what percentage does tim on trees

Help pls, does anyone know what percentage of funds raised for timber projects these timber companies spend.
Sure they might be in timber, but if they are only spending 50-60% of funds raised actually growing the stuff then they are going to take a hit on their profit.
Plus, i would expect that the value of their land banks to fall significantly, seeing much of the rise in this land was associated with MIS firms buying in the 1st place.
Thought's ppl...??