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As noted in Part I of this series, cash-on-cash return (COCR) provides one way for real estate investors to quickly compare the profitability of different income-producing properties or investments. However, it has limits for measuring returns or wealth creation over more…
Timberland investors naturally care about the cash flows and distributions from timberland investments over time. These cash flows vary with the products grown, markets served and age distribution of the forest owned. Also, timberland portfolios can be constructed to meet more…
Part I of Timber REITs and the “Dividend Tax” Cliff summarized, in words, the implications to shareholders of publicly-traded timberland-owning REITs if the current dividend tax rate expires on December 31, 2012. This post quantifies the implications and puts into more…
This is the first in a two-part series summarizing implications to timber REIT shareholders from expiry of the current tax provisions specific to dividend income. Fear battles greed once again as chronicled by the business press in the looming “fiscal more…
This is the third in a three-part series related to managing financial risk associated with timberland investments, wood procurement and forest management activities. Colonel Kurtz, in the movie “Apocalypse Now,” says “you must make a friend of risk.” While I more…
This is the first in a three-part series related to managing financial risk associated with timberland investments, wood procurement and forest management activities. In his 1989 book Liar’s Poker, which provides a behind-the-scenes look at Wall Street, Michael Lewis writes, more…
What opportunities exist for “getting smart” in forest finance? I field versions of this question regularly from students seeking work in the timberland investment sector and from forestry professionals looking to broaden their skills and offerings to current clients. To more…
This post includes summary comments from Brooks Mendell’s presentation “Evaluating Overseas Timberland Investments and Discount Rates” given on September 20th, 2012 in Portland, Oregon at Who Will Own the Forest? Like NFL quarterbacks with respect to winning and losing football more…
A successful timber market analysis answers the question “what matters, and what does not, in this timber or wood raw material market?” While we care about forest inventories and supplies, wood demand and competition, and stumpage prices and forecasts, we more…
This is the second in a three-part series related to the financial performance, current trends and changing structure of the timberland investment sector. Part I of Timber in Turmoil (Private Timberland Purgatory) focused on the history versus current reality of more…