742)
|
|
|
(5,076)
|
|
Total
|
$
|
14,570
|
|
|
$
|
4,316
|
|
|
$
|
30,052
|
|
|
$
|
5,621
|
|
SELECTED
STATISTICS
|
|
|
|
|
|
|
|
|
|
Quarter ended
December 31,
|
|
Year ended December
31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Log sale volumes by
species (million board feet):
|
|
|
|
|
|
|
|
Sawlogs
|
|
|
|
|
|
|
|
Douglas-fir
|
19.3
|
|
|
23.1
|
|
|
60.1
|
|
|
51.0
|
|
Whitewood
|
7.2
|
|
|
8.1
|
|
|
22.2
|
|
|
19.2
|
|
Pine
|
1.2
|
|
|
0.5
|
|
|
3.6
|
|
|
2.2
|
|
Cedar
|
0.5
|
|
|
0.6
|
|
|
1.7
|
|
|
3.0
|
|
Hardwood
|
0.4
|
|
|
0.8
|
|
|
2.2
|
|
|
2.8
|
|
Pulpwood - all
species
|
3.3
|
|
|
4.6
|
|
|
14.0
|
|
|
13.1
|
|
Total
|
31.9
|
|
|
37.7
|
|
|
103.8
|
|
|
91.3
|
|
|
|
|
|
|
|
|
|
Log sale volumes by
destination (million board feet):
|
|
|
|
|
|
|
|
Export
|
6.1
|
|
|
6.5
|
|
|
22.3
|
|
|
15.4
|
|
Domestic
|
22.1
|
|
|
25.8
|
|
|
65.2
|
|
|
60.0
|
|
Hardwood
|
0.4
|
|
|
0.7
|
|
|
2.2
|
|
|
2.8
|
|
Pulpwood
|
3.3
|
|
|
4.7
|
|
|
14.1
|
|
|
13.1
|
|
Subtotal log sale
volumes
|
31.9
|
|
|
37.7
|
|
|
103.8
|
|
|
91.3
|
|
Timber deed
sale
|
1.8
|
|
|
4.7
|
|
|
7.8
|
|
|
5.9
|
|
Total
|
33.7
|
|
|
42.4
|
|
|
111.6
|
|
|
97.2
|
|
|
Quarter ended
December 31,
|
|
Year ended December
31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Average price
realizations by destination (per thousand board feet):
|
|
|
|
|
|
|
|
Sawlogs
|
|
|
|
|
|
|
|
Douglas-fir
|
$
|
826
|
|
|
$
|
652
|
|
|
$
|
738
|
|
|
$
|
632
|
|
Whitewood
|
659
|
|
|
537
|
|
|
621
|
|
|
529
|
|
Pine
|
513
|
|
|
460
|
|
|
497
|
|
|
473
|
|
Cedar
|
1,353
|
|
|
1,213
|
|
|
1,369
|
|
|
1,340
|
|
Hardwood
|
743
|
|
|
631
|
|
|
680
|
|
|
587
|
|
Pulpwood - all
species
|
351
|
|
|
289
|
|
|
308
|
|
|
293
|
|
Overall
|
734
|
|
|
588
|
|
|
656
|
|
|
580
|
|
|
|
|
|
|
|
|
|
Average price
realizations by destination (per thousand board feet):
|
|
|
|
|
|
|
|
Domestic
|
$
|
760
|
|
|
$
|
654
|
|
|
$
|
695
|
|
|
$
|
627
|
|
Export
|
848
|
|
|
624
|
|
|
755
|
|
|
641
|
|
Hardwood
|
743
|
|
|
631
|
|
|
680
|
|
|
587
|
|
Pulpwood
|
351
|
|
|
289
|
|
|
308
|
|
|
293
|
|
Overall log
sales
|
734
|
|
|
588
|
|
|
656
|
|
|
580
|
|
Timber deed
sales
|
457
|
|
|
279
|
|
|
353
|
|
|
301
|
|
Owned timber
acres
|
118,000
|
|
|
118,000
|
|
|
118,000
|
|
|
118,000
|
|
Acres owned by
Funds
|
88,000
|
|
|
94,000
|
|
|
88,000
|
|
|
94,000
|
|
Depletion expense per
MBF - Partnership tree farms
|
$
|
72
|
|
|
$
|
74
|
|
|
$
|
72
|
|
|
$
|
62
|
|
Depletion expense per
MBF - Fund tree farms
|
$
|
312
|
|
|
$
|
275
|
|
|
$
|
271
|
|
|
$
|
230
|
|
Capital and
development expenditures ($000's)
|
$
|
1,765
|
|
|
$
|
3,929
|
|
|
$
|
10,088
|
|
|
$
|
15,962
|
|
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SOURCE Pope Resources