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    Author(s): John E. Hatcher; Thomas J. Straka; Richard Harper; Tim O. Adams
    Date: 2012
    Source: Open Journal of Forestry 2(4): 279-185
    Publication Series: Scientific Journal (JRNL)
    Station: Southern Research Station
    PDF: Download Publication  (340.44 KB)

    Description

    Beginning in the late 1970’s forest industry timberland gained the eye of financial investors. Diamond In-ternational and Crown Zellerbach were early firms that were purchased for the “break-up value” of their timberland. Timberland was perceived as undervalued by investors and made forest industry firms attrac-tive takeover targets. This started a process where forest industry divested of its timberland. Some firms formed separate entities for its timberland base. Acquisitions and mergers became popular in the industry. Some forest industry companies converted to real estate investment trusts, for tax and defensive reasons. Large institutional investors became interested in timberland as means to diversify their portfolios and in-crease financial performance. Timber management investment organizations developed to manage and procure timberland for these institutional investors. Today little of the forest industry timberland remains with vertically-integrated forest products companies. South Carolina’s forest industry timberland de-creased by about 800,000 ha since 1993 (or nearly 90%). This has implications for the state’s timber sup-ply. Forest industry timberlands were some of the most productive and intensively managed forests in the state. We address how forest management might change on this timberland and how long-term timber supply might be impacted in the state

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    Citation

    Hatcher, John E.,Jr.,; Straka, Thomas J.;; Harper, Richard, A.; Adams, Tim O. 2012. Shifting private timberland ownership in South Carolina: implications for management intensiy. Open Journal of Forestry. 2(4): 279–285. 7 p. http://dx.doi.org/10.4236/ojf.2012.24035

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    Keywords

    Industrial timberland, timber investment management organization, real estate investment trust, timber supply, forestry investment

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