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This is the second in a series related to timberland investments. The first addressed benchmarking private timberland investments. Real estate investment trusts (REITs) own and manage income producing real estate such as buildings, warehouses, rental properties, and, since 1999, timberlands. more…
This is the fourth in a series related to Forisk’s Q2 2015 forest industry analysis and timber price forecasts for the United States. In the United States, “industrial” timberlands, or privately owned acres managed to maximize wood volume and cash more…
This post includes excerpts from the Q1 2015 Forisk Research Quarterly (FRQ) chapter on timberland investment vehicles and ownership. Institutional investors looking to add timberlands to their portfolios and timber REITs looking to grow their asset base both face the more…
This post includes excerpts from Forisk’s timberland investment research and Brooks Mendell’s September 2014 presentation at the “Who Will Own the Forest?” conference in Portland, Oregon. The complete presentation is available here. During the ten-year period from January 2004 through more…
This is the sixth in a series related to the analysis of timber markets and wood baskets. Forest supplies, wood demand and timber prices cycle. However, these three rarely “get the memo” and synchronize in a timely, convenient fashion. (The more…
CatchMark Timber Trust (CTT), formerly the private Wells Timber REIT, became a publicly-traded timberland-owning REIT on the New York Stock Exchange effective December 12, 2013. CatchMark’s IPO represents a pure, and path-breaking, “private-to-public” timber play. Investors and timberland investment managers, more…
NCREIF recently reported Q4 2013 total returns for private US timberlands of 5.92%. This total return number accounts for nearly two-thirds of the total 9.69% return for all of 2013. Big moves during the fourth quarter for the NCREIF Timberland more…
The IRS Tax code requires real estate investment trusts (REITs) in the United States to pay out at least 90% of their taxable income to shareholders as dividends. In exchange, the IRS does not levy corporate taxes on this REIT more…
In 2012, publicly-traded timberland-owning REITs, as measured by the Forisk Timber REIT (FTR) Index, outperformed the S&P 500, private timberland investments and the universe of publicly-traded real estate investment trusts: S&P 500 (2012): 13.41% Public REITs (NAREIT, 2012): more…
Through executing the Louisiana Purchase in 1803, President Thomas Jefferson proved himself, among other things, the preeminent timberland acquisition professional. In this bold embrace, he more than doubled the size of the United States by acquiring 820,000 square miles of more…