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HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS | 9 Months Ended
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Sep. 30, 2020
Real Estate [Abstract] |
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS | HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS We continuously assess potential alternative uses of our timberlands, as some properties may become more valuable for development, residential, recreation or other purposes. We periodically transfer, via a sale or contribution from the real estate investment trust (“REIT”) entities to taxable REIT subsidiaries (“TRS”), higher and better use (“HBU”) timberlands to enable land-use entitlement, development or marketing activities. We also acquire HBU properties in connection with timberland acquisitions. These properties are managed as timberlands until sold or developed. While the majority of HBU sales involve rural and recreational land, we also selectively pursue various land-use entitlements on certain properties for residential, commercial and industrial development in order to enhance the long-term value of such properties. For selected development properties, we also invest in targeted infrastructure improvements, such as roadways and utilities, to accelerate the marketability and improve the value of such properties. In the merger with Pope Resources, we acquired HBU properties with an estimated fair value of $27.7 million. This includes development properties in the town of Port Gamble, Washington, development projects in Gig Harbor, Kingston, and Bremerton, Washington and various other assets. Changes in higher and better use timberlands and real estate development investments from December 31, 2019 to September 30, 2020 are shown below:
| Higher and Better Use Timberlands and Real Estate Development Investments
| Land and Timber |  | Development Investments |  | Total
Non-current portion at December 31, 2019 | $58,091 |  |  | $23,700 |  |  | $81,791 |
Plus: Current portion (a) | 274 |  |  | 12,389 |  |  | 12,663 |
Total Balance at December 31, 2019 | 58,365 |  |  | 36,089 |  |  | 94,454 |
Non-cash cost of land and improved development | (882) |  |  | (4,947) |  |  | (5,829) |
Timber depletion from harvesting activities and basis of timber sold in real estate sales | (619) |  |  | — |  |  | (619) |
Capitalized real estate development investments (b) | — |  |  | 5,448 |  |  | 5,448 |
HBU properties acquired in merger with Pope Resources (c) | 27,722 |  |  | — |  |  | 27,722 |
Capital expenditures (silviculture) | 211 |  |  | — |  |  | 211 |
Intersegment transfers | (3,979) |  |  | — |  |  | (3,979) |
Total Balance at September 30, 2020 | 80,818 |  |  | 36,590 |  |  | 117,408 |
Less: Current portion (a) | (326) |  |  | (8,796) |  |  | (9,122) |
Non-current portion at September 30, 2020 | $80,492 |  |  | $27,794 |  |  | $108,286 |
(a)The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 21 — Inventory for additional information. (b)Capitalized real estate development investments include $0.4 million of capitalized interest. (c)Based on preliminary estimates of fair value as of May 8, 2020. See Note 2 - Merger with Pope Resources for additional information

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 + Details
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