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Minnesota Stumpage Prices, 2011

From files .dnr .state .mn .us - April 12, 2012 3:48 AM

Annual report provided by the Minnesota DNR.

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Sponsored by... | Timberland Investment | Scoop.it From www .prentissandcarlis le .com - February 2, 2012 11:02 PM

Prentiss & Carlisle  is one of the largest timberland asset managers in North America. P&C provides ongoing management services on approximately 1.75 million acres of timberland located in Maine, Michigan, New York, Vermont, Wisconsin, Ontario and Quebec. Nearly every acre under management is certified by the Forest Stewardship Council through either our clients or through P&C itself, which holds FSC certificates for both Forest Management and Chain-of-Custody.

 

P&C provides turnkey land management from long-range forest planning through on-ground forestry, marketing of forest products, harvesting, transportation, road construction and maintenance, stump-to-mill accounting and reporting, client cash management, administration of third-party relationships, public advocacy/representation and strategic asset planning. P&C also provides specialized consulting services in related areas of expertise:

 

About this magazine

Our aim is to provide a gathering place for news and opinion about timberland investing. We cover both publicly traded issues including listed timber companies, real estate investment trusts (REIT's), and exchange traded funds (ETF's), and the more private world of institutional investing in timberland. Our focus is on: the rationale for investing in timberland; performance of publicly traded timber investments; timberland deals and transactions; timber supply, demand and prices, and; public policy issues that impact timberland investing. Not interested in all of these topics? You can easily filter the stories by using the Tags button above.

 

We encourage readers to interact with our site:

 

Some useful links

 

Stock quotes, news and financial metrics

These links take you to customized Google Finance pages for timber REITS, indexes and other publicly traded companies of interest:

 

Prentiss & Carlisle newsletters

Quarterly updates on conditions in our operating regions

 

Timber Mart North  

Lake States price reporting service published by P&C

 

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ROSEBURG TO SELL ITS CALIFORNIA TIMBERLANDS TO NEW FORESTS

ROSEBURG TO SELL ITS CALIFORNIA TIMBERLANDS TO NEW FORESTS | Timberland Investment | Scoop.it From www .building-products .com - October 20, 8:35 PM Roseburg Resources Co. today announced an agreement to sell its California timberlands to a timberland investment vehicle managed by New Forests. The transaction includes 170,000 acres in northern California, largely in Siskiyou and Shasta counties.

Roseburg’s California timberlands are investment-grade with a long history of professional management.

“The sale of our California timberlands would not be possible without the contributions of our California resource team,” said Scott Folk, Roseburg’s Senior Vice President of Resources. “Thanks to the team’s work, these lands will remain working forest timberlands under the new management of New Forests, a leading timberland investment organization focused on long-term growth.”

Founded in 2005, New Forests manages more than 2 million acres of land and forests around the world, with assets under management of more than $3 billion. Headquartered in Sydney, Australia, New Forests has offices in San Francisco, Singapore and New Zealand. The sale is expected to close in early 2018.

“The sale of this property allows Roseburg to pursue strategic growth opportunities in regions with stable markets and strong demand for timber,” Roseburg CEO Grady Mulbery said. “This transaction is part of a larger effort to expand Roseburg’s national footprint, which now includes our engineered wood plant planned for Chester, S.C., and our recent purchase of timberland in Virginia and North Carolina.”

Roseburg Forest Products will retain ownership of its veneer facility located in Weed, Calif. Partager Tweet more... No comment yet. Sign up to comment Scooped by Sam Radcliffe Scoop.it!

The Math of Timberland Returns and Our Unease with Rational Thought

The Math of Timberland Returns and Our Unease with Rational Thought | Timberland Investment | Scoop.it From forisk .com - October 20, 8:21 PM

Professor Richard Thaler won this year’s Nobel Prize for Economics, in part, for research confirming that we (humans) believe we are smarter and more rational than we actually are.
***
Reading Thaler’s research raises issues relevant to investing in timberland and forest industry stocks. We may believe we have superior insight into the value of an asset or the wisdom of a strategy, and that this belief in our own insight – as opposed to subjecting the insight to a suitable gauntlet of tests – gives license to act and a means to profit. This encourages us to overweight our assessment of values and market plays, while discounting the reality that hundreds or thousands of other (humans) are looking at the same data at the same time and coming to similar conclusions.

 

When too much capital chases too few assets, it creates its own momentum. And this momentum of the institutional conscious can lead to overvaluing assets. ***

From NCREIF data on institutional timberland investments:


What can we expect from timberlands for future returns? Logic and data indicate that, at best, we can expect modest returns. The multiple between values and total returns moved from about 7 to 13 to over fifty. While this snapshot provides an incomplete story, it affirms that we pay significantly higher prices today for each unit of expected returns in the future.

 

If timberlands are historically expensive, it reminds us that investing relies on relative performance and differing objectives. U.S. 30-year government bonds, a “riskless” alternative, yield 2.9%. Low interest rates, in part, reflect a low demand for money and higher demand for savings and investment. Timberland, like bonds, provides a way to preserve wealth and store value. Which makes us consider risk and things to worry about.

 

For timberland, I worry less about regional or asset class-specific values and much more about individual properties and local timber markets. Timberland price-to-value metrics depend critically on the local wood basin and forest stocking level of the given property. For example, over the past four years, key changes in valuation drivers include (1) the continued accumulation of forest supplies in the South and (2) the role of technology and efficiency at wood using mills. In addition, values depend highly on the selection and application of an appropriate discount rate.

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Prentiss & Carlisle Q3 Update Published

Prentiss & Carlisle Q3 Update Published | Timberland Investment | Scoop.it From www .prentissandcarlis le .com - October 18, 5:05 PM

P&C's 3rd quarter newsletter contains an overview of market conditions in Maine, snippets of news from the broader industry, and an essay "Re-examining the Case for Timberland". An excerpt from the latter:

 

In summary, although a given property may present an attractive investment opportunity, we think that the general case for including timberland as a portfolio asset cannot be made as it has for the past thirty years. Maybe steady low returns are good enough – might timberland be an absolute return asset? There is also a case to be made for timberland as an impact investment. But are either of these rationales appealing to institutions who are already  underfunded with respect to long-term liabilities?


Clearly there are timberland properties that would perform well both as stand-alone investments and as portfolio enhancers. But we believe these properties should be sold on their own individual merits, not on the rationale that they are members of a desirable asset class.

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Quebec’s Solifor acquires Maine forest for $36 million

Quebec’s Solifor acquires Maine forest for $36 million | Timberland Investment | Scoop.it From www .workingforest .com - October 17, 5:15 PM

To further secure the supply of quality fibre for Québec sawmills and processors, Solifor is continuing its expansion outside Quebec with the acquisition of Ste-Aurelie Timberlands, a 24,910-hectare forest property in Maine. The $36-million deal is Solifor’s second outside Quebec, bringing its out-of-province investments to $65 million.

