Research

Research plays a crucial role in all phases of our investment process from acquisitions to dispositions.

In-house and collaborative research underlies nearly all of our investment decisions. We write and produce several research documents on a regular basis. These publications are used to educate potential investors, while keeping our current clients informed of topics that may be relevant to their portfolio.

Many of our in-house research publications are accessible to the public via our website. Please click Sign Up to request access to password-protected documents.

Current

2016 Q3, Hancock Timberland Investor: Timber and Timberland Markets – Post Election 2016

The policy goals and priorities of the Trump Administration are slowly coming into focus following Donald Trump’s upset win of the Presidency and the Republican’s holding onto majorities in both chambers of Congress. President elect Trump’s statements to date on the policy agenda for his first 100 days have opened a window onto where his more immediate efforts will be focused, and four areas clearly have the potential to directly impact on North American timber markets:

– Economic Growth
– Financial Sector Regulation
– Trade
– Immigration

Current

November 2016, Research Brief: Timber Markets – Post Election 2016

The policy goals and priorities of the Trump Administration are slowly coming into focus following Donald Trump’s upset win of the Presidency and the Republican’s holding onto majorities in both chambers of Congress. President elect Trump’s limited statements to date on the policy agenda for his first 100 days have opened a small window onto where his more immediate efforts will be focused, and four areas clearly have the potential to directly impact on North American timber markets:
1. Economic Growth
2. Financial Sector Regulation
3. Trade
4. Immigration

Current

2016 Q2, Hancock Timberland Investor: Timberland and Farmland: Working Together in a Mixed Asset Portfolio

Timberland and farmland assets have been used and tracked as components of institutional portfolios for over two decades, providing historically strong performance, low to moderate risk, and favorable diversification characteristics. In general, timberland and farmland have been managed separately and not in an integrated fashion. Yet, both timberland and farmland are income generating and land appreciation investment vehicles with biological growth components, offering comparable risk-adjusted returns and inflation protection. Evaluating and structuring coordinated investments in these two natural resources has the potential of generating operational efficiencies and augmenting the risk-reducing diversification of a broader portfolio. This article provides a comparison of the risk-return profile of a combined timberland/farmland vehicle together with commercial real estate and other financial assets. Further, we compare performance results over the past twenty-five years for pure timberland and pure farmland to a pro-forma combined timberland/farmland vehicle.

Current

2016 Q1, Hancock Timberland Investor: U.S. Housing: The Case for Strong Demographically Driven Housing Demand

New home construction and repairs and alterations on existing homes provide the largest end-use markets for the lumber and wood panels produced from North America’s commercially managed forests. Consequently, trends in U.S. housing markets are a crucial factor in estimating future demand for timber, and projecting timber prices and timberland values. Residential construction activity is responsive to a variety of factors, including: population demographics, (size, growth, age-composition and geographic distribution of the population); regional economics (employment, income and credit availability); and culture (societal norms associated with forming separate households, marrying and starting a family). Changes in demographic and cultural patterns tend to shift relatively slowly over time, but economic factors can inject sudden and dramatic dislocations into housing markets, and this has definitely been the case over the past decade.

Current

March 2016: U.S. Southern Timber Markets – Key Trends

Keith Balter, Hancock Natural Resource Group’s Director of Economic Research discusses the key trends in U.S. southern timber markets.

Current

2015 Q4, Hancock Timberland Investor: 2015 Timberland Investment Performance

U.S. private timberland investments in 2015 returned a total of 4.97 percent; income levels held near ten year average, while capital growth slipped to 2.25 percent. As in prior years, we devote our fourth quarter issue of the Hancock Timberland Investor to a review of investment performance of U.S. private timberland properties. The highest profile measure of timberland performance in the U.S. is the National Council of Real Estate Investment Fiduciaries (NCREIF) Timberland Property Index, which reports returns for institutional investments throughout the United States. At year-end 2015, 454 timberland properties were included in the NCREIF database. These properties contained over 13.3 million acres of timberland, with a combined market value of $24.2 billion. Seventy percent of the NCREIF Timberland Property Index value was located in the South, 22 percent in the Pacific Northwest, 5 percent in the Northeast, and the remaining 2 percent in the Lake States.

Current

2015 Q3, Hancock Timberland Investor: Expiration of Softwood Lumber Agreement

Since the 1840s, the U.S. has periodically imposed various taxes on the imports of Canadian softwood lumber. The latest version, the Softwood Lumber Agreement (SLA), signed and implemented in October 2006, imposed a 34% limit on Canadian softwood lumber imports as a share of total U.S. consumption by applying a variety of export taxes and quotas on individual Canadian provinces (exempting the Maritime provinces).

Current

2015 Q2, Hancock Timberland Investor: Measuring Timberland Fund Performance

Although most of our readers are quite familiar with the NCREIF Timberland Property Index, many may be less aware of NCREIF’s Timberland Fund and Separate Account Index (TFSAI), which reports the performance of pooled-fund and separate account timberland investment vehicles. While NCREIF’s Timberland Property Index has been published since 1994, the TFSAI is relatively new, with NCREIF beginning publication in 2013.

Current

2015 Q1, Hancock Timberland Investor: Changing Dynamics in Pacific Rim Softwood Sawlog Markets

Major changes in the currency exchange rates of key Pacific Rim log supply regions have impacted Pacific Rim softwood sawlog markets. Over the last year, the sharp devaluation in the currencies of Russia and the Ukraine has placed downward pressure on Pacific Rim sawlog export prices. These currency-induced changes to the cost structure of the Pacific Rim softwood sawlog market are already affecting the key suppliers and will be instrumental in defining market trends for the remainder of this decade.

Current

2014 Q4, Hancock Timberland Investor: Timberland Investment Performance

U.S. private timberland investments returned 10.5 percent in 2014, reflective of positive timberland investment fundamentals and solid prospects for future growth in U.S. sawtimber demand. As in prior years, we devote our fourth quarter issue of the Hancock Timberland Investor to a review of investment performance of U.S. private timberland properties. The highest profile measure of timberland performance in the U.S. is the NCREIF (National Council of Real Estate Investment Fiduciaries) Timberland Property Index, which reports returns for institutional investments throughout the United States.

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