Wells Timberland REIT recently revised the estimated value of its shares down to $6.56 per share, 34.4% below its 2006 initial public offering price of $10 per share. The new estimate is reportedly based on appraisal information from a forest consulting firm and a certified public accounting firm; however, the REIT’s board made the new estimate itself. As of September 30, 2012, the REIT had timber assets worth $11.70 per share, $0.28 per share in other assets, and liabilities of $5.42, according to an SEC filing (“Timberland REIT takes axe to share price,” InvestmentNews). Notwithstanding this reduced valuation, investors are unlikely to be able liquidate their shares of the REIT for $6.56 per share, if at all, however, because nontraded REITs are illiquid investments.