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Publicly traded timber REITs (real estate investment trusts) represent one avenue for investing in timberlands. This course teaches the who, what, why, and where of REITs that specialize in timber. Upon completing this course, you should be able to:

• Understand the reasons and justifications for managing timberland as a REIT
• Differentiate the business models and strategies of the existing timber REITs
• Compare the financial performance of timber REITs

Investors, investment advisers, and forest resource professionals seeking to become fluent in real estate investment trust options specific to timber.

This course follows a seminar-and-case-study format, with the introduction of key concepts reinforced by class discussion of case studies. Handouts will summarize the materials covered, including references and analyses of current timber REITs.

The fee for this course is $345, which includes lunch, refreshment breaks, and instructional materials. There is a $50 discount for fees paid by check or credit card and postmarked by May 11, 2007. Preregistration must be accompanied by check, purchase order, or credit card number to guarantee a place in the course. Limited seating is available.

Drs. Brooks Mendell and Tim Sydor are a principal and a forest economist of Forisk Consulting, a forest industry and timber market research and education firm. They have published more than two dozen articles on timber and timberland markets, capital investment in the forest-products industry, and financial contracts. They have taught related courses and seminars in a dozen states and four countries. Their current research emphasizes the analysis of forest industry firms and timber and timberland markets. Drs. Mendell and Sydor have more than twenty-five years of operating, research, and consulting experience in forestry and the forest products industry. Dr. Mendell earned BS and MS degrees at MIT; an MBA at the University of California, Berkeley; and a PhD in forest finance at UGA. Dr. Sydor earned a BS in forestry at the National Agricultural University of Ukraine, an MS in forest economics at Purdue University, and a PhD in forest economics at UGA.

• 7.0 Continuing Forestry Education hours (CFE) — Category 1
• 7.0 Continuing Logger Education hours (CLE) — Business Management
• Georgia Real Estate Appraisers Board credits will be applied for; also accepted by Georgia Real Estate Commission

Full Attendance Is Mandatory to Receive Credit.

If you are not satisfied with this course, we will refund your registration fee. Third Course Free! Attend two forestry courses in 2007 as a paid participant and get the third course (with equal or lower course fee) for free. Contact Nette Penn, at 706-542-6658 or Nette.Penn@georgiacenter.uga.edu, before you register for the third course. Fourth Person Free! Register three people from your organization and the fourth person is free. All registrants must be with the same program (same address and same budget), and the registration fees must be paid in advance by check or credit card.

This optional one-hour course focuses on case studies to illustrate the place of ethics in the practice of forestry. It meets the ethics requirement for registered foresters in Georgia.

Now Available Online! Forestry Ethics Online Course

Now you can complete the one-hour Forestry Ethics Online Course from the comfort of your home or office. Register today for this self-paced, self-study program and earn CFE credit! Go here for more details: www.georgiacenter.uga.edu/is/forestry

The Georgia Center for Continuing Education Conference Center & Hotel, located on the beautiful, historic campus of the University of Georgia in Athens, Georgia, provides innovative lifelong learning opportunities that develop intellectual and human potential. A total living and learning environment, the Georgia Center includes a 200-room hotel, restaurants, banquet areas, conference rooms, auditoriums, a fitness center, and a computer lab — all under one roof. As a unit of UGA's Office of the Vice President for Public Service and Outreach, the Center brings the University's teaching, research, and service expertise to the people of Georgia and beyond! For more information, visit www.georgiacenter.uga.edu.

Special Needs:
If you require special services, facilities, or dietary considerations, contact your event coordinator, Nette Penn at 706-542-6658 or Nette.Penn@georgiacenter.uga.edu prior to May 25, 2007.

Lodging (Georgia Center Hotel):
A block of rooms is being held for your conference until 5:00 p.m. ET, May 10, 2007. Policies: (1) Tax Exemption — The State of Georgia only allows tax-exempt charges for a payment by a state-issued credit card or check or by a direct bill to a state agency (with a Georgia State Tax Exemption Certificate). (2) Lodging Cancellation — Cancel your reservation by 4:00 p.m. ET the day prior to your scheduled arrival to avoid being charged one night's room and tax. (3) At check-in, you must present your credit card or a completed credit card authorization form (for a copy, call 800-884-1381, Mon.-Fri., 8:00 a.m. to 5:00 p.m. ET). Note: The Georgia Center is a smoke-free building; all lodging rooms are nonsmoking.

Travel Information:
Athens, Georgia, is located about 60 miles northeast of Atlanta. For directions, see www.georgiacenter.uga.edu/conferences/about/directions.phtml. A parking deck is located adjacent to the Center (hourly rates, maximum $8 each 24-hour period; vehicle height limit, 7 feet). Athens is served by two airports. Athens-Ben Epps Airport offers connecting flights to and from Charlotte, NC. Hartsfield-Jackson Atlanta International Airport is located about 90 minutes southwest of Athens, with scheduled ground shuttle service and rental car service available between the airport and the Georgia Center.

Program Cancellation Policies:
(1) Full refunds are available for cancellations made by 5:00 p.m. ET, May 23, 2007. No refunds will be issued thereafter; substitutions will be allowed. (2) If a program is cancelled for any reason, the Georgia Center will not be responsible for any charges related to travel. (3) If for unforeseen and unavoidable circumstances an instructor is unable to attend, the Georgia Center reserves the right to substitute a comparable instructor.