Typically it's the developers who worry about cap rates and the environmentalists who worry about preserving ecologically sensitive lands. That tradition could be upset, however, if a recent proposal to restrict the investments of nonprofit land trusts is approved by the California Department of Fish and Game.
The California Endangered Species Act allows for developers and other landowners to set aside sensitive lands and receive incidental take permits in exchange. These lands are typically preserved in perpetuity, using the investment income from endowments that the landowner sets aside.