CHICAGO, IL, April 25, 2016 – The National Council of Real Estate Investment Fiduciaries(NCREIF) has released first quarter 2016 results of the NCREIF Timberland Index. The index returned a negative 0.26% for the quarter, which was the first negative quarterly return inmore than four years. The EBITDDA return was steady, at 0.58%, the same as in fourth quarter 2015. Meanwhile, timberland had depreciation of 0.84% in the first quarter. The annual total return through the first quarter 2016 was 2.90%, down from 10.64% for the year ending first quarter 2015. The annual return was comprised of a 2.45% EBITDDA return and 0.44% appreciation.