With over 12 million acres of industrial timberland changing ownership in the past four years, integrated forest products firms appear to have shifted from a traditional integrated view to that of value extraction and portfolio optimization. We discuss a number of potential drivers that have initiated this change. Integrated industrial timberland onwers have struggled with producing acceptable returns from their timberland ownerships. With the advent of a number of tax advantaged structures (i.e. Master Limited Partnerships, Real Estate Investment Trusts) for timberland ownership these integrated firms have, in some cases, chosen to place their timberlands with more efficient tax entities. We will review the magnitude of these deals and discuss their impact on enterprise value and attractiveness to investors - both individual and institutional.