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One reality of market and investment research is that if a data set “should” exist, it doesn’t. And if it does exist, it’s probably out of date (especially in forestry). Therefore, my team views the systematic aggregation, tracking and analysis more…
Nobel Prize-winning physicist Albert Einstein once said, “the hardest thing in the world to understand is the income tax.” On the other hand, actor Wesley Snipes reportedly said, “taxes are only complicated if you pay them.” (Actually, that might have more…
People who cite a rising stock market as evidence of economic health (1) make me nervous and (2) remind me what Timber REIT said to Timberland as they walked out of the gym: “You’re such a hard asset.” Roiled and more…
In 2011, timberland-owning REITs, as a sector, outperformed the S&P 500. As measured by the Forisk Timber REIT (FTR) Index, publicly-traded timber REITs returned 5.69% versus 0.00% for the S&P (see tables). The FTR Total Returns Index, which accounts for more…
Executive Summary: all timberland investment vehicles exceed US Treasury benchmarks over long time frames; timber REIT dividend distributions enhance yields to help offset short term share price volatility. U.S. Treasuries remain a common benchmark for private timberland investments. Why? Relative more…
Years ago, I held shares in Crown Pacific Partners, a timberland-owning firm headquartered in Portland, Oregon. During market declines in the late 1990s, the firm subsidized its shareholder distributions through borrowing and cash generated from non-organic business activities. In other more…
Last week, the Wall Street Journal reported on the rush of investors buying into publicly-traded real estate investment trusts (“Real-estate investors target neighborhood that is looking up,” Wall Street Journal, 11/15/11). According to Citigroup Global Markets, investors, year-to-date, invested 18% more…
When tracking wood demand and timber markets, we look not only to the past and to the future for guidance, but also to the side – peripherally – to gauge performance across markets and sectors. Heather Clark, our Customer Relations more…
Last week, all four publicly-traded, timberland-owning REITs announced and reviewed their third quarter 2011 results (just in time to catch Game 7 of a heart-thumping World Series between the St. Louis Cardinals and Texas Rangers). All firms met or exceeded more…
While publicly-traded timberland-owning REITs, and REITs generally, outperformed the S&P 500 over 10-year, 3-year and 1-year benchmarks (see table), the sector took a shellacking during the third quarter of 2011. The Wall Street Journal profiled the “dethroning” of REITs as more…