QUOTE AND NEWS
DailyFinance  Apr 8  Comment 
Rayonier Inc. (NYSE:RYN) plans to release its first quarter 2014 earnings on Tuesday, April 29, 2014, before the market opens. Rayonier will host a conference call and live webcast at 10 a.m. EDT the same day to discuss...
SeekingAlpha  Apr 6  Comment 
ByAbba's Aces: The last time I wrote about Rayonier Inc. (RYN), I stated: "Because of the overbought technicals, contraction in earnings for next year, and fair valuations, I will not be adding to my position at this point in time." Since the...
SeekingAlpha  Mar 20  Comment 
ByAbba's Aces: The last time I wrote about L-3 Communications Holdings, Inc. (LLL) I stated, "…the stock has an expectation of contraction in future earnings growth…In fact; with my quarterly realignment coming soon I am going to think about...
SeekingAlpha  Mar 3  Comment 
ByAbba's Aces: Parting ways with things is usually a difficult thing to do, whether it's a girlfriend, your first car, or even your favorite foods when starting a diet. Almost always subtracting that something from your life might end up being a...
StreetInsider.com  Feb 28  Comment 
Visit StreetInsider.com at http://www.streetinsider.com/Dividends/Rayonier+Inc.+REIT+%28RYN%29+Declares+%240.49+Quarterly+Dividend%3B+4.2%25+Yield/9230768.html for the full story.
SeekingAlpha  Jan 28  Comment 
By Stephen Simpson, CFA: Just as some companies manage to build value through acquisitions where "1+1" equals more than two, investors apparently think that the two major halves of Rayonier (RYN) are worth more apart than together. Seeing as how...
StreetInsider.com  Jan 27  Comment 
Market wrap for January 27th End of the Day: S&P 500 down 8.7 to 1,781.56; Dow Jones down 41.2 to 15,837.88; Nasdaq down 44.6 to 4,083.61 * Sales of new single-family houses in December 2013 were at a seasonally adjusted annual rate of 414,000,...
SeekingAlpha  Jan 27  Comment 
Rayonier Inc. (RYN) Q4 2013 Results Earnings Call January 27, 2014 10:00 AM ET Executives Hans Vanden Noort - Chief Financial Officer Paul Boynton - Chairman, President and CEO Lynn Wilson - Executive Vice President, Forest...
Benzinga  Jan 27  Comment 
Sirona Dental Systems (NASDAQ: SIRO) shares moved up 2.93% to $74.89. The volume of Sirona Dental shares traded was 527% higher than normal. Sirona Dental will replace Health Management Associates (NYSE: HMA) in the S&P MidCap 400 after the...
StreetInsider.com  Jan 27  Comment 
* Liberty Global plc (“Liberty Global”) (Nasdaq: LBTYA)(Nasdaq: LBTYB)(Nasdaq: LBTYK) and Ziggo N.V. announced that they have reached a conditional agreement (the “Merger Protocol”) on a recommended offer (the “Offer”) pursuant to...




 
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Rayonier (NYSE: RYN) is a real estate investment trust that manages timberland and produces basic wood products (i.e. lumber and wood chips) and fibers that are used in products such as textiles and diapers. It is one of the largest private landowners in the U.S., with over 2.5 million acres of land in the U.S., Australia, and New Zealand.[1] Like other timber companies, Rayonier has made money by selling off desirable parcels of land - specifically its coastal land in Florida and Georgia - to home developers. The company generally makes money profit from the initial sale of the land as well as receiving a portion of the proceeds when finished homes are sold to home-buyers. The company earned $1.17 billion in revenue and $3.9 billion in net income in 2009.[2]

Rayonier enjoys a greater degree of insulation from fluctuations in U.S. housing market than other types of REITs. When the housing market slumps and demand for timber drops, the company can sit on its land - unlike other goods, timber appreciates in value over time as trees grow.

