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Second quarter 2011 results reported by Plum Creek (PCL) and Potlatch (PCH) the past two days indicated continued weakness in those segments affected by housing markets (timber harvesting and wood products manufacturing). Both firms somewhat offset lower timber harvesting cash more…
Who buys the trees grown by timberland-owning REITs? Timber REIT returns depend on strong demand from end-use markets for forest products such as lumber, plywood, pulp and OSB. This explains the dependence that timber REITs have on housing markets. Low more…
How can timber REITs leverage their available capital, given the fact that they must distribute, and cannot retain, earnings? Over time, timberland-owning REITs have identified and employed multiple investment strategies to leverage available capital. These strategies include: “Recycling capital” through programs more…
According to Forisk tracking of timberland ownership, 58 firms currently own or manage in excess of 100,000 acres of timberlands in the United States. These firms feature the following descriptive statistics: As a group, they own/manage 57.6 million acres of more…
Between April 25th and April 29th, all four public timberland-owning REITs reported their Q1 2011 financial performance. Three of the four firms reported earnings per share below Wall Street consensus expectations: Overall, results continue to reflect the US housing downturn more…
From the desk of Neena Mishra, Director of Equity Research: The Forisk Timber REIT (FTR) Index of public timberland-owning real estate investment trusts (REITs) continues to outpace the overall market in 2011, returning 23.78% year-to-date compared with 6.19% for the more…