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Recent comments by Federal Deposit Insurance Corporation (FDIC) Chairman Sheila Blair regarding minimum down-payments of up to 20% for “qualified residential mortgages” (QRM) echoed discussions about residential housing markets at the UGA Timberland Investment Conference. Our Equity Research Team (Neena more…
From the desk of Neena Mishra, Director of Equity Research: The Forisk Timber REIT (FTR) Index of public timberland-owning real estate investment trusts (REITs) continues to outpace the overall market in 2011, returning 23.78% year-to-date compared with 6.19% for the more…
As of March 30, 2011, Wood Bioenergy US tracked 451 wood-consuming, announced and operating bioenergy projects in the continental US. Electricity (biopower) and wood pellet projects dominate the Forisk database (see table), while cellulosic ethanol projects continue to pursue multiple technologies more…
From the desk of Dr. Tim Sydor, Forest Economist: The 2011 Timberland Investment Conference, hosted last week by the University of Georgia’s (UGA) Center for Forest Business at Lake Oconee, attracted over 350 participants from all aspects of the timberland more…
Regardless US Department of Agriculture efforts to continue funding for biofuel programs (“USDA opens application window for biofuel funding programs”), individual projects associated with cellulosic ethanol have expanded their end-market options to increase their probability of operational viability. In short, more…
Our team at Forisk just released its 2011 timber (stumpage) forecast for pine sawtimber and pulpwood for the US South and by state. Overall, we show increasing demand for wood raw materials and higher pine stumpage prices for forest owners more…
An interesting report landed on our desk a few weeks ago, further reinforcing the sorry state of timberland market analysis available to timber REIT investors. The report, from Credit Suisse, makes assertions based on a careless and faulty application of more…
Last week, I spoke at the Global Real Assets Investment Forum in New York as part of the panel on “Timber in Institutional Portfolios.” My takeaway from participating in this event: institutional investors seem bored with timberlands. They showed more more…
From the desk of Neena Mishra, Director of Equity Research: On February 4, 2011, Weyerhaeuser (WY) reported its Q4 2010 results. Net income for the quarter came in at $0.10 per share, a nickel ahead of street consensus. Timberlands earnings more…
From the desk of Neena Mishra, Director of Equity Research: Both Plum Creek (PCL) and Rayonier (RYN) reported Q4 2010 results in the past week. Both firms just beat market expectations through off-setting different combinations of higher and lower pricing more…