<TABLE> <S> <C>

<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM U.S.
TIMBERLANDS COMPANY, L.P.'S DECEMBER 31, 1997 AND DECEMBER 31, 1996 COMBINED
FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000

<S>                             <C>                     <C>
<PERIOD-TYPE>                   YEAR                   OTHER
<FISCAL-YEAR-END>                          DEC-31-1997             DEC-31-1996
<PERIOD-START>                             JAN-01-1997             AUG-30-1996
<PERIOD-END>                               DEC-31-1997             DEC-31-1996
<CASH>                                          10,625                  16,613<F1>
<SECURITIES>                                         0                       0
<RECEIVABLES>                                    3,773                   1,694
<ALLOWANCES>                                         0                       0
<INVENTORY>                                          0                      78
<CURRENT-ASSETS>                                14,932                  29,586
<PP&E>                                           1,448                   1,478
<DEPRECIATION>                                     187                      58
<TOTAL-ASSETS>                                 385,214                 310,191
<CURRENT-LIABILITIES>                           13,097                   8,127
<BONDS>                                              0                       0
<PREFERRED-MANDATORY>                                0                       0
<PREFERRED>                                          0                       0
<COMMON>                                             0                       0
<OTHER-SE>                                     145,646                 (2,936)
<TOTAL-LIABILITY-AND-EQUITY>                   385,214                 310,191
<SALES>                                         77,345                  14,019
<TOTAL-REVENUES>                                77,345                  14,019
<CGS>                                           17,778                   6,179
<TOTAL-COSTS>                                   50,077                  18,786
<OTHER-EXPENSES>                                   574                      36
<LOSS-PROVISION>                                     0                       0
<INTEREST-EXPENSE>                              25,321                   7,316
<INCOME-PRETAX>                                (1,368)                (13,036)
<INCOME-TAX>                                         0                       0
<INCOME-CONTINUING>                            (1,368)                (13,036)
<DISCONTINUED>                                       0                       0
<EXTRAORDINARY>                                (9,337)                       0
<CHANGES>                                            0                       0
<NET-INCOME>                                  (10,705)                (13,036)
<EPS-PRIMARY>                                   (2.04)                  (3.04)
<EPS-DILUTED>                                   (2.04)                  (3.04)
<FN>
<F1>THE INCOME STATEMENT DATA FOR THE PERIOD ENDED DECEMBER 31, 1996 REPRESENTS
ONLY FOUR MONTHS OF OPERATIONS AS THE COMPANY WAS FORMED ON AUGUST 30, 1996.
</FN>


</TABLE>