Forbes - - ENTREPRENEURS - Wil­liam Bald­win is the In­vest­ment Strate­gies colum­nist for Forbes. BY WIL­LIAM BALD­WIN

you want growth in your port­fo­lio? Get it from trees. tim­ber barons get to treat their prof­its from har­vest­ing wood as low-taxed cap­i­tal gains. that cushy deal ex­tends to share­hold­ers in for­est-prod­uct com­pa­nies or­ga­nized as real es­tate in­vest­ment trusts. Pot­latch, for ex­am­ple, paid out $1.53 a share last year, all of it clas­si­fied as long-term gain. when it com­pletes a pend­ing ac­qui­si­tion, this reit will have 1.9 mil­lion acres of tim­ber­land and am­ple op­por­tu­nity to make that div­i­dend greener. Ray­onier, an­other tree reit, owns, leases or man­ages 2.7 mil­lion acres. its $1 div­i­dend last year was 100% cap­i­tal gain.

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