Deltic Timber (DEL) owns 439,000 acres of timber land in Arkansas and Louisiana. Most of that the company uses to produce timber and pulp wood, but the company is turning an increasing piece—well at least increasing until 2007 put the kibosh on the real estate market—into commercial and residential projects including its flagship Chenal Valley, a 4,800 acre community built around two Robert Trent Jones golf courses.
 This year probably marked a bottom for Deltic’s real estate operations.
In the third quarter the company sold a total of four lots and no commercial real estate. Lot prices tumbled to an average of $63,000 in the quarter from $74,000 in the third quarter of 2008 when the company sold seven lots.