 

Located at the border of Maine and Québec, this property, subject to forest management, is characterized by a mixed forest cover (coniferous and hardwood) and is in full development. The territory’s main customers and users are Québec companies, including Maibec and Groupe Lebel. With transportation being an important cost for Québec sawmills, this transaction will contribute to a better bottom line, according to a Solifor statement. 

 

An initiative of the Fonds de solidarité FTQ, Solifor has invested $200 million to date to acquire 153,000 hectares of forest land in Québec, in the Bas-Saint-Laurent, Lotbinière, Charlevoix, Saguenay, Portneuf, Mauricie and Abitibi regions, as well as Maine.

“Solifor is planning other acquisitions to further secure the fibre supply for Québec companies, making it a partner of choice for the Québec forestry industry,” says Raynald Arial, president, Solifor.

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New Zealand forestry a first test in nationalist party's protectionist agenda

New Zealand forestry a first test in nationalist party's protectionist agenda | Timberland Investment | Scoop.it From www .thisisplace .org - October 11, 4:36 PM Some New Zealand forest owners are suspending replanting of trees and re-thinking investments as the country’s third-largest export earner finds itself in the sights of maverick politician Winston Peters’ protectionist agenda.

The election king-maker last week said he would prioritise a restructure of the forest industry in closely-watched coalition talks with major parties after last month’s inconclusive election result.

The plan includes a possible quota system which would force growers to favour local mills over a higher-paying export market. Exports of forest products totalled around NZ$4.75 billion (£2.5 billion) in 2015, with China the top destination.

That has put the Pacific nation’s lucrative forestry sector at the heart of concerns that New Zealand First in power will spell greater government intervention in New Zealand’s small, outward facing economy.

“Every time the government has done something like that we get what you call a hole in the supply of timber and we’re going into a hole now, an undersupply,” said Joe Carr, the owner of a privately-held logging business managing 500 hectares of forest in the far north of the country.

Carr is holding off replanting 60 hectares of his land due to the possible restrictions and said on average growers were paid a third less to sell logs locally than to export them. He said his son was re-thinking whether his family should stick to forestry after 44 years in the business. Partager Tweet more... No comment yet. Sign up to comment Scooped by Sam Radcliffe Scoop.it!

US timberland transactions poised to double over five years

US timberland transactions poised to double over five years | Timberland Investment | Scoop.it From www .agriinvestor .com - October 6, 9:29 PM

Investors frustrated by the dearth of primary timberland transactions in the US will soon have reasons to cheer, according to specialist manager New Forests.

 

In its biennial update on the forestry market, the Australia-based firm observes that assets acquired “in the heyday” of 2003-2008 are now starting to be sold back into the secondary market. Rising interest rates may also put pressure to improve cash yields, creating volatility for returns and prompting investors to delist assets. Taken together, these trends will help bring annual timberland transaction turnover in the US from about $1 billion over the past seven or eight years – net of big consolidation deals – to $2 billion over the next half-decade, New Forests said.

 

Not every investor, however, will be inclined to part ways with assets held in the vehicles they back. “It is likely that most funds will sell down their holdings, but there may be some instances where a follow-on vehicle will be used to roll over the assets,” David Brand, chief executive of New Forests, told Agri Investor. “We understand there are some LPs looking to hold on to underlying assets – particularly for large, quality assets – even amidst fund exits.”

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Business Owners Choose Impact Investments Over Charity

Business Owners Choose Impact Investments Over Charity | Timberland Investment | Scoop.it From www .fa-mag .com - October 4, 10:50 PM

Business owners are more apt to make impact investments instead of donating to charities to help solve social ills, according to a new finding.

 

The 2017 U.S. Trust Insights on Wealth and Worth survey, in which more than 800 high-net-worth individuals shared their thoughts on investing, the workplace, family relationships, philanthropy and more, shows that business owners are more likely to invest in organizations that make a positive impact versus non-business owners, who are more likely to turn to charity for social effect.

 

“Business owners are less likely to make financial charitable contributions compared to non-business owners, but are actively engaged in supporting nonprofit organizations and causes through their work, investments and service,” the report says. “By far, business owners see the private sector, and businesses in particular, as most effective at creating economic opportunity and, in turn, a higher standard of living for more Americans.”

 

Women and millennials are leading the investment charge to impact imvesting, but interest in impact investing by men has doubled in the past two years, the survey finds.

 

Some other notable takeaways from the U.S. Trust survey:

• 45 percent of high-net-worth investors own or are interested in impact investments.

• More than half (55 percent) of those who own impact investments say they invest based on impact simply because it’s the right thing to do as a responsible citizen and investors.

• Four in 10 investors agree that companies that have a positive impact also have better financial performance.

• One in three agrees that companies that do well as good corporate citizens are less susceptible to headline risks. 

• Eight in 10 high-net-worth investors overall agree that all public companies have an impact on society or the environment.

• Two-thirds of baby boomers and three-fourths of mature investors don’t consider investing as a way to express their social, political or environmental values.

• The number of high-net-worth investors who have reviewed their investment portfolio for the environmental, social or governance impact of companies they invest in has increased to 34 percent, up from 23 percent in 2015.

• The biggest barrier to impact investing adoption continues to be the belief that doing well (investment performance) and doing good (philanthropy) are separate goals (49 percent), a sentiment felt most strongly among older high-net-worth investors.

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Foreign investment crucial for forestry industry

Foreign investment crucial for forestry industry | Timberland Investment | Scoop.it From www .radionz .co .nz - October 4, 10:39 PM New Zealand First leader Winston Peters said the future of forestry and timber supplies for local mills is one of his party's priorities as it heads into coalition talks.

He wanted the next government to protect wood supply to domestic mills by creating a Forest Service, and had previously stuck-up for Northland wood processors who said they were being squeezed out of the market by foreign forest owners and buyers.

Commercial forestry is a much bigger industry than most people think, with $25 billion to $30bn invested in plantations, the association's president Peter Clark said.

"It is widely acknowledged in Treasury, MFAT, and trade advisors, that we need foreign direct investment. Forests are pretty benign and logical place to have that investment."

Forestry has not been viewed as an attractive investment here compared to farming intensification.

More government interest is needed in the industry, as well as new plantings, he said.

"There's been a market failure. We've had 20 years of virtually no new planting and this is the main problem. We have heard a lot from Winston's electorate in Northland about wood supply into sawmills and that is absolutely correct and the major cause of it is no new planting. So, there is a gap." Partager Tweet more... No comment yet. Sign up to comment Scooped by Sam Radcliffe Scoop.it!

UMaine gets $455K for 'mass timber' commercialization center

UMaine gets $455K for 'mass timber' commercialization center | Timberland Investment | Scoop.it From www .mainebiz .biz - September 28, 4:32 PM The University of Maine System has landed a $454,532 federal grant to create a center to accelerate the use of Maine-sourced timber and engineered wood composites in place of steel and concrete for larger construction projects.

In a joint statement announcing the grant from the U.S. Economic Development Administration, U.S. Sens. Susan Collins, R-Maine, and Angus King, I-Maine, said the funding would be used to create the Maine Mass Timber Commercialization Center as a resource for forest industry partners, trade organizations, construction firms, architects and other key stakeholders to revitalize and diversify Maine's forest-based economy.

