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The role of U.S. timberland in real estate portfolios

Newell, Graeme & Eves, Chris (2009) The role of U.S. timberland in real estate portfolios. Journal of Real Estate Portfolio Management, 15(1), pp. 95-106.

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Abstract

Timberland is seen as a long-term investment which has recently received increased institutional investor attention in many countries and potentially provides added value in a mixed-asset portfolio. Using the National Council of Real Estate Investment Fiduciaries (NCREIF) timberland series, this paper analyses the risk-adjusted performance and portfolio diversification benefits of timberland in the United States over the period of 1987-2007. U.S. timberland is seen to have been a strongly performed asset class with significant portfolio diversification benefits over this period; with a significant portfolio role separate to that of real estate. However, recent years have seen reduced risk-adjusted returns, with some loss of portfolio diversification benefits of timberland with stocks and real estate. Global drivers are likely to see increased future demand for timberland investment.

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6 citations in Scopus
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ID Code: 31950
Item Type: Journal Article
Additional URLs:
Keywords: Property Investment, Timberland, Portfolio Analysis, Property Diversification, Plantation Returns
ISSN: 1083-5547
Subjects: Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > COMMERCIAL SERVICES (150400)
Divisions: Past > QUT Faculties & Divisions > Faculty of Built Environment and Engineering
Past > Schools > School of Urban Development
Copyright Owner: Copyright 2009 Americal Real Estate Society
Deposited On: 27 Apr 2010 07:32
Last Modified: 29 Feb 2012 23:54

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