TIMBERLAND ACQUISITIONS

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

In 2020, we acquired approximately 13,000 acres of U.S. timberland located in Alabama, Georgia, and Louisiana through three transactions for an aggregate value of $24.2 million. Approximately $24.1 million of these acquisitions were acquired using like-kind exchange proceeds while the remaining $0.1 million were funded from operating cash flow. Additionally, during 2020, we acquired approximately 2,000 acres of timberland (including approximately 2,000 acres of leased land) in New Zealand for approximately $0.5 million. These acquisitions were funded from operating cash flow.

In 2019, we acquired approximately 62,000 acres of U.S. timberland located in Florida, Georgia, Texas, and Washington through sixteen transactions for an aggregate value of $106.3 million. Approximately $29.8 million of these acquisitions were acquired using like-kind exchange proceeds while the remaining $76.5 million were funded from operating cash flow and the use of our revolving credit facility. Additionally, during 2019, we acquired approximately 9,000 acres of timberland (including approximately 2,000 acres of leased land) in New Zealand for approximately $36.0 million. These acquisitions were funded from operating cash flow.

See Note 8 - Debt for additional information on our revolving credit facility and the New Zealand subsidiary’s working capital facility.

The following table summarizes the timberland acquisitions for the years ended December 31, 2020 and 2019:


	2020		2019
	Cost	Acres (a)	Cost	Acres
Alabama	$100	56	—	—
Florida	—	—	71,183	42,522
Georgia	18	20	13,395	10,271


Louisiana	24,123	12,558	—	—
Texas	—	—	14,349	6,643
Washington	—	—	7,340	2,260
New Zealand	454	2,378	36,020	9,223
Total Acquisitions	$24,695	15,012	$142,287	70,919

(a)Excludes acres and costs related to Pope Resources, for more information on assets and liabilities acquired see Note 2 - Merger with Pope Resources.