scholarly journals Dynamics of Large Corporate Forestland Ownerships in the United States

2021 ◽  
Author(s):  
Emma M Sass ◽  
Marla Markowski-Lindsay ◽  
Brett J Butler ◽  
Jesse Caputo ◽  
Andrew Hartsell ◽  
...  
Keyword(s):  
United States ◽  
Real Estate ◽  
Analysis Data ◽  
The United States ◽  
Real Estate Investment Trusts ◽  
Investment Management ◽  
Real Estate Investment ◽  
Forest Ownership ◽  
Investment Trusts ◽  
Timber Investment Management Organizations

Abstract Ownership of forestland in the United States has changed in recent decades, including the proliferation of timber investment management organizations (TIMOs) and real estate investment trusts (REITs), with the potential to alter forest management and timber supply. This article quantifies forest ownership transitions among ownership categories between 2007 and 2017 and investigates how and why large corporate ownerships own and manage their forestlands. Ownership transitions were determined from refined USDA Forest Service, Forest Inventory and Analysis data; we also conducted a survey of large corporate forestland ownerships. Corporate forestland acreage increased between 2007 and 2017, while family and public forestland decreased. Large corporate landowners report multidimensional, financially focused land management, although industry, timber investment management organizations, real estate investment trusts, and other owners report some different motivations and income streams. This work provides a baseline to track future ownership transitions and the behaviors of large corporate forestland owners.

Understanding the Spatial Pattern and Driving Factors Associated with Timberland Ownership Change in the Northern United States

2021 ◽  
Author(s):  
Karun Pandit ◽  
Eddie Bevilacqua ◽  
David H Newman ◽  
Brett J Butler
Keyword(s):  
United States ◽  
Real Estate ◽  
Institutional Ownership ◽  
Real Estate Investment Trusts ◽  
Investment Management ◽  
Real Estate Investment ◽  
Investment Trusts ◽  
K Function ◽  
Northern United States ◽  
Timber Investment Management Organizations

Abstract This study analyzes changes in timberland ownership from 2003 to 2012 across the northern United States based on Forest Inventory and Analysis data identified according to five ownership categories. A total of 26,940 FIA plots that were remeasured between selected years were used for the analysis. Publicly available corporate ownership data were investigated and used to differentiate industrial and institutional (timber investment management organizations [TIMO] and real estate investment trusts [REIT]) ownership. Kernel density, Ripley’s K-function, and multinomial logistic regression (MLR) methods were used to study spatial patterns of timberland ownership and to explore statistical relationships. Among FIA plots showing ownership changes, the largest observed shift was from industrial to institutional ownership, with a 45% increase in the number of plots, equivalent to almost 1.4 million acres of timberland area. Bivariate Ripley’s K-function showed significant clustering for shifts between industrial and institutional ownership. A MLR model identified forest type as a significant factor associated with the transition of industrial timberlands to either institutional or family forest ownership. In addition, shifts from industrial to institutional ownership were related to road access and population density. Study Implications For the past few decades, we have seen an unprecedented trend of change in timberland ownership in the United States, particularly the divesture and change of traditional vertically integrated forest product companies into institutional ownership, i.e., timber investment management organizations (TIMOs) and real estate investment trusts (REITs). In this situation, key research questions to ask are where are these changes taking place in spatial terms and what are their possible linkages with different socio-economic and forest related factors. Such knowledge will help devise policy strategies to monitor and understand the affects of changing timberland ownership on future forest resources.

scholarly journals Development and performance of timber REITs in the United States: A review and some prospects

2021 ◽  
Author(s):  
Srijana Baral ◽  
Bin Mei
Keyword(s):  
United States ◽  
Real Estate ◽  
Financial Performance ◽  
The United States ◽  
Real Estate Investment Trusts ◽  
Research Interest ◽  
Future Research ◽  
Real Estate Investment ◽  
Timber Industry ◽  
And Performance

Timber real estate investment trusts (REITs) are companies that own and manage timberland and generate revenue by harvesting and selling timber or other forest-related products. Due to their popularity with investors, timber REITs in the United States attracted growing research interest in the recent decades. This necessitates a review of existing knowledge on timber REITs’ evolution and their financial performance over the years. In this review, we summarized the history and development of timber REITs, discussed tax policies applicable to timber REIT growth and their implications. We also reviewed past studies focusing on the financial performance of timber REITs and synthesized methodologies used in those studies. At the end, we posited the possibility of consolidation waves in the timber industry and identified some opportunities for future research. This review can shed some new light on the evolution of public timber REITs and their financial performance.

Real Estate Investment Trusts in Mexico

2020 ◽  
Author(s):  
PhD Aurora M. Poó ◽  
Luis Rocha Chíu ◽  
Víctor Lara Poó
Keyword(s):  
Real Estate ◽  
Real Estate Investment Trusts ◽  
Real Estate Investment ◽  
Investment Trusts
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