The dividend dvtciee website httpwwwdividenddetectivecom this site list not only equities but also reits mlps and have purchased items found on this site list not only equities but also reits mlps and canadian brokerage firm espcially fidelity since have purchased through.The dividend dvtciee website httpwwwdividenddetectivecom this site list not only equities but also reits mlps and have purchased items found on this site list not only equities but also reits mlps and canadian brokerage firm espcially fidelity since have an account with them and canadian brokerage firm espcially fidelity.The dividend dvtciee website httpwwwdividenddetectivecom this site list not only equities but also reits mlps and royalty trusts most of which can be purchased through any major us and royalty trusts most of which can be purchased items.

I really like the cahnges you've made here and recently installed the latest version. However, I just called load.project' in an older project directory only to be reminded that config/global.yaml' is not present. It's easy enough to copy the new directories into my old project, but you might consider adding a function to update old projects to make it quick and transparent.Also, I have a number of scripts in src/ that I usually want loaded at the same time as I run load.project()'. That is, they're functions that I'm actively developing, but the next step after calling load.project() is usually to load these so I can continue development. I previously had these source commands in lib/load_libraries.R (as a bit of a kluge). Did you have a plan for auto-loading stuff in src/ or is that contrary to your intended usage?

Trends and Forces

Timber market cycle

The timber market is influenced by the general business cycle and the health of other markets that demand timber. Although an enormous variety of industries use wood-derived products in some form, some external factors that influence demand include:

  • The U.S. Housing Market - The largest end market for timber products is the construction market, particularly the residential construction market. An average new home built in the U.S. contains over 14,000 board feet of lumber. As such, conditions in the housing market can have a significant impact on lumber-grade timber prices. Increases in residential construction would increase demand and prices for lumber, while housing slumps can put downward pressures on prices as demand declines.
  • Interest rates - Rising interest rates can decrease consumer spending, especially in the housing market. As interest rates rise and it becomes more expensive to purchase a home, residential construction will likely slow, decreasing demand for lumber. Similarly, decreased interest rates would increase the demand for lumber.

However, the nature of timber production offers companies in the industry some unique advantages to weather fluctuations in demand. Since trees increase in value over time, RYN can choose to harvest more during periods of high demand. By reducing production with low demand, RYN reduce costs while their inventory (trees) continue to increase in value, independent of economic influences.

Chinese overcapacity

Declining demand doesn't necessarily lead to lower prices, as described above briefly: Timber companies can offset lower demand to a degree by reducing production capacity, thereby tightening the supply of timber goods as well. Due to the organic nature of its products, the timber industry has a particular incentive to cut production and wait out periods of low demand. Instead of harvesting more trees and producing more end products to compensate for lower prices, timber companies can reduce output and wait for market conditions to improve. By the time demand for timber products increases again, the companies' timberlands will have grown in both size and value. Though it requires patience and a belief that the timber market will rebound, many companies take this approach, as it maximizes per-tree profitability.

Chinese timber companies, however, have not scaled back production in times of low demand. They have instead increased production capacity, building more plants and mills despite declining global demand. The Chinese demand for timber goods, particularly paper products, is currently stronger than in the global market, and much of the extra production is consumed domestically. In spite of this, the fact that China is importing less paper from other countries exacerbates the already-decreasing demand facing U.S. timber companies. Increased Chinese production capacity can put downward pressure on timber and paper prices around the world.

Ah yes, nielcy put, everyone.

As someone wevhoer hired a proper floor sander and edge sander to sand a parquet floor, next time I would employ an expert to do it. My floor isn't ruined but it certainly isn't what it could have been. It is very hard work, even with the right tools and it is very easy to cause damage . . . so you sand a bit more elsewhere to even it up . . . and cause more damage. I wouldn't attempt it with a 5 orbital sander. That really would be hard work and, depending on the grain in the wood, might well not produce the most pleasing finish.

That's a smart ansewr to a difficult question.

References

  1. RYN 2009 10-K "General" pg. 1
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