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Explaining Timberland Values in the United States

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The financial fortunes of timberland investors ultimately depend on conditions in markets for timberland properties. The behavior of timberland markets, however, is not well understood. In this article, we use data from the National Council of Real Estate Investment Fiduciaries (NCREIF) Timberland Property Index to develop historical series of timberland property values in the US South and US Pacific Northwest. We then use these historical series to examine the influence of operating revenues and interest rates on timberland values in each region. The former is influential, while the latter is not.
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Keywords: NCREIF Timberland Property Index; environmental management; forest; forest management; forest resources; forestry; forestry research; forestry science; natural resource management; natural resources; timberland investment; timberland property values

Document Type: Regular Article

Affiliations: 1: Senior Forest Economist Hancock Timber Resource Group 99 High Street 26th Floor Boston MA 02110 [email protected] com 2: Managing Director and Chief Investment Officer Hancock Timber Resource Group 99 High Street 26th Floor Boston MA 02110 3: Director of Economic Research and Investment Strategy Hancock Timber Resource Group 99 High Street 26th Floor Boston MA 02110

Publication date: 01 December 2004

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