Who Will Own the Forest? 14 is a 2.5 day event, beginning with an evening reception on September 25, conference sessions and evening reception on September 26, and conference sessions on September 27.
The 8th Forest Products Forum on September 25, 2018 will precede WWOTF14 at the World Forestry Center in Portland, Oregon.
Continuing Education Credits pending:
- Society of American Foresters – 13.5 hrs, Cat 1
- Oregon Appraiser Certification and Licensure Board – 16 hrs
- Washington Real Estate Appraisers – 16 hrs
- Oregon State Bar – 12.75 MCLE General credit hours
- Oregon Certified Public Accountants – 16 hrs
Tuesday, September 25, 2018
5:00 – 8:00 PM: Opening Reception at WFC Discovery Museum
Enjoy cocktails, refreshments and hors d’oeuvres inside one of Portland’s major tourist attractions, the World Forestry Center’s Discovery Museum.
The opening reception has become a must-attend event, a great way to meet up with clients and old friends before the conference session starts the following day.
Reception is open only to those registered for either WWOTF or The Forest Products Forum.
Wednesday, September 26, 2018
Side-event: Women in Timber
7:30 – 8:30 AM Women in Timber Breakfast Social in Mount Hood Room of Museum
Ladies, please join us for a networking event sponsored by hosts Eversheds Sutherland and Schwabe.
Event is free with conference registration.
7:30 – 8:20 AM Continental Breakfast
8:20 – 8:30 AM Welcome Remarks
Joseph Furia, Executive Director, World Forestry Center
Session 1: The Big Picture: Interest Rates, Housing, Labor Markets
8:30 – 9:00 AM Interest Rates and Implications for Real Asset Valuations
Philip Nash, Economist, Independent Consultant
Shifting interest rates and changing investor risk expectations have continued to impact global real asset values over time. How will this affect timberland?
9:00 – 9:30 AM Housing and Timber Demand Outlook
Lynn Michaelis, Partner, Forest Economic Advisors
For the last 10 years, the forest products industry has seen major structural changes, including the housing collapse, major change in timber ownership, the emergence of China as a major market for softwood lumber and logs, and the shifting source of future supply from Canada to the U.S. South. This presentation will recap these fundamental changes and how they relate to the future prospects for this industry.
9:30 – 10:00 AM Labor Markets and Demographic Changes in the Logging Sector
Brian Bahs, President & CEO, Washington Contract Loggers Association (WCLA) Credit Union
Current labor conditions in the logging sector and their relevance to the timberland investment sector.
10:00 – 10:30 AM Morning Break
10:30 – 11:00 AM Katerra: Increasing Labor Productivity
Steven Weilbach, Vice President GTM, Katerra
Using a vertically integrated approach to design, procurement, manufacturing and construction to significantly decrease cost and time on projects, the Katerra model captures increased labor productivity by shifting the fabrication process from the job site to the controlled environment of its factories. This shift is part of a larger technological and manufacturing evolution impacting the construction sector.
Session 2: Investor Perspectives
11:00 AM – 12:00 PM Panel: Institutional Investor Concerns
Moderator Céline Claudon, Director of Client Relations, International Woodland Company (IWC)
- Nina Streeter, Director, Asset Management, Abbot Downing
- Ben Mahon, Senior Alternatives Investment Officer, Oregon Public Employees Retirement Fund (OPERF)
- Christoph Butz, Senior Investment Manager, Pictet Asset Management
- Mark Wilde, Senior Analyst, BMO
12:00 – 1:10 PM Lunch in Plaza
Session 3: Tax and Regulatory Affairs
1:10 – 1:50 PM Political, Legislative and Regulatory Developments in Washington–Impacts on Timber Management and Investment
Policies and regulations created by U.S. lawmakers can have a profound impact on the climate for timberland management and investment, both in the US and globally. This panel will examine how the potential results of the upcoming mid-term U.S. congressional elections could impact the timber sector, and how recent federal developments in tax policy have impacted the investment climate.
- Jane Alonso, Vice President for Government Relations, National Alliance of Forest Owners (NAFO)
- Korey Collins, Partner, RSM
Session 4: Valuations and Investment Performance
1:50 – 2:20 PM Asset Class Evaluation—How has Timberland Fared?
