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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…
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…
Forisk Equity Research completed a comparative analysis of timber REIT forest harvesting activities to address the question, “who wins as housing markets return?” The Executive Summary is below. The complete Technical Note (January 2011) is available here. Executive Summary While 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…
On January 7, 2011, Rayonier (RYN) announced the potential conversion of the existing fluff pulp fiber line at its Jesup, Georgia facility to produce cellulose specialties pulps. The company expects to complete its analysis by mid-year, when the board will more…
Timberland and timber REIT investors continue to wade through erroneous and underreported analysis in financial outlets. For example, a December 31, 2010 article, “Worst Performers in S&P Led by Weyerhaeuser, Dean Foods & H&R Block,” from Barron’s claims Weyerhaeuser (WY) more…
Weyerhaeuser’s (WY) December 2009 announcement regarding its board’s approval for conversion to a real estate investment trust (REIT) drew attention to the timber REIT sector, its financial performance through the economic cycle and its investment potential moving forward. We published more…