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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…
REIT investors specify the relatively high and stable dividends as a key benefit of investing in real estate investment trusts. Timberland-owning REITs (timber REITs) offer additional tax benefits. Most timber REIT distributions (related to income from the sale of timber) more…
From the desk of Neena Mishra, Director of Equity Research: While investing directly in timberlands requires high starting capital, retail investors can choose from other vehicles which provide exposure to timber and forest products such as REITs, related C-Corporations or more…
In a previous post, we detailed the timeline that would play out once Weyerhaeuser (WY) declared its special dividend, which is the final step required by the IRS for WY to complete its REIT conversion.* WY pulled the trigger more…
As a researcher, I enjoy exploring and testing questions related to forest economics, wood bioenergy and timber investments. Why? The finance of forestry brings together a globally available, renewable asset with attractive investment characteristics that continues to generate interesting issues more…
Interested in owning Weyerhaeuser (WY) shares prior to a special dividend distribution? In 2009, the company announced its intent to convert to a timberland-owning real estate investment trust (timber REIT). With this likely to occur in 2010, it requires WY more…
On the evening of August 4th, 2010, Neena Mishra, our Director of Equity Research, and I will teach a Master Class on “Valuing Timber REITs.” This follows our day-long course on “Applied Forest Finance”, which is co-taught by our Forest more…
Land consultant and writer Curtis Seltzer interviewed me on the topic of timberland investing and financial analysis. One question in particular got to the heart of how I think about applying finance to forestry-related investment decisions: “Do you use or more…
Several years ago, an analyst from a hedge fund called me to discuss suitable discount rates for timberland investments. We had the following exchange: “A common error with discount rates is that folks use real and nominal rates inconsistently,” I more…