Its chief focus would be to advance new forest products technologies and bring innovative mass timber manufacturing to Maine. Partager Tweet more... No comment yet. Sign up to comment Scooped by Sam Radcliffe Scoop.it!

The timber industry illustrates exactly what’s wrong with international trade restrictions

The timber industry illustrates exactly what’s wrong with international trade restrictions | Timberland Investment | Scoop.it From www .learnliberty .org - September 28, 4:26 PM

In the August 4 issue of the Wall Street Journal, the CEO of a US lumber company claimed that “our trade laws exist to protect American businesses and jobs from unfair foreign trade practices, allowing our industries to grow and prosper.” His concern for American businesses and workers is commendable, but trade laws restricting our ability to do business with foreigners — even foreigners whose governments subsidize exporters — cause some industries to “grow and prosper” by causing other industries to shrink and struggle.

 

Let’s think about international trade restrictions on the timber industry for a minute.

Tariffs, quotas, and other restrictions on international trade make timber more expensive. With higher prices, timber companies can hire more people. It would be easy to look at the expanding timber industry and draw the conclusion that protection allows American firms to “grow and prosper.”

That conclusion would be wrong. Just because a policy makes some American industries “grow and prosper” doesn’t mean the policy makes all American industries “grow and prosper.” In the case of restrictions on the timber trade, the higher costs and higher employment in the timber industry mean that money and labor aren’t going into other American industries. Specifically, higher timber prices mean higher costs for timber-using industries like construction, paper, and furniture. Higher costs mean lower output in these industries, which means they either don’t grow as rapidly as they otherwise would have or they contract outright.

Trade restrictions have several important effects.

First, they take money out of the pockets of consumers, who have to pay higher prices for timber and timber-using goods.

 

Second, they draw resources into timber production. This sounds good until we realize that these resources could be used more advantageously elsewhere. Instead, they are being wasted producing timber that would have been cheaper had American companies been able to buy it at the world price without government interference.

 

Third, there is less economic activity overall. At the world price, people would have bought more timber. When intervention raises prices, people buy less timber.

There is a final cost associated with tariffs and other protections on international trade. Legislators have to be persuaded to vote for particular pieces of legislation, and persuasion isn’t free. Firms and trade associations dedicated exclusively to influencing the course of legislation have lobbying outfits in Washington, DC, and other seats of government. These groups produce nothing.

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USDA Fails to Monitor Foreign Owners of Farmland (and Timberland)

USDA Fails to Monitor Foreign Owners of Farmland (and Timberland) | Timberland Investment | Scoop.it From www .agweb .com - September 28, 4:05 PM

A law requiring foreign investors to report transactions of farmland to the U.S. Department of Agriculture has been on the books for almost 40 years.

 

But as the amount of foreign-controlled farmland doubled in millions of acres between 2004 and 2014, the USDA has lapsed in enforcing the law, a review of USDA documents has found.
***
About 27.3 million acres of agricultural land in the United States are controlled – either owned or under a long-term lease agreement – by foreign investors, according to a USDA database of foreign investment in farmland. The land, roughly the size of Tennessee, is worth $42.7 billion.

 

But, since 2011, the USDA has only assessed 10 fines under the law, worth $115,724, according to records obtained by the Midwest Center for Investigative Reporting through the Freedom of Information Act. And no fines were assessed in 2015, 2016 or so far in 2017.

 

Lesa Johnson, the manager of the USDA program, acknowledged her office does not review the filings for completeness or accuracy. She said her office also does not investigate to see if companies with foreign ownership file these forms because of a lack of staff and resources.

 

Even before the recent downturn in enforcement, the USDA only assessed 187 penalties between 2004 and 2010, valued above $667,000. But the largest fine of $111,266 during that time, which made up a sixth of the total, was the result of a company self-reporting its lack of compliance with the law.
***
Under the act, every foreign person or entity that acquires at least 10 percent interest in agricultural land must file what is known as an FSA-153 form. Agricultural land is defined as a parcel of land at least 10 acres in size or that could produce $1,000 in revenue from agricultural activities.

 

The form requires disclosure about a broad number of things, including how the project is financed, who the owner is and where the owner is from.

Penalties for not filing within 90 days can be as severe as a fine of up to 25 percent of the fair market value of the land.
***
Because the USDA has little capability to review filings of foreign investors, the result is that the USDA relies on companies to report errors.

 

For example, in 2010, a team of attorneys at Atlanta law firm Morris, Manning & Martin realized they had failed to file a $98.9 million purchase of 55,000 acres of Alabama, Mississippi and Tennessee timberland. The firms’ corporate and realty teams had miscommunicated, and no one had filed the FSA-153 form with the federal government, according to Rebecca Vandiver, then an attorney at the firm.
***
Records show the form was required because their client, RMK Select Timberland Investment Fund I, LLC, a timber investment management organization, had ownership interest from Denmark.
***
Morris, Manning & Martin decided to voluntarily file late, which would result in an $111,266 fine, covered by malpractice insurance, rather than be in noncompliance.

 

But Vandiver said that it didn’t appear the federal government would have ever known the fund was in noncompliance if the firm hadn’t self-reported. And records and comments from the USDA confirm her perception.

 

The fine for RMK Select Timberland Investment Fund I, LLC, was the largest fine since at least 2004, enforcement records show.
***
“With a lot of these LLCs, finding out who the investors are would not be easy, to be honest,” Vandiver said.

 

Because of that difficulty, getting around the filing requirement— either by negligence or intention — would not be that hard, Vandiver said.

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Portfolios with farmland, timber deliver better returns: global research

Portfolios with farmland, timber deliver better returns: global research | Timberland Investment | Scoop.it From www .afr .com - September 26, 7:28 PM Australian super funds are showing a greater willingness to invest in farmland and timber at a time when new global research shows diversification into alternative real assets can deliver improved returns.

"We're getting requests for more information, more meetings and the conversation is continuing," said John Goodreds, head of alternative solutions at US investment giant Nuveen (formerly TIAA), which has more than $1.1 trillion of assets under management.

Australian super funds remain hugely underinvested in agriculture, which makes up just $2.6 billion of the more than $2.2 trillion of retirement savings they manage.

"One of things we are finding when we talk to clients and educate them is that sophisticated investors need data. They need to know how adding new asset classes to their portfolios will benefit them," Mr Goodreds told The Australian Financial Review.

To provide better data, Nuveen undertook new research, examining portfolio returns over the past 25 years, to demonstrate the potential of farmland, timberland and commercial real estate to improve the risk-adjusted returns of traditional portfolios consisting of stocks and bonds.

Over the past 25 years, the report found that real assets provided "similar or higher returns than stocks with much lower volatility, resulting in higher risk-adjusted returns".

"Farmland also had higher risk-adjusted returns than bonds, with timberland equal to and real estate lower than bonds," the report found.

Between 1992 and 2016, stocks delivered an average annual return of 8.78 per cent, bonds 6.07 per cent and commercial real estate 8.68 per cent. By comparison farmland delivered an average annual return of 11.98 per cent and timberland 10.34 per cent.

