Who Will Own the Forest? 13 is a 2.5 day event, beginning with an evening reception on September 12, conference sessions and evening reception on September 13, and conference sessions on September 1.
The 7th Forest Products Forum on September 12, 2017 will precede WWOTF13 at the World Forestry Center in Portland, Oregon.
Continuing Education Credits:
- Society of American Foresters 11.0
- Oregon Real Estate Appraisers 10.0
- Washington Real Estate Appraisers 13.5
- Oregon State Bar
- Oregon Certified Public Accountants 13.5
Tuesday, September 12, 2017
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 13, 2017
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 – 8:30 AM Registration in Miller Hall
Session 1: Macroeconomic Issues in the Forest Sector
8:30 – 9:00 AM Picking Up: Implications of Accelerating Economic Growth for Timber
Eric Rama, Associate Director, Head of Agricultural Research, MetLife Timberland Finance Group
Tepid economic growth over the past decade has had a mixed impact on the timberland investment space. Fundamentals have been weak, but capital appreciation has delivered strong returns. Investors have flocked to real assets, such as timber, in search of higher risk adjusted returns as expansionary monetary policy has suppressed interest rates and dividend yields. However, the strong returns sought by investors in the timber space have disappointed, as of late, due to a weak recovery in the housing market and low stumpage prices. Export demand from China has partially offset the impact of the weak U.S. housing market, but is unlikely to be a permanent driver. Long investment horizons and few viable investment alternatives have benefitted the timber industry, but with renewed optimism surrounding U.S. economic growth it is likely that the next decade will look much different than the one we are exiting. In our presentation, we will present our macroeconomic outlook, and discuss how rising GDP, interest rates, and inflation will lead to stronger demand growth but also limit capital appreciation over the next five years.
9:00 – 9:50 AM Panel: US-Canadian Lumber Trade and the Impact on Markets
Moderated by Kevin Mason, Managing Director, ERA Forest Products
An overview of the never-ending softwood lumber battle, with perspectives from both sides of the border. Coupled with a look into what impacts the battle will have on trade, prices, markets, and imports.
- David Fortin, Director, Wood Products, RISI
- Steve Swanson, President and CEO, Swanson Group
- Alex Strong, Federal Legislative Director, National Association of Home Builders
9:50 – 10:20 AM Morning Break
Session 2: Investor Perspectives
10:20 – 11:00 AM Panel: Institutional Investor Concerns
Moderator Biff Ourso, Principal, TIAA-CREF
- Toshiro Nishioka, Senior Expert Advisor, Japan Real Estate Institute
- Vittor Cancian, Senior Portfolio Manager – Natural Resources, APG Asset Management
Session 3: Taking Measure of the NCREIF Index
11:00 – 11:20 AM NCREIF vs other Indices
Jack Lutz, Forest Economist, Forest Research Group
Evaluating the performance of institutional timberland investments is not as simple as comparing equity investments against the S&P500 Index. The NCREIF Timberland Index is the best available indicator of timberland returns but how does it compare to other indices?
11:20 – 11:40 AM Specific Recommendations for Investors When Evaluating Investment and Manager Performance
Brooks Mendell, President, FORISK
What are best practices and criteria for robust alternative asset benchmarks and how does the NCREIF Timberland Index compare? How should investors use the NCREIF Timberland Index when evaluating timberland performance and their managers?
11:40 AM – 12:00 PM Best Appraisal Practices and the NCREIF Timber Index
Bret P. Vicary, Vice President, Forestry & Natural Resources, James W. Sewall Company
Timber asset appraisals comprise an important input to the NCREIF Timberland Index and reported return metrics. Guidelines for data contributors to NCREIF have been developed to improve the quality and consistency of timberland appraisals, but there remain several areas where best appraisal practices could be improved.
12:00 – 1:10 PM Lunch in Plaza
Session 4: What’s Next for TIMOs?
1:10 – 2:10 PM Panel: Innovative Management and Investment Structures for Improved Investment Outcomes
Moderator Jim Rinehart, President, R&A Investment Forestry
The key question confronting the industry at this time is what structural changes are likely to occur that will create greater efficiency and better outcomes for investors. The question of change focuses largely on TIMOs. Is the array of services inherently integrated or might responsibility for their components be reallocated more efficiently? Is the full array of TIMO services necessary for all investors or might investors, particularly experienced investors, benefit from the ability to select from a “menu of services” that suit their individual needs? Are fees structured to pay appropriately for required services and at the same time to optimize performance incentive? Is some consolidation of TIMOs in order? Will “Evergreen Funds” replace fixed term, closed end funds?
- Kevin Bates, Director of Timberland Investment, Olympic Resource Management
- Craig Blair, President and CEO, Resource Management Service
- Céline Claudon, Director of Client Relations, IWC Group
- Marshall Thomas, President, F&W Forestry
Session 5: Tax and Regulatory Affairs
2:10 – 3:00 PM Panel: Political Winds and Legislative Developments
Moderator Toby Luther, CEO, Lone Rock Resources
- Tax Reform Affecting Timberlands
Danny McKeithen, Partner, Eversheds Sutherland
- Timberland Regulation under the Trump Administration
Kirk Maag, Partner, Stoel Rives
3:00 – 3:30 PM Afternoon Break
Session 6: Who Will Manage the Forests?
