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Rayonier Inc. REIT (RYN) |
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WIKI ANALYSIS
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.
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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.
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