| Plum Creek Divests Southern Timberlands for $120 Million | |
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In a major development, Plum Creek Timber Co. Inc. PCL closed the divestiture of around 98,000 acres of timberland in west-central Florida. The Seattle, WA-based timberland real estate investment trust (“REIT”) sold the timberland portfolio to Hancock Timber Resource Group, a developer and manager of diversified timberland portfolio in Boston, MA. Valued at around $120 million, this divestiture is in sync with Plum Creek’s strategy to divest non-strategic lands for enhancing the value as well as productivity of its timberland portfolio.
Plum Creek is one of the largest and diversified owners of private timberland in the U.S. The company strategically sells its non-core portfolio and reuses the proceeds to buy back shares and repay debt. Around a week ago, the REIT, in an innovative move, set up a joint venture with several institutional investors, allowing them to co-invest in its timberland portfolio (read more: Plum Creek Launches Timber JV with Institutional Investors).
Plum Creek currently has a Zacks Rank #3 (Hold).
Investors interested in the REIT industry may consider stocks like CoreSite Realty Corporation COR, Iron Mountain Incorporated IRM and Ashford Hospitality Prime, Inc. AHP. All three stocks sport a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report PLUM CREEK TMBR (PCL): Free Stock Analysis Report IRON MOUNTAIN (IRM): Free Stock Analysis Report CORESITE REALTY (COR): Free Stock Analysis Report ASHFORD HOSP PR (AHP): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research
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PLUM CREEK TIM REIT is a exploration company. PLUM CREEK TIM REIT is listed in United States of America. Its market capitalisation is US$ 3 065.9 billions as of today (€ 2 653.6 billions). Its stock quote reached its lowest recent point on October 25, 2018 at US$ 1 049.25, and its highest recent level on October 06, 2021 at US$ 1 494.97. PLUM CREEK TIM REIT has 2 050 830 080 shares outstanding. |