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The historian Stephen Ambrose once said, “The past is a source of knowledge, and the future is a source of hope.” This simple statement contains multitudes (to misappropriate another famous quote), but the sentiment provides some comfort as it pertains to more…
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…
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…
“How do timberland investment managers make money?” The question itself, asked by an analyst working for an institutional investor, was straightforward enough. However, it was the third time in the past week our team had received a call with such more…
Two-thirds of the nearly 6.2 million acres that Weyerhaeuser (WY) owns and leases in the United States are located in the South. Our Equity Research team matched WY’s timberland acres to Forisk’s state-by-state forecast of stumpage prices and wood demand 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…
Our team at Forisk just released its 2011 timber (stumpage) forecast for pine sawtimber and pulpwood for the US South and by state. Overall, we show increasing demand for wood raw materials and higher pine stumpage prices for forest owners more…
An interesting report landed on our desk a few weeks ago, further reinforcing the sorry state of timberland market analysis available to timber REIT investors. The report, from Credit Suisse, makes assertions based on a careless and faulty application of more…
Last week, I spoke at the Global Real Assets Investment Forum in New York as part of the panel on “Timber in Institutional Portfolios.” My takeaway from participating in this event: institutional investors seem bored with timberlands. They showed more more…
Forisk Equity Research completed a comparative analysis of timber REIT forest harvesting activities to address the question, “who wins as housing markets return?” The Executive Summary is below. The complete Technical Note (January 2011) is available here. Executive Summary While more…