The Waiting Is The Hardest Part
I am waiting for 10-Ks and a 10-Q. IHM Secured Loan's 10-K should be out in a week or so and I'll get to see how its mass of fourth quarter maturities fared. Due to the implosion in housing development, I am not optimistic.
The Wells Timberland REIT's 10-K should be available soon and will give a good picture of its one timber property's operations. The first quarter 10-Q should give the impact of the higher interest rates on its mezzanine loan. Until these are released, not much new information will be known on the REIT.
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The most interesting financial information on Wells Timberland REIT will be the amount of new stock sold. The only sources of revenue otherwise are land sales, timber sales and hunting/access leases. Pulp wood prices are not bad but saw timber prices are very weak. Land sales will generate the most cash but the financing requirements will likely be stringent.
New share sales will be interesting but we'll need the 10-Q for that information. I suspect it will show sales at a pace that makes the $40 million June payment likely. It will be interesting to see if it's on track for the additional $30 mil in August and $30 mil by October. Land sales go to pay down the first mortgage. They will look impressive on the price per acre, but inconsequential to overall financial picture.
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