TIMBERLAND ACQUISITIONS

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

In 2021, we acquired approximately 100,000 acres of U.S. timberland located in Florida, Georgia, and Texas through seven transactions for an aggregate value of $168.2 million, which were funded from operating cash flow, proceeds from the sale of the Timber Funds business and use of the Company’s at-the-market equity offering program. Additionally, during 2021, we acquired approximately 3,000 acres of timberland (including approximately 1,000 acres of leased land) in New Zealand for approximately $10.9 million. These acquisitions were funded from operating cash flow.

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.

The following table summarizes the timberland acquisitions for the years ended December 31, 2021 and 2020:


	2021		2020 (a)
	Cost	Acres	Cost	Acres
Alabama	—	—	$100	56
Florida	31,342	24,153	—	—
Georgia	38,339	24,776	18	20


Louisiana	—	—	24,123	12,558
Texas	98,507	51,568	—	—

New Zealand	10,927	2,676	454	2,378
Total Acquisitions	$179,115	103,173	$24,695	15,012

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