Carter Coe, Principal, Stafford Capital Partners
Various aspects of industry performance will be discussed, such as: Does timber risk become even more niche if performance does not improve? What are the consequences of a reset to valuations in regions where cash flows don’t support values? Do incentive fees help or hurt performance in timber?
2:20 – 2:50 PM What Does Forward Looking Performance for Timberland Look Like?
Brooks Mendell, President & CEO, FORISK
Given current investment vehicles, asset values and the market outlook, what can we expect from forward-looking timberland investment performance? What is the timberland value trend given the current transaction environment?
2:50 – 3:20 PM Exploring Trends in Multiples of Operating Cash Flow Relative to Timberland Values
William Sonnenfeld, Principal, WillSonn Advisory
By comparing Operating Cash Flow (OCF) Multiples in 2001-2005 to OCF Multiples in 2012-16, Mr. Sonnenfeld concludes that 1) timberlands are trading at much higher multiples, 2) Southern timberlands traded at a higher multiple than Pacific Northwest timberlands in 2012-16, and 3) in both regions, buyers were incorporating significant gains in productivity in 2012-16, but not in 2001-05.
3:20 – 3:50 PM Afternoon Break
3:50 – 4:20 PM Supply & Demand Cycles and the Prospects for Pine Sawtimber Price Recovery in the U.S. South
Robert C. Abt, Carl Schenck Professor of Forestry, North Carolina State University
Planting cycles determine the age distribution and local mix of products over time in the U.S. South. The recent recession and recovery provides a case study on how supply and demand cycles interact and what it means for pine sawtimber recovery across the region.
4:20 – 4:50 PM Mill Capacity Outlook and Effect on Timber Prices
Pete Stewart, President & CEO, Forest2Market
This presentation will expand on capital flows and if and when timber prices will rebound in the Southern U.S.
Session 5 (Part I): Forest Investments in Conservation and Carbon
4:50 – 6:00 PM Panel: Forestry and Carbon
Increasingly, institutional investors are asking how forests can be managed to be productive but also contribute to mitigating climate change. This panel will discuss the contributions that the forest sector can make to reduce atmospheric concentrations of CO2, including carbon stored in forests, in forest products and via biomass energy substituting for that produced from fossil fuels.
Moderator Gwen Busby, Director of Economic Research, GreenWood Resources
- Paola Agostini, Global Lead for Forests and Landscapes, The World Bank
- Mark Wishnie, Director, Forestry and Wood Products, The Nature Conservancy
- Andrea Tuttle, Independent consultant on Forest and Climate Policy
6:00 – 8:00 PM Closing Remarks followed by Reception in Plaza
Thursday, September 27, 2018
7:30 – 8:20 AM Continental Breakfast
8:20 – 8:30 AM Opening Remarks
Joseph Furia, Executive Director, World Forestry Center
Session 5 (Part II): Forest Investments in Conservation and Carbon
There are new and expanding environmental market opportunities for forest owners. What is the latest and what does it mean for your company and investors?
8:30 – 8:50 AM How Markets Have Evolved for Working Forest Conservation Easements, Carbon offsets and Other Ecosystem Services
Connie Best, Co-CEO, Pacific Forest Trust
Even with federal roll-backs in environmental markets, state action has created new and expanding market opportunities for forest owners. New payment schemes for forested source watersheds are growing as well. What is the latest and what does it mean for your company and investors?
8:50 – 9:10 AM The Climate Opportunity
Brian Shillinglaw, Executive Director, New Forests US
Climate change and policy responses to climate challenges have already affected how US and global forests are managed. These trends will grow to become a dominant factor in institutional forest management and in global wood product markets, creating challenges and opportunities for market participants over the next decade.
9:10 – 9:30 AM Understanding Forests – The Natural Capital Approach
Luis Rochartre, Director – Forest Solutions Group, World Business Council for Sustainable Development
Session 6: Succession Planning
9:30 – 10:20 AM Panel: A Conversation with Industry Veterans
Moderator Jeff Siegrist, Managing Partner, Jeffrey M. Siegrist & Company
- Clark Binkley, Managing Director, International Forestry Investment Advisors
- Rhonda Hunter, Weyerhaeuser, ret.
- Sam Radcliffe, Vice President, Prentiss & Carlisle
10:20 – 10:50 AM Break
Session 7: Supply Chain and Transportation Issues
10:50 AM – 11:50 AM Panel: Who Will Cut the Trees?
