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...
Weyerhaeuser is a real estate investment trust. The company's business segments are: Timberlands, which provides delivered logs (grade logs and fiber logs), timber, recreational leases and other products; Real Estate, Energy and Natural Resources (ENR), in which Real Estate sells timberland tracts for recreational, conservation, commercial or residential purposes, whereas ENR sells rights to explore, extract and sell construction aggregates (rock, sand and gravel), industrial materials and oil and natural gas; and Wood Products, which provides structural lumber, oriented strand board, wood products, other products, and complementary building products.
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