Land Holdings Review 2007 (Part II)

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 (JOE).

(Market Cap and EV are in $ millions)

Scheid Vineyards (SVIN.PK)

• 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 (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 (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 (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 (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 (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.

Comments

[Doug Roberts:]

Hi - It looks like the author thinks that land is a good buy. The dead weight on all the homebuilders stocks is somehow a good deal if a non-homebuilder holds it. These should be sells. - Doug

2007 Dec 31 11:12 AM

[Once an Ana...:]

A good buy is based on price and your investment horizon. Real assets such as land can get cheaper, however how many buyers of land have yet to hear that homebuilders and other large buyers of land have been hit hard. Isn't it possible the problems of homebuilders and thier land holdings is largerly reflected in the price of land stocks? I am long real estate inclusive of Joe and expect to be richly rewarded in 08.

2007 Dec 31 03:31 PM

[granger:]

I have been a holder of NUT and PCL for a long time. I have been agressively adding to my NUT position recenty. I am defintiely a buy/hold, long horizon type person. A few other REITs that i have been buildingholding positions in are MPW and FSP. IGR is another core holding. Thats is it land wise for me.

2008 Jan 01 08:28 AM

[Eric Fox:]

You forgot to do CKX Land - symbol is CKX. They own land in Louisiana.

Please include it in Part 3.

2008 Dec 11 07:39 AM