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Last week, Fitch Ratings raised its outlook on Weyerhaeuser (WY) from “negative” to “stable” and affirmed its rating at “BB+”. Fitch justified the action primarily on WY’s Pulp business and core Timberland operations, though the rating agency recognized that the more…
On July 25, 2011, Rayonier (RYN) announced that its board of directors approved a three-for-two stock split. On August 24, 2011, the company issued one-half additional share for each share held to shareholders of record as of August 10, 2011. more…
Risk management is back in vogue. S&P’s downgrading of US sovereign debt last Friday to AA+ from AAA sparked sell-offs across world markets. Yesterday (Monday August 8, 2011) scored Wall Street its worst day in over two-and-a-half years. Meanwhile, how more…
Last week, we posted how Plum Creek (PCL) and Potlatch (PCH) offset weak log markets in 2Q 2011 with land sales. The balance of the public timber REITs, Rayonier (RYN) and Weyerhaeuser (WY), have also reported their results and, as 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…
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…