POULSBO, Wash., Aug. 23, 2018 /PRNewswire/ -- Pope Resources
(NASDAQ:POPE) announced today a quarterly distribution of
$0.80 per unit, effective for
unitholders of record on September 6,
2018 and payable on September 20,
2018. This represents a $0.10,
or 14%, increase from the prior quarterly distribution of
$0.70 per unit. "We are pleased to
announce this increase in our distribution payout, which reflects
our confidence in the current and future cash flow generating
capacity of the Partnership," said Tom
Ringo, President and CEO.
Pope Resources is actively reviewing its longer-term
opportunities. Now that the bulk of anticipated spending on its
multi-year legacy environmental remediation expense at Port Gamble, Washington is nearly complete,
Pope Resources believes it can more confidently pursue
opportunities to create and deliver unitholder value. As part of
its review, Pope Resources is evaluating its capital allocation
strategy, business mix and organizational structure in order to
narrow the gap between its trading value and net asset value.
This release is intended to be a qualified notice under Treasury
Regulation Section 1.1446-4(b). Brokers and nominees should treat
one hundred percent (100%) of Pope Resources' distributions to
foreign investors as being attributable to income that is
effectively connected with a United
States trade or business. Accordingly, Pope Resources'
distributions to foreign investors are subject to federal income
tax withholding at the highest applicable effective tax result.
About Pope Resources
Pope Resources, a publicly traded limited partnership, and its
subsidiaries Olympic Resource Management and Olympic Property
Group, own and manage 120,000 acres of timberland and 2,100 acres
of development property in Washington. In addition, Pope Resources
co-invests in and consolidates three private equity timber funds
that own 124,000 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.
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SOURCE Pope Resources