Wednesday, September 13, 2006

Wells Timber REIT
I just received Wells Real Estate's newest offering in the mail- Wells Timber REIT. This may be interesting. (There has to be a joke somewhere - what will happen first, a tree dying of old age or a Wells deal going full cycle? I am betting on the tree.) The offering is effective, but it has no timber executive to run the company. That is an important omission. The cover letter states that Wells understands if broker/dealers wait until a timber executive is hired. I'd wait until Wells hires the executive, the offering raises $100 million or more, and buys and manages some timber land.

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