Pope Resources reported net income of $5.7 million, or $1.31 per ownership unit, on consolidated revenue of $25 million, and look-through revenue of $17.6 million, for 1Q 2018. This compares to net income of $3.4 million, or $0.77 per ownership unit, on consolidated revenue of $17.3 million, and look-through revenue of $11.4 million, for 1Q 2017.

“The confluence of strong log markets and favorable winter weather in 2018’s first quarter enabled us to push up harvest volumes and realize significant increases in cash flow from operations compared to last year’s first quarter,” said Tom Ringo, President and CEO. “Log prices generally were strongest in early Q1-18.

As the favorable markets and weather encouraged broad log production participation, however, realized prices slipped back 5 to 10% later in the quarter, still coming in at levels higher than recent quarters. Other items of note for this quarter include the previously announced January acquisitions by Fund IV of two timberland properties totaling nearly 37,000 acres.

In Q1-18 we began marketing timber deed sales on these two properties with good early success that augurs well for early cash yield on the Partnership’s $17.1 million co-investment in these properties. Finally, our Real Estate activities in Q1-18 were focused on laying the groundwork for sales that are expected to close later in the year.”

Pope Resources, a publicly traded limited partnership, and its subsidiaries Olympic Resource Management and Olympic Property Group, own or manage 210,000 acres of timberland and development property in Washington, Oregon, and California

Photo: Tom Ringo, President and CEO