Catchmark Timber Trust, Inc. (CTT) 10-Q Quarterly Report August 2020

CatchMark Timber Trust, Inc. (NYSE: CTT) today reported second quarter 2020 results in line with our expectations, which bolstered meeting its full-year operating plan. The company also declared a cash dividend of $0.135 per share for its common stockholders of record on August 31, 2020, payable on September 15, 2020.

Second Quarter and Half Year 2020 Results

For the quarter ended June 30, 2020, CatchMark:

•Generated revenues of $21.8 million compared to $28.7 million in second quarter 2019, a decrease primarily related to reduced timberland sales given constraints in completing transactions due to the COVID-19 pandemic.

•Decreased net loss on a GAAP basis by $24.4 million to $6.2 million from $30.6 million in second quarter 2019, primarily due to a $26.3 million decrease in losses allocated from the Triple T joint venture.

•Generated Adjusted EBITDA of $9.4 million compared to $15.1 million in second quarter 2019, a decrease primarily from reduced timberland sales. For the second quarter, year-over-year Harvest EBITDA increased by 1% to $7.4 million, Real Estate EBITDA decreased by 80% to $1.6 million, and Investment Management EBITDA increased by 1% to $2.8 million.

•Produced timber sales revenue of $16.2 million consistent with the $16.3 million generated in second quarter 2019.

The following information was filed by Catchmark Timber Trust, Inc. (CTT) on Monday, August 3, 2020 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Catchmark Timber Trust, Inc.'s 10-Q Quarterly Report:

Financial - Cash Flow Highlight
Long-Term Liquidity and Capital Resources Over the long-term, we expect our primary sources of capital to include net cash flows from operations, including proceeds from timber sales, timberland sales, asset management fees, and distributions from unconsolidated joint ventures, and from other capital raising activities, including large dispositions, proceeds from secured or unsecured financings from banks and other lenders; and public offerings of equity or debt securities.

Revenue - Product Highlight
The proceeds of our additional $5.0 million investment, along with the proceeds from $140.0 million of borrowings under the Triple T Joint Venture's credit facility, were used to make a payment of $145.0 million to GP in connection with a renegotiated wood supply agreement between the Triple T Joint Venture and GP intended to achieve market-based pricing on timber sales, increase reimbursement for extended haul distances, provide the 31 Table of Contents ability for the Triple T Joint Venture to sell sawtimber to other third parties, and expand the Triple T Joint Venture's ability to sell large timberland parcels to third-party buyers.
Financial - Expense Highlight
Interest expense decreased $0.6 million, or 14%, to $4.1 million for the three months ended June 30, 2020 primarily due to a $1.4 million decrease in interest paid, offset by a $0.4 million write-off of deferred financing costs as a result of entering into the Amended Credit Agreement, and $0.4 million of amortization of the off-market swap value at hedge inception in the current year quarter.
Other - Other Highlight
Due to these limitations, Adjusted EBITDA should not be considered as a measure of discretionary cash available to us to invest in the growth of our business.
Financial - Expense Highlight
Adjusted EBITDA does not reflect the cash requirements necessary to fund post-employment benefits or transaction costs related to acquisitions, investments, joint ventures or new business initiatives, which may be substantial.
Financial - Shares
36 Table of Contents Share...Read more
Financial - Shares
As of June 30, 2020,...Read more
Revenue - Product
41 Table of Contents In...Read more
Financial - Expense
Forestry management expenses increased 5%...Read more
M & A - Other
Before the impact of any...Read more
Revenue - Product
Results of Operations Overview Our...Read more
Other - Other
Short-Term Liquidity and Capital Resources...Read more
Revenue - Product
Other revenues were higher in...Read more
Revenue - Product
Other revenues were higher in...Read more
Revenue - Product
Our net loss decreased by...Read more
Financial - Expense
Includes certain cash expenses paid,...Read more
Revenue - Product
On May 7, 2020, we...Read more
Financial - Debt
In addition, during the first...Read more
Financial - Cash Flow
Therefore, to the extent that...Read more
Revenue - Product
The increase in the U.S....Read more
Revenue - Product
Revenues for the three months...Read more
Revenue - Product
Gross timber sales revenue increased...Read more
Revenue - Product
Harvest volume was 15% higher...Read more
Other - Other
Contractual Obligations and Commitments As...Read more
Financial - Expense
Our reconciliation of net loss...Read more
Financial - Shares
Shelf Registration Statement and Equity...Read more
Financial - Debt
We paid down $20.9 million...Read more
Financial - Cash Flow
With respect to liquidity, we...Read more
Financial - Cash Flow
We believe that we have...Read more
Other - Other
Gain on large dispositions....Read more
Other - Other
Gain on large dispositions....Read more
Other - Other
The amended asset management agreement...Read more
Financial - Dividend
Reflects one-time, non-recurring post-employment benefits...Read more
Revenue - Product
The increase in the Pacific...Read more
Financial - Income
Our Investment Management segment includes...Read more
Revenue - Product
While the response to the...Read more
Other - Other
Management believes that opportunistic repurchases...Read more
Other - Other
Merchantable timber inventory does not...Read more
Other - Other
We believe that, based on...Read more
Financial - Dividend
On August 3, 2020, we...Read more
Financial - Cash Flow
We manage our operations to...Read more
Financial - Expense
Our net loss decreased by...Read more
Other - Other
As of June 30, 2020,...Read more
M & A - Other
We are continuing to actively...Read more
Revenue - Product
As a result, our stumpage...Read more
Financial - Earnings
Adjusted EBITDA is a supplemental...Read more
Other - Other
After our deleveraging initiatives and...Read more
Other - Other
During the six months ended...Read more
Other - Other
A sustained decline in the...Read more
Revenue - Product
U.S. South delivered volume was...Read more
Revenue - Product
Large dispositions may or may...Read more
Revenue - Product
Large dispositions may or may...Read more
Revenue - Product
Large dispositions may or may...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Catchmark Timber Trust, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 10.1: Amended And Restated Independent Director Compensation Plan

Exhibit 10.2: Fourth Agreement Regarding Amendment Dated As Of May 1, 2020

Exhibit 31.1: Section 302 Cert Peo

Exhibit 31.2: Section 302 Cert Pfo

Exhibit 32.1: Section 906 Cert

Ticker: CTT
CIK: 1341141
Form Type: 10-Q Quarterly Report
Accession Number: 0001341141-20-000075
Submitted to the SEC: Mon Aug 03 2020 4:13:59 PM EST
Accepted by the SEC: Mon Aug 03 2020
Period: Tuesday, June 30, 2020
Industry: Real Estate Investment Trusts