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PRIVATE WEBPAGE NOT INTENDED
FOR PUBLIC VIEWING
Timber REITs
Diversified portfolio of valuable assets
Better than gold?
Not running out of land, but...
Very Long Term focus
Assets plus cash flows from related businesses
Jeremy Grantham thoughts
Potlatch
Lower debt level
Environmental awards
http://finance.yahoo.com/q/ks?s=PCH
Investor Relations
Rayonier
Interesting related business: performance fiber
The ultimate consumer staple: cigarette filters?
Great supplementary cash flows
http://finance.yahoo.com/q/ks?s=RYN
http://library.corporate-ir.net
Plum Creek Timber
Largest private landowner in US
I like management discipline
Higher debt but more reasonable relative valuation
http://finance.yahoo.com/q/ks?s=PCL
http://phx.corporate-ir.net
Traditional Equity REITs
Market in chaos
Most are still expensive
The REIT cycle
Brandywine Realty
Strong insider buying
Strong regional player
Higher debt level
http://finance.yahoo.com/q/ks?s=BDN
http://www.snl.com/
Parkway Properties
Humble, focused operator
Strong regional player
Higher debt level
http://finance.yahoo.com/q/ks?s=PKY
http://www.pky.com/
Healthcare Realty
Expensive but with interesting portfolio characteristics
Admire management discipline
http://finance.yahoo.com/q/ks?s=HR
HCP, Inc. (Lost its focus)
Nationwide Health Properties
Expensive
http://finance.yahoo.com/q/ks?s=nhp
http://www.nhp-reit.com/
Capital Senior Living
Management having trouble executing
Great demographics
Great operator
Not a REIT
Recent announcement not well received
http://finance.yahoo.com/q/ks?s=CSU
http://www.capitalsenior.com/
Sovran Self Storage
Considering self storage again
May not be as "defensive" as before
http://finance.yahoo.com/q/ks?s=SSS
http://www.unclebobs.com/
Mortgage REITs
Lots of risk but oversold?
Need a staff of accountants to understand
iStar Financial
http://finance.yahoo.com/q/ks?s=SFI
http://library.corporate-ir.net/library
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