Research - FEBRUARY 2, 2015

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Timber has biggest quarter in seven years

by Reg Clodfelter

Timberland had a huge fourth quarter in 2014, leading the NCREIF Timberland Index to return 6.02 percent, marking the index’s best quarter since it saw a 9.38 percent return in fourth quarter 2007 and only the fourth time the index’s quarterly return has exceed 6 percent since the year 2000.

The stellar quarter brought the year’s total return to 10.48 percent, also the highest mark in seven years and the fifth consecutive year the index has increased. The annual return was divided between a 2.86 percent return from income and a 7.46 percent from appreciation. The index’s 2014 return was just below the NCREIF Property Index’s 11.82 percent return for the year, and well above the Alerian MLP Index’s 4.8 percent return.

The fourth quarter is often the index’s best quarter each year, and 2014 was no different as none of the year’s first three quarters exceeded 1.6 percent. The Lake States was the index’s top pe

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