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Timberland posts strongest first quarter since 2008
The NCREIF Timberland Index experienced its strongest first quarter since 2008, with a total return of 1.62 percent, split between 0.93 percent from appreciation and 0.69 percent from income, according to the National Council of Real Estate Investment Fiduciaries.
The first quarter results are down from fourth quarter 2013’s 5.92 percent total return but still represent a year-over-year increase of 9 basis points from first quarter 2013.
The quarter’s returns were led by the Northwest region and the South, which saw total returns of 1.75 percent and 1.70 percent, respectively. The Northeast was the worst performing region for the fourth consecutive quarter with a return of 0.57 percent. The Northeast was also the only region to see depreciation, which it has seen for four straight quarters.
The index’s rolling four-quarter return, coming in at 9.78 percent, was also the highest since 2008, and a