Updating Timber REIT Valuations for Reduced Housing Outlook and Likely Tariff on Canadian Lumber
We've updated our models for timber real estate investment trusts Weyerhaeuser and Rayonier to incorporate a reduced near-term outlook for U.S. housing starts (see our Jan. 18 note "Household Formation Lags Expectations in 2016") and our belief that the Trump administration will impose a stiff tariff on Canadian softwood lumber (see our Jan. 18 note "Lumber Tariffs Look Likely Under Trump").While a slower climb to a full recovery in U.S. housing postpones our forecast of peak earnings, a tarif...
Rayonier is a timberland real estate investment trust with assets located in the softwood timber growing regions in the United States and New Zealand. The company operates in five reportable business segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Real Estate and Trading. The Southern Timber, Pacific Northwest Timber and New Zealand Timber segments include all activities related to the harvesting of timber in addition to lease and license activities, other non-timber activities and carbon credit sales. The company's Real Estate segment reflects all of its land or leasehold sales. The Trading segment reflects the log trading activities conducted by its New Zealand subsidiary.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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