While interest in timberland has grown in the past few years, skillful active management and significant due diligence are needed for investing in this asset class. This paper provides an analysis and outlook for timberland investing, including return expectations for U.S. timberland and the qualitative and quantitative considerations for investing in non-U.S. timberland. Exhibits cover value and stumpage prices, index returns, trends in net exports as well as timberland ownership, production growth, risks of non-U.S. timberland investing, and the characteristics of global timberland investing.