The report also found that while a traditional portfolio of stocks and bonds delivered an annual average total return of 6.49 per cent, adding farmland (to 43 per cent of the portfolio) lifted the return to 8.74 per cent.

It concluded that "private real assets offer institutions compelling potential to enhance risk-adjusted returns, based on low correlations with other asset classes, and serve as inflation hedges". Partager Tweet more... No comment yet. Sign up to comment Scooped by Sam Radcliffe Scoop.it!

Potlatch and Deltic Timber to Combine to Create Leading Timberland REIT and Lumber Manufacturer

Potlatch and Deltic Timber to Combine to Create Leading Timberland REIT and Lumber Manufacturer | Timberland Investment | Scoop.it From globenewswire .com - Today, 2:11 PM

Potlatch Corporation (NASDAQ:PCH) (“Potlatch”) and Deltic Timber Corporation (NYSE:DEL) (“Deltic”) today announced that they have entered into a definitive agreement to combine in an all-stock transaction and create a leading domestic timberland owner and top-tier lumber manufacturer. The combined company will be named PotlatchDeltic Corporation and its shares will trade on the Nasdaq Stock Market under the ticker PCH.

 

Based on the closing stock prices of Potlatch and Deltic on October 20, 2017, the combined company is expected to have a pro forma equity market capitalization of approximately $3.3 billion and a total enterprise value of more than $4.0 billion, including approximately $700 million in net debt. Following completion of the transaction, the combined company will have more than 1,500 employees serving over 200 customers through operations across its extensive timberland and lumber manufacturing portfolio.

 

Under the terms of the agreement, which has been unanimously approved by the Boards of Directors of both companies, Deltic stockholders will receive 1.80 common shares of Potlatch stock for each common share of Deltic that they own. Following the close of the transaction, Potlatch stockholders will own approximately 65% of the combined company, and Deltic stockholders will own approximately 35% on a fully diluted basis.

The agreement also provides for Deltic to convert to a REIT structure, effective at the closing date of the transaction, ensuring the combined company achieves the most efficient tax structure.

***

The combination brings together two leading timberland owners and lumber manufacturers. Together, the combined company will have a highly productive and diverse timberland portfolio of approximately 2 million acres, with approximately 1.1 million acres in the U.S. South, 600,000 acres in Idaho, and 150,000 acres in Minnesota. In addition, upon completion of the transaction, the company will operate eight wood products manufacturing facilities, including six lumber manufacturing facilities, one medium density fiberboard (“MDF”) facility and one industrial plywood mill. In total, the combined company will have lumber capacity of 1.2 billion board feet, making it one of the leading producers in the U.S. Furthermore, the company’s lumber capacity will be heavily weighted towards high-margin southern yellow pine lumber, with over half of the company’s capacity being produced at its three southern mills. The transaction also combines two highly complementary and successful real estate businesses.

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OSB Prices Spike as Lumber Increases Tap the Brakes

OSB Prices Spike as Lumber Increases Tap the Brakes | Timberland Investment | Scoop.it From www .builderonline .com - October 20, 8:32 PM

Budgeting direct input costs on materials and labor for 2018 could hardly be more challenging. Policy uncertainties on immigration, on trade, on taxation, on regulation make projecting expenses a fool's errand.

Not to mention how nature keeps changing plans about what's going to be built, and rebuilt, and where, all of which will have material impact on the timing and cost and direction of materials supply over the next several months at least.

***
Here's a report from National Association of Home Builders economics department analyst David Logan on key readings from the lastest Bureal of Labor Statistics Producer Price Index (PPI), focusing on two important commodities for builders, OSB and softwood lumber.

Logan zeroes in on OSB specifically because it seems to have de-coupled from a number of other materials costs, even as economy-wide producer prices inched up 0.4% in September. He writes:

"The price of OSB increased 4.4% in September and has risen 19% and 38% since September and January 2016, respectively. The surge was in contrast with moderate increases in prices paid for gypsum products (+0.3%) and ready-mix concrete (+0.2%). The price of softwood lumber fell 0.9% in September."

Producer prices as tracked by the BLS mask the experience builders and remodelers have when they're buying materials like OSB and softwood lumber. 

***

Two important factors drive the disparities between price changes builders have experienced and the PPI index changes:

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Keweenaw Land Association, Limited Announces Update On The Strategic Review

Keweenaw Land Association, Limited Announces Update On The Strategic Review | Timberland Investment | Scoop.it From www .thestreet .com - October 20, 6:22 PM

On December 27, 2016, Keweenaw Land Association, Limited (OTCPink:KEWL) announced the formation of a Special Committee to consider strategic alternatives available to the Company, including a possible equity recapitalization or sale of the Company.  As part of the Special Committee's efforts, the Company retained Stifel, an investment banking firm, to assist in a strategic process.

 

After soliciting proposals and receiving indications of interest, the Special Committee and the Board determined that the Company should command a higher price than reflected in the indications from the parties engaged in the sale process.  Accordingly, the Company has directed Stifel to suspend the sale process.

 

Supporting this view are the results of a recently completed comprehensive timber cruise, the first in the history of the Company, which indicates substantially higher standing timber volumes than previously estimated, which should allow for significantly higher annual allowable harvest in the future.  At the present time, following the timber cruise and after taking into account recent acquisitions, the Company estimates that the standing timber volume is approximately 30% higher than reflected in the Company's most recent appraisal, which was completed in 2015 and summarized in the Company's 2015 Annual Report.  The Company will update the shareholders with additional information once such information is available.

 

In light of the foregoing, the Company has commenced implementation of additional elements of its strategic plan, including several initiatives designed to increase value.

 

Additional elements of the strategic plan include:

 

The Special Committee and the Board believe that the Company has an attractive asset base that should generate positive real growth and provide investors with long-term inflation protection.  The initiatives described above are intended to result in increased cash flows and better position the Company for the future.  While there are no assurances that any of the foregoing initiatives will result in a material event for the Company, the Board is optimistic that moving ahead on these items will provide the best opportunity for realizing additional value for shareholders.

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Taaleri to sell the estates of its first forest fund to AXA Investment Managers

Taaleri to sell the estates of its first forest fund to AXA Investment Managers | Timberland Investment | Scoop.it From globenewswire .com - October 17, 5:19 PM

Taaleri Private Equity Funds Ltd which is managing Taaleri Metsärahasto I Ky has signed a binding agreement with AXA Investment Managers - Real Assets, acting on behalf of its clients, to sell estates of Taaleri’s first forest fund. The final closing is expected by year end. Upon realisation of the transaction, Taaleri will record a net income of some MEUR 2.7.

 

The total area of the estates owned by the forest fund is over 14,000 hectares of which the amount of forest land is about 12,500 hectares. Taaleri established the forest fund in late 2012 and it has 140 investors.

 

”Taaleri’s first forest fund was established about five years ago to enable clients to benefit from the attractive investment opportunity that forestry presents. This has been a strongly performing portfolio, in what is one of the prime forestry regions in the Nordics,” says forestry expert Jyrki Ketola.