A discussion with forward-thinking logging contractors about the changing logging workforce and what logging businesses will look like in the future.
Moderator Jim Hourdequin, CEO and Managing Director, The Lyme Timber Company
- Mark Turner, President, Turner Logging
- Richard Schwab, Vice President, M.A. Rigoni
- Frank Chandler Jr., Logging Contractor, C&C Logging
11:50 AM -12:10 PM Export Infrastructure – A Case of Southern Expansion
David Smith, Director, Agri International
The Malec export operation in Wilmington, NC will be discussed, including its potential influence on the Southern Yellow Pine market and the profitability of TIMOs in the region.
12:10 – 1:10 PM Lunch in Plaza
Session 8: Innovation and Technology: Impact on Forest Management and Silviculture
1:10 – 1:30 PM Genetics: The Key Biologic Return Driver
John Pait, Vice President Sales & Marketing, ArborGen
With advanced genetic seedlings now planted on over two million acres in the US South, this presentation will address how these current and emerging genetic technologies can impact timberland investment valuation and returns.
1:30 – 1:50 PM New Inventory and Mapping Technology
Zack Parisa, President & Co-founder, Silvia Terra
Zack Parisa will discuss how the competitive dynamics of timberland acquisition and divestiture are changing because of advances in remote sensing. With nationwide forest inventory GIS layers available, anyone can instantly acquire detailed information for any property without setting foot in it. In this talk, Zack will connect the dots between data and dollars, helping forest stakeholders take advantage of the remote-sensing revolution.
1:50 – 2:10 PM The Era of Tech: Drones and LIDAR
Michael G. Wing, Associate Professor, Oregon State University Aerial Information Systems (AIS) Lab
A look at practical drone or unmanned aircraft system (UAS) remote sensing applications in the forest environment and beyond. This presentation demonstrates how UAS technology is being applied for managing natural resources.
2:10 – 2:40 PM Afternoon Break
Session 9: International Markets
2:40 – 3:00 PM India – The Emerging Market for North American Forestry Products
Jacob Mannothra, Managing Director, Zindia
U.S. and Canadian exporters have been showing high levels of interest in India’s “final frontier “emerging market, which can prove to be a game-changer for American forestry. In this presentation, Indian opportunities for forest-owners will highlighted.
3:00 – 3:20 PM How Developments in China and Russia Will Affect US and Global Log & Lumber Markets/Prices
Russ Taylor, Managing Director, FEA-Canada
What is changing supply and demand drivers impacting China’s appetite for imported logs and lumber, and what is the current state of softwood log and lumber imports and the supply chain? Factors to be discussed include: Chinese government policies on wood houses and buildings, a rapidly growing middle class, demographic trends, China’s natural forest protection program, the role of industrial parks and Russian lumber mill competitiveness.
3:20 – 3:40 PM High Value Tropical Hardwoods as a Component of an Investment Strategy
Steve Gretzinger, Acquisitions Manager, GreenWood Resources
High-value tropical hardwoods can play an important role within a balanced timber investment portfolio. This presentation will explore how recent market trends, field research on new species, and the risks and opportunities unique to less common, but highly commercial, species can affect risk-adjusted returns. Lessons learned and perspectives from Latin America will be shared.
3:40 – 4:00 PM Risks and Returns of Frontier Timberland Investing
Luciana Aquino-Hagedorn, Partner, Goodwin Procter
Forestry investors are increasingly looking at global opportunities to boost returns and diversify portfolios. Emerging markets, in particular, are a good option to obtain higher risk adjusted returns, as they often have lower production costs, there is more land available for development, and because one may find good opportunities that would be scarcer in more-developed countries. The key areas of focus that will be developed during this presentation are title, currency, tax and labor, and environmental, social, and governance (“ESG”) aspects.
4:00 PM Closing Remarks
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- Trends and Developments in Forestland Investing
- Institutional Investor Perspectives
- Politics and Regulatory Affairs
- Developing the Forest Investment Talent Pool
- Forest Technology
- International Investing and Markets
- Foreign Ownership Challenges
- Forest Carbon Offset Markets
- Other Emerging Markets
Join us a day earlier for the Forest Products Forum and see what they’re talking about:
“Will attend again.”