Dr. Brooks Mendell
President, Forisk Consulting
Member of the Real Estate Council
Council Member Biography
Brooks Mendell is President of Forisk Consulting, a forest industry, bioenergy and timber market research, and education firm. Dr. Mendell has over 15 years of operating, research, and consulting experience in forest business and finance. His experience includes roles in harvest operations and wood procurement with Weyerhaeuser, in management consulting with Accenture, and as a member of the forestry and finance faculties at the University of Georgia. Dr. Mendell publishes and advises on topics related to timber market analysis, forest business, forest bioenergy, and timber REITs. He holds BS and MS degrees from MIT, an MBA from the University of California at Berkeley, and a PhD in Forest Finance from the University of Georgia. (This is me - Update Profile)
Employment History
- 2004 - 2006
- Visiting Professor, UNIVERSITY OF GEORGIA
- 2004 - Unspecified
- President, Forisk Consulting
- 2000 - 2002
- Manager, Accenture
- 1994 - 1998
- Harvest Manager, Weyerhaeuser
GLG NewsSM Analyses by Brooks Mendell(?)
Opinions and analyses expressed in GLG News are solely those of the author. See the Terms of Use for details.
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Timber REITs: why else might Weyerhaeuser (WY) resist a REIT conversion?
April 20, 2009
Ending Weyerhaeuser Shareholders Know Is CEO’s Focus | www.bloomberg.com
Legitimate reasons exist for Weyerhaeuser's resistance to converting to a REIT. In addition to restrictive income and asset tests, timber REITs - such as PCL and RYN - develop their capital allocation strategies with fewer options, through the business cycle, than does WY. The requirement to pass on earnings to shareholders results in fewer retained earnings and deeper dependence on capital markets.
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Timberland markets: What are International Paper's (IP) timberlands worth?
March 4, 2009
International Paper Cuts Dividend, Sells Timberland | www.bloomberg.com
In announcing its 90 percent dividend cut, International Paper (IP) also cited the implementation of a common forest industry strategy in times of financial distress: the selling of timberlands. While IP has a potential deal in place to sell 143,000 acres, the terms are (1) contingent upon financing and (2) seemingly aggressive in a current timberland market that has seen three major potential deals withdrawn from the market or terminated.
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Timber investments and REITs: what are investors asking?
January 30, 2009
For Some, Sound of Profit Is "Timber!" | online.wsj.com
The article summarizes the historical attractiveness of owning timberlands as a long-term investment. However, the questions raised by investors regarding the asset in the current environment have changed. In addition, the strategy of using timber REITs as a pure-play proxy for direct timberland investments remains questionable.
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Timber REITs: Debt Burdens Remain
January 19, 2009
Wash-based Potlatch Sells Timberland in Arkansas | news.moneycentral.msn.com
Potlatch's recent sale of timberland in Arkansas highlight two issues relevant to investors of publicly-traded that currently own timberlands (timber REITs) or formerly owned timberlands (forest industry C-corps). First, industry-wide debt levels became sharply and increasingly burdensome with this period of minimal demand in housing-dependent end use markets (lumber, plywood, etc). Two, timberlands provide firms with a relatively liquid asset that can supply cash on a near term basis. Those firms with substantive debt that divested their timberland portfolios eliminated a ready option in this period of financial distress.
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Timber REITs: do they behave like direct timberland investments?
May 4, 2007
Industry’s First Public, Nontraded Timberland Investment | atlanta.dbusinessnews.com
Publicly-traded timber REITs - such as Plum Creek and Rayonier - provide a liquid and tax efficient structure for investor participation in timberland-related investments. Non-traded timber REITs retain the tax efficiency, but sacrifice certain liquidity benefits, depending on the operating agreements. In addition, and perhaps most importantly, timber REIT investment performance does not mirror the risk and return characteristics of direct timberland investments.
Leading institutions connect with Brooks Mendell through GLG
GLG Study Groups with Brooks Mendell(?)
| Study Group Name | No. Members |
|---|---|
| Timber and Forest Industry Consultants | 293 |
| Lawyers (Germany) | 186 |
| Timber Experts | 144 |
| OSB Experts | 47 |
GLG Live Meetings with Brooks Mendell(?)
Recent Seminars
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February 28, 2008 | New York
GLGi: Timberland REITs