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Minnesota Stumpage Prices, 2011

From files .dnr .state .mn .us - April 12, 2012 3:48 AM

Annual report provided by the Minnesota DNR.

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Sponsored by... | Timberland Investment | Scoop.it From www .prentissandcarlis le .com - February 2, 2012 11:02 PM

Prentiss & Carlisle  is one of the largest timberland asset managers in North America. P&C provides ongoing management services on approximately 1.75 million acres of timberland located in Maine, Michigan, New York, Vermont, Wisconsin, Ontario and Quebec. Nearly every acre under management is certified by the Forest Stewardship Council through either our clients or through P&C itself, which holds FSC certificates for both Forest Management and Chain-of-Custody.

 

P&C provides turnkey land management from long-range forest planning through on-ground forestry, marketing of forest products, harvesting, transportation, road construction and maintenance, stump-to-mill accounting and reporting, client cash management, administration of third-party relationships, public advocacy/representation and strategic asset planning. P&C also provides specialized consulting services in related areas of expertise:

 

About this magazine

Our aim is to provide a gathering place for news and opinion about timberland investing. We cover both publicly traded issues including listed timber companies, real estate investment trusts (REIT's), and exchange traded funds (ETF's), and the more private world of institutional investing in timberland. Our focus is on: the rationale for investing in timberland; performance of publicly traded timber investments; timberland deals and transactions; timber supply, demand and prices, and; public policy issues that impact timberland investing. Not interested in all of these topics? You can easily filter the stories by using the Tags button above.

 

We encourage readers to interact with our site:

 

Some useful links

 

Stock quotes, news and financial metrics

These links take you to customized Google Finance pages for timber REITS, indexes and other publicly traded companies of interest:

 

Prentiss & Carlisle newsletters

Quarterly updates on conditions in our operating regions

 

Timber Mart North  

Lake States price reporting service published by P&C

 

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ROSEBURG TO SELL ITS CALIFORNIA TIMBERLANDS TO NEW FORESTS

ROSEBURG TO SELL ITS CALIFORNIA TIMBERLANDS TO NEW FORESTS | Timberland Investment | Scoop.it From www .building-products .com - October 20, 8:35 PM Roseburg Resources Co. today announced an agreement to sell its California timberlands to a timberland investment vehicle managed by New Forests. The transaction includes 170,000 acres in northern California, largely in Siskiyou and Shasta counties.

Roseburg’s California timberlands are investment-grade with a long history of professional management.

“The sale of our California timberlands would not be possible without the contributions of our California resource team,” said Scott Folk, Roseburg’s Senior Vice President of Resources. “Thanks to the team’s work, these lands will remain working forest timberlands under the new management of New Forests, a leading timberland investment organization focused on long-term growth.”

Founded in 2005, New Forests manages more than 2 million acres of land and forests around the world, with assets under management of more than $3 billion. Headquartered in Sydney, Australia, New Forests has offices in San Francisco, Singapore and New Zealand. The sale is expected to close in early 2018.

“The sale of this property allows Roseburg to pursue strategic growth opportunities in regions with stable markets and strong demand for timber,” Roseburg CEO Grady Mulbery said. “This transaction is part of a larger effort to expand Roseburg’s national footprint, which now includes our engineered wood plant planned for Chester, S.C., and our recent purchase of timberland in Virginia and North Carolina.”

Roseburg Forest Products will retain ownership of its veneer facility located in Weed, Calif. Partager Tweet more... No comment yet. Sign up to comment Scooped by Sam Radcliffe Scoop.it!

The Math of Timberland Returns and Our Unease with Rational Thought

The Math of Timberland Returns and Our Unease with Rational Thought | Timberland Investment | Scoop.it From forisk .com - October 20, 8:21 PM

Professor Richard Thaler won this year’s Nobel Prize for Economics, in part, for research confirming that we (humans) believe we are smarter and more rational than we actually are.
***
Reading Thaler’s research raises issues relevant to investing in timberland and forest industry stocks. We may believe we have superior insight into the value of an asset or the wisdom of a strategy, and that this belief in our own insight – as opposed to subjecting the insight to a suitable gauntlet of tests – gives license to act and a means to profit. This encourages us to overweight our assessment of values and market plays, while discounting the reality that hundreds or thousands of other (humans) are looking at the same data at the same time and coming to similar conclusions.

 

When too much capital chases too few assets, it creates its own momentum. And this momentum of the institutional conscious can lead to overvaluing assets. ***

From NCREIF data on institutional timberland investments:


What can we expect from timberlands for future returns? Logic and data indicate that, at best, we can expect modest returns. The multiple between values and total returns moved from about 7 to 13 to over fifty. While this snapshot provides an incomplete story, it affirms that we pay significantly higher prices today for each unit of expected returns in the future.

 

If timberlands are historically expensive, it reminds us that investing relies on relative performance and differing objectives. U.S. 30-year government bonds, a “riskless” alternative, yield 2.9%. Low interest rates, in part, reflect a low demand for money and higher demand for savings and investment. Timberland, like bonds, provides a way to preserve wealth and store value. Which makes us consider risk and things to worry about.

 

For timberland, I worry less about regional or asset class-specific values and much more about individual properties and local timber markets. Timberland price-to-value metrics depend critically on the local wood basin and forest stocking level of the given property. For example, over the past four years, key changes in valuation drivers include (1) the continued accumulation of forest supplies in the South and (2) the role of technology and efficiency at wood using mills. In addition, values depend highly on the selection and application of an appropriate discount rate.

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Prentiss & Carlisle Q3 Update Published

Prentiss & Carlisle Q3 Update Published | Timberland Investment | Scoop.it From www .prentissandcarlis le .com - October 18, 5:05 PM

P&C's 3rd quarter newsletter contains an overview of market conditions in Maine, snippets of news from the broader industry, and an essay "Re-examining the Case for Timberland". An excerpt from the latter:

 

In summary, although a given property may present an attractive investment opportunity, we think that the general case for including timberland as a portfolio asset cannot be made as it has for the past thirty years. Maybe steady low returns are good enough – might timberland be an absolute return asset? There is also a case to be made for timberland as an impact investment. But are either of these rationales appealing to institutions who are already  underfunded with respect to long-term liabilities?


Clearly there are timberland properties that would perform well both as stand-alone investments and as portfolio enhancers. But we believe these properties should be sold on their own individual merits, not on the rationale that they are members of a desirable asset class.

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Quebec’s Solifor acquires Maine forest for $36 million

Quebec’s Solifor acquires Maine forest for $36 million | Timberland Investment | Scoop.it From www .workingforest .com - October 17, 5:15 PM

To further secure the supply of quality fibre for Québec sawmills and processors, Solifor is continuing its expansion outside Quebec with the acquisition of Ste-Aurelie Timberlands, a 24,910-hectare forest property in Maine. The $36-million deal is Solifor’s second outside Quebec, bringing its out-of-province investments to $65 million.

