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• Timber REITs are the newest addition to our coverage universe. Timber REITs own 20 million acres of timberlands, more land than the five smallest states in the US combined.
• Timber REITs are the link connecting the commercial real estate sector to the residential homebuilding sector. Residential construction is responsible for roughly half of wood product consumption in the US.
• Last year’s slowdown in the single family housing market took its toll on lumber prices and Timber REITs, which were the worst-performing real estate sector of 2018.
• Lumber prices peaked in May 2018 on supply shortages in the Pacific Northwest and the ongoing softwood lumber dispute with Canada. Prices have plunged 40% since last Spring.
• Long-term fundamentals look strong for the timber REIT and broader housing sectors, powered by demographic trends that suggest a revival of the suburbs and single family housing in the 2020s.

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