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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…
Q: What is the appropriate timing of cash flows in a forest valuation model? A: In normal forest operations, we likely won’t know in advance if forest stands will be harvested at the beginning, 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…
The phone rings. Our forest manager wants to increase the budget for fertilization in 2014. How do we account for the original investment – the original capital used to acquire the timberland – when evaluating new projects for the same more…
This post includes an excerpt from the feature article in the December 2013 edition of Wood Bioenergy US (WBUS) that compares bioenergy industry projections to realized capacity. The current issue of Wood Bioenergy US (WBUS) compares industry announcements and Forisk research more…
In 1849, Martin Faustmann read an article about forest valuation and found it wanting. A German forester and appraiser, he developed and published an alternative technique for valuing bare forestland, or “dirt,” for tax purposes. Faustmann’s approach, a special application more…
The start of the holiday season signals the close of the strategic planning and budgeting cycle for many firms. In the forest products industry, over the next 24 months, prioritized investment projects will move from the white board to the more…
This post includes an excerpt from the feature article in the October/November edition of Wood Bioenergy US (WBUS) that compares pellet announcements to realized investment. Pellet plants in the U.S. today have two primary markets: domestic U.S. home heating and European more…
This post includes an excerpt from an editorial by Brooks Mendell published in the open access journal BioResources. Wood bioenergy investments—which include projects generating electricity, biofuels, and pellets from woody raw materials—necessitate decisions from a range of stakeholders. And yet, more…