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Catchmark Timber Trust, Inc. (CTT) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

SEC Filings

Catchmark Timber Trust, Inc.

CIK: 1341141 Ticker: CTT
Exhibit 99.1

catchmarkrgba10.jpg

FOR IMMEDIATE RELEASE         

CatchMark Announces Full-Year and Fourth Quarter 2018 Results, Declares First Quarter 2019 Dividend and Provides 2019 Guidance

ATLANTA - February 14, 2019 - CatchMark Timber Trust, Inc. (NYSE: CTT)
today reported full-year and fourth quarter 2018 results and announced its 2019 outlook and guidance. In addition, CatchMark declared a cash dividend of $0.135 per share for its common stockholders of record on February 28, 2019, payable on March 15, 2019.
Full-year 2018 performance highlights included:
Increased total revenues by 7% to $97.9 million, compared to $91.3 million for full-year 2017.
Incurred a net loss of $122.0 million in accordance with GAAP, compared to $13.5 million for full-year 2017, primarily due to a $109.6 million allocated loss from the Triple T joint venture.
Increased Adjusted EBITDA by 19% to $49.8 million, compared to $42.0 million for full-year 2017.
Generated gross timber sales revenue of $69.5 million, a 3% decrease from full-year 2017 due to an 8% decrease in U.S. South harvest volume-primarily the result of management strategically deferring harvests-mitigated by a 6% improvement in per-ton pulpwood pricing and an increase in delivered wood sales as a percentage of total harvest from 74% in 2017 to 80% in 2018.
Increased asset management fees from $0.1 million to $5.6 million year over year, which were primarily generated by the Triple T joint venture.
Produced $2.6 million in income and received $8.5 million in distributions from the Dawsonville Bluffs joint venture.
Paid fully-covered dividends totaling $25.6 million, or $0.54 per share.

Notable 2018 CatchMark initiatives that contributed to year-over-year results, improved capital structure, and supported long-term growth objectives were:

Investing $200 million in the Triple T joint venture to secure interests in 1.1 million acres of high-quality Texas timberlands with long-term, sustainable growth potential and an expectation of unlocking further value through greater operating efficiencies and new tactical strategies.



The following information was filed by Catchmark Timber Trust, Inc. (CTT) on Thursday, February 14, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Loss
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (Parenthetical)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Future Minimum Rental Payments (Details)
Commitments And Contingencies - Future Minimum Rental Payments, Office Lease (Details)
Commitments And Contingencies - Narrative (Details)
Customer Concentration
Customer Concentration - Narrative (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Deferred Tax Assets (Details)
Income Taxes - Effective Income Tax Reconciliation (Details)
Income Taxes - Narrative (Details)
Income Taxes - Operating Loss Carryforwards (Details)
Interest Rate Swaps
Interest Rate Swaps (Tables)
Interest Rate Swaps - Narrative (Details)
Interest Rate Swaps - Schedule Of Interest Rate Swaps And Fair Value Measurements (Details)
Interest Rate Swaps - Schedule Of Interest Rate Swaps Outstanding (Details)
Noncontrolling Interest
Noncontrolling Interest - Narrative (Details)
Notes Payable And Lines Of Credit
Notes Payable And Lines Of Credit (Tables)
Notes Payable And Lines Of Credit - Narrative (Details)
Notes Payable And Lines Of Credit - Schedule Of Debt Outstanding (Details)
Notes Payable And Lines Of Credit - Schedule Of Interest Payments (Details)
Notes Payable And Lines Of Credit - Schedule Of Patronage Refund Classification (Details)
Organization
Organization - Narrative (Details)
Quarterly Results (Unaudited)
Quarterly Results (Unaudited) (Tables)
Quarterly Results (Unaudited) - Schedule Of Unaudited Quarterly Financial Information (Details)
Recreational Leases
Recreational Leases - Narrative (Details)
Segment Information
Segment Information (Tables)
Segment Information - Reconciliation Of Adjusted Ebitda (Details)
Segment Information - Schedule Of Adjusted Ebitda, By Segment (Details)
Segment Information - Schedule Of Operating Revenue, By Segment (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Fair Value Assumptions (Details)
Stock-Based Compensation - Narrative (Details)
Stock-Based Compensation - Rollforward Of Unvested Restricted Stock Award Activity (Details)
Stock-Based Compensation - Schedule Of Equity Compensation Granted To Independent Directors (Details)
Stock-Based Compensation - Schedule Of Service-Based Restricted Stock Granted In The Period (Details)
Stock-Based Compensation - Share-Based Compensation Expense (Details)
Stockholders' Equity
Stockholders' Equity - Narrative (Details)
Stockholders' Equity - Schedule Of Distributions To Holders Of Common Stock (Details)
Stockholders' Equity Stockholders' Equity (Tables)
Subsequent Event
Subsequent Event - Narrative (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Narrative (Details)
Timber Assets
Timber Assets (Tables)
Timber Assets - Narrative (Details)
Timber Assets - Schedule Of Timber And Timberlands (Details)
Timber Assets - Schedule Of Timberland Acquisitions By State (Details)
Timber Assets - Schedule Of Timberland Sales And Large Dispositions Acreage By State (Details)
Timber Assets - Timberland Portfolio (Details)
Unconsolidated Joint Ventures
Unconsolidated Joint Ventures (Tables)
Unconsolidated Joint Ventures - Narrative (Details)
Unconsolidated Joint Ventures - Schedule Of Cash Flow Information (Details)
Unconsolidated Joint Ventures - Schedule Of Condensed Balance Sheet Information (Details)
Unconsolidated Joint Ventures - Schedule Of Condensed Income Statement Information (Details)
Unconsolidated Joint Ventures - Schedule Of Equity Information (Details)
Unconsolidated Joint Ventures - Schedule Of Equity Method Investments (Details)
Unconsolidated Joint Ventures - Schedule Of Fees Earned (Details)
Ticker: CTT
CIK: 1341141
Form Type: 10-K Annual Report
Accession Number: 0001341141-19-000018
Submitted to the SEC: Fri Mar 01 2019 4:04:51 PM EST
Accepted by the SEC: Fri Mar 01 2019
Period: Monday, December 31, 2018
Industry: Real Estate Investment Trusts

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