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Timberland assets provide to their owners the option of altering the mix and timing of forest harvest activities. During adverse market conditions, public timber REITS embrace this “option value.” Over the past three years, we have seen Plum Creek (PCL), more…
According to Wood Bioenergy US, the number of announced and operating wood-consuming bioenergy projects in the continental US increased to 408 as of September 24, 2010. In total, these projects represent potential, incremental wood use of 119.9 million green tons more…
Publicly-traded timber REITs – Plum Creek (PCL), Potlatch (PCH), and Rayonier (RYN) – continue to outperform the S&P 500, as measured by the Forisk Timber REIT (FTR, “footer”) Index. Key results as of September 20, 2010 include: FTR Index up more…
Anemic housing construction – and the resulting impacts on lumber demand – has delayed the expected recovery of pine sawtimber prices this year. Still, several states show signs of resiliency. We just completed the mid-year update of our 10-year, state-by-state more…
According to Wood Bioenergy US, wood pellet and wood-to-electricity plants in the continental US will consume over 30 million green tons in 2010. This is based on screening the 376 wood-consuming, announced and operating bioenergy projects in the Wood Bioenergy US database more…
With the payment of a $5.6 billion special dividend on September 1, 2010, Weyerhaeuser (WY) will have satisfied all of the requirements for its conversion to a real estate investment trust (REIT). We described the tax implications of the dividend more…
As a major final step in its long road to converting to a real estate investment trust (REIT), Weyerhaeuser (WY) announced a special dividend of $5.6 billion on July 11, 2010. Previously, we detailed Weyerhaeuser’s (WY) REIT conversion timeline, which more…
Recent articles and media coverage of wood bioenergy projects and policies raised questions about carbon accounting, the role of subsidies and biomass definitions. However, policy-makers and forest owners can benefit from a rooted understanding of what we know versus technologies more…
Days after Plum Creek (PCL) posted second quarter earnings on July 26th (see “Plum Creek Beats the Street“), the balance of the timber REITs – Potlatch (PCH), Rayonier (RYN) and soon-to-be-REIT Weyerhaeuser (WY) – reported their results. Neena Mishra, Forisk’s more…
After the market closed yesterday (July 26th), Plum Creek (PCL) reported its second quarter 2010 earnings of $35 million, or $0.21 per diluted share, on revenues of $258 million. Neena Mishra, Forisk’s Director of Equity Research, put the results into more…