POPE RESOURCES LTD PARTNERSHIP

CIK:0000784011|SEC Filings

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue	$ 24,385	$ 25,042
Cost of sales	(18,515)	(16,608)
Operating expenses	(4,826)	(4,294)
General and administrative expenses	(7,496)	(1,764)
Income (loss) from operations	(6,452)	2,376
Interest expense, net	(1,443)	(1,515)
Income (loss) before income taxes	(7,895)	861
Income tax benefit (expense)	265	(94)
Net income (loss)	(7,630)	767
Comprehensive income (loss)	(7,630)	767
Net income (loss) attributable to unitholders	(3,941)	3,311
Comprehensive income (loss) attributable to unitholders	(3,941)	3,311
Allocable to general partners	(55)	46
Allocable to limited partners	$ (3,886)	$ 3,265
Basic and diluted earnings (loss) per unit attributable to unitholders (in dollars per unit)	$ (0.92)	$ 0.75
Basic and diluted weighted average units outstanding (in units)	4,330	4,325
Distributions per unit (in dollars per unit)	$ 1.00	$ 1.00
ORM Timber Funds
Net loss attributable to noncontrolling interests	$ 3,460	$ 2,528
Comprehensive loss attributable to noncontrolling interests	3,460	2,528
Real Estate
Net loss attributable to noncontrolling interests	229	16
Comprehensive loss attributable to noncontrolling interests	$ 229	$ 16

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Cash Flows [Abstract]
Net income (loss)	$ (7,630)	$ 767
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depletion	8,875	6,534
Equity-based compensation	757	593
Depreciation and amortization	186	166
Deferred taxes	(203)	23
Cost of land sold	0	2
Loss from unconsolidated real estate joint venture	327	9
Gain on disposal of property and equipment	0	(61)
Cash flows from changes in operating accounts
Accounts receivable, net	(795)	(2,026)
Prepaid expenses, contract assets, and other assets	419	517
Real estate project expenditures	(55)	(1,023)
Accounts payable and accrued liabilities	(252)	(736)
Deferred revenue	222	86
Environmental remediation payments	(112)	(158)
Other current and long-term liabilities	(295)	285
Net cash provided by operating activities	1,444	4,978
Cash flows from investing activities
Reforestation and roads	(931)	(644)
Capital expenditures	0	(252)
Proceeds from sale of property and equipment	0	71
Investment in unconsolidated real estate joint venture	(46)	0
Deposit for acquisition of timberland - Partnership	0	(5)
Acquisitions of timberland - Partnership	(19)	(16)
Acquisitions of timberland - Funds	0	(19,344)
Net cash used in investing activities	(996)	(20,190)
Cash flows from financing activities
Line of credit borrowings	9,000	4,500
Line of credit repayments	(1,000)	(2,400)
Proceeds from issuance of long-term debt	0	3,000
Repayment of long-term debt	(33)	(32)
Proceeds from unit issuances - distribution reinvestment plan	0	24
Unit repurchases	0	(166)
Proceeds from preferred stock issuance - ORM Timber Funds	0	125
Payroll taxes paid on unit net settlements	0	(79)
Cash distributions to unitholders	(4,367)	(4,366)
Cash distributions - ORM Timber Funds, net of distributions to Partnership	0	(3,076)
Capital call - ORM Timber Funds, net of Partnership contribution	0	17,259
Net cash provided by financing activities	3,600	14,789
Net increase (decrease) in cash and restricted cash	4,048	(423)
Cash and restricted cash at beginning of period	9,037	6,057
Cash and restricted cash at end of period	$ 13,085	$ 5,634

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets
Partnership cash	$ 2,740	$ 2,030
ORM Timber Funds cash	9,575	6,197
Cash	12,315	8,227
Restricted cash	770	810
Total cash and restricted cash	13,085	9,037
Accounts receivable, net	4,618	3,824
Contract assets	2,361	2,765
Prepaid expenses and other current assets	1,405	1,385
Total current assets	21,469	17,011
Properties and equipment, at cost
Timber and roads	359,354	367,305
Timberland	77,064	77,035
Land held for development	20,264	20,223
Buildings and equipment, net of accumulated depreciation (2020 - $8,366; 2019 - $8,214)	5,208	5,340
Total properties and equipment, at cost	461,890	469,903
Other assets	6,503	6,635
Total assets	489,862	493,549
Current liabilities
Accounts payable	2,939	1,700
Accrued liabilities	5,675	7,165
Deferred revenue	445	223
Current portion of environmental remediation liability	993	1,104
Other current liabilities	1,125	1,399
Total current liabilities	36,305	36,714
Environmental remediation and other long-term liabilities	9,068	9,091
Partners’ capital and noncontrolling interests
General partners' capital (units issued and outstanding 2020 - 60; 2019 - 60)	645	751
Limited partners' capital (units issued and outstanding 2020 - 4,273; 2019 - 4,258)	34,565	42,010
Noncontrolling interests	272,543	276,232
Total partners’ capital and noncontrolling interests	307,753	318,993
Total liabilities, partners’ capital and noncontrolling interests	489,862	493,549
Consolidated Entity Excluding Variable Interest Entities (VIE)
Current liabilities
Current portion of long-term debt	134	133
Long-term debt, net of unamortized debt issuance costs and current portion	104,389	96,406
Variable Interest Entity, Primary Beneficiary
Current liabilities
Current portion of long-term debt	24,994	24,990
Long-term debt, net of unamortized debt issuance costs and current portion	$ 32,347	$ 32,345