 

Located at the border of Maine and Québec, this property, subject to forest management, is characterized by a mixed forest cover (coniferous and hardwood) and is in full development. The territory’s main customers and users are Québec companies, including Maibec and Groupe Lebel. With transportation being an important cost for Québec sawmills, this transaction will contribute to a better bottom line, according to a Solifor statement. 

 

An initiative of the Fonds de solidarité FTQ, Solifor has invested $200 million to date to acquire 153,000 hectares of forest land in Québec, in the Bas-Saint-Laurent, Lotbinière, Charlevoix, Saguenay, Portneuf, Mauricie and Abitibi regions, as well as Maine.

“Solifor is planning other acquisitions to further secure the fibre supply for Québec companies, making it a partner of choice for the Québec forestry industry,” says Raynald Arial, president, Solifor.

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New Zealand forestry a first test in nationalist party's protectionist agenda

New Zealand forestry a first test in nationalist party's protectionist agenda | Timberland Investment | Scoop.it From www .thisisplace .org - October 11, 4:36 PM Some New Zealand forest owners are suspending replanting of trees and re-thinking investments as the country’s third-largest export earner finds itself in the sights of maverick politician Winston Peters’ protectionist agenda.

The election king-maker last week said he would prioritise a restructure of the forest industry in closely-watched coalition talks with major parties after last month’s inconclusive election result.

The plan includes a possible quota system which would force growers to favour local mills over a higher-paying export market. Exports of forest products totalled around NZ$4.75 billion (£2.5 billion) in 2015, with China the top destination.

That has put the Pacific nation’s lucrative forestry sector at the heart of concerns that New Zealand First in power will spell greater government intervention in New Zealand’s small, outward facing economy.

“Every time the government has done something like that we get what you call a hole in the supply of timber and we’re going into a hole now, an undersupply,” said Joe Carr, the owner of a privately-held logging business managing 500 hectares of forest in the far north of the country.

Carr is holding off replanting 60 hectares of his land due to the possible restrictions and said on average growers were paid a third less to sell logs locally than to export them. He said his son was re-thinking whether his family should stick to forestry after 44 years in the business. Partager Tweet more... No comment yet. Sign up to comment Scooped by Sam Radcliffe Scoop.it!

US timberland transactions poised to double over five years

US timberland transactions poised to double over five years | Timberland Investment | Scoop.it From www .agriinvestor .com - October 6, 9:29 PM

Investors frustrated by the dearth of primary timberland transactions in the US will soon have reasons to cheer, according to specialist manager New Forests.

 

In its biennial update on the forestry market, the Australia-based firm observes that assets acquired “in the heyday” of 2003-2008 are now starting to be sold back into the secondary market. Rising interest rates may also put pressure to improve cash yields, creating volatility for returns and prompting investors to delist assets. Taken together, these trends will help bring annual timberland transaction turnover in the US from about $1 billion over the past seven or eight years – net of big consolidation deals – to $2 billion over the next half-decade, New Forests said.

 

Not every investor, however, will be inclined to part ways with assets held in the vehicles they back. “It is likely that most funds will sell down their holdings, but there may be some instances where a follow-on vehicle will be used to roll over the assets,” David Brand, chief executive of New Forests, told Agri Investor. “We understand there are some LPs looking to hold on to underlying assets – particularly for large, quality assets – even amidst fund exits.”

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Business Owners Choose Impact Investments Over Charity

Business Owners Choose Impact Investments Over Charity | Timberland Investment | Scoop.it From www .fa-mag .com - October 4, 10:50 PM

Business owners are more apt to make impact investments instead of donating to charities to help solve social ills, according to a new finding.

 

The 2017 U.S. Trust Insights on Wealth and Worth survey, in which more than 800 high-net-worth individuals shared their thoughts on investing, the workplace, family relationships, philanthropy and more, shows that business owners are more likely to invest in organizations that make a positive impact versus non-business owners, who are more likely to turn to charity for social effect.

 

“Business owners are less likely to make financial charitable contributions compared to non-business owners, but are actively engaged in supporting nonprofit organizations and causes through their work, investments and service,” the report says. “By far, business owners see the private sector, and businesses in particular, as most effective at creating economic opportunity and, in turn, a higher standard of living for more Americans.”

 

Women and millennials are leading the investment charge to impact imvesting, but interest in impact investing by men has doubled in the past two years, the survey finds.

 

Some other notable takeaways from the U.S. Trust survey:

• 45 percent of high-net-worth investors own or are interested in impact investments.

• More than half (55 percent) of those who own impact investments say they invest based on impact simply because it’s the right thing to do as a responsible citizen and investors.

• Four in 10 investors agree that companies that have a positive impact also have better financial performance.

• One in three agrees that companies that do well as good corporate citizens are less susceptible to headline risks. 

• Eight in 10 high-net-worth investors overall agree that all public companies have an impact on society or the environment.

• Two-thirds of baby boomers and three-fourths of mature investors don’t consider investing as a way to express their social, political or environmental values.

• The number of high-net-worth investors who have reviewed their investment portfolio for the environmental, social or governance impact of companies they invest in has increased to 34 percent, up from 23 percent in 2015.

• The biggest barrier to impact investing adoption continues to be the belief that doing well (investment performance) and doing good (philanthropy) are separate goals (49 percent), a sentiment felt most strongly among older high-net-worth investors.

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Foreign investment crucial for forestry industry

Foreign investment crucial for forestry industry | Timberland Investment | Scoop.it From www .radionz .co .nz - October 4, 10:39 PM New Zealand First leader Winston Peters said the future of forestry and timber supplies for local mills is one of his party's priorities as it heads into coalition talks.

He wanted the next government to protect wood supply to domestic mills by creating a Forest Service, and had previously stuck-up for Northland wood processors who said they were being squeezed out of the market by foreign forest owners and buyers.

Commercial forestry is a much bigger industry than most people think, with $25 billion to $30bn invested in plantations, the association's president Peter Clark said.

"It is widely acknowledged in Treasury, MFAT, and trade advisors, that we need foreign direct investment. Forests are pretty benign and logical place to have that investment."

Forestry has not been viewed as an attractive investment here compared to farming intensification.

More government interest is needed in the industry, as well as new plantings, he said.

"There's been a market failure. We've had 20 years of virtually no new planting and this is the main problem. We have heard a lot from Winston's electorate in Northland about wood supply into sawmills and that is absolutely correct and the major cause of it is no new planting. So, there is a gap." Partager Tweet more... No comment yet. Sign up to comment Scooped by Sam Radcliffe Scoop.it!

UMaine gets $455K for 'mass timber' commercialization center

UMaine gets $455K for 'mass timber' commercialization center | Timberland Investment | Scoop.it From www .mainebiz .biz - September 28, 4:32 PM The University of Maine System has landed a $454,532 federal grant to create a center to accelerate the use of Maine-sourced timber and engineered wood composites in place of steel and concrete for larger construction projects.

In a joint statement announcing the grant from the U.S. Economic Development Administration, U.S. Sens. Susan Collins, R-Maine, and Angus King, I-Maine, said the funding would be used to create the Maine Mass Timber Commercialization Center as a resource for forest industry partners, trade organizations, construction firms, architects and other key stakeholders to revitalize and diversify Maine's forest-based economy.

