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There was quite a bit of interest in Land Holdings Review 2007 (Part I), so today, we give you Part II. For clarification, we are not suggesting that any or all of these companies are ripe for purchase. Value is in the eye of the beholder, and the companies I value are likely to be shorted by someone who has an opposing view. (See our August 8th post where Greenlight Capital's David Einhorn and I tangled over our respective opinions on St. Joes (NYSE:JOE).

(Market Cap and EV are in $ millions)

Scheid Vineyards (OTCPK:SVIN)

  • Recent Price: $35.55
  • 52 High/Low: $39/$32
  • Average Volume: 50
  • Market Cap: 36
  • Enterprise Value: 70
  • Acres Owned: 1800
  • EV/Acre: $38,889
  • Location: California
  • Primary Use: Vineyards
  • Shares/Acre: 1094

Tejon Ranch (NYSE:TRC)

  • Recent Price: $41.43
  • 52 High/Low: $57.09/$35.8
  • Average Volume: 50000
  • Market Cap: 700
  • Enterprise Value: 620
  • Acres Owned: 270000
  • EV/Acre: $2296
  • Location: California
  • Primary Use: Development/Ag
  • Shares/Acre: 55

St Joes (JOE)

  • Recent Price: $31.01
  • 52 High/Low: $64.1/$26.7
  • Average Volume: 863000
  • Market Cap: 2306
  • Enterprise Value: 2841
  • Acres Owned: 718240
  • EV/Acre: $3956
  • Location: Florida
  • Primary Use: Development/timber
  • Shares/Acre: 128

Texas Pacific Land (NYSE:TPL)

  • Recent Price: $43.45
  • 52 High/Low: $62.75/$32.01
  • Average Volume: 17000
  • Market Cap: 457
  • Enterprise Value: 448
  • Acres Owned: 966392
  • EV/Acre: $464
  • Location: Texas
  • Primary Use: Leased for grazing/oil
  • Shares/Acre: 11

Cadiz (NASDAQ:CDZI)

  • Recent Price: $19.13
  • 52 High/Low: $27/$16.06
  • Average Volume: 37000
  • Market Cap: 228
  • Enterprise Value: 245
  • Acres Owned: 45000
  • EV/Acre: $5444
  • Location: California
  • Primary Use: Water/ag
  • Shares/Acre: 285

Avatar (AVTR)

  • Recent Price: $38.06
  • 52 High/Low: $86.52/$37.71
  • Average Volume: 116000
  • Market Cap: 315
  • Enterprise Value: 259
  • Acres Owned: 32000
  • EV/Acre: $8094
  • Location: Florida, Arizona
  • Primary Use: Development
  • Shares/Acre: 213

Pope Resources (POPEZ)

  • Recent Price: $41.78
  • 52 High/Low: $50.01/$34
  • Average Volume: 6000
  • Market Cap: 196
  • Enterprise Value: 242
  • Acres Owned: 118000
  • EV/Acre: $2051
  • Location: Washington
  • Primary Use: Timber/Development
  • Shares/Acre: 49

Potlach Corp (NASDAQ:PCH)

  • Recent Price: $45.76
  • 51 High/Low: $49.98/$38.99
  • Average Volume: 364000
  • Market Cap: 1793
  • Enterprise Value: 2191
  • Acres Owned: 1500000
  • EV/Acre: $1461
  • Location: Arizona, Idaho, Minnesota
  • Primary Use: Timber
  • Shares/Acre: 32

Mauna Loa (NUT)

  • Recent Price: $3.55
  • 52 High/Low: $6.27/$3.5
  • Average Volume: 17400
  • Market Cap: 27
  • Enterprise Value: 30
  • Acres Owned: 2242
  • EV/Acre: $13381
  • Location: Hawaii
  • Primary Use: Agriculture
  • Shares/Acre: 3769

Keenawaw Land (OTCPK:KEWL)

  • Recent Price: $217
  • 52 High/Low: $222.25/$171
  • Average Volume: 500
  • Market Cap: 139.1
  • Enterprise Value: 139.1 (est)
  • Acres Owned: 150000 (est)
  • EV/Acre: $927 (est)
  • Location: Michigan
  • Primary Use: Timber
  • Shares/Acre: 4

This is not intended to be an exhaustive list of all companies that hold substantial amounts of land. There are many, and perhaps we'll profile others in future postings. Happy New Year!

Disclosure: The author holds positions in JOE and TRC.

Source: Land Holdings Review 2007 (Part II)