3:30 – 4:20 PM Developing a Natural Resources Career Pathway in Schools
Moderator Ember Bishop Bentley, Executive Director, Georgia Forestry Foundation
Learn how public and private partners in the City of Springfield, Ore. collaborated to integrate Cross Laminated Timber and natural resources management into a middle school curriculum.
- Christine Lundberg, Mayor, City of Springfield
- Vonnie Mikkelsen, President and CEO, Springfield Area Chamber of Commerce
- Susan Rieke-Smith, Superintendent, Springfield Public Schools
- Valerie Johnson, President, D.R. Johnson Lumber
4:20 – 5:20 PM Panel: A Date with the Deans
Moderator Jeffrey Siegrist, Managing Partner, Jeffrey M. Siegrist & Company
- Dale Greene, Dean, Warnell School of Forestry & Natural Resources, University of Georgia
- Thomas Maness, Cheryl Ramberg-Ford and Allyn C. Ford Dean, College of Forestry, Oregon State University
- David Newman, Professor and Chair, Dept. of Forest and Natural Resources Management, State University of New York
5:20 – 8:00 PM Reception in Plaza
Thursday, September 14, 2017
Session 7: Forest Management and Planning
8:30 – 8:50 AM Harvest Planning and Silvicultural Investment Decisions – Recognizing the Risks of Inventories & Cruise Compilers, Growth & Yield Models, and LP Harvest Schedulers
William Sonnenfeld, Principal, WillSonn Advisory
8:50 – 9:40 AM Logging Technology – The Future of Harvesting
Moderator Anthony Davis, Associate Dean of Research, College of Forestry, Oregon State University
- Tethered Logging Jeff Wimer, Senior Instructor Student Logging Program, Oregon State University
- Aerial-based Remote Sensing and Improved Inventory Management Jeff Igelman, Director of Business Development, Eagle Digital Imaging
- Needs and Advances in Harvest Operations John Sessions, Strachan Chair of Forest Operations Management, Oregon State University
9:40 – 10:10 AM Break
Session 8: International Investing and Markets
10:10 – 10:40 AM Timberland Investment in Brazil: Resurgence of the Pine Market
Marcelo Schmid, Manager, Forest2Market do Brasil
Over the course of the last 6-7 years, Brazilian timberland investment has been driven by demand for pulp. However, the combination of government incentives, investments made by pulp producers and additional investment from national and international TIMOs has created a surplus of eucalyptus in Mato Grosso do Sul, as well as in other important timberland regions. Brazil’s economy is beginning to improve and in-country consumption should slowly recover to historical averages, which will encourage new investment in pine production due to its lower-risk perception. What is the current status of the Brazilian eucalyptus pulp market and the pine market? How do investors perceive risk related to investments in eucalyptus greenfield projects and pine brownfield projects? How will Brazil’s economic recovery influence forest investments over the next few years, and what can we expect to see within the pulp industry and eucalyptus and pine plantations?
10:40 AM – 11:20 AM Panel: Foreign Ownership Challenges
Moderator MaryKate Bullen, Associate Director – Sustainability & Communications, New Forests
- Bryson Ogden, Sr Analyst, Rights and Resources Initiative
- Petri Lehtonen, Senior Partner, Indufor Oy
11:20 AM – 12:00 PM Australasian Timberland Risk and Reward
- Geoff Manners, Forestry Consultant, Woodlands Pacific Consulting
- Angie Davis, President, Campbell Global
12:00 – 1:10 PM Lunch in Plaza
1:10 – 1:40 PM Global Timber Investment Returns
Fred Cubbage, Professor, Dept. of Forestry and Environmental Resources, North Carolina State University
How do estimated financial returns in various regions of the world compare? We present a long-term study of returns from 2005 to 2017 for a range of global timber plantation species without land costs. South American plantation growth rates and their concomitant returns were generally greater, with IRRs of more than 12%, as were those in China and Vietnam, followed by returns to plantations in southern hemisphere countries of Australia and New Zealand, and in Mexico, with IRRs around 8%. Temperate forest plantations in the U.S. and Europe returned less, from 4% to 8%, but with less risk and better timber markets.
Session 9: Carbon Markets
Moderator Evan Smith, Senior VP, Conservation Ventures, The Conservation Fund
- 1:40 – 1:55 PM What makes a good project – when land owners should consider carbon
Mik McKee, The Climate Trust
- 1:55 – 2:10 PM Challenging legal questions for owners of project lands
Greg D. Corbin, Partner, Stoel Rives
- 2:10 – 2:25 PM When carbon projects don’t make sense
Roger Williams, President, Bluesource
- 2:25 – 2:40 PM Assessing the carbon component of timberland valuation
Thomas Buchholz, Senior Scientist, Spatial Informatics Group
2:40 PM Closing
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