On the Determinants of Transaction Frequency of Institutional Commercial Timberland Properties in the United States

Bin Mei

Abstract

Using property-level data (1987Q1–2015Q4) from the National Council of Real Estate Investment Fiduciaries, this study examines the determinants of transaction frequency of institutional commercial timberland properties in the United States. Controlling for both macro- and microlevel factors in a logit regression, the overall financial return of the timberland market, the discrepancy between anticipated sale price and last appraisal value, the superior performance of individual timberland properties over the market average, and geographic locations are found to significantly influence timberland transaction frequency. Aggregate market outlook and growth rate of the national economy are also found to have material impacts on the likelihood of timberland sales. (JEL C34, Q23)

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