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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.

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 maronow@hnrg. 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: December 1, 2004

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  • The Journal of Forestry is the most widely circulated scholarly forestry journal in the world. In print since 1902, the Journal has received several national awards for excellence. The mission of the Journal of Forestry is to advance the profession of forestry by keeping forest management professionals informed about significant developments and ideas in the many facets of forestry: economics, education and communication, entomology and pathology, fire, forest ecology, geospatial technologies, history, international forestry, measurements, policy, recreation, silviculture, social sciences, soils and hydrology, urban and community forestry, utilization and engineering, and wildlife management. The Journal is published bimonthly: January, March, May, July, September, and November.

    2015 Impact Factor: 1.476
    Ranking: 22 of 66 in forestry

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