Although we acquire and manage timberland with a focus on creating long-term value, we recognize the need for investor liquidity. We have demonstrated our ability to perform by executing approximately 880 transactions.
The first step in Campbell Global's exit strategy is the decision to dispose of a parcel. This decision is either based on client objectives, such as cash flow needs or portfolio rebalancing, or as the result of property specific analysis. Property specific analysis includes the annual hold-sell process and our strategic land sale program. Our strategic land sale program focuses on maximizing value for our investors by disposing of parcels that are either isolated, have higher and better use characteristics, or are environmentally sensitive.
Our sales agreements often include multiple parcels in one transaction. As of July 2018, our dispositions represent approximately 3.7 million acres (1.5 million hectares) of timberland. We have sold timberland to over 200 different buyers. Buyers include major forest products companies; smaller mill operators; individual investors; conservation groups; and federal, state, and local governmental agencies.