The National Council of Real Estate Investment Fiduciaries (NCREIF) has released first-quarter 2022 results of the NCREIF Timberland Index.
The index returned 3.21 percent for the quarter, down from 4.56 percent last quarter but up from .76 percent in the first quarter of 2021. The EBITDDA return, at 0.82 percent, was the same from the fourth quarter of 2021, while the appreciation return in the first quarter decreased 135 basis points quarter-over-quarter, down to 2.39 percent. The 3.21 percent first-quarter return represents consecutive quarters where the single quarter return exceeds 3 percent.
The Total Timberland Index had a 11.82 percent rolling one-year return, comprised of a 3.39 percent EBITDDA and 8.23 percent appreciation return.
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