Its chief focus would be to advance new forest products technologies and bring innovative mass timber manufacturing to Maine. Partager Tweet more... No comment yet. Sign up to comment Scooped by Sam Radcliffe Scoop.it!

The timber industry illustrates exactly what’s wrong with international trade restrictions

The timber industry illustrates exactly what’s wrong with international trade restrictions | Timberland Investment | Scoop.it From www .learnliberty .org - September 28, 4:26 PM

In the August 4 issue of the Wall Street Journal, the CEO of a US lumber company claimed that “our trade laws exist to protect American businesses and jobs from unfair foreign trade practices, allowing our industries to grow and prosper.” His concern for American businesses and workers is commendable, but trade laws restricting our ability to do business with foreigners — even foreigners whose governments subsidize exporters — cause some industries to “grow and prosper” by causing other industries to shrink and struggle.

 

Let’s think about international trade restrictions on the timber industry for a minute.

Tariffs, quotas, and other restrictions on international trade make timber more expensive. With higher prices, timber companies can hire more people. It would be easy to look at the expanding timber industry and draw the conclusion that protection allows American firms to “grow and prosper.”

That conclusion would be wrong. Just because a policy makes some American industries “grow and prosper” doesn’t mean the policy makes all American industries “grow and prosper.” In the case of restrictions on the timber trade, the higher costs and higher employment in the timber industry mean that money and labor aren’t going into other American industries. Specifically, higher timber prices mean higher costs for timber-using industries like construction, paper, and furniture. Higher costs mean lower output in these industries, which means they either don’t grow as rapidly as they otherwise would have or they contract outright.

Trade restrictions have several important effects.

First, they take money out of the pockets of consumers, who have to pay higher prices for timber and timber-using goods.

 

Second, they draw resources into timber production. This sounds good until we realize that these resources could be used more advantageously elsewhere. Instead, they are being wasted producing timber that would have been cheaper had American companies been able to buy it at the world price without government interference.

 

Third, there is less economic activity overall. At the world price, people would have bought more timber. When intervention raises prices, people buy less timber.

There is a final cost associated with tariffs and other protections on international trade. Legislators have to be persuaded to vote for particular pieces of legislation, and persuasion isn’t free. Firms and trade associations dedicated exclusively to influencing the course of legislation have lobbying outfits in Washington, DC, and other seats of government. These groups produce nothing.

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USDA Fails to Monitor Foreign Owners of Farmland (and Timberland)

USDA Fails to Monitor Foreign Owners of Farmland (and Timberland) | Timberland Investment | Scoop.it From www .agweb .com - September 28, 4:05 PM

A law requiring foreign investors to report transactions of farmland to the U.S. Department of Agriculture has been on the books for almost 40 years.

 

But as the amount of foreign-controlled farmland doubled in millions of acres between 2004 and 2014, the USDA has lapsed in enforcing the law, a review of USDA documents has found.
***
About 27.3 million acres of agricultural land in the United States are controlled – either owned or under a long-term lease agreement – by foreign investors, according to a USDA database of foreign investment in farmland. The land, roughly the size of Tennessee, is worth $42.7 billion.

 

But, since 2011, the USDA has only assessed 10 fines under the law, worth $115,724, according to records obtained by the Midwest Center for Investigative Reporting through the Freedom of Information Act. And no fines were assessed in 2015, 2016 or so far in 2017.

 

Lesa Johnson, the manager of the USDA program, acknowledged her office does not review the filings for completeness or accuracy. She said her office also does not investigate to see if companies with foreign ownership file these forms because of a lack of staff and resources.

 

Even before the recent downturn in enforcement, the USDA only assessed 187 penalties between 2004 and 2010, valued above $667,000. But the largest fine of $111,266 during that time, which made up a sixth of the total, was the result of a company self-reporting its lack of compliance with the law.
***
Under the act, every foreign person or entity that acquires at least 10 percent interest in agricultural land must file what is known as an FSA-153 form. Agricultural land is defined as a parcel of land at least 10 acres in size or that could produce $1,000 in revenue from agricultural activities.

 

The form requires disclosure about a broad number of things, including how the project is financed, who the owner is and where the owner is from.

Penalties for not filing within 90 days can be as severe as a fine of up to 25 percent of the fair market value of the land.
***
Because the USDA has little capability to review filings of foreign investors, the result is that the USDA relies on companies to report errors.

 

For example, in 2010, a team of attorneys at Atlanta law firm Morris, Manning & Martin realized they had failed to file a $98.9 million purchase of 55,000 acres of Alabama, Mississippi and Tennessee timberland. The firms’ corporate and realty teams had miscommunicated, and no one had filed the FSA-153 form with the federal government, according to Rebecca Vandiver, then an attorney at the firm.
***
Records show the form was required because their client, RMK Select Timberland Investment Fund I, LLC, a timber investment management organization, had ownership interest from Denmark.
***
Morris, Manning & Martin decided to voluntarily file late, which would result in an $111,266 fine, covered by malpractice insurance, rather than be in noncompliance.

 

But Vandiver said that it didn’t appear the federal government would have ever known the fund was in noncompliance if the firm hadn’t self-reported. And records and comments from the USDA confirm her perception.

 

The fine for RMK Select Timberland Investment Fund I, LLC, was the largest fine since at least 2004, enforcement records show.
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“With a lot of these LLCs, finding out who the investors are would not be easy, to be honest,” Vandiver said.

 

Because of that difficulty, getting around the filing requirement— either by negligence or intention — would not be that hard, Vandiver said.

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Portfolios with farmland, timber deliver better returns: global research

Portfolios with farmland, timber deliver better returns: global research | Timberland Investment | Scoop.it From www .afr .com - September 26, 7:28 PM Australian super funds are showing a greater willingness to invest in farmland and timber at a time when new global research shows diversification into alternative real assets can deliver improved returns.

"We're getting requests for more information, more meetings and the conversation is continuing," said John Goodreds, head of alternative solutions at US investment giant Nuveen (formerly TIAA), which has more than $1.1 trillion of assets under management.

Australian super funds remain hugely underinvested in agriculture, which makes up just $2.6 billion of the more than $2.2 trillion of retirement savings they manage.

"One of things we are finding when we talk to clients and educate them is that sophisticated investors need data. They need to know how adding new asset classes to their portfolios will benefit them," Mr Goodreds told The Australian Financial Review.

To provide better data, Nuveen undertook new research, examining portfolio returns over the past 25 years, to demonstrate the potential of farmland, timberland and commercial real estate to improve the risk-adjusted returns of traditional portfolios consisting of stocks and bonds.

Over the past 25 years, the report found that real assets provided "similar or higher returns than stocks with much lower volatility, resulting in higher risk-adjusted returns".

"Farmland also had higher risk-adjusted returns than bonds, with timberland equal to and real estate lower than bonds," the report found.

Between 1992 and 2016, stocks delivered an average annual return of 8.78 per cent, bonds 6.07 per cent and commercial real estate 8.68 per cent. By comparison farmland delivered an average annual return of 11.98 per cent and timberland 10.34 per cent.

The report also found that while a traditional portfolio of stocks and bonds delivered an annual average total return of 6.49 per cent, adding farmland (to 43 per cent of the portfolio) lifted the return to 8.74 per cent.

It concluded that "private real assets offer institutions compelling potential to enhance risk-adjusted returns, based on low correlations with other asset classes, and serve as inflation hedges". Partager Tweet more... No comment yet. Sign up to comment Scooped by Sam Radcliffe Scoop.it!

Potlatch and Deltic Timber to Combine to Create Leading Timberland REIT and Lumber Manufacturer

Potlatch and Deltic Timber to Combine to Create Leading Timberland REIT and Lumber Manufacturer | Timberland Investment | Scoop.it From globenewswire .com - Today, 2:11 PM

Potlatch Corporation (NASDAQ:PCH) (“Potlatch”) and Deltic Timber Corporation (NYSE:DEL) (“Deltic”) today announced that they have entered into a definitive agreement to combine in an all-stock transaction and create a leading domestic timberland owner and top-tier lumber manufacturer. The combined company will be named PotlatchDeltic Corporation and its shares will trade on the Nasdaq Stock Market under the ticker PCH.

 

Based on the closing stock prices of Potlatch and Deltic on October 20, 2017, the combined company is expected to have a pro forma equity market capitalization of approximately $3.3 billion and a total enterprise value of more than $4.0 billion, including approximately $700 million in net debt. Following completion of the transaction, the combined company will have more than 1,500 employees serving over 200 customers through operations across its extensive timberland and lumber manufacturing portfolio.

 

Under the terms of the agreement, which has been unanimously approved by the Boards of Directors of both companies, Deltic stockholders will receive 1.80 common shares of Potlatch stock for each common share of Deltic that they own. Following the close of the transaction, Potlatch stockholders will own approximately 65% of the combined company, and Deltic stockholders will own approximately 35% on a fully diluted basis.

The agreement also provides for Deltic to convert to a REIT structure, effective at the closing date of the transaction, ensuring the combined company achieves the most efficient tax structure.

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The combination brings together two leading timberland owners and lumber manufacturers. Together, the combined company will have a highly productive and diverse timberland portfolio of approximately 2 million acres, with approximately 1.1 million acres in the U.S. South, 600,000 acres in Idaho, and 150,000 acres in Minnesota. In addition, upon completion of the transaction, the company will operate eight wood products manufacturing facilities, including six lumber manufacturing facilities, one medium density fiberboard (“MDF”) facility and one industrial plywood mill. In total, the combined company will have lumber capacity of 1.2 billion board feet, making it one of the leading producers in the U.S. Furthermore, the company’s lumber capacity will be heavily weighted towards high-margin southern yellow pine lumber, with over half of the company’s capacity being produced at its three southern mills. The transaction also combines two highly complementary and successful real estate businesses.

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OSB Prices Spike as Lumber Increases Tap the Brakes

OSB Prices Spike as Lumber Increases Tap the Brakes | Timberland Investment | Scoop.it From www .builderonline .com - October 20, 8:32 PM

Budgeting direct input costs on materials and labor for 2018 could hardly be more challenging. Policy uncertainties on immigration, on trade, on taxation, on regulation make projecting expenses a fool's errand.

Not to mention how nature keeps changing plans about what's going to be built, and rebuilt, and where, all of which will have material impact on the timing and cost and direction of materials supply over the next several months at least.

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Here's a report from National Association of Home Builders economics department analyst David Logan on key readings from the lastest Bureal of Labor Statistics Producer Price Index (PPI), focusing on two important commodities for builders, OSB and softwood lumber.

Logan zeroes in on OSB specifically because it seems to have de-coupled from a number of other materials costs, even as economy-wide producer prices inched up 0.4% in September. He writes:

"The price of OSB increased 4.4% in September and has risen 19% and 38% since September and January 2016, respectively. The surge was in contrast with moderate increases in prices paid for gypsum products (+0.3%) and ready-mix concrete (+0.2%). The price of softwood lumber fell 0.9% in September."

Producer prices as tracked by the BLS mask the experience builders and remodelers have when they're buying materials like OSB and softwood lumber. 

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Two important factors drive the disparities between price changes builders have experienced and the PPI index changes:

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Keweenaw Land Association, Limited Announces Update On The Strategic Review

Keweenaw Land Association, Limited Announces Update On The Strategic Review | Timberland Investment | Scoop.it From www .thestreet .com - October 20, 6:22 PM

On December 27, 2016, Keweenaw Land Association, Limited (OTCPink:KEWL) announced the formation of a Special Committee to consider strategic alternatives available to the Company, including a possible equity recapitalization or sale of the Company.  As part of the Special Committee's efforts, the Company retained Stifel, an investment banking firm, to assist in a strategic process.

 

After soliciting proposals and receiving indications of interest, the Special Committee and the Board determined that the Company should command a higher price than reflected in the indications from the parties engaged in the sale process.  Accordingly, the Company has directed Stifel to suspend the sale process.

 

Supporting this view are the results of a recently completed comprehensive timber cruise, the first in the history of the Company, which indicates substantially higher standing timber volumes than previously estimated, which should allow for significantly higher annual allowable harvest in the future.  At the present time, following the timber cruise and after taking into account recent acquisitions, the Company estimates that the standing timber volume is approximately 30% higher than reflected in the Company's most recent appraisal, which was completed in 2015 and summarized in the Company's 2015 Annual Report.  The Company will update the shareholders with additional information once such information is available.

 

In light of the foregoing, the Company has commenced implementation of additional elements of its strategic plan, including several initiatives designed to increase value.

 

Additional elements of the strategic plan include:

 

The Special Committee and the Board believe that the Company has an attractive asset base that should generate positive real growth and provide investors with long-term inflation protection.  The initiatives described above are intended to result in increased cash flows and better position the Company for the future.  While there are no assurances that any of the foregoing initiatives will result in a material event for the Company, the Board is optimistic that moving ahead on these items will provide the best opportunity for realizing additional value for shareholders.

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Taaleri to sell the estates of its first forest fund to AXA Investment Managers

Taaleri to sell the estates of its first forest fund to AXA Investment Managers | Timberland Investment | Scoop.it From globenewswire .com - October 17, 5:19 PM

Taaleri Private Equity Funds Ltd which is managing Taaleri Metsärahasto I Ky has signed a binding agreement with AXA Investment Managers - Real Assets, acting on behalf of its clients, to sell estates of Taaleri’s first forest fund. The final closing is expected by year end. Upon realisation of the transaction, Taaleri will record a net income of some MEUR 2.7.

 

The total area of the estates owned by the forest fund is over 14,000 hectares of which the amount of forest land is about 12,500 hectares. Taaleri established the forest fund in late 2012 and it has 140 investors.

 

”Taaleri’s first forest fund was established about five years ago to enable clients to benefit from the attractive investment opportunity that forestry presents. This has been a strongly performing portfolio, in what is one of the prime forestry regions in the Nordics,” says forestry expert Jyrki Ketola.

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